How to sell my rental

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John Henderson I would caution trying to do an FSBO from out of state. A local investor could easily do an FSBO because they understand the local market and would likely be able to correctly price the home, stage it, and get professional photos (if necessary); as well as market, etc. For someone selling from afar, coordinating showings, inspections, appraisals, negotiations, and so on would find it really difficult. I highly doubt the extra $3000 commission you would save at $100k (assuming you still offer a 3% buyers agent commission) would not likely be worth it. There is the additional risk of pricing the house incorrectly and losing money because of it. Over pricing a home is often riskier and more costly than underpricing.

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@Aaron Jones As others have stated, selling to another investor maybe a good way to go, but if it isn't, then a FSBO can be another option for you. It is a sellers market and some small repairs may be overlooked especially when a home warranty is added into the deal. It seems like selling the house with tenants will add DOM which may or may not be an issue. But as we get closer to winter and the market slows down it might become a factor. Saving the 3-6% in realtor fees by selling it yourself might be easier than some think. With the addition of the FB pages, CL, FSBO .com, Zillow, finding a buyer is easier these days, I've found adding info about paying the buyer's commission in the ad will gain more support from realtors.

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Aaron Jones the best time to sell is just as school gets out. Starting in late May people will be looking and trying to move between June-August. Unless mortgage costs go up significantly the sellers market should likely still be around next summer (we are well under the average tipping point of 6 months inventory). At $100k you don't need to get professional staging or photos, but make sure to use a Realtor or Company that can do the staging and photos in house. The difference between professional and knowledgeable amateur shouldn't make much of a difference at $100k.

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Here's an idea...especially if your furnace may be going out. Add a home warranty to the property. This is a change we've made on our rentals. If it's a problem or service call that resulted from the tenant then they pay the deductible...if it's on me then I pay for it. And you should be cash flowing a little bit here in the Wichita market...We have a pretty healthy rental market here.

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@Aaron JonesDepending on the area of town when you are ready to sell message me - I could recommend a realtor or two. There's a few who specialize in certain price points, parts of town etc...and can steer you along the way

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Thanks for your responses!@Jared Viernes As for price point, I'm at about the $100k range. I think I still leaning toward releasing the tenants. But perhaps doing so in the spring, around March or April. Would say that'st the best time to be on the market? Or maybe early summer?@Patrick Purviance PM sent.

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@Aaron Jones I'd like to know a little more similar to Ben and Diego, as I'm also in the Wichita market as an investor. You never know til you ask...

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Aaron Jones if you want op dollar for your property you will need to have tenants that are pretty cooperative. To get top market value you need to have the best listing photos and good walk throughs with potential buyers. This is really hard to accomplish with tenants in the house. Listing photos are the biggest attractor when selling a house and the ones with tenants living there typically have a lot of stuff in the picture. A great listing photo will be clear of excess stuff to make the property look bigger. The question as to whether or not you should keep the tenants in or do it after they have left is price point. If you are trying to get top dollar for a $70k property it makes more sense to try to get the best photos and walk through possible with the tenants there or just after they have left. If you are in a $200+ price point I would definitely get them out and get the place professionally staged and photoed. Right now you have a sellers market in Wichita, there is only 2.8 months worth of inventory on the market as a whole. If you are lower end you shouldn't have a problem with finding buyers tenants or no. But I would caution you to think you are going to get top dollar. Personally I'd price the property at the lower end to get the most competition. Then use that competition to get more leverage. Have your listing agent tell the potential buyers something like, "We have had a lot of interest in the property; in going to ask you all to submit your last best offer before we make the decision." A silent offer like that may have a potential buyer bid against themselves. Good luck!

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@Diego Diaz Thanks for your advice. I've sent you a private note.As for why it's not working out, well, I finally found a decent PM, (I use Cedar Mills Property Management) so that's no longer an issue. But I'm only breaking even on Rent less PM fees vs Mortgage. And I'm coming out of pocket for maintenance and repairs. So the numbers don't really work for me, and I know I can put my equity to work elsewhere and get a better return.

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Hello Aaron,Since your tenant is on a month-to-month lease I would recommend to try to sell it while the tenant is still occupying the house if your lease has provisions to let you show the house while being occupied. There are two main benefits:1) you do not loose the rent income while trying to sell the house. Most owner occupants do not care that the house is still occupied and are willing to close in 40 days. That why you give the tenant the 30-day notice once you put the house under contract and have a time buffer before closing.2) I would not discard right away that an investor will not be interested and buying the house, specially when having a tenant in place is always a plus. This house might not be working out for you, but it might work for other investor, you'll never know until you try.I am curious to know why this is not working out for you. What property management company are you using? I ask because I also have my properties in Wichita managed and have come to realize it is very hard to find a good property manager. As @Ben Relph was asking, it would be good to know the sell price, rent and location to have a better idea of what you're dealing with.