It really is a bear of a situation, being an agent selling a home that is rented. Of course you want that income stream. The fact is that it will impede what is perhaps the right buyer from finding it.
In many cases it is worse on your pocket book to have it rented and for sale at the same time. I say this because the longer the home is on the market the more likely it will be that you lower the price. I don’t and won’t encourage that, but it is a fact.
In almost every price range and location there is competition. Your home isn’t the only one to choose from. If you throw any hurdle in the way of showing your home it is possible the right buyer might miss it. Maybe I should use the work probable, not possible. Rented homes almost always need appointments. Some renters don’t cooperate. Often the rule is at least 24 hour notice. There is one condo currently for sale in downtown Salt Lake City that only allows showings once a month. It’s pretty ridiculous to even have it on the market. In lesser extremes it’s still a problem.
Having your home presented for sale is important. I believe in staging it as practical as possible. I showed a home this week that was rented and kept in sloppy condition. Hey the renter doesn’t care, it wasn’t their home. Instead of staging this home was, shall we say, destroyed. In many cases the buying or not buying decision is made the minute they walk through the door. It is an emotional decision. To some buyers the condition affects the decision.
Sales Prevention Program #84: Sorry It’s Rented. Do you like snakes? I showed one rented home that had a python to greet you as you entered the living room? We did a fast exit out of the front door. I wonder if the home ever sold.
We showed one home where the renter was present. Hey “no problem” they said. We were then treated to a clear explanation of everything that was wrong with the place.
Do you like smells of the unusual nature? We have been subjected to them. Renters rarely care, so there.
Of course it’s a financial situation. My suggestion, if you really want it sold, wait until the renter is gone to put it on the market.