Tired of Being a Landlord in Panama City?

Tired of Being a Landlord in Panama City?

Owning investment property can cause some serious anxiety... constant home maintenance, hiring unreliable property managers, unexpected capital expenditures, and dealing with bad tenants to name a few. We understand sometimes leasing your rental home may not be as lucrative of a decision as you may have once thought. So what do you do when you're tired of being a landlord?

There are several reasons a homeowner might be tired of being a landlord. One of the biggest reasons includes losing capital to maintain your property. Most landlords expect to pay for minor repairs, landscaping, and other consistent home maintenance. However, unexpected expenses can damper your perceived profit margin. Replacing faulty appliances or repairing a leaky roof can create a negative cash flow.

For example, business Insider’s Antonia Farzan decided to opt out of becoming a landlord. One of her qualms originated from a lack of steady cash flow. The decision wasn’t easy, Farzan belongs to a family of landlords. Both her mother and grandmother managed several rental properties for additional income. "Owning a rental property doesn't mean that money will just magically appear in your bank account every month" Farzan notes. Occasional but major expenses are part of a rental property’s contingency plan. But the associated costs are often much higher than initially anticipated.

Not comfortable with the possibility of losing money on your rental property? Ridding yourself of the responsibility might be your best option.

Property Management Companies

One choice is to seek the services of third parties to manage your estates. Property owners will do this for a variety of reasons, from saving time spent on answering tenants’ calls to hiring contractors to fix basic issues. But hiring a property management company isn't always the solution you are looking for. You must consider the pros and cons of property management to see if it is right for you.

Property management companies are an added expense that must have been taken in account prior to deciding to rent out your investment. Expect most local reputable property managers to charge 8%-12% of total rents plus other fees. Added expenses don't always end with monthly management fees however. Property managers can be known to overcharge for simple repairs and services such as a leaky faucet or snow shoveling, further subtracting from a landlord’s potential profit and taking advantage of your hands off approach.

The expenses don’t end with monthly management fees however. Property management groups are also known to overcharge for simple repairs. A leaky faucet can turn into a several-hundred-dollar call to a plumber. A loose floorboard can cost the landlord thousands when the management company hires an outside contractor. Without a keen eye, property management companies can take advantage of your hands-off approach.

Dealing with tenants is one of a landlord’s most burdensome duties. When hiring a property manager you trust them to deal with the potential of high risk tenants.

A vacancy is an expense to you as well as it is to your property manager. To prevent monetary loss, a poor property manager may fill a rental with the first tenant that applies. They may forego an extensive background and credit check. This can be a costly mistake that you are fully at risk for from tenants not paying, or causing theft and destruction to name a few.

Large property management companies have competing priorities concerning handling your rental home. These management companies will be juggling multiple landlords and their properties. They'll often mishandle or neglect your property due to the sheer volume of complaints. Are they a 24-hours group? If not your tenants will be neglected during afterhours. Instead, they'll call you with emergencies. "Be prepared for calls in the middle of the night," warns Forbes’ Harlan Landes

Selling with a Real Estate Agent

Another choice may be considering using a realtor when selling your property. But, many real estate agents have a hard time selling a house with tenants.

Some realtors have trouble complying with tenant-landlord laws. Most states give the tenant the right of first refusal (ROFR). The ROFR is a contractual right. It allows the tenant to sue a landlord if not given the offer to buy before selling the rental property. If an agent ignores the ROFR, you could be in major legal trouble. You could end up spending thousands in legal fees before selling.

Agents must be mindful of a current tenant’s rights. Showing a home to potential buyers is key to selling residential property. If the tenant is unwilling to show or unable to keep the property in showroom condition, you may lose out on a sale. Agents are aware of this and expect resistance from tenants to allow visitors in the property or assume that conditions will be kept less than optimal.

Michele Lemer from Bankrate.com warns of this. "Many real estate agents are reluctant to show buyers a tenant-occupied home. They expect resistance to allowing visitors into the property. They assume the condition will be less than optimal."

It’s true. Some tenants can be uncooperative and downright hostile during the selling process. Others refuse to pay the last month’s rent before closing. Before hiring an agent to assist in selling a house with tenants, take your time. Decide whether they’re worth the headache and money it costs to sell a tenant-occupied property.

Selling to a House Buying Company

If selling your property is the best option when you’re tired of being a landlord, how do you sell your house most efficiently with tenants? In many circumstances, selling to a house buying company is the best option.. Utilize the offers made by a house buying company. It'll often give you the simplest and least stressful solution to many property problems.

You needn’t stress over the legalities of how to evict tenants living in your current rental property. You’re able to sell to a house buying company without evicting tenants. Rid yourself of bad tenants and costly property management fees in a quick, easy sale without using an agent. House buying companies buy homes as-is, even those in poor condition due to disrespectful tenants.

You don’t have to worry about selling a house with a valid lease agreement when selling to a house buying company! House buying companies have the expertise to handle even the stickiest lease agreements. They allow you to close quicker and move on to better investment opportunities.

Selling to a house buying agent also ensures your tenants will have a hassle-free transition from seller to buyer. This is especially great if you’re related to the existing tenants, a common occurrence for landlords.

House buying agents allow you to sell your rental property without worrying about tenants. Neither do you have to worry about repairs, additional fees, or leasing agreements. If you’re tired of being a landlord, selling to a house buying agent is a dream come true.

Sell Your House to Blue Collar Home Buyers

If selling your property sounds like the best option when you’re tired of being a landlord, how do you sell your house most efficiently with tenants?

Well, selling to a house buying company may be your best option.. Utilize the advantages offered by Blue Collar Home Buyers. We are your solution for tenant occupied properties... forget about repairs, the legalities of evictions, questionable leases, and save thousands on commission costs. You can also receive a no-obligation cash offer in just 24 hours.

Blue Collar Home Buyers LLC gives you a cash offer within one day and you can close whenever works best for you. You can have your Panama City house sold in a week!

If you need to sell your Panama City area house fast and would like to get a no-obligation cash offer, call us now at (850) 601-1700. Whether you decide to sell your house to us or not, we would like to help answer questions you might have about the process.

Get a Cash Offer Within 24 Hours

Lucky for you, we buy houses in Panama City.

Our customers comment all the time about our soft approach. You won't get a hard sell with us. If you are not completely satisfied with the offer we make to buy your house, you don't have to accept it. No charge. No fees.

We'd love to talk to you today about the house and your situation. We're here to help even if you decide not to sell your house.

Give us a call at (850) 601-1700 or fill out the form below to get started. We look forward to talking with you.

Don't want to be a landlord in Panama City? You can sell the house fast, as-is!