Thinking about selling that rental property?

Many sellers, preparing to sell a property, will do some fix-up, repairs and cleaning.  Often a seller hasn't thoroughly inspected a rental property during a tenancy. Are smoke and carbon monoxide detectors up got date (they'd better be, if it is a rental), does the water heater have the required seismic straps, I'd bet a deep clean to the bath and kitchen would be good, and so on.

The City of Portland and State of Oregon tenant protections have made it tricky to sell an occupied rental property.  SB 608, known as state wide rent control, also placed restrictions on moving a tenant out to sell. An owner must already have an accepted offer from a buyer who plans to owner occupy the property.  This means, any pre-listing or marketing work would need to be done with the tenant in place, and showings and marketing could be affected by a tenant's housekeeping and allowed showing access.

Selling to an owner occupant means the buyer will want to move in.  But it can take months, and City of Portland relocation fees, to move a tenant out.  Better to sell when one unit, or the whole thing if it is a single family property, is vacant.

Other things to do.  Be sure you have up to date financial information on the property.  That is, a current profit and loss showing real maintenance costs, insurance, owner paid utilities, ledger of rent history (if selling an occupied unit), ledger of tenant paid deposits and a list of included personal property(stove, fridge, washer, dryer)  Spend a bit of time getting these items in order before you sell.

Smaller, independent rental property owners aren't always the best at this financial record keeping.  The lack of information can look, to buyers like disorganization or even dishonesty.  Better to avoid giving these impressions.

If you have an upcoming vacancy, think, if this is the time to sell.  If you are in the City of Portland, in filling your vacancy, be sure to abide by the new tenant screening and deposit rules, now in effect.  More on those rules later.