If you have the extra money to buy a home, becoming a landlord can seem like a great idea. In some cases, this is very true – you can earn extra income, build up your equity, and make a name as an important part of your community. However, being a landlord is not always as glamorous as it may seem, and many people jump into it weighing the drawbacks that could end up making their lives miserable.

Owning extra property is nice, but you have to consider all the maintenance, taxes, and administrative work that comes along with it. This is not to mention the potential for bad tenants who may cause you headaches on a daily basis. Since margins are thin, one major appliance repair can have you losing money on a unit for the year. These are just a few things that arise that often have landlords looking for a way out of the mess that they got themselves into. Unfortunately, it isn’t quite so easy to up and “quit” being a landlord.  

If you’re looking to free yourself of the burdens of being a landlord, consider some of the options below.

Find a Real Estate Agent

Although people usually utilize real estate agents for personal home sales, there are plenty available who specialize in rental properties. These agents have additional expertise in selling already-occupied homes to potential new landlords. When this happens, the tenants keep their leases and a new landlord takes over as the owner of the building. This is a perfectly viable option, but there are many drawbacks.

Real estate agents – even those who specialize in this department – have a much harder time selling these types of homes. It is difficult to coordinate showings with tenants, especially if the home has multiple units. Most potential buyers will not want to make several trips to the same building. They would rather see all the units at once.

You also have to worry about tenants who do not keep their units in showroom conditions. Messy or dirty apartments will leave a negative impression, and a real estate agent can only do so much to encourage tenants to cooperate. There are also additional costs to selling through a real estate agent, and if you are already losing money on your property this may be enough to ignore this option altogether.

Utilize a Property Management Company

One way to shed the responsibilities of being a landlord while actually keeping your property is to enlist the services of a property management company. These companies come in and take over all of the duties associated with owning a home. This includes maintenance, rent collection, cleaning services, and handling all legal issues that may arise.

Of course, these companies don’t simply come in and do this for free. There are usually significant costs associated with management companies – often 5-10% of revenue collected in rent from your building. If your margins are already razor thin, this may result in lost money for you, further making you question your investment.

It is also difficult to find a management company that will get the job done to your satisfaction. While you see your building as a home, they see it as a business opportunity only. Their priorities may not align with yours and this could cause for a tumultuous relationship.

Sell Your Property to a Cash Buyer

If you want to get out of your landlord position right away, your best option is likely to sell your home to a cash buying company. Services like Ryan’s Buying will provide a free quote for your home and will have the money on hand to buy your building almost immediately. You won’t have to deal with agents or pay extra commissions on the sale – the number that you are offered is what you will walk away with.

Ryan’s Buying takes a non-aggressive approach to buying your property. We will quote you a fair amount for your property and you will have no obligation to accept the offer if you don’t like it. We are not pushy buyers – what you see is what you get, and we do that to make the process easier on you.

Once you sell for cash, the money is yours and the responsibilities of owning the home are ours. You won’t have to worry about maintenance, repairs, tenants, or tax laws. You will potentially save thousands of dollars by not having to utilize third parties or bring in inspectors and repairmen before selling the home. We will look at the home and offer straight up cash within 48 hours. Whether or not you accept the offer is up to you.

We know that it can be difficult to give up an investment that means so much to you, which is why we want to make this as easy as possible. If the stress of being a landlord is wearing you down and you just want to get it over with, call Ryan’s Buying today. You have nothing to lose and everything to gain.