Selling Tenanted Properties
Can tenants ruin a sale? Absolutely! Work with, rather than against your tenants using these four simple pointers…
I recently sold a property that was tenanted and much to my delight, the tenants were an absolute pleasure to work with and really helped the sale run smoothly.
Unfortunately this is not always the case. A poorly behaving tenant can put an end to the usual smooth sailing and their actions can sometimes go as far as affecting the final sale price of the property – in a downward way!
So how do sellers avoid this potentially disastrous scenario?
As an independent real estate agent who has sold numerous properties during my selling career, I’ve identified four very simple things sellers can do to keep their tenants on side during the selling period.
PAY FOR HOUSE MAINTENANCE
Do you hate cleaning and mowing? Well, so do your tenants! When selling your home, it is absolutely essentially that it presents in a way that invites buyers rather than repels them. This means it needs to be clean, clutter free and smelling pleasant.
Why not give your tenants a break from the weekly cleaning grind? Not only will they love you for it, but having a professional cleaner and yard maintenance company manage the tidiness of your property during the selling period will go a long way in helping attract the right buyer and the best price.
SEND THEM TO THE MOVIES
If you’re planning to hold open homes its best for the tenants to be out of the house for too many reasons. Firstly, you don’t want your tenants telling prospective buyers about the ongoing maintenance problems or pointing out every fault of the property. In honestly, your tenants probably don’t want to be home while strangers are wondering around their home anyway so why not give them an incentive to go out. Movie tickets are relatively inexpensive and who would say no to a free movie? You may only need to do it once but it will be well worth it.
HIRE THE RIGHT AGENT
An agent with a mentality that tenants are second class citizens is not the agent you want to appoint to sell your property. Unfortunately this happens all too much in real estate where an inexperienced agent will overlook the power of the tenants and rub them the wrong way from the beginning. The right agent will build rapport with the tenants right from the get go and ensure their rights as occupants are respected during the selling period. Never underestimate the relationship the agent creates with your tenants. A hostile one affects one person the most in the transaction – you the seller.
HELP THEM MOVE
If your tenants are required to vacate the property because the new owner is moving in, offering to help them move could be a saving grace come settlement day. All too often have I heard of sales falling over, that is the sale doesn’t proceed, because the tenant has refused to move out on time. If you’re open to the idea, an experienced agent will negotiate this with the tenants at the beginning so that come settlement date, you’re ready to exchange cheques and there are no hiccups or delays.
So here’s the rule of thumb for sellers. Small dollars invested now could lead to large dollars back on your sale price. Never underestimate the power your tenants have in influencing the end result.
Have you Seen Our Home Sellers Checklist for getting the best result on the Sale of your home?
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