5 Steps You Can Take To Ensure A Smooth Sale
This is usually not an issue when selling a multi-unit complex where the purchaser will likely be another investor/landlord. It is however, a common issue when you have a single tenant situation in a condominium unit, or basement apartment where the potential buyer may want to occupy the entire residence as their home and take vacant possession.
It’s easy to see how this can be a problem. During the showing period we’re asking a tenant to constantly keep the place clean, accommodate viewings at all hours of the day and once sold, they’ll be asked to leave and find another place to live. I don’t know anyone who enjoys moving, and with renting that involves coming up with another first and last month’s rent, credit checks, employment letters, references, and all of the hassles that go along with moving. It’s important to put yourself in the tenant’s shoes and be as sensitive as possible.
Prepare the tenant well in advance
Do not wait until the agent calls to list the property. Try to give 30 days notice before even listing. Make sure your Realtor meets the tenant well in advance to go over procedures and develop a mutual understanding of expectations. Once sold you’re bound by law to give 60 days notice to vacate. Also very important to note that if notice is given mid month, the 60 day period begins on the 1st day of the upcoming month. (Notice given on the 5th of Feb, 60 days begin March 1).
Wine & Dine!
Once listed, offer a few gift certificates to local restaurants, coffee shops or grocery stores so when they have to leave for showings they can grab a coffee on you, or have a meal etc.
Follow The Rules
Always, without exception, ensure the person you have hired to sell the property is adhering to the 24hr mandatory written notice rule for any viewing. It shows great respect for the tenant’s time and also allows the tenant to tidy up so your investment shows the best it can. It’s quite helpful to have a predetermined set of hours and days where you can lump the majority of viewings.
Respect Their Space
It’s easy for your Realtor to leave a key onsite, in a lock-box, to allow agents to show up with their clients, walk through the space and leave. I can’t tell you how many times I’ve had angry calls from tenants saying “THEY WORE THEIR SHOES AND THERE ARE SALT STAINS EVERYWHERE!” No matter how many times you instruct buyer representatives and their clients to remove their shoes often they do not follow instructions and completely disrespect the tenant’s space. Same goes for leaving lights on or forgetting to lock the door. This disrespect can impact the selling process greatly. Solution – ask your Realtor to be there for each and every viewing. Perhaps a lot to ask, but sometimes a successful sale depends on this mutual respect between all parties involved in the selling process. Spring Realty Realtors do their best to attend buyer visits whenever possible.
Help with the transition
When discussing the potential sale of the your property with the Tenant, try and get an understanding of what type of place he/she should like to move in to. Keep your ear to the ground and ask your Realtor to keep an eye out for any available units for rent. Only help if the tenant wants your help, don’t force it. The Tenant will usually appreciate a helping hand through this potentially stressful situation.
Following these simple rules will ensure a smooth and successful transaction. I’d love to hear your feedback. Do you have any tenant stories to share? I’d love to hear all about it. Either comment below or contact us to discuss your rental property.