Greg will answer your real estate questions!
Q:What’s the best way to sell a property when it is tenanted?
A: No tenant enjoys living in a property that is for sale. The potential for interruption and intrusion is very real.
What to do depends on how much you need the rental income, and how well you think your agent can work with your tenants to achieve a successful outcome.
If you have a ‘less-than-suitable’ situation, you may need to decide which is more important to you; the rental income, or the sale of the property.
If you need the rental income and want the existing tenants to stay, try to create a spirit of co-operation and teamwork.
Be proactive – outline your ‘wish list’ and offer to sweeten the situation with a temporary rent reduction or a week’s free rent once the property has sold.
Most tenants just want respect and a reasonable approach from the owner and the agent. Acknowledge that the sale is probably an unwelcome intrusion. The offer of a professional cleaner or gardener to give the property a good spring clean or regular spruce up might balance out any concerns about the inconvenience.
However, be aware that many properties are easier to sell empty. This gives the owner and agent total control over how the property is presented and availability for inspections 24/7, which goes a long way towards helping a home sell. A blank canvas can also arouse more creative thinking from potential buyers.
Either way, buyers definitely feel more relaxed when no one’s around at inspection time. We don’t want potential buyers feeling they need to tiptoe around or hurry out the door before appreciating the best points about the property. An empty home also allows your agent to agree to that excited request for a second or third inspection (perhaps to show partners or parents).
Think about your priorities, but remember that a good agent will make the sale, with or without tenants.
Answers are general comment, and readers should always seek their own independent professional advice.
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Greg Trembath is Principal/Licensee at
Greg Trembath Real Estate.
Licensed Real Estate Agent – Licensed Auctioneer.