7 Tips For Selling a Tenant Occupied Property FastDate: 2009-11-04 16:02:27 , Category: Quick Property Sale Whether you are a seasoned landlord that has seen it all or a landlord that has one house and a great tenant, there will probably come a time when you want to sell a house. However things can get a little complicated if the house is occupied with tenants.
Most inexperienced landlords often wait for the house to become vacant before putting it on market. Those who take the plunge anyway because they feel that it is afterall their own house and they can do whatever they want, they often find managing the whole process difficult. After all tenant has no motivation to help you sell the house because your success will simply mean him having to move to another place.
Let's look at it from tenant's point of view. They are probably settled there right now. Moving means lots of hassle for family and children. You are asking to be inconvenienced for your own gains. And then you are asking all sort of unknown people to traipse through "their home" at all hours of the day and possibly the evening.
Now think about the damage your tenant can do to your chances of selling the house. What if they tell the buyer that the area or neighbours are rubbish? They could tell all sorts of stories of the amount of maintenance the house has required since they have been there... and so on.
If you want to have a chance of selling that house, you need a plan. You need to try and get the tenant on YOUR side so that you can sell the house quickly.
7 Tips to get Tenant on Your Side
Consider some of the following tips to make your life easier in the long run:
- Sit down and explain to them what the situation is. That the house is for sale and you would like their help.
- Assure the tenants that they are not going to be booted to the street with no warning and that they will have "X" amount of days after the contract is signed to move.
- Assure the tenants that if the house is sold to the investor then you will try to convince them to keep them in the house. if it is the buyer is to move in then you will help him move.
- Explain the tenants that they will be notified prior to any showing of the home.
- Assure the tenants that they will be notified prior to any home inspections, appraiser visits, etc.
- Offer to compensate the tenant for every time they allow someone to view the property. You will have to decide on an amount, but consider paying them £10 or £20 every time they let some one in for viewing is a reasonable investment.
- Offer to give them a gift certificate of some kind to a store of their choice when the home closes.
While the last two suggestions may sound crazy, stop and consider this. Time is money. The faster you get the house under contract and sold, the sooner you can move on. Your job is to get the tenant to help you sell the home.
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