Selling Tenant Occupied Property – Top Tips
Selling tenant occupied property can sometimes be a cause of stress for both the owner and the tenant. As an owner, your priority is to sell your Mississauga or Square One home or condo for the best possible price within a reasonable amount of time. At the same time, the tenant can feel stressed out about where he/she will be living after the sale.
While giving the tenant ample notice always helps, here’s some advice from top RE/MAX professionals when selling tenant occupied property.
Offer suitable incentives to your tenant
It is often a kind gesture to offer some sort of incentive to tenants during the time while the house is being listed. You could consider options such as reducing the rent for the month that your property is listed. You should be able to sell your Mississauga property within 30 days when selling with a local experienced Realtor.
Other incentive options for your tenant could include free cleaning services, gift cards for restaurants, shops or movie theatres. These kind gestures may not cost you a whole lot and can go a long way to making the process smoother. A happy tenant is more likely to cooperate with you during the property listing and showing process.
Be respectful of your tenants time
It is very important to understand that your property is the place the tenant calls home till the time they live in it and pay you rent. Your tenants may have different work shifts, a newborn baby, or any other unique circumstance. You should discuss the showing schedule with your tenant(s) and advise your real estate agent of the days and times of the week that the property can be available for showings. When your tenant feels included in the process, they are more likely to work alongside you.
Communicate with your tenant
In some cases, an investor may want to purchase your Mississauga home or condo and may want to keep it as a tenanted real estate investment. And you have a AAA tenant who is looking to stay on in the property for longer. Connect the dots, talk to the tenants and your real estate agent. Real estate agents can act as an intermediary keeping the conversation going between the seller and the buyer. When the prospective buyer sees that the tenant is cooperative and has kept the property tidy, the more likely they are to retain the tenants. Contact our team if you planning to buy a condo in Mississauga which is rented to a good tenant. We do come across landlord investors who are willing to dispose off their already rented Square one condos.
Keeping the tenant in the loop and managing expectations helps not only the tenant, but all parties involved.
Help your tenant out
Be sure to give your tenant more than the minimum notice required by law. Remember, new rental rules have kicked in. Make informed decisions. Some sellers proactively offer assistance in helping the tenants find a new place to live. Or they may waive the rent payment for the final month of the renter’s occupancy.
When the tenant sees how cooperative and helpful you are being as a landlord, they are more likely to return the favour by being more cooperative throughout the time your property is listed for sale.
Content courtesy: RE/MAX