Tips for selling tenant-occupied properties
The home-selling process can be equally stressful for owner and tenant alike when it comes to selling a rental property. The trick to a smooth and successful tenant-occupied property sale is appealing to the tenants as well as the client — being upfront and compassionate with the process and in scheduling visits. Who knows: those tenants could turn out to be future clients down the road. Here are a few tips for selling tenant-occupied properties.
Why it’s better working with tenants
Correction Notice: It was previously stated in this article that “Landlord owners with tenants on month-to-month leases are not obligated to give the reason why their lease is being terminated.” This is incorrect and a landlord must provide a reason permitted under the Residential Tenancy Act for termination. Please see section 43 (2) Notice of Termination in the Residential Tenancy Act for details.
Full transparency can help a tenant better understand and prepare for what’s ahead. You’ll be needing to book visits like viewings, inspections and appraisals, so there is a benefit to having tenants on your side. Before meeting with a tenant, chat with the landlord owner to find out more about what the tenants are like: if they pay their rent on time, are personable, and keep the property in good condition. This can help you be prepared prior to meeting the tenants yourself.
Treat tenants like clients
Landlords selling a property can be a stressful scenario for a tenant as it can mean disruptions to their regular schedule, extra work to keep the property neat and tidy, and in the worst case, the need to move. Extending empathy to the tenants, as if they were your clients, can help to make a stressful situation a little easier. Listen to their concerns and do what you can to make viewings and visits as easy as possible. For example, find out what their schedules are like and book viewings accordingly: for example, night owls might be less thrilled about morning showings. Give tenants at least 24 hours notice before any visits and keep them informed of updates as soon as possible, like if the new owner would like to keep their tenancy.
Hire a cleaning service
Reluctant tenants may not be as enthusiastic about keeping a property market-ready as the owner is. In these cases, with the tenant’s permission, it may be wise to hire a cleaning service. This could be a one-time deep-clean or a regular weekly clean, which helps to remove the burden of tidying up from the tenant but also helps to alleviate the landlord-owner’s stresses about the condition of the property.