You have a great rental property that you have the opportunity to sell. The only problem is, you have tenants living there – good tenants who really like the place.
What’s the secret to getting the house under contract and sold as well as getting the tenant’s cooperation in the process?
The secret is getting the tenant to help you in the sale of the property.
While that may sound really crazy there is method to the madness. Here are some tips to help you with the challenge:
- Meet with your tenants and have a relaxed, face-to-face conversation with them explaining that you’re selling the house and would appreciate their help.
- Let them know they will have an agreed-upon number of days to move.
- Agree that you will notify your tenants before any showing of the property is scheduled.
- The same goes for any inspections or visits by appraisers.
- Ask your tenants how you could make the process better and listen to their suggestions.
- Compensation is something to consider, especially if the tenant is less agreeable. Suggest a dollar amount each time the property is shown, and pay it to them once you close your sale.
- Suggest a gift certificate as a bonus to them for leaving the property in great condition when they move.
- If moving is a problem for your tenant, offer reimbursement for moving expenses such as paying for the moving truck.
Get your tenant on your side rather than making them angry during the process. An angry tenant can have an ugly backlash.
For the most part, you probably know that your tenants are responsible people or you would not have rented to them in the first place. But, if obstacles arise, try some of these tips to help smooth out the circumstances and get your property sold.
If you’re really in a muddle about how to sell your occupied rental property, contact Cousin James Management and let us handle it for you. We have expertise to get things moving quickly so you can realize the sale of your property without the worry of offending your tenants. Give us a call and your worry is over.