Selling tenanted properties can be tricky and if done wrong, very expensive. Your tenants have been supporting your investment and helping you pay off your mortgage. Treat them like a partner when selling and it will save you money and stress.
Ways to Keep Your Tenants Sweet
- Treat them courteously and professionally: One of the best ways to to keep your costs down and stress levels low is to ensure a good and professional relationship with your tenants. Remember the "Golden Rule"? People tend to reciprocate good behaviour, so be nice. When you're selling you want to have your tenants on-side so they will be willing to show the residence and cooperate with the marketing and sale. A residence that is shown to more people will get higher offers.
- Give them plenty of notice that you're selling (several months): Let them know your plans are so your tenants can plan accordingly AND prepare your property for sale. A clean, tidy, and uncluttered place takes time to prepare and tends to sell for more money sooner.
- Keep them in the loop: People like to know what is going on with their home - they are much happier and cooperative than if they don't. Also, your tenants might be interested in buying the property themselves - a good way to save even more money!
Unhappy and non-cooperative tenants will cost you money and stress you out; so remember, be nice!
Mike Stewart is a sales representative with Century 21 In Town Realty in Vancouver, BC.