Be (Extra) Nice to Tenants
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.
Posted by Mike Stewart
on June 24, 2010