How often have you handled selling a tenant-occupied property? While it may represent a relatively small percentage of your deals over the course of a year, it’s important to know how to handle tenant-occupied listings. Make a mistake and that tenant could turn into your biggest headache.
If you own the property, you may want to check out this guide from Trulia on selling that occupied property. It’s vital that you understand your rights as well as your tenant’s rights. What are the terms of the current lease? Are you in a month-to-month situation? Is it a problem tenant? Might the tenant want to purchase the property? All of this and more is covered here.
If you’re an agent listing the tenant-occupied property, REALTOR™ Magazine presents six excellent rules for selling the tenant-occupied home. At-a-glance these rules include:
- Learn what you can about the tenants from the homeowner.
- Show tenants compassion, as if they were your clients.
- Give tenants reasonable notice when you need to access the property.
- Hire a cleaning service to keep tenants’ spaces show-ready.
- Remember to manage tenants’ emotions, too.
- Make yourself a resource for tenants.
This excellent primer will ensure a smoother sale. As the piece says, “At the end of the day, selling a home with tenants can be a complicated dance, but making them a part of the process can go a long way to keeping everyone in step.”
Be prepared for these complex situations. Study-up now.
