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Tips From a Property Management Professional on Selling Your Investment Property
The housing slump of the past couple of years has lent itself to the invention with the Accidental Landlord. Loosely defined, an Accidental Landlord is an gent who has tried to sell a house at a price the market deemed as being unrealistic, in addition to being a defensive maneuver, has elected to rent out. The good news obviously is the trend of house prices spiraling downward looks like it's at its end. Accidental Landlords are nearing the end of the accidental occupation understanding that new lease on life that renting discussed is simply growing increasing less necessary.
richmond property management for Accidental Landlords now becomes that relating to how you can sell home which is tenant occupied. The remainder of this document will provide some insights and tips we have learned through our Calgary Property Management Company, Hope Street Real Estate Corp.
The first, and clearly the most important tip, concerns establishing a positive, truthful relationship with your tenant. It has been our experience that many tenants will feel marginalized if faced with real estate agent advising them that their property is going to be put on the block. As a landlord, make sure you discuss such intentions using the tenant just before any actual listing contracts being signed, or any marketing from the home beginning. Offering the tenant the opportunity buy the house, at the adjusted price instead of realtor fees, is a brilliant move that will inform the tenant of your respective plans and supply a respectful and tasteful treatment for so what can often be a problematic situation.
I have observed tenants grow increasingly upset over realtors and landlords storming through the where you can show it to prospective buyers, plus the method completely upsetting the day-to-day equilibrium from the tenant's lives. In certain cases, the tenants will repay these frustrating acts with messy homes or through providing negative details to the prospective buyers who might take everything the tenant says as serious and truthful, get the job done details are truthful.
The next tip is usually to check along with your local legislation to see what type of notice period is needed to be sent for the tenant before a landlord or realtors entry of the home. In most provinces or states, this time period is all about a day. If you follow this period of time the tenant will notice and likely show some favorable response to your mature and respectful gesture.
Finally, and possibly most obviously, make sure you look at the residential tenancy agreement and notice the lease dates prior to listing the house for sale. In most cases, if a lease exists as well as your tenants are not willing to leave early, you should have not a way of having vacant possession on closing for your buyer. Less than a year ago, I came across a predicament exemplifying this tip; the landlord had no idea the tenants had no intention of leaving early, as well as the buyer had no aim of using the tenants. This turned out to be a very expensive lesson for the landlord because, after accepting a package for the purchase in the home, the agreement must be reversed and the buyer's money refunded.
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