Showing a Property with Tenants
Are you trying to sell a property which has tenants? What’s the best way to navigate the situation? How do you handle showings?
Most property owners aren’t familiar with the best practices for showing homes and apartments for sale. It can get even trickier when there are tenants occupying units. How do you deal with it?
Who Should Show the Property
Data shows that the property owner isn’t the best person to show a property to prospective buyers. There are just too many emotional factors involved to be conducive to a sale and receiving the best offer. Tenants certainly shouldn’t be showing it either.There are too many conflicts of interest involved. If you are not using a real estate agent; make sure you have a third party there you can trust. Make sure they are hyper-vigilant about protecting tenant’s property and privacy too.
Working with, and around Tenants
Then there are the simple logistics of showing a property that has tenants which can be challenging. You need to be able to show your units. You have the right to. Just make sure you give renters proper legal notices. You also don’t want to scare your tenants off. You don’t want them to leave and devalue your property or interrupt your income. So be transparent with them and set clear expectations. Let them know how secure they are with their lease and being able to stay. And how it is in their best interests to help.
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