Placing your investment property on the market while tenanted does not have to be difficult for you or the tenants. Having a plan in place to deal with any issues that may arise is paramount to any successful campaign and transaction on a tenanted property. A few hints to make this all work for everyone involved.
Speak with your property manager about your responsibility as a Landlord before you make the decision to engage a Real Estate Agent for an appraisal to ensure there can be no arising issues. There are time frames embedded into any lease agreement dictating the rights of you and your tenants. If you place the property on the market within two months of signing a new lease or lease renewal, the tenants are entitled by law to break their lease without financial penalty.
Get to know the sales agents and find out how they will deal with issues as they arise. How will the agent approach a situation if the tenants do not return phone calls, or leave the property in an untidy state for buyer appointments? By asking just a few questions you can gain an insight into how the campaign will flow.
When it is all said and done, the tenants wellbeing should be considered throughout the campaign. It can be a daunting experience for some tenants with having open houses and strangers intruding on their personal space. Keeping this in mind, along with acknowledging the legislation in selling a tenanted property, in most instances makes for a happy tenant.
Happy tenants tend to comply and work in with the selling agents which leads to a successful outcome.