Selling Tenanted Properties - By Jay McInnes
I had the pleasure of getting a very unique listing earlier on this year. I became extremely familiar with the Tenancy Act after the tenants decided to be extremely difficult to deal with.
When dealing with a tenanted property the initial steps must be taken vary carefully. The reason for this is that the tenant has much more power in this situation that both myself (Selling Agent hired by the Owner) & the Owner him/her self. I have listed steps below on my recommended approach to dealing with a tenanted property.
- Sit down face to face (if possible) with the tenant & explain the process ahead:
Tenants usually do not know the in's and out's of the Tenancy Act. This is a great time to outline for them the flexabilities they have as Tenants, and the flexabilities I have as the Selling Agent. This is also the time to discuss your intention of Selling the property and how the whole process works.
- Hash out a showing schedule that suites you both:
A schedule for showings has to be discussed and worked out a.s.a.p. You both need to be on the same page with the showings and make sure there is a clear line of communication between both parties.
- Respect the Tenants time & space but be firm:
I try to the best of my ability to work with the tenants and be realistic that everyone has an agenda, a schedule and does not enjoy being bothered. This being said the tenant is the tenant and you are the owner. There are still rules in place to see that the property can and will be shown on a scheduled basis to protect your interests. The tenant may guide the rains of this operation but they do not run the show, we do.
If you have any further questions on Selling a Tenanted property please don't hesitate to contact me direct at any time with any thoughts or questions.