Tips From a Property Management Professional on Selling Your Investment Property

The housing slump in the past several years has lent itself on the invention of the Accidental Landlord. Loosely defined, an Accidental Landlord is an gent who has attemptedto sell home at a price that this market deemed as being unrealistic, and as a defensive maneuver, has elected to rent out. The good news needless to say is that this trend of house prices spiraling downward is apparently at its end. Accidental Landlords are nearing the finish of these accidental occupation which new lease on life that renting provided is growing increasing less necessary.
The problem for Accidental Landlords now becomes that regarding how you can sell a home that is tenant occupied.  here are the findings  of this article provide some insights and tips we have learned through our Calgary Property Management Company, Hope Street Real Estate Corp.
The first, and clearly the main tip, refers to establishing an optimistic, truthful relationship together with your tenant. It has been our experience that most tenants will feel marginalized if up against real estate agent advising them that their home is going to be placed on the market. As a landlord, make sure you discuss such intentions while using tenant prior to any actual listing contracts being signed, or any marketing of the home beginning. Offering the tenant the ability to pick the house, at a discounted price in lieu of realtor fees, is a great move that may inform the tenant of one's plans and still provide a respectful and tasteful treatment for exactly what do be considered a problematic situation.
I have seen tenants grow increasingly upset over realtors and landlords storming over the where you can show it to prospective buyers, along with the task completely upsetting the day-to-day equilibrium with the tenant's lives. In certain cases, the tenants will repay these frustrating acts with messy homes or by negative details for the prospective buyers who will take everything the tenant says as serious and truthful, whether or not the information is truthful.
The next tip is usually to check with your local legislation to see what kind of notice period is required to be sent on the tenant prior to a landlord or realtors entry of the home. In most provinces or states, this time around period is about 24 hours. If you adhere to this timeframe the tenant will notice and likely show some favorable reaction to your mature and respectful gesture.
Finally, and possibly most obviously, be sure you look at the residential tenancy agreement and observe the lease dates prior to listing the house available for sale. In most cases, if a lease exists and your tenants are not willing to leave early, you should have no way to get vacant possession on closing for the buyer. Less than a year ago, I came across a situation exemplifying this tip; the landlord had no idea how the tenants had no intention of leaving early, as well as the buyer had no goal of using the tenants. This turned out to be an extremely expensive lesson for your landlord because, after accepting an offer to the purchase of the home, the agreement had to be reversed and also the buyer's money refunded.