The housing slump of the past few years has lent itself to the invention of the Accidental Landlord. Loosely defined, an Accidental Landlord is somebody who has attempted to sell a property at a price that the market deemed as being unrealistic, and as a defensive maneuver, has elected to rent out. The good news of course is that the trend of house prices spiraling downward seems to be at its end. Accidental Landlords are nearing the end of their accidental occupation and that new lease on life that renting provided is growing increasing less necessary.
The problem for Accidental Landlords now becomes that of how to sell a property that is tenant occupied. The remainder of this article 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, relates to establishing a positive, truthful relationship with your tenant. It has been our experience that most tenants will feel marginalized if faced with real estate agent advising them that their home is about to be put on the block. As a landlord, be sure to discuss such intentions with the tenant prior to any actual listing contracts being signed, or any marketing of the home beginning. Offering the tenant the opportunity to purchase the house, at a discounted price in lieu of realtor fees, is a smart move that will inform the tenant of your plans and provide a respectful and tasteful solution to what can often be a problematic situation.
I have seen tenants grow increasingly upset over realtors and landlords storming through the home to show it to prospective buyers, and in the process completely upsetting the day-to-day equilibrium of the tenant
Source by Shimon Kureshi