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September 14, 2009

Selling a house with tenants

I'm selling my 3 fam in Greenwood Heights (see recent post on price) and was wondering if people have experiences/opinions on doing so without creating a bad relationship with tenants. I currently like and have a good relationship with both tenants. I live on the 1st floor.

I know I will have to be inconveniencing them at points and it's written into the standard lease, but was hoping to tap into the experience of those who've been through it (on either side).

I am still undecided on FSBO or broker.

and, FWIW, they are paying good, market-rate rents

Thanks

Comments

I think it depends on you. The more you want to make on the sale the more likely they will be squeezed. If you'd like to GIVE me your building, I'll put it in writing that I will take good care of them.

Posted by: modsquad at September 14, 2009 12:58 PM

I meant the selling process and when and how to show the apartments to prospective buyers.

Posted by: greenwood slope at September 14, 2009 1:06 PM

Ok well I just sold my house and I had tenants
It's REALLY important to have a talk with them about the fact you need to sell and that it will be a bit nutty for the next couple of months in terms of showings and open houses. Hopefully they will understand and be on board to help anyway they can. However and it's unlcear from your post when their lease is up, but I found it in my best interest to then be sorta lenient about the end of the lease. I let them out of it 3 months early once I knew I was heading into contract.
It's important to have your tenants on your side so when they are there during showings they won't "trash talk" the bldg or you.
I also made a rule with my broker that they had to call me 24 hours in advance if they wanted to show the house. I would then email my tenants to check with them first if they would be amenable to a showing. Sometimes it worked out and sometimes it didn't. Many times they stayed during showings, but were gracious enough to leave for the open houses. I think we had 4 OH's. I also took off $100 off of their rent for one month as a token for the upheaval.

Posted by: gemini10 at September 14, 2009 1:10 PM

Thanks Gemini. Both of their leases are up in June.

Posted by: greenwood slope at September 14, 2009 1:19 PM

Many people buying investment properties, or properties where they'll be relying
on rental income to help meet their mortgage, are happy to purchase a building where the owner can document that existing tenants are reliable, cooperative,
and market-rate. Don't assume that your tenants automatically detract from your sale. Speak with a broker regarding the pros and cons, and definitely speak with your tenants.

Posted by: vinca at September 14, 2009 1:51 PM

most buyers like houses and building to be vacant. why don't you wait till their contracts are over and sell.

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Posted by: cji888 at September 17, 2009 3:32 AM