How to get Tenants on board when selling a SFR
Im considering selling a SFR with good tenants, but I know that I will be really inconveniencing them both with showings as well as with a possible move out if the buyer is an end user.
Anyone have experience with this and can guide me on how to get them on board?
Thank you!
Hey @Mordy Chaimovitz, whenever we have to seriously inconvenience residents, we've found that everyone loves a nice gift certificate!
We'll typically pay $25-50 each time we have to schedule a group viewing or inspection, delivered as an e-certificate from either Longhorn Steakhouse, Red Lobster, or Amazon.
Works like a charm!
@Mordy Chaimovitz when I try to sell a client’s home with tenant in place, I speak with them directly to find out what works best for their schedule. Some want to be present for showings, some prefer only show while they’re at work. Some want specific day and time window. If my client wants to sell to an owner occupant, usually brings more competition and a higher price, then I ask them to give notice and we’ll list once they’re out as we cannot have tenant holding over and ruining the closing. The rental market is competitive and they will have difficulty finding something, can’t count on them leaving on schedule.
Quote from @Lynn McGeein:
@Mordy Chaimovitz when I try to sell a client’s home with tenant in place, I speak with them directly to find out what works best for their schedule. Some want to be present for showings, some prefer only show while they’re at work. Some want specific day and time window. If my client wants to sell to an owner occupant, usually brings more competition and a higher price, then I ask them to give notice and we’ll list once they’re out as we cannot have tenant holding over and ruining the closing. The rental market is competitive and they will have difficulty finding something, can’t count on them leaving on schedule.
I, too, aim to be as accommodating to residents as possible.
However...
For my own liability protection and personal sanity, I'll only schedule our group viewings for when the resident can be physically present.
For one thing, I'm a digital nomad (currently living in Colombia), so I'm likely never going to be conducting their viewing myself.
But mostly, I don't want a resident claiming that some priceless heirloom went missing or got damaged after holding a showing in their absence.
We'll pick a convenient time, typically 1 hour on a Saturday afternoon, and set appointments for up to 6 pre-screened buyers to take a look. We provide the residents with a list of names and phone numbers in advance, and warn the buyers NOT to arrive early OR stay past the end of the viewing.
At the end of the viewing, our resident gets their e-gift certificate immediately by email or text.
They are usually delighted and often ask us when they can host another!