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Updated over 8 years ago on . Most recent reply

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3
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0
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Art F.
  • Wholesaler
  • Pinehurst, MA
0
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3
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How to show occupied units to potential buyers?

Art F.
  • Wholesaler
  • Pinehurst, MA
Posted

We are selling a few 100% rented, cash-flowing, triple-deckers that we have owned for years. I am looking for guidance on a few issues:

1) How to notify the tenants that the properties are being sold, and get their cooperation in keeping the buildings in good condition, showing their units, continuing to pay timely rent, etc?We may ultimately decide not to sell, and would like to maintain these as stable, cash-flowing properties.

2) How to show these occupied units to potential buyers?I have a lot of buyer interest, and they all want to see individual tenant units.Is it reasonable to ask the tenants to allow a parade of potential buyers to walk through their units every day? (With legal/lease required advance notice.)I am reluctant to request permission to take strangers into their apartments when they are not home, in regard to their privacy and the liability for their possessions?

3) I am allowing potential buyers to inspect unlocked public areas? I am considering having only occasional group showings, perhaps one per week?I am also considering limiting showings to highly-qualified buyers, perhaps only those who submit a written LOI (letter of interest)?

Any thoughts?

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