How to give tenant incentive to move?

[Lynne Smith]

Hey guys. How would you work an incentive to get the tenant to move out on time? Would you tell them they get a bonus the day of moving? I have a tenant whose lease is expiring July 31. I told her I want to sell the property and can't renew the lease. She was disappointed said she would have needed several more months notice etc. My state requires 60 days notice and I've given 70 days notice. She has been a good tenant overall but I want to ensure she 1) let's realtor show the place and 2) moves on time and doesn't cause trouble to potential buyers.

[Mitch Messer]

Hi @Lynne Smith! We've had lots of practice over the years coaxing out tenants: The key is BRIBERY!

Here's are some thoughts:

• I'd strongly encourage you to have your Realtor only schedule group showings of five or more families. This minimizes the disruption to the tenant while encouraging competition among the home buyers.
• For every group showing successfully completed, we gifted the tenant with a $25 Longhorn's Steakhouse (or Red Lobster) gift certificate. As a result, our tenants LOVED when we called to schedule an appointment. Note: I said completed, not scheduled. If for any reason the tenant didn't allow access at the appointed date & time, they didn't get the reward!
• Let the tenant know that if the property goes under contract before their move-out date, you'll offer them an incentive (maybe $250), to be paid out only after they've vacated the premises, delivered the keys, and submitted the Move-Out Inspection Form. The certified funds would be waiting for them at our attorney's office (not paid out at the property). While they were at the office signing docs, our locksmith was at the property rekeying the locks!

We often had tenants lined up to pay to hold a property long before the old tenant had vacated the premises.

It can be done: Good luck!