Carolyn Majda | 14 November 2012

Your tenants should be your top priority if you are selling your investment property

Your tenants should be your top priority if you are selling your investment property

Putting a rental property on the market can be a disruptive time for tenants.

Open inspections, potential buyers driving by and regular contact from the selling agent to arrange further inspections can significantly interrupt your tenant’s daily routines.

However, waiting for the lease to expire before selling a property is not always an option.

Maintaining a positive relationship with your tenant can help to ensure that they remain cooperative throughout the sale process.

If you are looking to sell your rental property, your tenant’s lease should be the priority.

This can contribute to a smooth and hassle-free sale and reduce the likelihood of the tenant causing malicious damage to the property if they feel as though they have been mistreated.

Tenants who respect the landlord and the property are likely to ensure it is well maintained and tidy for open inspections, which can help to attract possible buyers.

A tenanted property that is clearly well looked after can also be an attractive proposition for potential investors. If they are the successful buyers, they may look to keep the tenants rather than trying to find new ones.

How you manage the situation and what you can request from the tenant depends on the lease agreement that was signed by you and the tenant at the beginning of the tenancy.

If the lease is a fixed term agreement, you must allow the tenant to remain in the property until the end date stated on the agreement.

However, if you would like them to vacate the property prior to this date, you can try to negotiate with them.

 

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