Selling A Tenanted Property in Vancouver? Being Nice can Save you Money, Hassle, and Time!
Selling tenanted properties in BC can be tricky and if done wrong, very expensive. Your tenants have been supporting your investment and helping you pay off your mortgage. Treat them like a partner when selling and it will save you money and stress.
3 WAYS TO KEEP YOUR TENANTS HAPPY!
1) Treat tenants courteously and professionally One of the best ways to to keep your costs down and stress levels low is to ensure a good and professional relationship with your tenants. Remember the “Golden Rule“? People tend to reciprocate good behaviour, so be nice. When you’re selling you want to have your tenants onside so they will be willing to show the suite and cooperating with the marketing and sale. A suite that is shown to more people will get higher offers.
2) Give them plenty of notice you’re selling (several months) Let them know your plans are so your tenants can plan accordingly AND prepare your suite for sale. A clean, tidy, and uncluttered suite takes time to prepare and tends to sell for more money sooner.
3) Keep them in the Loop People like to know whats going on with their home. If they know whats going on they are much happier and cooperative than if they don’t. ALSO they might be interested in buying the suite themselves. Good way to save even more money!
Unhappy and non-cooperative tenants will cost you money and stress you out. They have the BC Residential Tenancy Branch that is very good at making your life miserable as a Landlord if you treat your tenants badly.
So remember, be nice!
I’d love to hear your thoughts on this in the form of a comment!
Looking for Advice on Selling a Condo in Vancouver? Check out these series of Videos on How to Sell Your Condo in Vancouver!
Researching Presale Condo Investments? Check out these Videos on Vancouver Presale Condos!
Hm! Funny!!
I was just preparing my Newsletter.
Here it is:
Finding a tenant who won’t let you down can require a blend of knowledge, intuition, and a little help from the professionals…
Few landlords now accept anyone on face value.
Worried about landing themselves with “tenants from hell” most landlords screen and verify prospects’ details.
It is vital to find out if applicants are who they claim to be, can afford the rent and won’t turn your house into the headquarters of a satanic cult, but before you call in the experts, you can start the filtering process yourself.
So here’s a step by step guide to finding the right tenant – everything from getting the initial ad right and conducting viewings to using professional checking services.
Step #1. The Newspaper/Internet Ad
As long as it is clearly targeted at the right audience, your ad should be the first stage of the screening process.
Like any advertising agency, you need to spend time making sure that your ad is likely to be seen by the correct sector of the market, while being clear about who the property would not suit.
Step #2. The First Contact
This initial contact is a chance for you to give a full description of the property, and to take some vital details from them. Having a checklist ready is a good idea, so that you don’t forget anything.
You will need their details, contact numbers (including the invaluable cell phone), and personal circumstances, such as reason for moving, if they have children or pets, do they smoke, and who will give their references.
If they cannot, or will not, answer any of your questions, it’s time to call it a day with this particular prospect.
Step #3. Visiting the Property
This is the time when you often find out useful information about people’s circumstances. When people are taken out, they begin to talk to you, and you find out what they really need. If they have children, do they really need a bigger place? [One of my clients had one couple who said they needed a Central Richmond condo, but then told him they had two dogs.]
Unlike selling a house, where once you’ve handed over the keys you can forget all about the new inhabitants, your tenants’ happiness should be important to you, if you don’t want to be advertising again in six months.
Start on observing your prospects. Do they arrive on time for the viewing? Is their car a mess? Are they smartly dressed and clean?
And, watch how they treat the property even as a visitor. Do they wipe their feet on the doormat? Do they touch the furnishings? And – worst of all – do they smoke in the home?
Step #4. Tenant Verification
So, assuming everything is alright during the two initial contacts – now is the time to dig a little deeper.
Many landlords pay one of the expert companies to provide an opinion on the suitability of a prospective tenant.
It is usually a good idea for references to be collected from previous landlords and employers, or you can carry this out yourself.
On the basis of their income, a tenant’s ability to pay the rent will be ascertained – the rent would be expected to be no more than around 35% of their income.
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There are two sides to each coin, Mike
Hi Harris,
Thanks for sharing!
Unfortunately, most of it comes from personal experience…
I am a much wiser man today, after I “paid” for my training.
Hi Harris,
What you have laid out is exactly the way a landlord should begin a tenancy and if they do this the rest “should” be easy!
Thanks again!