Friday, April 20, 2012

Should You Sell Tenant Occupied Properties? – Think twice....

Your tenants are wonderful people I am sure… the salt of the earth....... Until you decide to sell the home they are leasing from you.

This is based solely on my observation in the local Brevard County, Florida area over the past seven or eight years.

If you see something often enough you start believing it.

However being an optimist I continue to show (or try to show) tenant occupied properties that meet my buyer’s criteria.

There are lots of times I get in if I am persistent enough.

In Florida owners with a written lease sell their property subject to the terms of the lease.

So a sale does not necessarily mean a property will become owner occupied.  Some, like the buyer I was working with this week, are simply investors.

After all, buying a home with a good tenant already in place is an investor's dream!

Some free advice for investor owners here.

If you are planning on selling your tenant occupied investment property
  • Please communicate with your tenant.  
  • Explain to tenants the terms of the lease and how selling will impact them.
  • Explain to tenants that you will do all you can recommend they stay if buyer turns out to be an investor.
Help yourself and your real estate agent by getting your tenants on board your team

What is wrong with maybe a bit of an incentive to facilitate showings?

If you are considering buying or selling investment property in Brevard County, Florida, let me assist you, please.