Tips with Tina: Putting An Occupied Property on the Market
Feb 09, 2022 Brooklyn Landlords,brooklyn real estate,brooklyn realty,brooklyn rentals,Brooklyn Sellers Agent,selling in brooklyn,selling property
Selling an occupied home sounds like a daunting process, but it doesn’t have to be. With a bit more planning than usual, you can keep that rental income flowing until the sale closes — or continue living in the home yourself until it’s time to move.
Hear Tina’s opinion on the process before reading on to learn more:
Selling a Home with Tenants in Place
If your tenants aren’t interested in buying your property and you’re ready to sell it to someone else, there are a few things to keep in mind.
- You don’t want to scare your renters out of their current lease.
- You need an agreement that allows showings to take place in the home.
- You can frame the setup positively — the new owners will already have an income flow when they sign the sale paperwork if your current occupants want to stay.
- If your tenants don’t have a lease & your buyers want to occupy an already occupied space, you’ll need to work out a 30-60 day Notice to Vacate Agreement. This could be a tricky area & you might be best served working with a real estate attorney on this.
Some tips to support your tenants throughout the process include:
- Only tell them what they need to know — if you have a buyer who doesn’t need to see inside of the property (many investors are okay with pictures and disclosures), let your tenant know when the sale is official. Nothing will change for them besides the name they write on their rent checks.
- Make showing simple — Tenants don’t want the added stress of showings, and you want the place to look as nice as possible. Consider investing in a weekly cleaning service for your clients while showings take place, or offer a rent discount to make clean-up worth their while.
- Ensure every action fits into your rental agreement — Does your contract state walkthroughs can take place with 24-hour notice? If not, you may have more negotiations to make to allow potential buyers to see the property.
One of the most important things to make clear is that your buyers can’t move into the property right away. Make sure they know the lease is still active if there is one and they can move forward with plans of their own after the current contract ends or by giving tenants 60 days notice.
Closing a Sale on the Home You Currently Live In
Selling your own home while you live there doesn’t take nearly as much effort as listing one with tenants in place. Tina’s top suggestions include going beyond decluttering, ensuring every single item in your living space is:
- Clean
- Luxurious
- Making the new owners excited to live there
This can be done by packing away items you can do without for a few months, donating and selling belongings you won’t need again, and upping your storage game to make cute, tidy places for your everyday odds and ends to hide during showings.
All in all, listing an occupied property isn’t that bad. With some extra planning and a really great real estate agent, it might even feel easy. If you need some help finding the latter, feel free to reach out to Realty Collective today. Our team is experienced in selling occupied units in Brooklyn, and we’re confident we can help you succeed.
Tina Fallon joined Realty Collective in 2006 after a career in film and theater production. She uses her skills as a producer every day, juggling her clients’ busy schedules and needs.
Tina’s hands-on approach begins with an extensive interview with prospective clients. This means evaluating not just market values but also the needs and expectations of the people involved. A Brooklyn resident since 1989, Tina has cheered the borough’s emergence as the cultural heart of New York City. She brings that knowledge and enthusiasm to every deal.
Tina’s passionate about helping buyers and sellers however she can. That’s where Tips with Tina comes in — take in her expert advice from the comfort of your home. And don’t forget to reach out with any questions that come up!