Thursday, July 24, 2014

Why your real estate agent should work with your property manager.

Occasionally, a client will sell a rental property.  That’s fine, we are happy to work with them and their real estate sales agent, providing tenancy information and keys directly to the agent, arranging tenancy agreements to suit the situation, helping resolve any issues.  Usually, it works fine and everyone is happy.

Occasionally though, the agent just doesn’t get it.  

Perhaps they don’t tell the tenant when they are coming to show the property and turn up unannounced.  This is a big no-no under the Residential Tenancies Act.

Perhaps they treat the tenant like they have no money, when the tenant is actually seriously considering buying.  Oops, could have had a great win-win situation here.

Or, they tell the tenant too much, like ‘there is an offer on the place and it settles next month’ and the tenant gives notice to vacate, only to have the conditional offer fall through.  The client is left with an empty property.  Few people want to rent it, because who wants to move in to a place only to move out again in 6 weeks time should an unconditional offer be received?  And yes, it does happen, houses are sold just as a tenant signs an agreement, I’ve had it happen to me!

What’s the solution?  Before you engage a real estate professional, ask them what they expect of the property manager, and what they will do to keep everyone informed.  Instruct them to communicate with the property manager about anything that may affect the tenancy (especially any offers being made), and the property manager is to instruct the tenant.  That way if an offer falls through, the tenant isn’t needlessly concerned about the security of their tenancy.

Be clear on whether the house is going to be re-rented should it become vacant during the sales process.  Your property manager wont thank you to be wasting time trying to rent a house that is also trying to be sold.  Also be clear on who is going to connect power and gas when the property is vacant, should you need it to show the property at its best.


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