Treat tenants the same way we treat vendors, with clear communication.
There are two options that can help or hinder your progress when it comes to being a tenant in a property that has gone on the market for sale. Communication on both sides is paramount and if a high level of communication and trust is maintained throughout the process everyone is a winner. In my experience as a Property Manager and a Sales agent I have always found the experience to be a harmonious one, why? Because I provide a high level of communication to my tenant’s from the very moment my client wants to sell their property. How do we do this.
1. What works for me is I give clear information to my tenant as to what we will do, inspections, photography, how we will contact them, what’s acceptable to the them and what is not, I work with my tenants and guide them through the process.
2. I treat my tenant much the same as we would my seller. It’s important to me that everyone is okay, I give my tenants feedback on how the inspections have gone, who’s looking and what stages we are at with buyers. I also give my tenants every opportunity to make an offer to purchase the property if it is a possibility.
3. Expectations and processes are given to the tenants from the very beginning as to what happens when the property goes under contract, what happens to them as the tenant, what the process is what they need to do, this really helps my tenants have peace of mind throughout the process and builds a trusting relationship.
What’s the alternative if I didn’t do this, well there is the lack of clear communication which causes all sorts of dramas. If your agent doesn’t communicate with your tenant then your tenant will not co-operate with them because they will feel that the agent has something to hide or is not taking their needs into consideration. This in turn can cause major problems in the selling process resulting in loss of income or worse still refusing access and no inspections.