Charlotte Property Management – Selling Your Investment

These 3 Tips Will Make Your Life Easier

Are you thinking about selling a home that you have rented out for some additional revenue? If so, you’re likely trying to discern how to best inform the current tenants and conduct the sales process in a way that works well for all of the parties involved. In today’s blog post we’ll explore how to sell your home while you’re renting it out to tenants and share three tips that can make the process a bit easier.

#1: Review Local Laws and Your Tenancy Agreement

First, you’ll want to break out your tenancy agreement and download any state, provincial or municipal laws that apply to landlord-tenant relations. Selling a home with renters living in it can result in a number of sticky situations. You’ll want to ensure that you conduct yourself in accordance with the rule of law as you may end up in court if the process goes sour.

#2: Communication is a Vital Part of the Process

Next, you’ll need to ensure that you’re communicating with your tenants every step of the way. Meet with them to let them know that you would like to place the home on the market, and explain how the sales process is going to work. Allow your tenants to ask questions and to state their case as they may be willing to buy the home from you if they can afford it. Be polite but firm; you don’t want to encourage any hostility but this is your property and ultimately, your decision.

Don’t forget to fully inform your tenants as to how home showings will work, as they’ll likely be concerned as to who is being provided with keys to their home.

#3: Incentives Can Sway an Unruly Tenant

Finally, if you’re faced with some unruly tenants that are making the sales process challenging you may find that financial incentives to help the process go smoother. You’ll need their cooperation in keeping the home relatively clean and tidy, so you may want to consider offering some gift certificates or paying a portion of the rent in exchange for their help. If you’re hosting an open house over a weekend, offer to put their family up in a nice hotel somewhere in town where they can enjoy a weekend together.

While selling a home with tenants living inside is rarely easy or fun, it’s certainly doable. When you’re ready to learn more about the home selling process, contact your local real estate agent as they can share their expertise and guidance to ensure you get the most from your sale.

Contact Roby Robertson,  He has experience in this area.

Thinking of renting your home?  Have a current home you rent?  Here are some things that you need to be aware of!

THOU SHALL NOT ALLOW ANY OF THE FOLLOWING CONDITIONS TO EXIST WITHIN A LEASED PREMISES FOR MORE THAN TWO DAYS FOLLOWING NOTICE OF SUCH CONDITION EXISTING WITHIN SAID PREMISES:

• Unsafe wiring
• Unsafe flooring or steps
• Unsafe ceilings or roofs
• Unsafe chimneys or flues
• Lack of potable water
• Lack of operable locks on all doors leading to the outside
• Broken windows or lack of operable locks on all windows on the ground level
• Lack of operable heating facilities capable of heating living areas to 65 degrees Fahrenheit when it is 20 degrees Fahrenheit outside from November 1 through March 31
• Lack of an operable toilet
• Lack of an operable bathtub or shower
• Rat infestation as a result of defects in the structure that make the premises not impervious to rodents
• Excessive standing water, sewage, or flooding problems caused by plumbing leaks or inadequate drainage that contribute to mosquito infestation or mold
• No safe, continuous, and unobstructed exit from the interior of the building to the exterior at street or grade level
• No access provided to all rooms within a dwelling unit without passing through a public space
• No operable smoke detector or alarm
• Every place of habitation shall comply with the current county health regulations governing carbon monoxide alarms

Landlords and should be well-informed about the legal regulations that back up their managerial actions. This is especially important during a dispute with a tenant or when trying to defuse an altercation between residents. Correctly handing problems is paramount in the rental property management field.

Professionals at Carolina Living Property Management agree that, whenever possible, it’s better to prevent a problem before it rears its head. Clarity in the terms of our Charlotte Property Management agreements,  good communication skills and teamwork will go a long way to avoiding issues.

Tenants should be told from the very beginning what the property management company or landlord will expect of them. It is all about disclosure!   Here are the few of the items, we at Carolina Living Property Management, strive to disclose;

• Making rental payments on time and what happens when/if it is not done.
• Adhering to the rules Home Owner Association when applicable.
• Respecting the rights of others regarding communal-living problems such as noise
• Taking proper care of the home
• Policy on animals.

Carolina Living Property Management takes these steps to head off tenant disputes:

• We never discriminate
• We strive to keep up repairs
• Assure that each home is in good shape before renting and make recommendations.
• Never change keys or turn off power in order to prompt a tenant to move out
• Always make an effort to be fair, listen and communicate effectively.
• Provide responsive maintenance when needed
• Resolve conflicts in person whenever possible
• Hire a mediator or call the police only as a last resort