Selling Tenant Occupied Property


Are you planning to sell your tenanted investment property? 


Selling a tenanted occupied property can be very difficult.  Especially if the tenant is uncooperative.  Watch this video as I go over the 7 tips you should know about before listing your tenant occupied property for sale.


  1. Check when if the tenancy is a fixed tenancy or month to month tenancy.  In a fixed tenancy neither party can break the tenancy, and the new buyer needs to take over the tenant.  On a month to month tenancy if the property does get sold, the new buyer can serve notice in good faith to occupy the unit. 2 months notice must be given to the tenant.  
  2. Have a discussion with your tenant that you are thinking about selling your property, and discuss a viewing schedule that is fair to the tenant.  Remember you need to give 24 hour notice for each viewing.   Open houses should be agreed upon with your tenant as well.   
  3. Check the terms of your rental lease.  If it is a fixed term tenancy and it is not up, consider what the market will be like selling a tenant occupied property.  Most buyers in the luxury space are looking to purchase a property to move into.  They are not looking to become landlords.  The perfect properties to sell as tenanted properties are houses that are selling at land value and 1 bedroom condos that are listed at market value. 
  4. The tenant maybe be present at open houses and showings.   
  5. Your are not allowed to stage the property unless the tenant allows you to. 
  6. If a tenant unreasonably refuses access to show the unit or provides misleading or inaccurate information to prospective buyers, the landlord could, serve 1 months notice to end the tenancy. 
  7. Compensation to end any tenancy agreement shall be one months rent. 


Question of the day, would you consider selling your property with a tenant or wait till the tenant has moved out?  Please leave it in the comments below. I will try my best to personally answer all comments myself.     


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Avoid These 8 First-Time Homebuyer Mistakes Buying a home for the first time can be exciting and overwhelming. I’ve seen buyers make many mistakes over the years that cost them their dream homes. I want to share eight of the most common first-time buyer mistakes with you today. I’ll also share how to avoid these mistakes. To learn more, watch this short video.

 

 

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Now that fall is upon us, I’d like to take a look back at how our Central Vancouver real estate market fared over the month of September.

To start off, the detached housing market had a 14% sales-to-actives ratio. This is about 1% less than last month.

The reason this market hasn’t seen any increase in prices or activity is that total listing inventory has increased 36% since August. These factors are a strong indicator that we’re in a buyer’s market.

Let’s turn our attention to the condominium market. In that market, there was a 59% sales-to-actives ratio. This is about 11% less than last month.

“The condo market is still red hot.”

The condo market is still red hot. Inventory is about 29% lower than last year and there are a lot of multiple offer situations taking place.

With all of this being said, I’m starting to notice my clients looking to sell their condos and buy detached homes instead.

Condo prices can only rise so much and the detached housing market is experiencing a temporary slowdown, so this is a great strategy.

If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.

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Realtor Commission Rates Explained

Real Estate Professionals get paid on a commission split when a property sells you maybe surprised how much they can make off the sale of your home. 

 

Gross Commission (Based upon selling $600,000 Home)

Full service traditional Realtors charge  7% 1rst 100k and 2.5% on Balance .  The gross agent commission paid to the brokerage would be $19,500.  Realtors who are self employed with their brokerage pay a deal fee or percentage slip of the commission. 

 

Marketing Expenses

Think of your home like a product, you need to market it to sell it. Some products require different marketing than others.  This stays true for your home as well. Some homes may require a significant amount of marketing and resources while others may require very little.  Market statistics don't lie, ask your Realtor to bring them along, or even have a few realtors bring you some market data so that you can verify all the facts. If the majority of homes sell with marketing on realtor.ca only, then why even use the other forms of marketing?


Internet Marketing $150
Flyers $100
Gas $100

 

subtotal: $350

 

Average Days of the market for a sale at 90 Days 

Open houses = 16 hours

Contracts/Closing = 6 hours
Showings =8 hours
Research= 3 hours
Staging = 5 hours

 

Total 38 Hours

 

Calculating How Much Realtor Fees Paid By Hour

$19,500 - $250- $350 / 38 hours

= *$497 per hour with one agent 
= *$248.68 per hour with commission split 2 agent

 

*If property does not sell, the seller pays the Realtor zero dollars.

 

All marketing costs and time are not reinbursed by the Seller. 


Selling your home is one of your largest financial transactions, you must find a Realtor your can trust. Commissions may seem to be high, but in reality when you break down the commissions charged for Realtors here in BC, Realtors don't actually get paid very much money. One must also consider the same output of hours for properties that don't end up selling. Currently the active to sales ratio is 40% for detached homes which means approx 60% percent of the homes marketed are not sold. The next time you think a realtor in BC makes alot of money, just read this post or forward this to a friend.

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