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If you're selling a tenant occupied home, communicate with your property manager in writing


Transcript

If you've been following my stuff for any amount of time, you already know that I feel it's a big mistake for home sellers to market properties that are tenant-occupied. And it's not that I have anything against tenants, it's that I've never met a tenant who cares as much about the results of the sale as a homeowner would.


Absorbing a couple of months of vacancy will allow you to prep the home properly and to give buyers and realtors the access that you need to get the best offers on the home.


But I encountered a new one today that I wanted to call to your attention. If you own a property that's rented and a property manager manages that property for you and you want to offer it for sale, it's absolutely imperative that you open a line of discussion with your property manager.


Chances are when you signed your agreement with the property manager, you gave them a legal directive to lease the property on your behalf.


In this particular instance, we've represented a buyer who's purchased the house with vacant possession in 60 days' time. In the meantime, a property manager has entered into a one-year lease with a renter for that property, leaving the seller in a position where they have essentially committed that home to two separate parties, and they can't possibly honour both of those agreements.


In this case, the owner is busily engaged in a negotiation with the tenant to try to terminate that agreement, but that tenant has a right to occupy that property, and it's a bit problematic. One of those two contracts is potentially going to be in breach.


So if you're using a property manager and if you decide to market your property with the tenant in the home, make sure that you notify your property manager in writing and advise that they should not lease the property during the period of time that you have it on the market.



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I’ve upped my Facebook and Instagram game. Follow me to receive updates on the Saskatoon real estate market and insights I've gained managing thousands of real estate transactions.


TeamFisher.com hosted nearly a quarter of a million user sessions and displayed more than 1.2 million pages to our visitors in 2019. If you have a Saskatoon area home you'd like to sell, we know how to get people looking at your home. Reach out to me directly to engage our team and learn about our processes.


I’m always happy to answer your Saskatoon real estate questions.  Reach out by voice or text at 306-241-6676 or email me at norm at teamfisher.com


Norm Fisher

Royal LePage Vidorra

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Norm Fisher, TeamFisher

About Norm

Licensed in 1993, Norm brings a wealth of experience to TeamFisher. He has worked in every imaginable capacity including sales agent, office manager, team leader, broker and now, broker/owner. Norm has written a weekly review of the Saskatoon real estate market for more than 650 consecutive weeks which may make him the most consistent industry blogger in the world.Less...

Licensed in 1993, Norm brings a wealth of experience to TeamFisher. He has worked in every imaginable capacity including sales agent, office manager, team leader, broker and now, broker/owner. Norm has written a weekly review of the Saskatoon real estate market for more than 650 consecutive weeks which may make him the most consistent industry blogger in the world.

Norm is known for his passion for technology and can most often be found exploring and experimenting with the next big thing in real estate marketing. He was the first Saskatoon real estate agent to promote a home online and has been an early adopter of new technologies ever since. “Everything about this business has changed over the past 20 years, and it will happen again in the next ten. An open mind and a curious attitude are all that’s needed to continue to find new ways to serve our clients by delivering a faster, smoother, worry-free transaction,” says Norm.

In his spare time, Norm enjoys Crossfit and cycling, some years accumulating over 2,000 kilometres on the road. He’s a strong supporter of the Royal LePage Shelter Foundation and enjoys raising funds by joining fun, fitness-related initiatives like the Grouse Grind for Shelter. In 2015, he trekked the Peruvian Andes to Machu Picchu. In 2017 he walked the southern highlands of Iceland across mountains, sand, snow, ice, lava fields and forest for seven days. Collectively those initiatives raised over a million dollars for Canadian women's shelters.
 

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