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Should you market your rental property for sale while it's tenant occupied?


Transcript


I had a call from a client of mine yesterday who has a townhouse in a pretty attractive area of Saskatoon that they'd like to sell. They've been renting it for the past few years. They've had enough of that. And they'd like to take advantage of the market conditions that exist right now. Fair enough.


So she mentioned that they have two tenants that'll leave at the end of this month. And another two that'll leave at the end of next month. And she asked me about getting it on the market quickly and or whether she should wait until the tenants were gone before we began marketing it.


My answer was the same one that I give in 90% of these cases. You're almost always better off to market a vacant property than one that's tenant occupied.


I mean I've talked about the four factors that you can influence when you want to get a fast top-dollar sale. Preparation and presentation are the most important of those elements. And when you have a tenant living in a property, those areas are always weak. So, you know, tenants don't prepare the house properly for showings and it looks like a chaotic gong show when people arrive or perhaps. You have access issues just because the tenant isn't excited about having it shown and fair enough. You can appreciate why a tenant would not want to put a whole lot of effort into marketing or cooperating with the marketing of your home, right? They don't have any money invested in it and it's a massive infringement on their life to accommodate showings.


So in my view, you're better off to forego a couple of months of rent. Properly prepare the house and perhaps do a little bit of staging and you'll probably see offers that are 10% higher than you would have had you gone ahead and marketed the property occupied.

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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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