You might want to sell your Boston condo but if you have tenants occupying your home, selling it can be a little tricky business. There are various things one has to consider such as ensuring smooth eviction by current tenants, staging your home and finding new buyers. Following tips can help you make this transition smoother, without much of a hassle.
1. Inform your tenants
Let your tenants know that you intend to sell the condominium. Though you can send a notice informing the same, talking in person is a better idea as your tenant would appreciate the gesture. Discuss with them why you need to put your holding on market and seek their permission to show it to prospective buyers and their cooperation in the whole process.
2. Sell your Boston condo to your tenants
Before putting the condo on the market, you can ask your tenants if they are interested in buying it. Considering they have been living in it for quite some time and consider it their home, they might consider buying it. You can assist them in seller financing option wherein the tenant makes the payment to you directly. If they aren’t interested in buying, or are unable to get approved financing, they’ll appreciate that you at least offered it to them first.
3. Do not renew the contract
Your state laws determine how much notice you need to provide to your renter to vacate the property, which is usually 30 or 60 days period. If the lease is coming to an end, do not renew while the house is up for sale. Keep it on monthly basis so that the property can be vacated within 30 days should you get a sure buyer.
4. Sell the Boston condo to an investor
If you are in an urgent need to sell the property, but the tenant has the lease agreement going for a longer duration, consider selling the property to investors, who are ready to have the tenants already in. This limits your market though making it a tough sale, as the new property owner is obligated to maintain renter’s current lease terms.
5. Help your tenants to relocate
Help your tenants move out of your home into another location. If available, move them into one of your other rentals. Alternatively, assist them in finding a new place and give them a rental reference. This helps in smooth transitioning before the closing date with the new home occupant.
6. Offer financial incentive to the tenants
Whether it is the cooperation that you need from tenants for showing your rental accommodation to prospective buyers, or coercing them to vacate the home so that the new owners can take possession, offering financial incentive works in most cases. A little financial impetus can be offered to the tenant to keep the house neat and tidy while is it up for sale. It can be a small waiver on the rent or a bigger commission when the house is sold. When a tenant feels he is being benefited from the deal, he’ll go an extra mile to cooperate with you. Once the house is sold, you can pay a premium to your tenant to move out of the house. Alternatively, you can also offer to pay for the relocation costs.
In most cases the above tips work. However, if you have a hard to please tenant who just refuses to cooperate, a better idea would be to simply wait till their lease or notice period ends. Thereafter you can stage the property as per your liking and expect a good buyer.
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Over the course of 20 years in the Boston downtown real estate market, John represented and sold numerous, condominiums, investment and development properties in Greater Boston and in the surrounding suburbs
In addition to representing Boston condo buyers and sellers, John is currently one of the most recognized Boston condo blog writers regarding Boston condominiums and residential real estate markets. John's insights and observations about the Boston condo market have been seen in a wide variety of the most established local & national media outlets including; Banker and Tradesman, Boston Magazine The Boston Globe, The Boston Herald and NewsWeek and Fortune magazine, among others.
For over 24 years, John Ford, of Ford Realty Inc., has been actively involved in the real estate industry. He started his career in commercial real estate with a national firm Spaulding & Slye and quickly realized that he had a passion for residential properties. In 1999, John entered the residential real estate market, and in 2000 John Started his own firm Ford Realty Inc. As a broker, his clients have come to love his fun, vivacious, and friendly attitude. He prides himself on bringing honesty and integrity to the entire home buying and selling process. In addition to helping buyers and sellers, he also works with rental clients. Whether you’re looking to purchase a new Boston condo or rent an apartment, you’ll quickly learn why John has a 97% closing rate.
Charles River Park
Surrounding Communities of Boston
John Ford and his staff can be reached at 617-595-3712 or 617-720-5454. Please feel free to stop by John's Boston Beacon Hill office located at 137 Charles Street.
Ford Realty Inc
137 Charles Street
Boston, Ma 02114
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