Tenant Enticements & Bonuses
Gaining the Tenant's Cooperation…
Certain scenarios may call for speeding up the date you need to sell, including pursuit of a desired 1031 exchange opportunity.
Ways that an owner-landlord might get cooperation from a tenant might be financial. For example - a final month's rent payment is reduced or even eliminated. Or, a small monetary bonus for allowing all scheduled agent showings and keeping their unit tidy. You will appreciate your tenants help and they will appreciate a discounted rent payment or some extra cash!
Gaining the cooperation of the current tenant is critical when putting a rental property on the market. My approach is to arrange to meet with the tenant and find out if they want to stay, while also assessing how they maintain the unit. They will likely be concerned about whether the home will be sold to an owner-occupant and if they need to start looking for alternative living arrangement. If they want to stay, I tell them that it's possible that the winning bidder may be an investor who likes the idea of "tenants in place". I also offer free use of our moving truck if they have to (or want to) move. Hopefully these promises inspire them to be cooperative during what we anticipate will a short listing and showing period. Our intention is to make it a win-win situation for the seller, the buyer and the tenant.