Are you a landlord looking to list a rental property? Maybe you’ve enjoyed the landlord experience and it’s been lucrative but it’s time to move on to something else. On the other hand, the work involved in attracting and keeping good renters may have you ready to leave the business behind. Either way, here are some do’s and don’ts for selling a dwelling while it’s occupied.
 

It’s critical to include this information up front. Don’t worry about it turning people off. If someone is really interested in your property, it shouldn’t be a deterrent. In fact, depending on the property, you may want to market it as a rental investment. For example, if it’s a multi-plex, your target buyer market is most likely people who are or want to be in the rental business.
 

As a landlord, you must be familiar with the Alberta Residential Tenancies Act. Furthermore, when you’re listing a leased property for sale you need to know the obligations that you have to your tenant. It’s important for several reasons to let your renter know that the dwelling is going on the market. When the home sells, you may need to give your renter written notice to vacate by the closing date. As well, you’re required to give them 24 hours notice when its being shown to prospective buyers.
 

To make sure that your rental property shows as well as possible, you’ll have to rely on the tenants to keep the home looking clean and tidy. This means inside and outside. There’s nothing that will turn off a buyer more than a messy, unkept front yard. Hopefully, your renters already keep the home in good shape. Even so, it’s crucial that you work with them to make sure that your expectations are met as much as they can be.
 

If your rental property contains a number of self-contained apartments, then the people interested in purchasing are probably other landlords or prospective landlords. However, if it’s a single-family dwelling, you’ll almost certainly be attracting buyers who are interested in living there themselves. And, if that’s the case, they may want assurance that there’ll be no issues related to giving the tenant notice.
 

Asking for feedback after showings is, of course, invaluable for any home sale. You want to know the reaction of the person viewing the home, the impression of their Realtor and your Realtor’s advice. Having said that, when you’re showing a tenant-occupied home, it’s essential that you know how the property measured up. Did it appear well looked after? Was the tenant around during the showing? Were any pets left unattended?
 

You may have a fixed-term tenancy with your renter or another arrangement. Your tenant might want to stay on and lease from the new owner and if you sell to another landlord, the renter can remain. But, if the purchaser wants to live there themselves or lease to a family member, they’ll have to ask you in writing to give the tenant notice. With enough uncertainly about who will eventually buy the home, don’t be surprized if your renter gives you notice to end their tenancy. Make sure that you are up on the landlord/tenant rules around this and also ensure that you’ve allowed for any financial loss as a result of having a vacant property on your hands.
For further advice on selling a tenant-occupied dwelling, don’t hesitate to reach out to me. I’m confident that I can find you all the answers that you need!