Selling an apartment building can be complicated. If there are tenants in the building, it’s even worse. Fortunately, you’ll find a few tips for selling an investment property in this article!
At one time or another, all Montreal homeowners find themselves in the position of needing to sell their property. While it’s true, in theory, that the ideal method is to wait for signed leases to expire, this may not be ideal for you. Sometimes, owners have to sell their investment property while tenants are still living there. The best way to manage the situation is to communicate openly and ensure that everyone is treated well throughout the sales process. Here are a few things to keep in mind as you try to sell a rental property in Montreal.
Take good care of your tenants
Never forget that, although you may own it, your building is the home of your tenants. You must respect them and try to accommodate their needs as much as possible. You also need to be aware that you’re asking them to leave a safe place they live and cherish. Most tenants aren’t too keen on the idea of suddenly having to organize a move, so it’s hardly surprising. That’s why many landlords offer an incentive to their tenants, such as discounted rent or a helping hand to move into their new home. Your tenants have rights, so respect the laws concerning the sale of apartment buildings in Montreal.
Sell your property directly
When it’s time to sell, Montreal apartment building owners often benefit from teaming up with a real estate purchasing professional. In fact, serious and reputable real estate purchasing professionals buy properties as they are, with or without tenants. As investors ourselves, we fully understand the need to sell an unprofitable property quickly, without selling it at a discount. We buy all kinds of properties in Montreal, regardless of their condition. We know the sales process inside out and can help you sell fast. No matter when or how you sell, you’ll want to keep your tenants on your side and cooperate with them to sell successfully.
Be well prepared
If you want to sell a property to an investor in Montreal, he or she will certainly ask you how it has performed over the past few years. As a landlord, you should be able to tell your buyer your costs and revenues over the past few years, as well as your occupancy rate. You should also be able to provide documentation of recent renovations to the property. If you’re lucky enough to have a property with quality tenants, a greater number of potential buyers will be interested, as this will make the investment more concrete, simpler and safer in their eyes.
Contact buyers looking for a home
If your residential property isn’t very profitable, investors will notice and, more often than not, move on fairly quickly. Perhaps you’ll have better luck trying to sell your Montreal property to a family looking to move in. On the other hand, this type of buyer usually has to be found on the traditional market with the help of a Montreal real estate agent, and this can take a lot of time. Typically, a sale on the traditional market takes several months to close. If your residential property isn’t making you enough money, or if it’s costing you money, waiting for a traditional buyer to come along is certainly not the ideal plan.
Offer your tenants the chance to buy the property
Before hiring a Montreal real estate agent or looking for an investor interested in your property, you may want to talk to your tenants first. If they’ve been renting for a while, they’ve certainly made themselves at home. If your tenants dream of one day becoming homeowners, you could make them an offer on a silver platter. By buying your property, they won’t need to pack boxes, move or reorganize their new home! However, there may be a good reason why your tenants have chosen to rent rather than buy. Before taking any steps, make sure your tenants qualify for a mortgage and are able to afford the down payment.
Selling a Montreal home with tenants can be difficult. Many owners believe it would be simpler to wait until the end of the lease before selling. However, not all of us have the luxury of waiting for months before finally concluding a sale. By selling your property directly to the Vendre Maison Vite team, you’ll be able to sell your Montreal home without problems or delays, even if there are tenants living there. You won’t need to worry about whether your tenants will agree to cooperate with you. We’ll do everything in our power to make life easier for you and your tenants. With us, selling is fast, efficient and simple.
