One of the most frequent concerns we hear through the sales process is; “I have good tenants and don’t want to lose them.”
As property owners and property managers ourselves; we understand!
Here’s how we handle this in three different ways:
- Be upfront with your tenants! Let them know that you are putting the home on the market. No one likes to be left in the dark and when you don’t explain to your tenant the next steps, they will just assume the worst.
- Explain to them that in most cases new owners WANT them to stay. Most multifamily sales are to investors that purchase based on the current cash flow from the existing tenants. If they are still in doubt, remind them that in NYS leases transfer upon a sale and must be honored by the new owner.
- They will receive a full 24 hours (or more!) of notice prior to any showings. They won’t have to worry about random drop ins from prospective buyers. We can also restrict showing times, so that it is during convenient hours for your tenants. As well as coordinate group tours to cut down on walk through’s.