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GDAA Property Management Owner/Broker Greg Doering shares tips for Agents selling a property with a tenant in Round Rock TX and other locations.
In this video, Greg Doering, owner/broker of GDAA Property Management, gives five tips about listing agents selling property with an existing tenant--how to make the transition a little smoother and how to close the sale easily.
The first thing is to call the tenant and remind them that the lease is still enforced for the duration of the terms. You also need to assure them that even though the owner is selling the property, they don't have to move out or that the terms of the lease are going to change. Reminding them of this makes it emotionally smoother for both the tenant and the buyer.
Your next step would be the transfer of the security deposit. First, make sure you have an accurate accounting of the security deposit, so that it smoothly and easily transfers to the new buyer of the property. This is to avoid any problems when the time comes for the current tenants to move out. Nobody has to scramble trying to find out where the security deposit is or how much it is. You will need to disclose as well, the amount you are transferring.
The third step, is the pro-ration of rent. The way it works is you take whatever is the applicable amount depending on what the closing day is: for example, you have a $1,000 rent, you divide that by 30, but if it's the 15th of the month, you only take half. So basically, the owner gets part of the rent up to the day of closing, and the new buyer receives the remainder of the rent for the month. You just need to make sure you know that amount ahead of time.
Relaying the new owner contact information to the tenant is the next step. They need to know who they need to pay rent to, who's holding the security deposit, and of course, who to call when there's a maintenance issue. This helps in facilitating the timely collection of rent and the resolution of maintenance issues.
The fifth and final step is all about documentation. This includes a copy of the lease, since everyone should know the full terms and conditions. This is to avoid any confusion with the buyer, who is the new landlord and the existing tenant. The application as well, should be transferred to the new owner for legal reasons, and also to have it handy in case the new buyer needs it down the road. There should also be a full record of accounting for the tenant's protection and again, we emphasize the importance of transferring the security deposit.
We hope these tips help you a lot. If you are in need of excellent property management services, sage property management advice or want to check out our available #RoundRockHomesforRent, please give us a call or visit our website. Thank you for watching!
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