Tuesday, June 30, 2009

Marketing tenant-occupied homes.

I listed a Foggy Bottom home for rent last Friday. I am not just the listing agent,I am the property owner.
A terrific 1 bedroom unit in a great location.

The tenant was considerate and gave me over 60 days notice. One of the most important things you should do if your home is on the market,whether it is for sale or for rent and is occupied by a tenant is KEEP A POSITIVE RELATIONSHIP WITH YOUR TENANT. You should keep a positive relationship anyway,but I am depending on the tenant for access to the condo unit.

Rarely do people buy or rent homes without touring them. I am depending on my tenant for reasonable access to the unit. It wouldn't be fair of me to ask her to change her schedule. She works at home during the day and it often involves conference calls and so we mutually agreed that there would be no showings during the day,unless she tells me otherwise. I can show the unit in the evenings,however,I need to give her at least a couple hours of notice,in case she is working overtime,is entertaining or the place needs to be cleaned up.

It is difficult to market an occupied unit and the marketing efforts are limited because showings are basically by appointment. In addition,I have not placed an electronic lockbox outside of the condo building (1)to avoid other agent showing the unit without setting an appointment and (2)my tenant is concerned about the security of her personal property. An electronic lockbox is great,in that only realtors can access them and the lockbox is digitally networked so I can track agents coming and going. However,the tenant wants either myself or herself to be at all showings as well and this is the best way to make sure people adhere to the showing instructions.

As the owner/agent it is admittingly frustrating that the marketing efforts are hindered and I hope potential tenants as well as other agents understand the tenant's needs and rights. The unit is also full with the tenant's furniture and furnishings. She uses every corner of the home. So,it doesn't show as well from photos and I am hoping prospects can look past her belongings and look at the unit itself. I mostly hope that my condo unit will not be eliminated from consideration because it needs to be shown by appointment. If a prospect or agent puts him or herself in the tenant's shoes I think they will sympathize.

On the flip side I am thankful that the tenant is paying rent in July and August to cover the mortgage...whenever you put a home on the market for rent,unless the mortgage is paid off,you need be prepared to pay the mortgage on your property without receiving any rental income. You cannot simultaneously be receiving rent and allowing 100% access to your property to potential buyers/rentes and agents. You can't have your cake and eat it.

Because many people move to DC over the summer for jobs,internships and school,I put the condo unit on the market within a few days of receiving notice and am not waiting for her to move out. So I am living with the situation and the condo has generated quite a bit of interest already.

If you considering placing your property on the market, I'd be happy to meet with you.

For more information about the condo,including setting an appointment to see it,email or call me to set up an appointment.

adambashein@mris.com or call me 301-943-4370

No comments:

Post a Comment