I have some clients who are getting ready to sell a property that they have been leasing for the past two years. Their tenants’ lease is up this May but they weren’t sure if they should actively market the home while their tenants were still in the home or if they should wait to list until the tenants move out.
In this particular case, I have viewed the home in its current condition and done extensive data research on the neighborhood. So not only do I know what homes are selling for, I know how much inventory is out there and how long it is taking. I am confident in the advice that I am giving them. But, it is important to remember that every situation is different.
Here is an excerpt from our correspondence:
It will not hurt you to list the home after the traditional height of Spring for three reasons:
- There will be less active competition.
- Your home will be dropping into a pool of ready buyers who missed the opportunity to buy in Spring (Those buyers may also be feeling pressure to find something before Fall.)
- The Spring season will set more comps and we will have more data to point to justify our list price.
The two most important reasons to wait until the tenants have moved out:
- Photos drive foot traffic
- Show Ready Sells Home Faster
While your tenants have done a good job of keeping the home in good shape, there is no way they will be able to clean up enough for me to get the high quality photos that drive walk-thru traffic. Part of that has to do with their furnishings and the other part is that there is really no incentive for them to be as meticulous as you would be in keeping the home SHOW READY at a moment’s notice.
What you Can Do Before Tenants Move Out
- Set a Pre-Listing Consultation with Our In-House Designer.
- Sprucing up the exterior (exterior repairs and landscaping)
- Start generating interest online with our COMING SOON web pages.
Tenants can be coached, but they are just not as invested in selling or showing as an owner would be.