basic rules follow selling tenanted auckland apartment

Basic Rules to Follow When Selling a Tenanted Auckland Apartment

Apartment Specialists Podcast No: 35

SUMMARY:

Simple rules that agents or private sellers can follow to establish a better relationship with a tenant and make selling a tenanted Auckland apartment a smooth and easy process.

TRANSCRIPTION:

Andrew Murray, Apartment Specialists. When selling your Auckland apartment, what happens to the tenants?

Now, there is a very good chance that when you sell your apartment it is going to have tenants in it. Being that between 65 and 70% of all Auckland apartments are tenanted. So, a huge concern with owners is when they do come to sell their apartment, what is going to happen to their tenants? Because it is their income stream. So they are worried that the tenants are going to go elsewhere or they are going to start looking or they are going to stop paying you rent. Now, that is a valid concern. But it can be made not a concern at all by following a few rules that we outline when we deal with every tenant.

Now, it is very common for us because at Apartment Specialists, just doing apartments means we are dealing with tenants all the time. The first thing is – the simple basic steps I follow is – respect the tenant because it is their home. Treat them as you want to be treated. Very, very simple, but often forgotten.

Now, create a relationship with the tenant. Actually explain the process. Make them understand their rights. Make them understand that a tenancy agreement is more powerful than a sale and purchase agreement. So we cannot  kick them out. Explain that if it does go to an owner-occupier, their tenancy agreement still stands and notice has to be given. Explain to them that your job, or what an agent’s job is, is to sell that apartment as quickly as possible; and for the highest price possible; and to annoy them the least amount possible. And then to enable that to happen, it would be great that if they could help, if they could keep the place tidy. And when they realize that they are actually helping the situation, they often come to the party.

Now, another one is communication. Now, that is a big one. Arrange a schedule of viewing times so they know. Arrange it around them. Put them in control. Have the times each week so they know when it is happening. And you still ring them the day before to remind them. Have it maybe every Tuesday and Thursday afternoons and a Saturday. Or have it Saturday between 12 and 1, and Sunday between 12 and 1, and Thursday afternoon. Have it consistent. Work around their schedule and work with them and through that, they all often give you a key. Give you access and let you go whenever you want. But through putting them in control, it puts them at ease and you explain what the risks are and they are minimal from their situation. And you will have very happy tenants and a very smooth sale process because at the end of the day, they are the gatekeepers. And you have got to look after them as much as you look after the owners that that you are selling the apartments for. The only valid concern that can be dealt with very easily, if done properly.

Hope that helps. And I am not too sure about what I am talking about next week. I was thinking about it and I guess you are going to find out.

Cheers!

 

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