Selling a Duplex – Keeping Existing Tenants Happy
How do you sell a duplex with multiple existing tenants? That’s the question that we’ve answered many times over the last decade and a half as The Duplex Doctors.
Nobody has sold more duplexes or triplexes in Minneapolis or the Twin Cities region than Jason Reed and The Duplex Doctors team.
Property values have skyrocketed, average rental rates are high, and many duplex owners have decided that it’s the right time to grab their equity and sell the duplex.
But what do you do when you have a diverse set of lease and rental agreements in place when you want to sell a property?
We’re not trying to be forward, but we would love to have a conversation with you and help you manage the tensions that are at play throughout the process of selling a duplex or selling a triplex.
One of the most important things to do when you are a duplex owner looking to maximize your asking price is work with a real estate agent specializing in duplexes. You will want to work with an agent that understands that there are more than two parties involved in this transaction.
A duplex specialist understands that it is in the best interest of the seller to have their tenants be as helpful as possible throughout the selling process.
Most Minneapolis real estate agents might not understand that tenants can get quite feisty when they find out that their landlord is about to sell the property. They might get fearful, they might get angry, or they might get excited to finally have the opportunity to start with a clean slate. The bottom line is that it is critically important to gain the favor of each leaseholder and tenant so that they will be more likely to keep their home as clean as possible and be flexible for showings.
Showing a Duplex with Tenants
It’s hard enough to put your home on the market when you will be the benefactor of its sale. Imagine how much more difficult it would be to have your life disrupted because of someone else’s real estate transaction.
There are best practices for showing a duplex property, and those best practices come from experience.
When you’re trying to show your duplex or have an open house for a duplex, sometimes it can be a good idea to pay for a house cleaning or professional maid service. Who doesn’t love having their home cleaned professionally? By hiring a house cleaning company, you will be able to build a little margin in the life of your tenant while you are making things harder.
Another important thing to remember when showing the duplex is be selective with the time slots you give away and help ensure that only serious buyers cause the tenants any hassle.
One great way to do this is to create demand and reduce scheduling conflicts with simultaneous showings. With buyers showing up at the same time, they will be able to see that there is interest in the property. You will also be able to minimize the disruptions to your tenants.
These are just two ways that a duplex specialist can show some of their expertise when helping list a duplex property.
We have found that we can add the most value to a listing when it comes to offers, negotiations, and managing the tensions between rental rates, financing options, and the desires of all interested parties.
If you have a duplex that you’re thinking of selling, or if you want to work with us to draw up an exit strategy for your investment property, then please give us a call or contact us today.