Advice on Selling Investment Property in Minnesota
Recently, I received a call, from a duplex owner in Minneapolis who wanted to sell their duplex.I agreed to go out and meet the tenant and give an evaluation of the property. The upstairs and yard looked great, and then the tenant invited me in. The place was a bit dirty, as I find with most duplexes that aren't owner occupied, but the pet situation is what threw me. She stepped outside to take a call, and much to my surprise, there were four live chickens inside!They weren't in cages, they were on the kitchen table, floors, and living room furniture. Sure, free range chickens are all the rage, but this was a bit much.
Tenants are Included in a Duplex Sale
Duplex owners often don't realize, that when it comes time to sell, their tenants are part of the sale. At least that is how buyers will look at the situation. Sure, not every tenant has an indoor zoo, however consider the following situation.
Duplex buyers are often emotional creatures
My experience has taught me that buyers will purchase a property on emotions rather than logic almost every time.If a tenant makes the owner a bit edgy, imagine how the first-time-buyer feels when they walk through the property. Realtors have been taught, when we are getting ready to list a property, to remove anything that is not neutral. A good example would be the seller having a huge collection of something like lots of knick-knacks that may distract a buyer from the home, or anything that makes the property less welcoming. Chickens pooping on the floor, tenants smoking illegal substances, hoarders, or just unfriendly tenants can cost an owner a lot of money.
Owner occupants are purchasing a majority of the duplexes in the Twin Cities.
With this in mind, you need to create a more welcoming environment for them. Investors are still active, however they are often getting out-bid by buyers that want to occupy the property.It is understandable that owners don't want to have a vacancy during the time you are marketing the property, but you need to weigh that against what the tenants negative affects are. It is conceivable that a bad tenant can cost you tens of thousands of dollars.If you would like additional help in selling your duplex or rental property feel free to text or call me 612-332-9000