Q: I am reading about the importance of staging your home prior to selling. I have tenants in my property now, and cannot afford vacant property.
A: Personal opinion, staging is critical â€“ itâ€™s why we own our own staging company. Weâ€™ve staged with renters before and, if done right, they actually enjoy the process â€“ they get to live in a â€œmodel homeâ€ and it gives them decorating ideas for their next rental. And there are Realtors out there who, like ourselves, provide the staging free of charge.
How To â€œPlayâ€ Against REOs With Your â€œNormalâ€ Sale â€“ A Critical Factor Required To Win
Q: I am asking about how to sell property while I have tenants. Their lease is up in May, I will have them be tenants at will. They can stay while house is on market if they choose. They are very clean and neat and have nice belongings.
A: Perhaps a lot doesnâ€™t need to be done to make the home look great â€“ and as suggested below, there are lots of options as to how to make the process palatable to them. Bottom line: money speaks.
Q: Also need to find out the particulars about showing house while it is occupied. I have seen signs around stating above "For Sale" sign, please do not disturb the tenants/shown by appointment only. Does it really affect property negatively if it is occupied?
A: Time to be honest: YES â€“ it TOTALLY affects the property negatively. Realtors typically HATE seeing the words â€œtenantsâ€ and â€œDo Not Disturbâ€ and â€œ24 Hour Notice Required.â€ With the market softening as it is right now, you do not want ANY obstacles in the way of showing your home. ANY. All the rules of engagement have changed: buyers are no longer willing to sit around and wait to get into a home. At this time of year, there are growing numbers of other homes out there that ARE available, and, if yours isnâ€™t, they will pass it by and forget about it. As for the â€œ24 Hour Noticeâ€ â€¦ I will set a time for a buyer tour a few days in advance, and they will often notify me at the last minute of a property that has just come on the market that they want to add to the list. In other words, the buyers donâ€™t give me 24 hours â€“ they give me ONE or TWO â€¦ if the occupants are going to be hard nosed about requiring a full day or are available to show the home only during specific hours â€¦ your showings will be cut in half. And getting people through your front door is really the most important part of selling your home. No amount of prep and staging will make any difference if a buyer cannot see the home when THEY want to.
Q: Obviously yard should be nicely manicured, fresh flowering plants etc.
A: Correct. And you may end up being the one who maintains them, just to be sure they donâ€™t die on you.
Think about this from a different perspective: many people tell me that they cannot afford to move their tenants out while selling their home. I usually disagree. The number of renters who are willing to totally cooperate with the selling of their current accommodations so they will then have to relocate and go through the burdensome moving process is â€¦ a very small group. You may be lucky enough to have renters in this group â€“ donâ€™t count on it. There are hundreds of ways they can deviously undermine the process â€“ resulting in fewer showings and â€¦ less money in your pocket at sale time. You may save $1,500 a month by keeping them there and lose $10-15,000 in return off your sale price. Or you might want to move them out now, totally prep your home, stage it beautifully and make the price VERY competitive. Empty, fully prepped homes that are well priced usually sell within 3 weeks â€“ even in the current economy.