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Selling your rental property is a pretty encumbering process. While you’re knee-deep in the forms, documents, and workflows surrounding the listing, offer, and sale phase of your property, don’t forget about your tenants. After you’ve decided to sell your property, you need to send a letter to your tenant(s) reassuring them that things will be okay and be open and honest with them in regard to the process and how it will or will not affect them or their tenancy.
Indeed, with property showings, and a potential change of ownership, renters can get pretty concerned and stressed out. They may think a new owner will kick them out or change the terms of their rental agreement. To ensure a smooth transition to new ownership, you must not forget to keep your tenants informed. A little bit of reassurance goes a long way and may prevent problems or issues with your tenants if they continue to feel secure as tenants. We suggest letting your tenants know shortly after you officially list the property for sale. And also, keep them informed throughout the process – as a commercial or investment property sale process can be long and slow.
Why Do I Need This Form?
- Avoid panic and potential troubling distrust from your tenant(s) that could adversely affect the sale of your rental
- Remind tenants that lines of communication are open if they have questions or concerns
- Prevents rumors from gaining traction with tenant(s) at the same time explains what expected of them