It’s a common situation, but one without a standard solution: how do you handle a Gahanna area property listing when it’s leased or rented to an occupant other than the owner.
Real estate brokers and salespeople are fairly unanimous in the opinion that, from their point of view, a vacant property makes the best listing. Because there is no tenant to inconvenience, this situation provides the listing agent with maximum flexibility in scheduling his and cooperating agents’ access. No matter how fervently they may wish to avoid last-minute showings, keeping that option open can occasionally prove decisive. A vacant property also remains clean and showable at all times, especially when a reliable gardening company keeps lawn and landscaping in peak condition.
That might seem to settle the matter, since any owner who lists a Gahanna area property shares their agent’s interest in converting listing into sale. But although that sale is both the listing agent’s and seller’s ultimate goal, their interests and motivations in getting to that point can differ. Keeping everyone happy is the balancing act that an occupied-property listing calls for.
Especially in seasons like this one, when economic conditions have created a competitive sales environment, it may be necessary for the seller to retain an income stream from the property -- listing or no listing. Especially if there is a realistic possibility that the days on market could stretch out longer than the historical average, retaining some rental income during the listing period can give the seller an extra margin of breathing room and relieve pressure all around.
An occupied property also dispels worries about vandalism or crime, and there is some truth in the notion that an occupied home can offer some of the warmth that makes a professionally-staged home so appealing. But since listing a tenant-occupied property involves an extraneous party, care needs to be taken to include the interests of the tenant as well as everyone else.
This is that ‘balancing act’, and it’s one that will ultimately involve four parties: seller, listing agent, tenant, and buyer. Of these, the party with the least to gain is clearly the tenant, who is paying for the privilege of tenancy, yet who is suddenly asked to keep the property clean and showable on everybody elses’ schedule.
One solution that is sometimes offered is a formula which compensates the tenant for their cooperation. Under one such plan, a significant bounty (as much as10%- 20% of the monthly rent) is set aside in an escrow account which grows with the payment of each month’s rent. The bounty is an award for the tenant’s full cooperation, and is to be presented upon the completion of sale. Under this plan, the amount in escrow grows with each passing month, so that rather than becoming increasingly annoyed with each ensuing showing, the tenant is increasingly incentivized to make the property ever more appealing.
In all cases, the balancing act works best when there is solid communication between owner, tenant, and listing agent. Honest feedback makes the whole process most likely to reach the goal of rewarding everyone with the least disruption and inconvenience.
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