Mr. Property Owner...NO....This is NO LONGER Your Property!

By
Property Manager with Gibson Management Group, Ltd.

When property owners become rental property owners, they often forget that the property is NO LONGER THEIRS'.

 

YES....they can pay the mortgage, insurance, property taxes, maintenance and repair costs....and

 

YES....they can receive beneficial tax deductions against their income....and

 

YES....they may get some appreciation if they sell it in the future....and

 

YES....they may get some equity by having their mortgage payments subsidized by rental income; however,

 

THEY CAN NOT make appointments any time they want and expect their residents to stay home to 1) show their homes to real estate agents to get THREE CMAs; nor do they have to 2) wait around for agents who knew the appointment time for their viewing a week in advance to show up late.

 

YES, the dwelling does belong to the PROPERTY OWNER;  however, the residents do not have to perform tasks or take responsibility not assigned to them in the lease.

 

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Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Ginger Harper 01/06/2015 01:11 AM
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Rainmaker
1,548,800
Sandy Padula and Norm Padula, JD, GRI
HomeSmart Realty West & Geneva Financial, Llc. - Carlsbad, CA
Presence, Persistence & Perseverance

Wallace S. Gibson, CPM I always hate to take property listings when there are tenants involved.  However, I have had a few pleasant experiences with tenant-occupied homes and the tenants eventually did become clients, then friends.

Jan 06, 2015 01:15 AM #4
Rainmaker
679,919
Nicole Doty - Gilbert Real Estate Expert
Zion Realty - Gilbert, AZ
Broker/Owner of Zion Realty ZionRealtyAZ.com

We have very strict "Tenant Rights" in my market in place to protect the renters from just this sort of behavior. 

Jan 06, 2015 01:27 AM #5
Rainer
68,522
Lori Scardina
Arizona Premier Realty Homes and Land - Surprise, AZ
Homes by Scardina

Nicole Doty - I am glad we have the "Tenant Rights" in our marketplace. 

 

Nicely said Wallace S. Gibson!

Jan 06, 2015 01:39 AM #6
Rainmaker
1,838,610
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

Great points that a lot of investore need reminding of !!!!!!!!!!!

Jan 06, 2015 01:59 AM #7
Rainmaker
1,364,305
Jeff Jensen
The Federal Savings Bank/Lending in 50 states - Greenwich, CT

Owning rental properties can be a challenge when the tenant fails to pay the bill.

Jan 06, 2015 02:03 AM #8
Rainmaker
1,086,475
Margaret Goss
Baird & Warner Real Estate - Winnetka, IL
Chicago's North Shore & Winnetka Real Estate

I didn't realize rental property owners would even ask their tenants to handle such chores!  

Jan 06, 2015 02:05 AM #9
Rainmaker
3,020,385
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

A good landlord makes a good tenant. I make sure i outline what to exoect and what not to with my tenants. I treat them with respect and let them enjoyt their peace. I find it is much easier when i do need to access the property to fix something or show it by treating them right. 

Jan 06, 2015 02:32 AM #10
Rainmaker
1,446,007
Kat Palmiotti
406-270-3667 (MT), 914-419-0270 (NY), Broker in NY with Grand Lux Realty and in MT with (coming soon!) - Kalispell, MT
The House Kat

That's the tenant's home and they are entitled to enjoy it in peace.

Jan 06, 2015 02:38 AM #11
Rainmaker
636,085
Scott Fogleman
New Home Team 804-573-9592 - Richmond, VA
New Home Team

Wallace, you are so correct. Our state Landlord Tenant laws make this a no brainer...  Its your house but its their home.. treat it that way in you want them to stay

Jan 06, 2015 02:49 AM #12
Rainmaker
799,331
Kevin Mackessy
Blue Olive Properties, LLC - Highlands Ranch, CO
Dedicated. Qualified. Local.

We always try to accommodate tenant's schedules whenever showing a property.  It's much easier to get through the whole process when you respect some boundaries.  

Jan 06, 2015 02:56 AM #13
Rainmaker
783,232
Nick Vandekar, 610-203-4543
Long & Foster Real Estate Inc 610-225-7400 - Devon, PA
Tredyffrin Easttown Realtor, Philly Main Line

I have had a couple of clients do what Kathleen Daniels suggests and offer the tenant an incentive to keep the unit clean and show ready. We also offer to give 24 hours or overnight notice to tenants of any showings. Usually, if there has been a good relationship with the landlord the tenants are only to willing to help.

Jan 06, 2015 03:39 AM #14
Rainmaker
1,237,546
Wallace S. Gibson, CPM
Gibson Management Group, Ltd. - Charlottesville, VA
LandlordWhisperer

Showing while listed is DIFFERENT than the agents WANTING TO PREVIEW THE LISTING showing up on time....if they did get the listing they would have a hard time with showings when they or agents did not keep their agreement to be on time....this is common sense.

Tenants have NO VESTED INTEREST in accommodating real estate agents, so agents who can't show up make the process harder for the rest of us!

Once a rental property is listed, the listing agent should control the showings (listed this way in MLS) with specified times that the tenant will allow them - when they are at work, etc. AND listing agents should accompany pre-qualified buyers and their agents * get there early and make up beds or put dishes in dishwasher....IMHO, once tenants see that this has happened 1X, they make their beds, put clothes away and put dishes in dishwasher....

Jan 06, 2015 03:57 AM #15
Ambassador
4,011,814
Jeff Dowler, CRS
Solutions Real Estate - Carlsbad, CA
The Southern California Relocation Dude

Wallace

No doubt this is a persepctive many rental property owners, espeically those who are new at it, don't have. Tenants have the right to quiet enjoyment and exceptions should be spelled out in advance in the lease. And certainly landlords need to respect the terms and conditions in the lease regarding notices, etc.

Jeff

Jan 06, 2015 04:08 AM #16
Ambassador
4,300,542
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Wallace S. Gibson, CPM I remember once the landlord entered the rental property without tenant's permission just because...(And luckily, nothing worse happened!)

Jan 06, 2015 01:23 PM #17
Rainmaker
603,982
Claude Labbe
Real Living | At Home - Washington, DC
Realty for Your Busy Life

Yes, well, "ownership" means different things to different people, right?

And they don't generally like to consider other options.

Which is why you get to be the cop. Because, otherwise, there isn't enough universe to encompass everyone's vision of what "their ownership" entails.

Nice post.

Jan 06, 2015 02:31 PM #18
Rainmaker
1,237,546
Wallace S. Gibson, CPM
Gibson Management Group, Ltd. - Charlottesville, VA
LandlordWhisperer

Most states allow a landlord/property manager to JUST GIVE NOTICE - usually 24 hours - and there is no requirement that the resident agree; however, in this instance, since the property owner was not available to show the property to the agents, it fell to the resident to be available...which she was happy to do - for 20 to 30 minutes taking her "lunch hour" early...waiting an additional 20 minutes for a straggling agent to show up was not her agreement.

Jan 06, 2015 07:31 PM #19
Rainmaker
3,129,911
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Great reminder, Wallace. The tenants have rights to privacy under the terms of their leases and landlords to need to keep this in mind. If a landlord thinks he may need special access before end of a lease, that should be negotiated at the front end.

Jan 06, 2015 09:07 PM #20
Rainmaker
226,602
Michelle Finnamore
Toronto GTA, Alliston, Newmarket - Vaughan, ON
Preparing your property for sale

Great post, I was a landlord for 15 years and found that a little incentive worked like magic every time. 

Now that we stage properties with tennants we meet with them directly, go room by room to make simple and effective suggestions and ask them if it would be alright if we staged it for them, the listing photos are taken the same day, and then we return everything to the exact spot before they return home from work. We haven't had a tennant say no yet. We take picture before we start so that we know where everything goes afterward and ask them to put their personal items away before we go to stage. 

Jan 06, 2015 09:35 PM #21
Rainer
206,026
Richard Robibero, e-Pro, ABR, SRS
Panorama R.E. Limited - Toronto, ON
Selling Your Home as if it were My Own!

It's always a wonder to me when I show a home that when it's occupied by the owner they are rarely home for the viewing but when it's tenants they are almost always there.

Wallace S. Gibson, CPM ... but you are correct. If everyone plays by the same rules (agents show up, tenant works with the owner) then it could be a win win for everyone.

I always tell tenants, "the faster I can sell this place the quicker the office will stop calling to make appointments.

Jan 06, 2015 09:45 PM #22
Rainmaker
299,380
Jim Paulson
Progressive Realty (Boise Idaho) www.Progressive-Realty.info - Boise, ID
Owner,Broker

All the more reason to fire your landlord and benefit from the positives of homeownership and take control of your future today.

Jan 07, 2015 12:19 AM #23
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