What if I want to sell the home while under your management?
If you decide to sell, please alert us before you commit as there are a number of things that we can do on our side to make it successful.
If the property is a single family home, you can sell it while the tenants are occupying the property, but depending on when the tenant’s lease expires, there are some things to consider. The best thing to do is to get the property manager involved during the decision process so that your efforts are not wasted. If the tenants are on a long term lease, both the seller and the buyer need to understand that lease is a legal binding agreement which would have to be honored by the buyer. We can help.
Also, if the tenant is on a long term lease, they most likely will not want to accommodate showing after showing and they certainly are not going to want to allow a lockbox. Again, we have ways of working these things out. There are many other items that need to be discussed and worked out, so please call us ahead of time and not do what most do, which is not call us at all and we find out after an angry tenant calls refusing to pay rent until the FOR SALE sign is removed.
Keep in mind, if the property is a multi-family building, then you definitely want to sell it fully occupied. Investment properties’ value is directly related to its potential income.
This is also a good time to remind you that Real Property Management Hampton Roads works with some of the best brokerages and top agents throughout the area, and we know which ones “really know” how to navigate selling a tenant occupied property. When it comes time to sell, there is merit in talking to our office first.
Think about it, we often have a good relationship with the tenant(s), we intimately know the property, we already have all of the information needed on the property, and because this isn’t our first rodeo we know how to help make your end goal a success by working with some of the areas top real estate experts on the sales side. Let’s face it not all agents are good at all situations related to selling real estate.
Do you sell homes too?
Real Property Management Hampton Road’s only business is residential property management. No sales are conducted. Our company is a licensed broker and does assist many of our clients with their investment needs, however, we do not sell properties.
Being as knowledgeable as we are in property management becomes very valuable as investors try to determine location, what true market rents are, and what to expect for income and expenses. The relationship with most sales agents ends upon the sale. Our relationship continues throughout the duration of the investment. Knowing that, we are going to only recommend investments that we feel confident will perform as you expect it to.
While selling homes is NOT our focus, we do have the great pleasure of working with some of the BEST and brightest local real estate agents that can sell circles around your average agent. We would be happy to introduce you to one or several of the BEST agents in the area so you know that you are working with a rockstar no matter who you chose.
What is your Home Ownership Program and how will that affect me?
I see that Real Property Management Hampton Roads assists tenants in buying homes. I feel that this is a conflict of interest. I don’t want my tenant buying a home, I want them renting from me forever.
The above statement is very common and without fully understanding the program, it is certainly warranted. Let me explain:
First, when a tenant decides to buy a home, they are going to do it. By being enrolled in Real Property Management’s Home Ownership Program, we can control the circumstances so that the property owner isn’t hurt. For example, Real Property Management Hampton Roads will not allow them to break the lease, unless the property owner agrees.
Second, all tenants hope to someday purchase a home. It’s the American dream. So many tenants believe that paying rent is throwing money out the window. Real Property Management is able to turn that around and say, by renting from us, you aren’t throwing money out; you are investing in the future. At no cost to the tenant or the owner, Real Property Management offers a significant credit towards the purchase of a home by just signing the lease.
Initially, they receive additional credits for each month in which they pay their rent on time. Since RPM Hampton Roads is the only company that offers this program in our area, tenants actually seek us out. And the tenants that do seek us out, tend to be better qualified tenants. So our property owners benefit by having better tenants.
Third, because the tenant only receives credit the months they pay their rent on time, our program encourages on time payment. On time payments are good for the property owner.
Fourth, the tenant loses any and all credits should they decide to leave. So this program encourages tenants to continually renew their lease. Knowing this, Real Property Management Hampton Roads begins sending tenants renewal notices 3 months prior to the end of their lease. Within our renewal notices, we remind them of their Home Ownership Program credit and remind them that if they should choose to vacate, they lose that credit. In the tenant’s eyes, they see that vacating could cost them thousands of dollars. So, they tend to renew.
Additionally, Real Property Management Hampton Roads is currently the only company in our area that offers this program. Tenants hate the idea of throwing money out the window. So many tenants actually seek Real Property Management out because of this program. Because of the benefits of this program, many renters will choose one of our rentals over another company’s listings.