How to Manage Tenants When Selling a NYC Townhouse

In this video we'll share a few tips for managing tenants when selling a townhouse in NYC.

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The first tip for how to manage tenants with a townhouse when you're selling in New York City is to hopefully have used a lease that actually gives you the right to access your property
for showings. Obviously, hindsight is 20:20 but the good news is that your typical lease template that is widely used in New York City typically always has this sort of language included.

Now, when you start the conversation with the tenants, certainly the first thing you want to do is remind them of the fact that they of course have the right to remain in the property as per the original lease terms. The lease obviously remains in full effect so it cannot be commuted or cancelled or reversed in any way without the permission of the tenants.

Now, the most important part of the process for managing tenants if you are selling a townhouse is to really try and set clear expectations with respect to access protocols for showings. Obviously, many tenants can be quite unnerved about the possibility of random strangers coming into the property, that's the first concern but the second concern which compounds on top is not only you know a I have to show people in my property but I don't know how often is it going to be like every day, every evening, three times a day. There's just so much uncertainty there. So, the best way to go about doing it is just to be very upfront with them and tell them that for starters you've instructed your listing agent to be extremely thorough in vetting the financials of anybody who expresses an interest in seeing the property.

We recommend telling the tenant to be prepared for showings typically on Sunday, which is the customary open house day and let them know a specific window of time. Maybe hour and a half perhaps, two hours would be preferred. For example, Sunday, 11am to 1pm and tell them that you'll make every effort to put all of the showings within that time slot, consistently every weekend.

Of course, you do want to plan for the inevitability of you know somebody saying that they're unavailable for that open house but try to, you know compartmentalize that with the tenant and tell them you know, “Hey, there'll be no more than two or three appointments during a particular week outside of the open house window.”

So, just to summarize a two-hour window on Sundays and say no more than two or three showings per week outside of that open house window and once you have their expectations set, your listing agent can be completely gung-ho about putting number of showings into that window, whether it's 5-10 people. It doesn't really matter because the tenant has agreed to provide you with that access but of course it's way less stress-inducing on the part of the tenant to just say, “You have to be out of the property for two hours while we do showings” as opposed to making ten separate showing requests.

One other tip for managing tenants with your sale is to make sure you set clear expectations with respect to any health and safety protocols.

The final tip we'll leave you with is to make sure that your tenants understand that there still will be a need for access of the property even after there's a quote-unquote accepted offer. Even after the contract is signed, there will still be physical need to access the property. For example, for an appraisal. Perhaps, for a survey and certainly for the pre-closing walk-through that is done by the purchaser as well as the brokers involved. So, just again reiterate that while the majority of the showings of course will happen before there's an accepted offer. We will need access just a handful of times in order to actually close out the transaction.
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Save money when buying, selling and renting real estate in New York and Florida with Hauseit (https://hauseit.com). Available in NYC, Long Island, the Hudson Valley and South Florida. Est 2014.

Hauseit Group LLC, Licensed Real Estate Corporation
Tel: (888) 494-8258 | https://www.hauseit.com
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