The last thing your tenants want to hear is that you are selling their home and they will have to move. When these moves are unexpected and the tenants have no forewarning, the situation can put an incredible amount of stress and hardship on the tenant. Families with children might scramble to find a Charleston property management company in the same school district or be closer to work or daycare. Although it is tough, it is a part of a property manager’s job to make tenants aware of changes like this, but there are ways to make it easier.
Telling Tenants Their Home is For Sale
The best thing an investor can do is sell the rental home to another investor that will allow the tenants to keep living in the home and be able to renew their lease. New leases under new ownership might come with rent increases or other changes made to the lease, but at least the tenants will not be moving out and looking for another Charleston property management company to rent from.
If the buyer is not wanting to rent the home, you will need to work with your legal team to determine whether the owner is required to allow the lease terms to be fulfilled. If the buyer is not wanting to renew the lease, at the end of the term, they should be encouraged to let the buyer know as soon as possible. Many renters will move out early when given the choice by a Charleston property management company to break their lease early without penalty and or get their full deposit back.
If the tenants will need to move out upon the sale of the single-family rental home in Charleston, they should be given at least 60 days’ notice or as otherwise stated in the lease under termination terms. Investors should also consider talking to the tenants well in advance of putting a for sale sign in their front yards. You do not want a tenant to wake up and see that out the window before they have had a chance to know what is going on.
The last thing you need to ensure you do is put everything in writing. Deliver documents and notice by hand whenever possible or certified mail so that you have signed receipt of having received the mail. Make sure all notices sent by the Charleston property management company are on letterhead and include contact information.
If you are ready to let someone else take over communicating with tenants, hire a property manager at Scott Properties by calling 843-790-4929.