Tenant pull pin

We let tenants know we are thinking of selling to offer them to buy it as they’d expressed interest. They said no they can’t afford to buy. Then they called back a day later to ask if we can agree to terminate the lease now (not wait til Jan expiry), as they want to move out immediately, once they find another.

I said we’d need advice from our PM what’s the protocol.

Any advice for “sweeteners” to entice them to stay? And are they “allowed” to leave early before lease is up?

They are excellent tenants and the house looks amazing, we were hoping they’d stay until end of lease so no vacancy plus great presentation.

 

Fair Trading NSW advises tenants:

‘Breaking the agreement without penalty
In limited circumstances, you can break the agreement early without penalty. You can give 14 days written notice to end an agreement early if:

• you have accepted an offer of social housing (eg. from Housing NSW)
• you need to move into an aged care facility or nursing home (not a retirement village)
• you have obtained a final apprehended violence order against somebody you were living with that excludes them from the property
• the landlord has put the premises on the market for sale, and you were not told before signing the lease that the property would be sold.

 

Thanks Joynez! - Well they can then.

I messaged them to offer five weeks free rent from date of a buyer signing contract if they did choose to stay. It’s generous perhaps but way more expensive for us if they leave in two weeks. It won’t even be listed for another two weeks, and it could be in market for months, yet we couldn’t have tenants or any income during the selling period - or could we?? Any ideas?

 

Let them go is another option. If you want to sell anyway, selling while vacant is far easier.

There's multiple other options available.

 

So are you thinking of selling per your first post ?
Or have you listed the property with an agency ?

Big difference between the two, as in scenario 1 the tenants have to stay, and scenario 2 they can leave after a short notice period.

Maybe they don't like the idea of strangers wandering through their residence and the inconvenience

 

A few thoughts for you:
1.What is the sales market like at the moment in your area specifically?
2.How long are place like yours on the market for?
3.What is your competition like?
for your tenants
i.What is the rental market like at the moment?


conclusion: which is the best deal for you?
I hope this helps?

 

Why you talking to tenant instead of through the PM.......

 

PS that is why LLs need to have a grasp of the rules for themselves before shooting self in the foot by speaking to tenant OR PM at times (not all PMs are only on your side).

 

Thinking same thing

 

Yes it’s easier to get stylist in. Just loss of income from rent is why.

 

1. Sales have slowed, prices dropped a little but still strong
2.and 3. Not sure- will check

Best deal for us- if they rented it til settlent over, presented it as well as it’s been when we’ve been there, and it sold quickly.

If they moved out, we’d list it from the date they moved out, with property styled.
Either way ok I guess.
Loss of rental income during selling period a concern as well as security of the empty property.

When it was vacant last time, someone stole the copper pipes/taps in the yard!!

 

Thanks Wylie.

Our plan is that the selling agent will send them a letter this week to give two weeks notice that it will be sold, ideally listed in three weeks..late october.

 

Hi Dabbler, thanks for yr msgs. why, to see if they wanted to buy it. We honestly thought they wanted to and they’ve improved it significantly. We’ve had a phone conversation or two and now I’ve advised them that we’ll hand over to selling agent to answer all their queries from here on in.

 

Hi Stoffo, have arranged with a selling agent who will contact them this week. I agree to be honest I understand if they want to move out ASAP.

 

I understand that, what I meant is you should have discussed with PM first & said your thinking of it, so they could tell you what would happen in regard to laws

TBH though, if your wanting to sell, the worst scenario is a tenant who decides not too move, so if they want to go, let them, then you can prepare everything properly and present as you want....