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Property #1, Burnside plex:
The reason I am sharing this story with you is that this listing had some obstacles to overcome and I was quite pleased with my problem solving and the success of this transaction.
Property #2, SE Close-in:
The first difficulty was that it’s on busy Burnside St, near 82nd Ave.
The neighborhood did not have the best reputation, especially the areas surrounding both of these busy streets. Furthermore, there is a bus stop right in front of the property. That explains why the first photo in the RMLS is at a funny angle. I insisted on taking interior photos of one unit, where friends of the owner lived, who already knew the property would be sold. So many multifamily listings do not show interior photos, even when the listing agent has a chance to get inside. The building had significant historical character, which I tried to show in the pictures without including the tenants’ personal belongings. In descriptions, I focused on all the positive elements of both the building and the location (up and coming Montavilla neighborhood, near many forms of transportation and shops, garages, solid brick building, happy long term tenants wanting to stay).
Another issue was that one tenant was known to be difficult. Armed with this information, I approached her gently and gained her cooperation most of the time. When difficulties arose, I found a way to accommodate her needs, but in a firm way that showed her she still needed to cooperate and was not going to control the situation. By the end of the transaction we were chatting like old friends.
The sellers being out of town, I did not consider an obstacle, but they were very relieved that I was able to handle everything without them being here. I often sent digital photos same day, of issues they wanted or needed to know about. Email correspondence with sellers was frequent and daily. Phone calls were answered immediately or messages returned very shortly. At the time this triplex was introduced to the market, we were in a cooling off period of appreciation.
The first thing I did was strategize with the owner to find the best way to present the property in the most favorable light. So, I customized a marketing plan and a "to do" list. For example, the yard needed to be cleaned up, and I coordinated with a local yard service, who finished the job within 2 days.
We decided that in this case, it was best to inform the tenants of the upcoming sale and address their fears right from the start. I wrote a nice letter telling them what would happen, in what order and how it would affect them. The seller approved the letter, and added in: "Thank you for being such a good tenant and we hope you will choose to stay." I had mentioned in the letter that it was unlikely that a new owner would want to change things around and it fact, would probably prefer it if they stayed and continued renting. So many renters have an irrational fear that when the property goes up for sale, they are going to be asked to leave by the new owner, or at the very least their rent will increase immediately by $100. The tenants had my phone number to call in the event of any questions or uncomfortable situations. Every time I dropped by the property to check on flyers and condition, I always made it a point to chat with the tenants if I saw them out, to show that I would handle their concerns.
Anytime we needed to see inside a unit for a showing, photos, etc., I always gave the proper notice on the proper forms, within the timelines required by landlord-tenant law, and included a friendly personal letter from me, showing my appreciation and concern for their comfort.
Result: A sale within a reasonable amount of time, happy tenants, happy old owner, happy new owner!
Did I mention interior photos? Please, even if you don't list your property with me, find a way to get some interior photos! It really helps sell the place, to give potential buyers something to look at, to show it's not a dump. Of course, you should respect the tenant's privacy and not post pictures on the internet of their personal belongings. So, my suggestion is, if access cannot be gained throught permission and cooperation (or maybe the sale is a secret), give your agent some photos that you took during turnover to document move-in condition of a vacant unit. You don't have that? We need to talk!
I'd love to discuss with you your tenant issues. Although I can't personally solve them for you, I will direct you toward the best resources. |
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Disclaimer: All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information on this site was last updated 11/20/2009. The listing information on this page last changed on 11/20/2009. The data relating to real estate for sale on this website comes in part from the Internet Data Exchange program of RMLS (last updated Fri 11/20/2009 12:00:00 AM EST) or Willamette Valley MLS (last updated Fri 11/20/2009 12:00:00 AM EST) or MLSCO (last updated Fri 11/20/2009 12:00:00 AM EST) or Southern Oregon (last updated Fri 11/20/2009 12:00:00 AM EST). Real estate listings held by brokerage firms other than RE/MAX equity group, inc. may be marked with the Internet Data Exchange logo and detailed information about those properties will include the name of the listing broker(s) when required by the MLS. All rights reserved. -- Oregon Real Estate Agency Disclosure Brochure (PDF) Washington Law of Agency (PDF) Each office independently owned and operated Privacy Policy
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