said on March 7th, 2012 categorized under: Selling A Duplex
One of the biggest concerns many prospective duplex sellers have about putting their duplex on the market is that the tenants will be upset and leave.
After all, nobody likes to have a parade of strangers through their house day after day.
And, more importantly, this parade causes many tenants to fear as soon as the duplex is sold they won’t have a place to live.
Many duplex sellers I work with have found these fears can be addressed through a simple, honest conversation and sometimes, a little cash.
First, in the state of Minnesota, duplex renters are protected by their lease. If, for example, they recently signed a one year lease, then that lease would follow the property and protect them for the duration of the contract.
The only time that would change would be if the tenants agreed to move as the result of financial compensation, the amount of which is negotiable (in states and cities that don’t have laws governing this).
Many duplex sellers I work with also remind their tenants that in the state of Minnesota, the landlord has the legal right to enter the property for business purposes, provided a reasonable attempt to notify the tenants has been made. (Nowhere in state law is “reasonable attempt” defined.)
Having said that, duplex sellers often reassure their tenants that while every attempt will be made to give them as much notice as possible, there will likely be instances where it’s somewhat last minute.
Duplex sellers then usually conlcude by offering a rental discount because of the inconvenience this will cause their residents. Some duplex sellers even make this discount contingent on the level of showing cooperation the tenant demonstrates.
Believe it or not, once the tenants know the process, most of my owners have found them to be enormously cooperative.
After all, most of us fear what we don’t know, rather than that which we do.