Comments on: Sell-Lord Lessons Part 2: How to Make it Work http://mioaklandcounty.com/blog/2007/04/14/sell-lord-lessons-part-2-how-to-make-it-work/ Real Estate in Birmingham, Bloomfield Hills, Beverly Hills, Royal Oak, Troy and Oakland County Wed, 20 Aug 2008 12:51:15 +0000 http://wordpress.org/?v=2.6 By: Maureen Francis http://mioaklandcounty.com/blog/2007/04/14/sell-lord-lessons-part-2-how-to-make-it-work/#comment-31747 Maureen Francis Mon, 30 Apr 2007 00:44:18 +0000 http://mioaklandcounty.com/blog/2007/04/14/sell-lord-lessons-part-2-how-to-make-it-work/#comment-31747 Soon renter/buyer, If you know you are going to be in a lease for 2 to 3 years then the owner probably would not leave the home on the market unless you agree to that in advance. There are some landlords that do not want to sell. Many, as a matter of fact. There are others who are being forced into renting because they cannot sell. Either way, you'll negotiate something with the owner. I own rental property and my lease agreement allows me to show the home in the last two months of the lease. Other than that, the tenant is not inconvenienced. And a tenant would never be asked to move out early because a home is sold. The lease actually has to be honored in Michigan, so if a home is sold and there is a 3 year lease in place, the tenant stays for 3 years. Soon renter/buyer,

If you know you are going to be in a lease for 2 to 3 years then the owner probably would not leave the home on the market unless you agree to that in advance. There are some landlords that do not want to sell. Many, as a matter of fact. There are others who are being forced into renting because they cannot sell. Either way, you’ll negotiate something with the owner. I own rental property and my lease agreement allows me to show the home in the last two months of the lease. Other than that, the tenant is not inconvenienced.

And a tenant would never be asked to move out early because a home is sold. The lease actually has to be honored in Michigan, so if a home is sold and there is a 3 year lease in place, the tenant stays for 3 years.

]]> By: Perspective of a soon renter/buyer http://mioaklandcounty.com/blog/2007/04/14/sell-lord-lessons-part-2-how-to-make-it-work/#comment-31745 Perspective of a soon renter/buyer Mon, 30 Apr 2007 00:21:41 +0000 http://mioaklandcounty.com/blog/2007/04/14/sell-lord-lessons-part-2-how-to-make-it-work/#comment-31745 This concept of sell-lording really seems like a bad deal for the tenant. While the set of rules that you formed seem like a sound advice for a sell-lord-owner, what would make a tenant put up with them? Especially, considering the current renter's market? Right now I'm trying to figure out whether we should buy or rent - we're getting ready to move to Metro Detroit area from Illinois, and will probably have to move again in 2-3 years (which could become 4-6, depending on work). This write-up does nothing to make renting seem attractive. A one-time $1000 gift (made to sweeten a sudden lease termination) doesn't seem anywhere near enough. Remember, the tenant is already putting up with frequent showings, the need to move out at a moment's notice, and the high rent (substantially more than the mortgage payment, were they to buy the same property). The unplanned move is going to cost more than $1000 all by itself. This concept of sell-lording really seems like a bad deal for the tenant.

While the set of rules that you formed seem like a sound advice for a sell-lord-owner, what would make a tenant put up with them? Especially, considering the current renter’s market?

Right now I’m trying to figure out whether we should buy or rent - we’re getting ready to move to Metro Detroit area from Illinois, and will probably have to move again in 2-3 years (which could become 4-6, depending on work). This write-up does nothing to make renting seem attractive.

A one-time $1000 gift (made to sweeten a sudden lease termination) doesn’t seem anywhere near enough. Remember, the tenant is already putting up with frequent showings, the need to move out at a moment’s notice, and the high rent (substantially more than the mortgage payment, were they to buy the same property). The unplanned move is going to cost more than $1000 all by itself.

]]> By: Mariana Wagner http://mioaklandcounty.com/blog/2007/04/14/sell-lord-lessons-part-2-how-to-make-it-work/#comment-27313 Mariana Wagner Wed, 18 Apr 2007 16:40:37 +0000 http://mioaklandcounty.com/blog/2007/04/14/sell-lord-lessons-part-2-how-to-make-it-work/#comment-27313 As a Real Estate Agent, I do my best to make sure that I befriend the tenant immediately, because as much as the home is the landlord's PROPERTY, it is as much the tenant's HOME. Allowing plenty of notice to show - and sticking to that, has made our tenant occupied listings quite easy. Oh, and another thing that has been great, is giving the tenant a gift card to the movies/restaurant ... and offer that they could use it on a day where there are a lot of showings. As a Real Estate Agent, I do my best to make sure that I befriend the tenant immediately, because as much as the home is the landlord’s PROPERTY, it is as much the tenant’s HOME. Allowing plenty of notice to show - and sticking to that, has made our tenant occupied listings quite easy.
Oh, and another thing that has been great, is giving the tenant a gift card to the movies/restaurant … and offer that they could use it on a day where there are a lot of showings.

]]> By: Lenn Harley http://mioaklandcounty.com/blog/2007/04/14/sell-lord-lessons-part-2-how-to-make-it-work/#comment-26890 Lenn Harley Tue, 17 Apr 2007 00:59:46 +0000 http://mioaklandcounty.com/blog/2007/04/14/sell-lord-lessons-part-2-how-to-make-it-work/#comment-26890 The photo of the dog made me laugh. I got a call today from a hopeless young Marine. His request was impossible. He wanted to rent. (Don't handle rentals). He wanted Old Town Alexandria for under $2,400 a month. He wanted 2 BR and 2 BF. The final straw. He has a 100 lb. Great Dane. Poor thing. Hopeless. Lenn The photo of the dog made me laugh. I got a call today from a hopeless young Marine. His request was impossible.

He wanted to rent. (Don’t handle rentals).
He wanted Old Town Alexandria for under $2,400 a month.
He wanted 2 BR and 2 BF.

The final straw. He has a 100 lb. Great Dane.

Poor thing. Hopeless.

Lenn

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