I, like most Realtors, prefer not to handle leases. We do so as a courtesy to existing clients. It is about as much work as a sale, and the pay to the Realtor is meager. Keep in mind that our broker gets a portion of our commission. With a rental property, the listing agent acts like the lender, screening clients and checking credit and references.
In 2003, I helped my clients with a Sunland rental. The tenant I secured was ideal; they lived and maintained the home for nineteen years. Not all landlords are as fortunate. My clients contacted me several months ago to discuss selling this Sunland rental. They simply grew tired of being landlords. I suggested that they discuss the sale with their accountant, which they did. They decided to take the tax hit and cash out.
They informed the tenant, and he started to look at other homes. However, with prices so high, he was at a disadvantage. I discussed with my clients the benefit of selling this Sunland rental to their tenant. They agreed that it made sense for both the seller and the tenant if he wanted to purchase the home at a slightly discounted price. The tenant agreed to the terms and was happy he didn’t have to move. An added benefit to this future homeowner was that he now had the incentive to improve this Sunland home. There was no central air conditioning. To add it, the electrical panel needs updating. Despite having a lot of work ahead, the buyer is delighted.
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Wow that was very lucky for both parties. I don’t imagine things usually play out so smoothly