So what are the best tips for selling a rented property?
This Toronto condo just sold, it was in a great location on Blue Jays Way in the Entertainment district. It was on the market for a couple of months while it was still tenanted, and while the tenants were very co-operative & the the pictures showed the unit well, it did not sell.
This condo is a great example of an investment property in Toronto. What made it a great investment property?
- It was close to Transit
- It had en-suite Laundry
- It had a parking spot
- The condo building did not allow Airbnb or short term rentals (keeps the building nicer)
- It had lovely amenities like a gym, rooftop lap pool & terrace
- It had a balcony
- It was steps to the Rogers Centre and other downtown attractions
So why is selling a tenanted property so hard? Mainly because under the RTA (Residential Tenancy Act) in Ontario tenants have many rights. Buyers may be worried that vacant occupancy cannot be guaranteed.
Interested investors worry that current rents are under market, and would prefer a vacant unit. 24 notice is required for showings, and sometimes that doesn't work with prospective buyers' schedules. Some tenants refuse photos (which they can). You also can’t force a tenant to leave for showings! No matter how tidy the renters are, as a seller or agent you can't guarantee it will stay that way. You can’t force untidy or dirty renters to clean for showings. Case in point the den in this condo was being used for storage; here are the before and after pictures:


1. Hire a Realtor that understands the rules of the residential tenancy act of Ontario (Landlord Tenant Board) and make a plan accordingly.
2. Sell it vacant - a tenant in place will cost you thousands!
3. Spend money on updates that make it look owner-occupied like: custom light fixtures, updated appliances, small repairs Believe me buyers can tell the difference!
4. If updates aren't in the budget, painting and deep cleaning will give you the best ROI
5. Stage the property - the decor and furniture will give buyers the sense of what it's like to live there
So what finally happened? We received more showings in 3 days than in the whole time it was on the market when tenanted. Result: SOLD IN A FEW DAYS!
Controlling the product, you present to the public (especially with a condo) is incredibly important to a successful sale.
Here's what the owners said in the 5 star Google review: Sue went above and beyond when listing our property for sale. She has a wealth of knowledge and experience and took the whole process from start to finish with very little involvement on our part