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Ease the shock
How to market to tenants when their apartments become condos.
When a tenant first hears that his apartment building is slated for condominium conversion, he usually starts packing. However, if you have a sound plan to market to tenants in these situations, you can stop them from packing and maybe make a few sales.
Be sensitive to tenants’ anxieties and make sure they understand how the conversion will proceed. Here are a few things to provide them that will ease their transitions:
• Schedule that shows when units will be empty as well
as the dates for renovation
• List of sales procedures and contact information
• Price list of available condominiums
• Comparison of renting vs. buying, complete with
mortgage calculator
• Fact sheets about the new condos
• List of positives about condo living
Combine these and any other relevant documents into a kind of listing package and personally visit each unit—no matter how many there are. Take the time to inform and listen to tenants and you may walk away with more sales than you ever thought you could.
Illustration © Artville.
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