You rent a nice apartment in a well kept 4 unit building on a great street. The owners of the building have been incredible landlords. They maintain the building well and respond to your concerns quickly. You have lived there for several years and plan on making this your home for the foreseeable future.
Pretty happy, right?
You get a call from a local real estate agent. They want to arrange a showing of your home.
The agent tells you that the building you call home was listed on the MLS system a few days ago.
Not fair you scream! But this isn’t necessarily the end-of-the-world.
Tenants have many rights in Ontario. Many of them are outlined in The Tenant Protection Act. Some of these rights apply to this situation.
If you have signed a lease your tenancy is protected until the end of the lease period
If your lease has expired you are entitled to 60 days notice if a new owner wants to occupy your unit.
You are entitled to 24 hours written notice of all showings and inspections if you prefer.
Most real estate investors intend to retain existing tenants rather than personally occupy the property they purchase. Therefore your tenancy is usually safe and you don’t have to worry about moving.
When The Platinum Team lists a multi-res property we maintain personal contact with all tenants. We try to reduce inconvenience to the tenants by grouping showings together. We try to work around your schedule.
Our administrators are very skilled at managing these issues. We handle the sale of a lot of investment property and work hard to respect tenant’s rights while doing the best job we can to market and sell the property for our client.
Scheduling other agents, contractors and inspectors can be unpredictable and we have no control how others will behave. The process runs smoothly when tenants have a bit of flexibility and understanding.
Tenants and owners alike are always grateful for the our professional approach to the process. We always treat tenants with respect, empathy and good communication.
It’s good for tenants. It’s good for our seller clients. It’s good for the Buyers of your property. Everyone starts with a positive mindset.