Teles Agent Adriana Mollica Shares Her Expertise on Renters with Realtor.com
Major real estate industry publications know that they can seek out Teles Properties when they need an expert to weigh in on our issue.
This year has seen Teles Agent Adriana Mollica become the veritable go-to agent at Teles when reporters and journalists come looking for a quote.
This time, she shared her thoughts with the Realtor website, weighing in on issues to consider when deciding whether or not to rent out one’s home while trying to sell it.
Obviously, no one wants to pay more mortgages than they need to. When you’re already living in a new home and you’re old home is sitting vacant, it might seem to make sense to try to generate income while you try to sell it.
Naturally, the idea sounds appealing, but it comes with some inherent risks.
The article states that, in most areas, a landlord needs to give at least 24 hours’ notice before entering the property — or arranging for someone else, like a prospective buyer, to enter it. This requires a cooperative tenant who is willing to both vacate the place for a while and keep the place clean at all times. So unless you find the perfect renter, things can get difficult.
Your renter will “have nothing to gain in keeping the home tidy and presentable,” points out Adriana Mollica. “They aren’t going to make any money from the sale, so what motivation do they have to take the extra effort in keeping the home clean?”
Worse yet, you run the risk of having the tenant refuse to leave and stay home when your real estate agent shows the property — which can make buyers uncomfortable.
“It just feels weird when a tenant is lurking,” says Mollica. “That’s not the ideal environment for buyers to fall in love with a house.”
For more from Mollica and others on the pros and cons of renting a house while trying to sell it, check out the full piece here.