Property Grunt

Monday, July 18, 2005


In a previous entry, the Grunt discussed the importance of owners authorizing doormen to allow access to the apartments. Owners who have investment properties should also ensure their tenants allow access to their apartments. Unless there is a legal obligation to open up their residence to the public the tenant can pretty much shut it down.

This story of the broker comes to do an open house but is prevented access by the tenant residing in the apartment happens more than you think. The Grunt recently heard this tragedy occuring again. The end result was an open house that could have netted a deal but was killed by a very irritatable tenant.

The Grunt has had experiences with uncooperative tenants and has learned the best way to deal with them is let the owner deal with it because it is the owner's problem.

For those of you who are jumping on the condo investment bandwagon, I implore that you put in the proper conditions in your leases that allow you access to the apartment and ensure that the tenant understands these conditions. It will save you alot of aggravation. The Grunt knows an investor who owns a bunch of rental units in residential building and makes it clear to his tenants that they must agree to give access to the owner when it is called upon them to do so.

The Grunt can empathize with the tenants who shut down open houses. When I first moved to New York, the owner of my apartment was selling the place and it was really aggravating to have strangers coming walking around my domicile especially after I had cleaned it up and I had to re-clean it.

The Grunt had one listing where the tenant was a family and boy did they give the Grunt the runaround. Even when the Grunt had confirmed appointments with the tenant they would shut it down at the last minute.

Liquidation is an option that all investors should be aware of and should be ready to engage in at a moment's notice. Until you sell that apartment, your money is locked up in that unit. Rarely do people buy sight on unseen. If a tenant prevents to your property it will be very difficult to sell. The best remedy is a legal remedy which is a lease that is favorable to the owner's needs. The Grunt recommends going to a real estate lawyer who specializez in leases and in your area. It is also a good idea to maintain good relations with your tenants.