Selling a property with existing tenants might seem daunting, but it can be a smooth and rewarding process with the right approach. Here are five essential tips to help you navigate through the sale while maintaining a positive tenant relationship:
- Communication is key: Openly communicate with your tenants about your intention to sell the property. Keeping them informed about the selling process, property viewings, and any potential disruptions will foster cooperation. As an agency, our main goal is to maintain open lines of communication with your tenants at all times. It's important to remember that the property is not only an investment, but also a tenants home. By fostering cooperation between landlords, tenants, property managers, and the selling agent, we can significantly enhance the success of the sale campaign.
- Time it right: Consider the current lease agreement and tenancy laws to find an appropriate time to list the property. Buyers may be attracted to an investment property with reliable tenants already in place, ensuring immediate rental income for them. On the flip side, buyers might be more enticed by the property if they have the opportunity to move in sooner rather than later. We are available to assist you in determining the perfect timeline for all parties involved, so don't hesitate to reach out if you have any questions.
- Present the property well: Presenting the property in its best condition to attract potential buyers is key. Its important to work with your tenants to ensure the property is clean, in good repair and presentable during viewings. A well-maintained property creates a favourable impression and enhances its market value.
- Offer incentives: Incentivise your tenants to keep the property well-maintained during the selling process. Offering reduced rent or other benefits like lawn/garden maintenance will help keep the property well-presented while assisting your tenants at the same time during the sale.
- Honesty pays off: Transparency is crucial for the selling agent when it comes to existing lease agreements with a sale. Highlighting the advantages of having reliable tenants already in place can be a major draw for investors seeking immediate rental income. Additionally, this transparency can assist potential homeowners in working out a suitable timeline for their own move-in if they decide to purchase the property with an existing lease. By providing clear information, you can establish trust with buyers and minimise any disruptions to the tenants' lives.