Thinking of Selling a Tenanted Property? Read This First
Selling an investment property can take a little more organisation, but with the right approach, it can be a smooth and successful process- freeing you up to move on to your next opportunity.
If you’re a landlord thinking about selling your rental property, there are a few extra considerations compared to selling your own home. From dealing with tenants to preparing the property for viewings, it’s important to strike the right balance between practicality and respect.
1. Offer Your Tenant First Refusal
Your tenant already knows and lives in the property, so it may be worth giving them first refusal. This can make the process smoother and quicker, while also providing security for them.
2. Presentation Matters, But It’s Not Always in Your Control
Unlike selling your own home, you may not have control over how the property looks during photos and viewings. Remember the tenant isn’t the one trying to sell your home, their lifestyle and belongings won’t always show the home in its “best light”.
3. Consider Serving Notice First
In some cases, it may be easier to serve notice before marketing the property. This way, you can ensure access for photos and viewings, and the home will be empty when buyers come to see it. However, this depends on your timeline and the tenant’s circumstances, so weigh up the pros and cons carefully.
4. Access and Privacy
We’ll need to arrange access for viewings and photos, but it’s equally important to respect your tenant’s privacy and rights. Clear communication and reasonable notice periods are key to keeping things smooth and cooperative.
5. Be Prepared for the Handover
Once your tenant moves out, the property may not be left in “show home” condition. Factor in time and budget for any cleaning, repairs, or touch-ups before completing on the sale.
6. Our Role vs. Management
It’s worth remembering that we’re here to help you sell your investment property-not to manage the tenancy, repairs, or rental obligations. While we’ll support the sales process, the landlord-tenant responsibilities remain with you until the handover is complete. Please also note that we cannot chase ongoing landlord-tenant communication or continually request access from your tenant, as it’s important to respect their rights and privacy.
