If you’re looking to sell your rental property quickly, then it can be a little bit of a daunting task knowing just where to start. However, follow our tips for selling your rental property below, and you could be well on your way.
Selling a rental property is a lot more complicated than a general house sale. If the property is empty, then it’s relatively straight forward, but when you have sitting tenants that are in the middle of an existing agreement, it can deter buyers from taking up the property. This is even more of a problem if your tenants are long-term tenants without a proper, written tenancy agreement or contract.
In this situation, selling your rental property quickly can be a lot trickier. Here are our three tips to make the process go as smoothly as possible.
Be fair to your tenant, and communicate every step of the way
Selling a rental property with a tenant in place can be really tricky, however it could also be a great starting point. Before putting your property on the market, go to your tenants and offer them first refusal on purchasing the property. After all, they will consider this to be their home and may have been saving toward a deposit for a property anyway, so your buyer may be right beneath your nose.
If the tenant is not interested, then offer to answer any questions they may have and allay their concerns as best as you can. Once the sales process is underway, keep lines of communication with the tenant open and make sure they feel updated on the situation. Failure to maintain this relationship can make it much harder to seal a sale without the support and cooperation of a tenant.
Be aware of your legal obligations
This step should never be ignored and is something that must be high on your list of priorities from the outset. When selling a rented property, you will need to be fully informed on the legal obligations you have to your tenant in terms of the tenancy agreement. It may be that you are not permitted to sell while a tenant is living in the property.
Target specific buyers
If you have sitting tenants in your property, it is likely to result in a much quicker sale if you target specific buyers. Property investors are likely to be much more willing to take a property on which has tenants in, and in some cases it can even be more appealing to them if a trustworthy tenant is in place.
A quick sale could also be facilitated through a housing auction, at which investors will likely be present and there is also the potential for a much larger audience of potential buyers.
Sell for a Great Price
When you are selling a rental property, you must ensure you get a good price as unlike a residential property this is an investment not a home so a good return is essential. When selling your home picking an estate agent who will give you practical advice with low straightforward fees is the best way to go. Distrikt Online is an expert estate agent in the North East of England can sell your rental property from as little as £500 Including VAT! They also offer excellent value for money add on packages for any extras you think your property may need. Visit www.distriktonline.co.uk for more information.