Selling a Tenanted Property

The holiday season can be a busy time for buyers.  It’s a time where many take leave and have the time to look for investment properties. Families also look at this time to move home to be settled for the new school term commencement or relocation/changes to employment.

If you’re looking to sell your investment property, it’s important to have an open communication line with the tenant/s during the sale process, as they can often feel like their privacy and quiet enjoyment can be invaded.

If you get a tenant off-side, it can cause unnecessary challenges and inhibit your ability to quickly sell the property.

For this reason, it’s so important that your managing agent is always the first to be notified of your intention to sell the property.

The managing agent will have a relationship with the tenant and be in a better position to negotiate inspections and open homes on your behalf.

Just a thought…

If a tenant is becoming difficult with inspection times, you may want to consider offering them an incentive, such as a set dollar reward if the property is sold within a defined period of time as compensation for the disruption to their home and possibly their day-to-day activities and privacy.  This may motivate the tenant to take extra care in the presentation of the property and allow more frequent inspections, as there will be a monetary reward for them.

You may also want to consider reducing their weekly rent for a short period of time to compensate the tenant for the interruption, if they become difficult with inspection times as we understand that many landlords need the weekly rent income while trying to sell the property.

Being a tenant in an investment property that’s on the market for sale can be unsettling and we like to think that as a managing agent we take the time to care for the needs of our landlords and tenants, as without both, we have no business.

Wishing everyone a safe, happy and magical Christmas.

If you’d like to speak with Tania about having Woolcock Partners manage your rental property, you can contact her here.