Preparing to Sell an Investment Property
Dealing with the Tenants
Selling an Investment Property can be a little more difficult than selling your own residential property. The reasons for this is:
Access to the property- Tidiness of the property
- Co-operation and tenant atmosphere
- Waiting 24 hours for notice to tenants before inspection
If you are selling in an area that is a high investment area it is quite likely that you will get an investor purchasing. This could be ideal all round because if you have good tenants, the transaction may go through without any hassles.
Tenants will need to be informed that you are selling the property and they will need to receive notice from the agent before every visit, giving them 24 hours notice. It can be quite a good idea for a listing agent to arrange some open homes with the tenant and that way they are forewarned and can prepare well ahead. The agent then can get buyers to visit at certain times of the week. An open home say Wednesday and Saturday, for an hour each can work quite well.
If the property has a tenant under lease, you will need to see if they are prepared to move. Often a tenant will move if the seller pays for their removal costs, or part thereof. This will be a matter for negotiation.
Preparing the Property
Even though the property is an investmet property it still needs to be presented to buyers in the best light. Make sure the lawns are mowed regularly (you may need to organise this for the selling duration), the gardens are tidy, any fences that need fixing or painting are done, see that the gutterings are weed free, and the inside walls are clean and tidy. Does it need a quick coat of paint? Often a quick, relatively cheap face lift can bring you several thousands more dollars, especially if the agent is working hard for you.
Make sure the view from the road is attractive and inviting.
Filed Under: Property Investment Tips
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