If you’re attempting to sell your property while also managing an investment property, it may seem like a daunting task. However, by enlisting the help of a good sales agent and property manager who work collaboratively with the tenant, a successful sale can often be achieved.
Keep an open communication
Effective communication is essential. Although some states have strict regulations around sales inspections of rental properties and notice periods for entry, open communication with renters from the beginning of the sales campaign can create a solid foundation for the sale. A good sales agent and property manager will contact the tenant prior to listing the property for sale to discuss the requirements and work with them on the best times for entry. They should also be mindful that the renter may be nervous about people coming through their home and the potential need to move if the property is sold to an owner-occupier.
Keep on helping with the presentation throughout the selling period
Presentation can make all the difference. Every owner has their level of cleaning and presentation, but a property may need extra care to show it in the best light. If that’s the case, it may be helpful to offer professional cleaning and gardening services throughout the sale. This will ensure that the property is presented well both inside and out and can make the experience less stressful for everyone involved.
Keep motivating the tenants with incentives
Incentivising renters can ease the process. The relationship between the owner, tenant, and agent can be complicated, especially when it comes to the security of a home. Offering rental compensation as a thank you for the inconvenience throughout the sale campaign can sometimes assist in transitioning the renter through the process. Additionally, if the tenant is locked into a fixed-term rental agreement, you may want to offer a penalty-free tenant break option should they wish to move on and find another property, which would lead to a vacant property when it comes to the sale. Although this would mean a loss of rental income, it would allow an opportunity to make small improvements to the property before the sale, which may contribute to a higher sale price.
To determine the best options for your property, it’s important to speak with your sales agent and property manager and work out which avenue is best for you, the property, and the renters. By working together and utilising these strategies, you can make the process of selling your property while managing an investment property much smoother and more successful.