2018 hasn’t been the best year for landlords. Political uncertainty and new restrictive legislation as well as less favourable tax changes have led to a number of investors deciding to sell their property investments.
Here are 5 top tips for landlords who want to sell quickly and for a premium price:
Statistics show that buyers tend to make their minds up about a property within seconds of being at the property. For this reason the property should look inviting. A front tidy including weeding, tidying any plants or potted plants is highly recommended. Maybe even a lick of paint on the front door. Similarly inside the property, ensure if a tenant is in situ that the hall is free from clutter.
The importance of outside space
Gardens can be a great selling point. Consider employing a gardener to neaten everything up before it is put on the market. It is better for viewers to see the space as low maintenance rather than just purely for its potential. This can lead to achieving a higher price or it can sometimes restrict an offer.
Give your tenants an incentive to best stage the property
Selling a rental home with a tenant in situ can be a challenge. Tenants are entitled to live their lives and although you can ask them not to smoke in a property or cause damage you can’t necessarily dictate that they keep the property permanently tidy and free of cooking smells for example. It is tricky to take pictures of such homes and to conduct viewings to show a property off to its best advantage.
Some landlords successfully reward tenants by offering money off rent in return for flexibility on viewings and ensuring that their home is kept neat and tidy. Every viewing counts and this can work well.
Prepare the property to achieve a premium price
If the property has been rented for a number of years it might be worth giving the tenant notice and marketing it after the tenant has vacated. This can allow the owner to paint inside and undertake any jobs that will give the place a lift. If the tenant has decorated to his own taste it is worth considering a repaint to white or a neutral colour.
Consider your options
When it comes to buying investment properties, landlords are interested in yields, we have a number of investors looking to increase their portfolios. If you are keen to sell your property quickly then you could sell it to the tenant in place. Alternatively you could look to bring it to the market and potentially achieve even more.
If you would like a valuation or no obligation consultation, please call us on 01244 313 900 or pop into see us at 18 Grosvenor Street.