Owners of rental properties always know when to sell (when interest rates are too high, when there’s insufficient yield, when there’s a better opportunity elsewhere, e.g. something brand new that’s super low maintenance), or they’re just over tenants who flaunt the system. But do you know HOW to sell?
Here’s a quick read to help you decide how to sell your rental property.
1. The best time to sell a rental is to put it on the market around 2 months before the tenant is leaving. This gives you a week to get it online, with a 4 week marketing campaign, then settlement can take place when the property is empty, but giving you a holding income during the campaign
2. In line with the above bullet point, start chatting with agents 3-4 months before the tenancy expires, here’s a popular list of questions a prospective agent should ask you to ascertain your situation correctly
3. Consider other agencies, not just the agency you’re renting it with. Keep in mind your current agency will more than likely want to keep it in their rent roll, and investors rarely pay as much as owner occupiers
4. If your rental property is tenanted at the time of putting it on the market, a great presentation solution is to use VR furniture. The tenant will also be happy their things aren’t on the internet. It’s a very cost effective, time-saving strategy and will ensure the highest number of prospective buyers inspect your rental
5. Choose a ‘make you money’ agent, not a ‘save you money’ agent. How do you tell the difference? The make money agent will create a cost-effective marketing strategy to get the attention of the highest number of buyers. The save you money agent will focus on how much they can save you on marketing costs and potentially their commission. You want an agent who’ll hold their ground, fight for you, and not be a pushover in the negotiating process with your buyers. The more money you make from the sale, the better off you’ll be.
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