Thinking of selling your rental property but don’t know what you need to do? The workload of getting your rental property ready for sale can seem overwhelming, especially if it has been rented for a long time. It doesn’t have to be a huge task! We have come up with an easy to follow plan to get your rental property ready for sale.
Do you have great tenants? If the answer is yes, then a potential purchaser may want to keep them on. Therefore it is vital for your sales agent to explain the sales process to them to ensure they are ambassadors for the property. If the answer is no, terminate the tenancy before listing for sale, and sell with vacant possession.
First impressions are critical:
- Wash the outside of the property, water-blast driveway, remove rubbish, weed the gardens, clean windows, replace any decking and fencing that needs replacing. Indoors; have carpets professionally cleaned if they haven’t been done for a while, wipe off fly spots (ceiling & walls), Clean windows, stove, hob, curtains, light shades. Check the shower – does it need cleaning and treating with mould remover?
Staging can make a huge difference to the speed and price of a sale. Once again first impressions count. If the property looks modern and cared for, this can mean more competition with buyers and better / higher offers.
- While potential purchasers routinely write meth testing into sale and purchase agreements as a condition of sale, it is better to pre-empt any issues and get your own meth testing done. Get this done prior to marketing because if the test is positive it can be remedied. You don’t want an offer not completing due to failed Meth Test.
- Marketing matters. A well-designed and cost effective marketing strategy will ensure the property reaches the widest audience and more potential buyers. Professional photography is critical. Most buyers commence their searches on line, so get top quality professional photographs taken to enhance your properties appeal.
- There are several sales methods that can be utilized. The options are: auction, fixed price, price by negotiation, set date of sale, or tender. Each option has its merits and depending on your particular circumstances, the market and your potential buyer. Your agent will be able to advise on the best method for your situation and target market.
- TIMING. Be clear about what time frame you are working to. Do you want to sell quickly or is time not an issue? Whatever you do, don’t be tempted to place your property onto the market until it is ready for viewing. There is always a pool of buyers looking out for new properties and you’ll never get another chance to make a good ‘first impression’.
- Selecting an agent that has experience in selling rental properties is vital. An experienced agent will know how to best manage tenants of the properties and will. Ensure you select an agent who has experience in selling rental properties, either vacant or tenanted. Ask for testimonials from previous landlords who have sold through the agent.