Selling With a Tenant in Place

Selling With a Tenant in Place

If you’re a landlord and you’re considering selling your investment property, there’s an important choice you’ll need to make. You can take steps to move your tenant on as your lease dictates, listing the property once it’s vacant – or you can undertake the sales process with the tenants in place.

As with any major decision regarding your property, it’s worth taking time to decide upon the best option to suit your specific needs as a vendor. In today’s blog, Think Property & Co share some essential factors to consider if you’re thinking of selling your asset with a tenant in place.

Why sell with a tenant in place?

Put simply, keeping your property tenanted throughout the sales campaign will ensure that there is no loss of rental income during that time. And if you’re an investor, you’ll no doubt have a bunch of other overheads that your income has already been allocated to – rates, body corporate fees, you name it! By keeping tenants in situ, you’ll also save on the costs of home staging – as the property will already be furnished. Would you believe that these photos from 522/253 Bridge Road in Richmond were taken with a tenant in place?

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What about my tenants?  

Given that your property is your tenants’ home, it’s important to consider their needs if you’re thinking of selling while they’re there. By demonstrating that you understand the process may be invasive and inconvenient, you’ll be in a position to negotiate property access with them in a positive manner. You’ll need reasonable access to the property for all open for inspections, along with any professional photo shoots, floor plans or copywriting appointments. If tenants are willing to allow access for you to perform these essential tasks, you would be well advised to offer a small rental decrease as a sign of good-will for the duration of the sales campaign. This exchange acknowledges the inconvenience of the sales process for tenants, and encourages them to present their home in a clean and appealing fashion. Leaving flowers for your tenant after the photo shoot doesn’t hurt either! If your tenant keeps their space neatly and attractively, they’re worth their weight in gold, and they are likely to impact positively upon your sales outcome.

How can Think Property & Co help?

The Think Property & Co team are on hand to take care of every aspect of your property management, coaching you through the process of selling an investment if that’s on your agenda. We’ll communicate appropriately with tenants on your behalf, negotiating an arrangement that works for everyone. Whether it’s decorating the property with flowers, artwork and matching cushions or arranging for a good cleaner, we’ll ensure that your presentation is on point to draw in prospective buyers. All while keeping your tenants happy!

When it comes to selling your leased property, encouraging tenants to engage with the process can save you both resources and stress. For tenants, appropriate rental decreases and ample notice about the sales process makes life easier – and for landlords, there’s no staging costs or loss of rental yield if they remain happily in situ during your property sale. Better for everyone? We think so!


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