Tips & Advice | Selling While Tenanted
There are a few things to be mindful of when selling a property while you still have tenants living in it. Not only do you want a smooth transition from owner to owner, but considering the tenant in that process is something that shouldn’t be overlooked. Maintaining a good reputation with your tenant during the selling process will aid the efficiency and effectiveness of the entire process.
As a property owner, you have the right to sell your property even if it is during a fixed-term tenancy agreement. However, you must provide written notice to your tenant(s) of your intention to sell. There are a few important things to consider to ensure a fair and reasonable process for both the property owner and the tenant when selling while tenanted.
DO
- Be flexible with inspection times wherever possible as there are always two parties involved in selling whilst tenanted.
- Have clear and regular communication with your tenant about the process and keep them up to date as changes are being made which will ensure they have a clear understanding of their role in the selling process and can act accordingly.
- Consider being flexible with tenant requests as compensation for the disruption of having open for inspections.
DON’T
- You often don’t need to ask your tenant to vacate the property as some prospective buyers can be attracted to a property already tenanted.
- Avoid scheduling inspections on weekends as tenants are more likely going to be home during that time.
- Do not book inspections without giving the tenant adequate notice as this can result in the house not being represented in the best light because the tenant is unprepared. A good notice period is 48 hours.
If you’re interested in selling, get in touch with us for an appraisal from our team of apartment specialists.
