Should you sell a tenanted property?

When investors sell their property they often ask whether it is a good idea to keep their tenants in place.question-mark

If you have good tenants then it might be best to keep them on. Keeping tenants during a sale means that you’ll have rental income coming in, and if your tenants are clean and tidy then the property will present better with their furniture inside, especially if the property has a bit of wear and tear.

However, if you have tenants that might prove difficult in terms of allowing you access to the property then you might be better off giving them their notice.

Tenants do need to provide the selling agent with “reasonable access” to the property, but at the end of the day they may be unwilling to cooperate and they can make it tricky for you to make appointments to show people through the property. If you can’t get people in to see the property when you need to then it could lead to missed opportunities and end up costing you more than missed rental income.

If the tenant suspects that they may have to move out and they don’t want to, there is also the chance that they may highlight property faults or go out of their way to turn potential buyers away.

It is often best to chat to your property manager to try to determine whether or not your tenant will be cooperative in a sale. Most tenants are completely fine and are happy to help you in your sale, but if they have been difficult in the past, and you want a quick sale, then it is may be best to hand them notice.

If you’re thinking of selling your property and would like any advice then don’t hesitate to give the team at Professionals Arbee Real Estate a call.