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The lettings sector has seen a lot of change in recent years, and landlords are exploring their options in a bid to hold onto their rental profits. For many landlords, they are finding solutions without having to sell off any of their portfolio, but for others, selling their buy-to-let property may seem the best solution.
If you plan to sell, property presentation and preparation is key. Here's a few tips to consider prior to putting your buy-to-let property on the market.
Agree an accurate sale price
Get a valuation of the property which reflects current local market conditions, and ask for a valuation from three different agents for comparison purposes. The house price will need to appeal to prospective buyers in the current housing market.
Choose the right estate agent
As a landlord selling a rental property, it pays to choose a local agent who knows the market, and will be able to put the property in front of the right potential buyers, such as other landlords expanding their portfolios. If you don't live close to your buy-to-let property, then it's all the more important to find an agent you feel you can rely on to deliver on the sale.
Sell with tenants in situ?
Tenants are legally allowed to stay in the property up to when their tenancy ends. You can either wait until their contract ends and then put the property up for sale, or you can agree with the tenant to end the contract early, or simply sell the property with the tenant in situ. Selling a property with a good tenant still renting it can appeal to other investors, as they won't need to hunt around for their own tenant, and will have a rental income from the moment they take ownership of the property. A property with a tenant in won't affect the sale price. However, if you want to open the sale up to homebuyers and not just buy-to-let investors, you may want to ensure the property is untenanted at point of sale.
Upgrade where it counts
By this we mean, upgrade to add market and aesthetic value. This might mean upgrading the bathroom or kitchen, or even renovating the house so that the internal space is made to feel more spacious and open-plan. If you want to upgrade the kitchen or bathroom, this doesn't need to involve a major service, just smaller alterations. For example, you can install new door handles or new mirrors in the bathroom, and in the kitchen replace the handles for the units or replace the worktops.
Look at the exterior of the property. Does the front door need repainting? Does the paved patio at the back of the property require some attention? Does the side fence need fixing? Make sure the property looks well-maintained, clean, and clutter-free, especially when viewings begin. Then make sure the property is marketed well.
Accept the best offer from the most committed buyer
You'll want to approve a buyer who is committed to buying the property - you'll be surprised how many people remain flakey even after putting in an offer. Is the buyer part of chain? How quickly can the money be accessed? Naturally you'll want to secure the best sale price, but sometimes it's advisable to choose the buyer who is most committed.
Do you want to sell your rental property? The sale of rental properties is something we have considerable experience in, and routinely work with landlords to achieve maximum returns on the sale. To sell your rental property, get in touch today for a free valuation.