If you’re an investor and have been thinking of selling your investment property either as part of your retirement planning, to reduce your exposure to debt, to buy property in another area or for other reasons then you will want to achieve a result sooner rather the later. Of course, most investors sell their property with the homes tenanted as they need the income from the tenancy to assist with mortgage repayments rather than having a property left vacant. So, what can an owner do to create a better chance of success.
First of all, you want to make sure there is a harmonious relationship with the tenant, so make sure they are advised of their rights under the Residential Tenancy Act. Ie: if a fixed term lease is in place that must be honoured by the new owner, notices required for inspections, times when inspections can happen etc. Your property manager will be able to inform them of this.
You will also want to make sure the tenants are presenting the property well for any potential buyers so it’s important as a landlord that should any maintenance be required that you have completed this. If the landlord has done the right thing by the tenant, then they will be more encouraged to assist.
And from a tenant’s point of view if you assist with having the property at its best then when it comes to references for other properties your more than likely to get a favourable outcome.
So, when it comes to selling time remember that communication is the key for a successful result for both the tenant and landlord.
