Selling a tenanted property can be complicated if the tenants do not support the sale. It is often preferred to sell investment properties vacant however, this is not always a viable option. Owners of Calibre Real Estate Alice and Justin Hagen agree that there are definitely strategies to improve the sales campaign when selling a tenanted property.
Justin who manages the sales office believes “communication is key” when selling a tenanted property. “Agents should have a communication process in place before they even make contact with the tenant to alert them it’s going on the market. And be understanding, this is their home at that current moment too so you have to be empathetic.”
Running the Property Management department Alice agrees, “it’s potentially the owners biggest asset – upsetting the tenants could lose the owners income source, that could be very detrimental to their lifestyle.”
“Being clear from the outset by explaining your proposed sales approach is imperative. The unexpected is daunting, if they know what to expect they are often a lot more cooperative” Justin explains. And what about a pre-sales spruce up? Justin recommends “as long as it’s not too intrusive it may actually benefit the tenant as well.”
“You can offer other incentives to help them invest in the sale. Get to know the tenant, what is their goal? If they want to buy in the next 12 months I would offer them complimentary consultations with my mortgage brokers and accountants, maybe they can buy sooner than they expected. At the end of the day tenants can really ruin a sale, it is in everyone’s best interest if you can run the sales process like normal and not deviate from a proven strategy.”