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Where to start with selling rental property??

(8 Posts)
ShouldHAVE Sat 11-Mar-17 13:13:40

I have a small property which has been let for the past 13 years. I now want to sell it to buy something we can live in. It's currently tenanted until June; can I put it on the market whilst they're still in situ?

The easiest way would probably be for my current agents to value & market it, but I have no idea of costs. Is the way ahead these days to use the newer companies like Purple Bricks? Would it be a lot cheaper?

Any advice greatly appreciated.

EmmaC78 Sat 11-Mar-17 13:22:04

I would ask the agent to speak to the tenants and see if they are happy for you to market it while they are still occupying - possibly in return for slightly reduced rent. This is assuming it is in OK condition and they are tidy tenants. If not, I would serve notice for them to leave and then get it ready for the market when it is vacant.

bikingintherain Sat 11-Mar-17 13:25:50

We sold our rental property. I think it depends who you are marketing it to, if it's another landlord then having a tenant in is not so much of a problem. However, if your marketing to the wider public then people will want it tenant free.

Our tenants left and we decided to market it once empty, with purple bricks. It went really well. (Only advice with purplebricks is to use your own solicitor as I think their subcontractors aren't the fastest- we didn't on advice from others) but they saved us a lot of money and were great.

Kiroro Sat 11-Mar-17 13:27:26

You can market it with tenants in situ but they don't have to allow viewing and even if they do, the property won't look at its best and there are complications e.g. around vacant possession so needing the tenants out for exchange, which may drag etc.

I got the agents to value and prepare floor plan and write details with the tenants in, once they were out I spruced up the house, new lick of paint, some other bit and pieces that needed doing after the same tenants in for 4 years .

House looked ace with furniture but no clutter - sold v quickly. No issues with viewings as no one was living there.

ShouldHAVE Sat 11-Mar-17 13:38:56

Tenants are an older couple who seem to be very clean and tidy. Whether they'll be happy for viewings I don't know, but good idea about offering reduced rent... not sure if I'd be able to do this on their current tenancy agreement, though?

Just checked and it's actually July their contract is up. It would be good to start marketing it before that at the start of summer.

Waiting to hear of costs of selling from our agent.

ShouldHAVE Sat 11-Mar-17 13:47:09

*before the start of summer!

ThomasHardyPerennial Sat 11-Mar-17 14:56:58

Ask your tenants if they would be interested in buying it! I think you should definitely give them some notice/let them know the house will be going on the market, as they may be under the impression they will be able to renew the tenancy.

ShouldHAVE Sat 11-Mar-17 21:19:45

@ThomasHardyPerennial, I told my tenants last year that I was considering putting it on the market this year and asked if they would be interested in buying it. Unfortunately, they're not in a position to buy, which is a shame as they really like it.

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