Selling an investment property is a little different to selling your own home, primarily because you have a tenant in place at the property. Apart from the marketing and presentation of the property, here are a few tips to help you understand how the sale process works with an occupied investment property.
- Your sales agent does not need to be from the same agency that manages your investment property.
- Inspections: Your sales agent will need to get written consent from the tenant to hold open homes, an onsite auction and also to display internal photographs on any marketing campaign. Getting this consent will assist your sale greatly.
- Tenant Rights: If you have just signed a new lease with your tenant (within 2mths) and you decide to sell and put the property on the market, the tenant has an option to terminate the lease and move out.
- Lease: Know the terms of your residential lease. Any pending sale is made with the lease terms stay remaining in place and these cannot be altered without the consent of the tenant. Often investors wish to sell a property with a lease in place. However sometimes the purchaser wishes to move in prior to the lease completing.