Thinking of selling your investment property? Apart from the sales process, there are a number of tenancy related issues that investors should think of before listing the property for sale.
It is extremely important that you discuss your intentions with your Property Manager so they can advise you of your legal obligations.*
Given that the success of the sale can be dependent upon the tenant presenting the property well and allowing ease of access for intending purchasers, the notification stage is one of the most vital in the sales process. It is always wise to ensure that your selling agent notifies the tenant in an appropriate manner.
If you decide to sell through an agent who is not your property manager, it is vital that you contact your property manager to advise them of the pending sale. This is necessary because if your tenant is contacted by a different agent to advise that the property is being listed for sale, they are less likely to be as co-operative as they would be if they were first notified by your Property Manager, who has already formed a working relationship with them.
Many investors neglect this vital step which can hinder the successful sale of their investment property.
Find more information about the sales process on our eBooks page.
*Legislation requires that if you are considering selling prior to signing a new tenant, that you inform them that the property may be going on the market during their lease period. The tenants must also be notified before any marketing can commence. Where the tenant hasn’t been advised at commencement, should the property be listed for sale during the tenancy, it is important to be aware that the tenant may exercise their right to end their agreement and vacate the property prior to the expiration of the lease.