Selling a property with tenants in

GRBWA

Hi Guys,

Just wondered if anybody had an opinion on pros/cons of marketing a property with tenants still in. They are due to vacate in the next few months but now face the dilemma of trying to obtain a sale whilst they are still in it, or marketing an empty property instead.

Tenants are reasonably accommodating and reasonably tidy although a degree of 'clutter' with regards to their taste.

In an ideal world I could do without a long period of an empty property but wondered if houses tend to sell better marketed empty or 'lived in'

Thanks in advance

Guest101

GRBWA wrote: »

Hi Guys,

Just wondered if anybody had an opinion on pros/cons of marketing a property with tenants still in. They are due to vacate in the next few months but now face the dilemma of trying to obtain a sale whilst they are still in it, or marketing an empty property instead.

Tenants are reasonably accommodating and reasonably tidy although a degree of 'clutter' with regards to their taste.

In an ideal world I could do without a long period of an empty property but wondered if houses tend to sell better marketed empty or 'lived in'

Thanks in advance

Think you should thank your lucky starts theyre accomodating, and not changing the locks telling you to respect their 'quiet enjoyment' of the propeorty.

Having your cake and eating it?

Either keep the tenants on side or face an empty property. What do you expect?

They pay you to maintain a show home?

fairy_lights

When you say they're due to vacate in the next few months, have they actually given notice?
I would wait until the property was empty. Even the most accommodating tenants will want notice of viewings which might make it difficult to arrange times with potential buyers, and if they don't want to allow viewings at all it could get very difficult.

bris

If they are happy to let you market it whilst they are still there then do it, any reasonable tenants would if they are leaving anyway. It would be different if you were making them homeless to sell but this is not the case here.


It's nothing to do with having your cake and eating it, a sale with as much downtime as possible makes perfect sense.

theartfullodger

If the tenants have any sense they will demand serious £££ for being "accommodating". How would you like people traipsing round your home, your privacy, when you gain nothing from it??

thesaint

I would look at marketing it asap.
Most people can see past a bit of clutter.

Expect lots of "having your cake and eating it" nonsense. Some people have more money than sense, yet frequent a website who's whole purpose is based on saving money.

GRBWA

Guest 101,

Thanks for your reponse. You make a lot of assumptions there. the tenant is fully co-operatice with regarsd to this and been given notice. I have helped them out a lot in the past and because of this there is a strong mutual respect. They are looking to move themselves hence my putting it up for sale.

G_M

GRBWA wrote: »

They are due to vacate in the next few months
As in
a) their fixed term ends and you hope they will just leave (they don't have to)
b) they have a SPT and you've served a S21 and you hope they will just leave (they don't have to)
c) they have served you notice as they wish to leave OR
d) you've had a chat and they've indicated they are hoping to buy somewhere and will be leaving 'soon'?

Tenants are reasonably accommodating and reasonably tidy although a degree of 'clutter' with regards to their taste.
Talk to them. Are they happy to permit viewings? Surveyors etc? If so, on what terms/at what times/frequncy?

Will they be more flexible if you reduce the rent?

In an ideal world I could do without a long period of an empty property
Of course. That is your cake.
but wondered if houses tend to sell better marketed empty
Yes of course
or 'lived in' not by tenants!

Thanks in advance

Most buyers will be wary of a tenanted property. They will know (as you should since you are landlord) that tenants don't always conveniently leave the day before Completion. Or the day before Exchange. Or indeed the month after......

Pixie5740

When you say that your tenants are due to vacate within the next couple of months does that you mean your tenants have given notice or that you've served notice?

The important part for buyers wishing to live in the property themselves is vacant possession on completion or the mortgage lender won't release the funds. BTL investors may also want vacant possession so they can let the property to tenants of their own choosing.

stator

You'll only attract landlords or developers if the tenants are still living in. If you want to attract FTB and other owner occupiers wait until they are out. However there's no harm in marketing it now, you might find the odd person who is interested.

Guest101

GRBWA wrote: »

Guest 101,

Thanks for your reponse. You make a lot of assumptions there. the tenant is fully co-operatice with regarsd to this and been given notice. I have helped them out a lot in the past and because of this there is a strong mutual respect. They are looking to move themselves hence my putting it up for sale.

Sorry crystal ball on the fritz again. Obviously I'm supposed to know all this from your original post?

The fact is that you are lucky that they are cooperative and not asking for a financial incentive.

U say they're moving soon, but I'm confused if u gave notice or they did.

Good luck with the sale. But beware relationship like this break down very quickly, any good will on your part isn't worth the non existent paper it's written on.