When it comes to selling an investment property, the question of whether to sell it vacant or tenanted often arises. And when we weigh the options, there’s a clear winner: Vacant (ideally).
Here are three reasons why selling a property vacant is advantageous for both property owners and potential buyers.
1. Access: Easier and flexible showings
Vacant properties have a significant advantage when it comes to access. Unlike tenanted properties, which can only be shown twice a week (typically Saturdays and Wednesdays), vacant properties offer greater flexibility. As agents, we can schedule showings at any time that suits potential buyers. This availability can make all the difference in securing a sale with a specific buyer, preventing the loss of valuable opportunities.
2. Presentation: A chance to showcase the property’s full potential
Tenanted properties often do not present as well as vacant ones. Firstly, tenants may not be motivated to present the property in the best possible light since they are living in it. Secondly, with a vacant property, owners have the opportunity to make cosmetic enhancements before listing it on the market. These enhancements can include fresh paint, new carpet, updated blinds, and light fittings, all of which add value to the property. Additionally, owners can choose to professionally style the property with hired furniture, significantly enhancing its appeal in both photographs and onsite inspections.
In a nutshell, opting for a vacant property benefits everyone involved. Tenants can enjoy uninterrupted privacy and schedules. Agents have the freedom to access the property and showcase it to potential buyers at any time. And owners can take the necessary time to add value to the property and present it professionally styled, maximizing its market appeal.
3. Consider your lease agreement
If you’re contemplating selling your investment property, it’s crucial to be mindful of your lease agreement. To sell the property vacant, it’s best not to renew the lease. Waiting another year before putting the property on the market can be a costly delay. It’s important to note that the current market trend favours owner-occupiers who are eager to move straight into the property, rather than waiting for a tenant to move out. Investors, too, are less concerned about finding a new tenant in the current rental market.
We’re here to help
If you have an investment property you’re thinking of selling, our team Marriott Lane is here to help. We understand the nuances of selling both vacant and tenanted properties and can guide you through the process. We offer expert advice on maximising your property’s market appeal and navigating lease agreements to ensure a smooth and successful sale.
Contact us today to discuss your property and explore the best approach for selling it. Let us help you achieve your real estate goals with professionalism, expertise, and a sincere commitment to your success.