We have been in business since 1998 so it is to be expected that some of our landlords that started their buy to let journey in the early days are now at the time to consider their next steps. When we ran our first Buy to Let evenings you would be able to pick up a 3 bed semi for £70,000! Many people purchasing property then had a reason or timeline in mind, whether it was to fund their retirement or for when their kids started university. Well, 20 years later for many it is time to think of an exit strategy.
When making the difficult decision to let go of a property investment many landlords are concerned for their tenants. We work hard to manage the relationship with the tenant through frequent inspections and our availability out of hours should the tenant suffer an emergency situation.
The first step to finding a new investor for your buy to let property is talking to the tenants.
This year we have assisted where tenants have been renting a property for years and we have been able to offer reassurance and manage the process so we have been able to find a new landlord.
When the tenants know we are looking for a new landlord they are assisting us by accommodating viewings so we must be able to work together in this process.
The first place we look for the new investor is our database of interested buyers. They receive information before the property is listed on the portals. This helps us to limit the disruption to tenants by undertaking viewings with serious buyers only. If we do list the property online, using the portals to market with tenants in situ, we ensure we are undertaking viewings with genuine investors.
Investors facing difficulties finding a property to buy.
Investors are finding it increasingly difficult to find a vacant property as they face competition from first time buyers who are prepared to pay over the odds for the right property.
Buying a property with a tenant in situ can allow an investor to obtain the property below market value as these properties will not be available to first time buyers or home movers.
If you would like advice about selling an investment property or you would like to be notified when we have a landlord thinking of selling please email charlotte.baker@belvoir.co.uk or call 01664 569700
