What can you do to help sell a Buy to Let investment property?
Terry Lucking, owner of one of Cambridgeshire’s most successful letting agencies and buy to let advice centres predominately covering Peterborough provides landlords with advice from the eye of an experienced search and select agent.
First of all decide the market you are targeting to sell to. Are you aiming at another investor or a home buyer. They are both very different markets and buyers will have very different expectations.
Selling to an investment buyer
A property sold to an investor will be far more attractive if there is a live tenancy. If the tenancy is more than say 3 months old ask your agent to carryout a reference check on your tenant again; the agent will most likely charge you a small fee but it will be very valuable to a buyer and shows you are acting professionally. Ensure a rent account is made available to the buyer. Prepare a maintenance record and include supporting receipts.
One very important aspect is keeping your tenant upto date with your plans. They will feel at risk if they see the property on the market but don’t know what your plans are. Speak to them; treat them as a valued partner and you will most likely find they will help being flexible with buyer viewings and keeping the property tidy. Maybe you offer the tenant a small incentive if they help you to achieve a sale.
Remember you are selling a micro business unit and the more information you can provide a buyer about the history the more confident they will be about your property and the investment potential. Maybe you should prepare a property CV. Would you buy a car without a service history?
Selling to a home owner
A home occupier buyer will need vacant possession and it is unlikely their solicitor will allow contracts to exchange until you have vacant possession. Once you’ve got vacant possession invest some time and money making sure the property is clean and gardens are well presented. The property needs to feel and smell nice attractive and have as much of a wow factor as it can. You may need to do some decorating and other general improvements. The more you invest as soon as it has become vacant the shorter the void will be before a buyer makes an offer. Leave it untidy, unloved and unattractive be prepared for a long void and maybe not even achieve a sale.
Free Buy to Let Advice
Terry Lucking is the owner and director of Belvoir Peterborough. Terry and his team are willing to help investors and landlords maximize their rental income. Terry offers a free one to one review. During these reviews Terry and his team will look at the various options to protect and increase your rental returns.
Belvoir Peterborough is an accredited and regulated letting agency. They are also members of ARLA, Safe agent, Safeagent and the Property Ombudsman. One of the requirements for membership of ARLA and Safe Agent is to have Client Money Protection and all client monies independently audited and accounted for annually.
For more information or to ask Terry a question send an email to terry.lucking@belvoirlettings.com
