Searching for properties online has become like Tinder, if buyers don’t like what they see, they’ll swipe and move on.
So what does that mean if you want or need to sell your investment property? Can you sell it while it’s tenanted?
The answer is yes of course can. You just need to realise it will likely impact your sale price.
Why?
Basically, the better a property looks, the more likely a buyer is to fancy it. If they really fancy it, they’ll probably make an offer on it. And if they love it, they’ll pay more money for it.
Yes it’s absolutely superficial. It’s also true.
Buying a property is an emotional transaction. The bulk of your buyers are going to be owner occupiers. They’re buying a home to live in. And they want to hook up with something hot. Even investors want to buy something they at least like. Preferably a lot.
You might have wonderful tenants who do a great job of looking after the property. But there’s a big difference between living and selling condition. It’s hard enough to get your property sale fit when you live in it. With a tenant, you’ve got no control – it’s their home, and they can leave it how they want to.
When you sell, you’re selling in competition, not isolation. When buyers come to a home open, they’re comparing your property to someone elses. And if yours doesn’t do it for them, they’re onto the next one.
So here’s the dilemma: if you can’t compete on presentation, you’ve got no choice but to compete on price. If you can’t be the gourmet insta burger, you’re looking at having to be the meal deal.
So if you’ve got a tenanted property to sell, think seriously about whether you’re prepared to sacrifice on price before you put it on the market. If it’s an option, wait for the tenant to leave, do whatever is needed to freshen it up, and stage it for sale. That online pic will be far more appealing, and your wallet fatter, if you do.
Image from Canva.
