Are you considering selling your investment property but unsure whether to do it with tenants still in place?
It’s a common dilemma for property owners, but what many fail to realize are the potential hidden costs associated with selling a tenanted property. At Red Fox Property, we believe in transparency and maximizing returns for our clients. Let’s delve into why selling your investment property vacant might be the smarter choice.
1. Unrestricted Access for High-Frequency Viewings
When your property is tenanted, arranging viewings becomes a logistical challenge.
Coordinating with tenants’ schedules often leads to limited viewing times, reducing the ease and frequency of potential buyers visiting your property. This decreased visibility can prolong the selling process, resulting in increased holding costs and potential price reductions to attract buyers.
2. Presentation Perfection
Presentation is key when it comes to selling a property.
From touch-up paintwork to potentially installing new carpet, making these improvements while tenants are still occupying the property can be cumbersome and disruptive. Vacating the property allows for easier access and more efficient execution of necessary upgrades, enhancing its appeal to potential buyers without inconveniencing tenants.
3. Maximized Staging Opportunities
Staging plays a crucial role in showcasing the full potential of your property.
With a vacant property, you have the freedom to control and maximize the staging process. Whether it’s using display furniture or leveraging digital staging techniques, you can create an environment that resonates with buyers on an emotional level, tapping into their desires and increasing the perceived value of the property.
4. Widened Prospective Buyer Pool
Selling a vacant property opens doors to a broader range of potential buyers.
First-time homebuyers and owner-occupiers often prefer move-in ready properties, where they can envision themselves living without the hassle of waiting for a lease to expire. Additionally, investors looking to capitalize on current market rental values are more inclined to consider vacant properties, as they have the flexibility to set their rental rates based on market demand rather than being constrained by existing lease agreements.
Final Thoughts…
While selling a tenanted property might seem like the convenient option, it’s essential to consider the potential hidden costs and missed opportunities it entails. By opting to sell your investment property vacant, you gain unrestricted access for high-frequency viewings, the ability to attend to presentation improvements with ease, opportunities to maximize staging for increased buyer appeal, and access to a wider pool of prospective buyers. At Red Fox Property, we’re here to help you navigate the selling process and maximize the returns on your investment. Contact us today to learn more about how we can assist you in achieving your property goals.
