How To Sell Property With Sitting Tenants
It’s ideal to sell vacant properties to prospective buyers, but there are times when you’ll be forced to sell a buy-to-let property even when there are tenants in the property. If you ever find yourself in this difficult situation, you can read and follow these tips on how to go about selling buy-to-let properties with sitting tenants:
Common problems when selling property with a sitting tenant
It’s best to get the support of your tenant/s when you decide to sell your property. Otherwise, you’ll experience a lot of headaches and difficulties during the sale process.
When a friend of mine decided to sell his buy to let property, he gained the support of his tenants through offering them a reduction in rent until the buyer takes over the property.
This tactic won’t work on everyone, though. Some tenants will still refuse to cooperate and will take great steps to disrupt their landlords whenever they show the property to potential buyers. They may refuse the buyers into their rooms or they may neglect to tidy up their spaces when they know that a buyer is coming.
Even though they are giving you a hard time, you can’t just evict uncooperative tenants out of the property impulsively. You still have to respect the period provided in your Assured Short Hold Tenancy Agreement (AST).
The AST gives your tenant the right to stay in the property until the end of the agreed period. If they refuse to leave after the expiration of your contract, only then will you be able to file for a Court Eviction Order.
Sell to the right buyers
It takes some time to find the right buyer for buy to let property, so you need to make sure that you offer or advertise your property to groups of people who are also into property investment.
Your first candidate should be a fellow landlord. Buying a property with sitting tenants will be a win-win for fellow landlords, since he’ll receive rental payments from the first day he takes over when the sale is completed.
You can also offer the property to your tenants if they have enough money to buy the property from you. When you decide to sell it to one or all of them, you won’t have to deal with any of the unpleasant encounters that come with uncooperative tenants- making it a big win for both parties.
Remember, selling becomes easy when the person you’re talking to wants (or needs) what you have to offer. Landlords want rental income. Tenants, on the other hand, want to be home owners eventually, so it makes perfect sense to target these two groups when selling your buy-to-let property.