GETTING YOUR INVESTMENT PROPERTY READY FOR SALE
The decision to sell an investment property can come about for a variety of reasons, either personal or business. The owner may want to sell and use the available cash for any number of personal reasons, or it may be part of their overall investment strategy to reinvest in another property or investment medium. Sometimes it can be as simple as being the right time to sell in that location with other opportunities popping up in other suburbs or locations.
Either way there’s more to it than just engaging the real estate agent. When it comes to selling an investment home, proper planning and presentation are the key ingredients to a successful sale.
Being an investment property it’s likely the home will be occupied by tenants at the time. Whilst the owner has the right to market and sell the property (and that includes inspections) they also need to consider the tenants legal rights under the lease conditions to peaceful occupation of the premises.
McAdam & Turnbull Realty Co-owner Bronwyn Evans recommends engaging with your property manager as soon as the decision to sell has been made. According to Bronwyn, the property manager will advise on the best process to follow including when and how to advise the tenants of the proposed sale, as well as strategy around inspections, improvements and presentation. Keeping the tenant informed and happy during the sale process will always ensure a more successful outcome without the prospect of conflict.
Presenting the property to owner occupiers and investors creates a larger potential market for the home. That being said the owner needs to decide whether to market the property as vacant possession or with tenants in place. The logistics for either option need to be explored with the property manager and sales agent to ensure the right decision is made. If the lease is due to expire in the short term the owner and tenant may agree to continue the tenancy on a month to month basis. Alternatively, if significant repair work is required to prepare the home for sale then giving the tenant notice to leave at the end of the lease may work better and ensure the work is completed faster.
A clean, uncluttered, well maintained and inviting presentation genuinely helps the process of finding a buyer for the home, whether owner occupier or investor.
There are many ways to present a home for listing in a positive way and like our last blog McAdam & Turnbull Realty Principal and selling agent Lachlan Evans touches on the top items for any to do list!
- Cleaning and decluttering – A good ‘spring clean’ will help prepare the house for listing. Dust and dirt together with household rubbish and other debris are a big turn off. Don’t forget the windows and their furnishings! Decluttering opens up living spaces and yards helping to make each area appear as big and open as possible. If the home is tenanted, careful discussions with the tenant and property manager may be required to achieve this outcome.
- Maintenance inspection – Take a walk around the home and through every room. Make note of any damage to walls and features. Whilst it’s unnecessary to ‘renovate’ the home before listing it for sale, repairing damage can really freshen up a property and its presentation.
- Odours – Check for odours throughout the home and investigate the cause. Are there plumbing leaks causing a wet and mouldy smell? Are pets kept inside? The sense of smell is one of the strongest and even the best presented home can be let down by bad smells.
- Painting – Bright, fresh yet neutral colours are never a let down when presenting a home. There may be some striking feature walls that you painted or inherited from an earlier owner. Painting those ‘loud’ feature colours can open up a room and lift the presentation of the house.
- The ‘to do’ project list – There isn’t a property owner who doesn’t have a ‘to do’ list of projects! On this point Lachlan recommends finishing any obviously incomplete projects. As well as boosting presentation the completed projects may add to the property value.
- Floor coverings – Getting the carpets professionally cleaned is a must!
- Street appeal and a welcoming entry – Those initial seconds really count when making a first impression. Prospective buyers will be looking at the presentation of the property from the footpath to the front door. Stand on the opposite side of the street and look at the street presentation of the home. A good cut back and tidying of the garden may just do wonders. Don’t forget outdoor furniture and features around the front door. Presentation, presentation!!
Whilst the list isn’t exhaustive it simply highlights several key areas you need to focus on to prepare for a successful sale and present a house in the best possible way. The process of selling property can be complex and every person’s situation is different. The team at McAdam & Turnbull Realty led by Lachlan Evans are focused on tailoring real estate solutions to meet your needs and keep the experience as stress free as possible.
McAdam & Turnbull Realty are your local real estate professionals and property management specialists in Toowoomba and nearby surrounds. You can follow our Principal and agent Lachlan Evans at www.linkedin.com/in/lachlan-evans-621bb583 or view our current rental and sale listings at http://www.mcadamturnbull.com.au and LIKE us on Facebook @
This publication covers real estate, property market, finance and legal related issues in a general way. It is intended for general information purposes only and should not be regarded as professional finance or legal advice. McAdam & Turnbull Realty recommends that professional legal and/or finance advice should be obtained before taking any action on the basis of the general information presented in this publication.
Written and Published by www.presentprofessionally.com.au