Selling tenanted property is a complex process that needs experience and knowledge.
This is why you have to find the right people to successfully sell your property.
Unfortunately, the first thing that many people think about when it comes to selling their tenanted property is to hire a regular estate agent.
Regular estate agents usually focus on selling properties to first-time property buyers and not tenanted property investors, which means they don’t use marketing tactics that are appropriate for their needs.
These agents will just put the property on the market and hope for the best.
Which is unreliable and can slow down the selling process, leading to longer waiting times.
This page discusses the steps you must take to sell your tenanted property for market value without using a regular estate agent.
1) Find an agent who can communicate with investors
Technically, there is no need to use an estate agent to sell your tenanted property. If you have links and relationships built with investors already then you can feasibly sell the property yourself.
However, this isn’t the norm and unless you have been in the industry for years, it is unlikely that you will have this kind of network.
That is why you need to use an agent focused on selling tenanted properties.
Not only will they have access to this kind of network, they’ll be able to deal with investor specific questions regarding the purchase of a tenanted property as they do it each and every week.
The line of questioning investors will ask is different from first time buyers so you need a person who can handle them effectively.
Questions Asked by Investors
What is the yield on this property?
What is the EPC rating for this property?
Could you explain the current tenant situation?
What condition is the property in and how much refurb work is required?
Questions Asked by First Time Buyers
What local amenities are available?
How many people are currently bidding on the property?
What are the neighbours like?
Most estate agents are used to selling properties to first-time buyers so they won’t fully understand tenanted property selling from an investor’s perspective.
Even if they have a good idea theoretically.
While regular estate agents are effective at communicating with and selling to first-time buyers, they find it hard speaking with property investors.
An agent specializing in selling tenanted properties will be able to determine a good deal from a bad deal based on the properties financials.
This will not only make their selling tactics much more compelling but it’ll also make them much more confident when dealing with potential buyer’s questions and queries.
We are a specialist tenanted property selling agency, and as we are property investors ourselves, we know how to talk-the-talk with investors.
And with our customized estate services specific to tenanted property, our team knows how to best frame your property for the sale to get investors on board.
Therefore, we will only recommend what we know is best for you and your property.
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2) Market the property properly through advertising outlets where investors are present
The best way to sell your tenanted property is to find property investors and not first-time home buyers.
For the former, a live tenant will add value to the property, and for the latter, it will subtract.
So, if you tried to sell to first time buyers, you would have to go through the hassle (and possibly expense) of evicting your tenant and preparing the property for the market.
Whereas with an investor, you can simply sell the property as is without any refurb.
So you’ll make the process much simpler for yourself by selling to motivated investors.
The only problem is finding them can be difficult.
That is why you need to work with a specialist estate agent that works full time with active property investors. They will be able to formulate and implement the right advertising strategies that only attract the people you are looking for.
This often includes the following activities:
- The creation of property information packages tailored to the specific needs of investors
- Ensuring that you are fully compliant before advertising
- Using more compelling advertising copy that better fits the language of investors
They even know where to advertise and tend to have their network of investors they can call directly to offer them the property.
That’s why we built a network of over 2000 ready-to-buy investors as this adds a lot of value in comparison to using regular estate agents for investors that are looking to sell.
Most landlords also prefer to sell their properties quickly to investors.
A specialist estate agent can make sure that your property is seen by only the investors who are interested in it so that a sale is agreed within a couple weeks.
This ensures that you’re not wasting time with the wrong type of buyer that is never suited to purchasing a tenanted property in the first place!
Being one of the most experienced tenanted property sellers on the market, our team takes pride in selling your property quickly, using the same platforms as other estate agents such as Rightmove & Zoopla in many cases but we’re geared up to market your properly using the write copy and with the right materials to target investors.
Needless to say, we advertise on all of the top platforms and do it properly to attract potential investors and not first-time residential buyers.
Because we have worked with many investors ourselves, we will only market your tenanted property to investors that are motivated.
3) Have an agent whose best interest is in getting you the best price!
In most cases, estate agents are more interested in their bottom line than the seller’s bottom line.
This is why they tend to prefer to sell properties at lower prices and move on to the next transaction just to avoid spending money on marketing and showings.
Some estate agents also charge you upfront fees for their services. This means it won’t matter to them whether or not your property actually sells – they get paid no matter what, regardless of their performance.
This is why you need to get an agent that you only pay after the sale has gone through. This way, it’s in their best interest to find you the right property buyer quickly.
And if you find one that works on a commission basis, they benefit by getting the most money possible for the sale which will also work in your favour.
Specialist estate agents usually work on commission, so the more sales they do, the more money they bring in. They can easily achieve this given their experience with tenanted properties and selling to investors.
Since we deal with many direct investors, our no-fee selling structure allows us to do this for you. This means we only get paid once we sell your tenanted property.
We also have some selling routes that include no fees from you, we actually charge our fixed fee to the investor that buys your property!
The worst part… Why Estate Agents Cost You More!
You need to use a specialist estate agent with experience in tenanted property sales to sell a tenanted property.
Regular estate agents are more focused on the specific types of first-time buyers they want and as a result, you often can spend more money selling with an estate agent than using a specialist estate selling service.
This attracts more fees on top of the selling fee you have already paid them, such as refurbishment or repair costs, eviction services (to remove your current tenant), and legal fees.
It is because of these extra fees that you can end of earning less money than you would selling to an investor (see the breakdown below).
And, even with this preparation, there is no guarantee that your property will be sold.
On the other hand, you don’t have to go through this hassle and spend extra money with a specialist estate agent.
This is because they have access to thousands of property investors who are ready to buy your tenanted property regardless of whether or not it’s presentable.
Investors usually don’t care about the current condition of the property. If the numbers work out on their side, then they will invest in it.
And if you already have a tenant living in your property, this can often make them more likely to purchase as it guarantees income for the foreseeable future.
With us, you will only be linked with investors so there’s no need to go through the hurdles of preparing the property for the market.
You can keep your property as is and if the numbers add up, we’ll find you a buyer!
Summing Up
It is a straightforward process to sell your tenanted property using a specialist estate agent.
This is because regular estate agents focus on selling properties to first-time buyers while specialist estate investors target investors.
Many investors are always on the lookout for tenanted properties and the struggle to do so is actually a major pain point in the industry.
There are many great benefits to using a specialist estate agent.
They communicate well with investors, market the property via the right advertising outlets, and focus on getting you the best price for your tenanted property.
Our satisfied customers commend our selling skills and professionalism in carrying out our work and delivering you the type of services you deserve.
Let our services speak for our commitment to providing excellence.
Use our free valuation tool below to get an offer within 7 days on your tenanted property.
