Getting the best result from the sale of your Brisbane investment property
The rising market’s provided an opportunity for those investors who’ve been patiently waiting to cash in their Brisbane property. With many of the official stats showing we’re now back to new market highs it’s tempting to take advantage of this stronger market.
So how do you maximise the sale price when you’re not living in the property yourself?
This can be a big “expense” for an owner and we don’t make the recommendation lightly, but if you want to sell your investment for the best possible result you may considering having it empty. Most tenants are very helpful and, considering there’s nothing in it for them to have us traipse through their home with a bunch of strangers, we usually get the job done. But we can’t get a buyer through at short notice, presentation is not usually as perfect as you’d have it, and buyers can be less relaxed in a tenant’s home.
When most of your competitor listings are rented, your clean and empty property will often have increased appeal. And that will usually more than compensate for the lost income. Many landlords worry the sale might drag on for months – but our average days on market this financial year is just 34. You’ll know within 4-5 weeks if there’s going to be a sale at a price you’ll be happy with. And if not, you can get it re-rented. Having a deadline for your selling agent’s not a bad thing either!
Investors are back in the market so having a good tenant in place can be an asset to your sale. If you have a great tenant – keep them. You’ll always want to take care in your choice of agent to ensure you get good service, but when you’re selling a rented property you also need to consider the way that agent treats your tenant. Being an agency that handles both Sales and Property Management, we have a team environment that is set in our culture – there are no divisions between the departments and we work hand in hand really well together. One of the key benefits we see with this, besides it being a fantastic place to work, is that the Sales team are very understanding and respectful towards the tenants that we deal with regularly, both during the appraisal process and the sales process.
Too many times we have taken over a tenanted sales listing from another agency, only to find that the tenants are distressed and angry about the way the agents “high-handedly” handled booking inspections or open houses. Common courtesy and communication, as well as respecting that the property the tenants are in is their home, goes a long way to making the sales process less stressful for the tenants – and for the agent and owners.
A Sales agent calling or meeting with the tenants to work out a plan for inspections and open houses, time frames and preferred contact methods goes a long way to creating a cohesive environment where everyone is kept informed and comfortable. A good Sales agent knows that happy tenants can actually help us sell the property, for the premium price and in the shortest possible time, which is what we are always looking to achieve for our clients.
And because a well presented property with happy tenants and a good return is always attractive to investors, the sale has more opportunity to be a win/win situation for everyone involved.