Selling a Rental

[Richlist]

I'm shortly about to start preparing one of my rental properties for sale.....small, unfurnished, one bed flat.....I'll probably start the work in December.

My plans  :-

* Carry out any obvious repairs needed.

* Ensure everything is clean and tidy, inside and out.

* Sort the decor, do anything that needs tidying, ensure neutral colours.

* Remove some green carpet and replace with inexpensive beige in the lounge.

* I usually place a few vases of flowers around the place and the odd large plant in a corner.

* Install a cheap coffee machine and switch on 10 minutes before the viewings start.

* Make sure I can answer any question that a potential buyer will ask (cos i can be fairy certain the agents wont know anything).

Have i missed anything ?

Do you guys do anything else ?

Any advice welcome.

 

 

[Grampa]

I find agents dont know anything about the lease when I view leasehold properties which I find really frustrating. I like to know lease length, ground rent, any major works planned, service charge amounts, any lease extension figures if known. Its like squeezing blood out of a stone. My biggest bug bear is it is very rare for this info to be on the websites or property details. Get potential rental income added to the property details.

Also any outside area within the demised area? I have just had a good (for me) offer accepted on a 2 bed flat and a week later the agent tells me the outside patio area comes with the flat also  which I'm pleased about which makes it very rentable, I'm sure the flat has been hugely under priced.   

I would also suggest professional photos are done by the agent and ask the agent if they do lettings as well to email the details to all their landlords with the potential yields  

Make sure the price is correct from the start, the biggest mistake i find vendors make is over pricing thinking they can always reduce the price at a later date. But its too late then you have lost the honeymoon period when a property generates the most interest.Once you start reducing people just think there is something wrong with the property.  

Maybe get the agent to mailshot the owners of the other flats in the block it is supprising how many people are looking for another unit in the block.Or do it yourself and avoid agent fees. 

High wattage light bulbs and mirrors gives an appearance of a bright and spacious property. 

[bil8999]

Think you have it covered, good luck

[Richlist]

Thanks Grampa, I value your input.

I echo all of your comments and as an occasional buyer myself have also struggled to get that info on my purchases.  I think I know the sorts of info buyers will want to know so will be prepared.

Your comment on lightbulbs is one I certainly agree with and had missed off my list. Many of my tenants use/ leave low energy bulbs  and replacing these for viewings makes perfect sense.

[Mortitia]

As well as the above.............this time of year is not actually conducive to getting the best prices or buyers.  Most buyers of one beds at present in my area are investment buyers and beige carpet and smell of coffee might not influence them.

I wish you luck but with the amount of interest only mortgaged props from the 80's coming to the market as residents find they can't settle the debt I think you might struggle.

 

[Richlist]

Thanks for that positive note Mortitia.......I now feel so much better for your words of doom and gloom.

I've managed to sell 5 of my 1 bed flats in the last few years without to much trauma.

With this one we currently have a tenant in situ. Notice has been served. My agents have a potential investment buyer who would be prepared to take the property with the tenant......the tenant is aware. The flat commands a very attractive rent with a miniscule ground rent and small service charge. However, they haven't seen the property, only photos and descriptions and we haven't discussed price yet. So, they may not take it and it will end up as a more conventional sale

The property is located on a popular development that has 96 properties in total. They don't come on the market that often, those that do sell quickly. It's modern, has many nice feature including outside space. Provided the price is pitched realistically I don't anticipate many problems with achieving a sale in a reasonable time frame.

[Melboy]

Having sold many properties over the years after renovation I do what RL has mainly done but not coffee machines. I have and would still use the Glade plug-in air fresheners

Clean. freshly decorated in neutral colours if possible,  presentation in the key to selling and knowing all the answers to any questions that may be asked.

Everything sells at the right price even in a downward market.

[Mortitia]

4 hours ago, Richlist said:

Thanks for that positive note Mortitia.......I now feel so much better for your words of doom and gloom.

That's OK RL obviously you are in your own micro-climate but these 'end of interest only term' mortgages are going to affect the market for some.  Just seeing a bit of it here now as one of my tradesmen has just had his house re-possessed!  We all warned him about it.   This may well bring prices down and more affordable for investment buyers.