If you’re interested in selling your rental property but don’t want to go through the steps of serving notice on your tenants and the process of marketing the property on the open market, we can help sell the property to an investor looking to buy tenanted property in Edinburgh.
Open-market sale versus off-market sale
While an open-market sale may appeal to many property owners; exposing the property to the maximum number of potential buyers, creating competition and hopefully driving the price as high as possible, it also comes at a higher cost. Estate agency and marketing costs can eat into the sale price and an open-market sale normally involves freeing up the property, so losing out on several months’ worth of rent while the property sits empty during the preparation, marketing and legal process (this can easily amount to 14-20 weeks even in Edinburgh’s buoyant property market).
An off-market sale, on the other hand, can take place with tenants in situ, so you can continue to receive rent while a buyer is sourced and up until the day the property sale concludes. It also takes a lot of the uncertainty out of things and means you don’t have to get involved with viewings, preparing the property for sale and clearing out furnishings to hand over vacant possession. Essentially it means the process can start right now and your workload is kept to a minimum!
If you’re interested in selling your property with tenants in situ we can helps follows:
- Our team visits the property to report back to you on an approximate sale price.
- If you’re happy with this approximate figure we would normally then instruct a Home Report to be carried out (this 3rd party valuation ensures complete transparency of valuation and condition to give both buyer and seller peace of mind).
- We would then introduce the property to our list of investors in case it matches what they’re looking for. We normally offer off-market properties at a fixed price. We would make sure any investor was prepared with a solicitor and funding in place to maximise the chance of the sale going through. If our initial list of investors doesn’t show interest, we would place the property on portolio.co.uk to tempt investors registered on this platform looking to buy tenanted properties (we don’t charge for advertising on Portolio)
- Once a price is agreed we then pass things onto your solicitor (we can introduce you to one) who will take things forward until completion (Umega Lettings normally charge 1%+VAT of the sale price and we don’t charge until the sale has concluded)
Selling tenanted properties has worked really well for some of our landlords. If you’d like to explore selling your property in this way please contact [email protected]. Likewise, if you’re a landlord looking to expand your portfolio and are looking for help sourcing another rental property please contact Chris who can explain how we can help.