Keeping your property manager informed about the sale of your investment property is essential for ensuring a seamless transition of ownership and safeguarding your interests as a landlord. Here’s why:

  1. Continuity of management: Notifying us allows for the preparation of a smooth handover of management to the new owner.
  2. Maintenance and repairs: We coordinate any necessary maintenance or repairs before the sale, ensuring the property is in good condition for the new owner.
  3. Rent collection: If the property is sold with tenants, we continue to collect rent and enforce lease terms until the sale is finalised.
  4. Inspections: We handle communication with tenants and sales agents regarding inspections, and we organise the vacate inspection and finalise the tenancy.

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How Leah Jay Can Help When You’ve Decided to Sell

The Leah Jay Investment Services team can offer you extra assistance whether you’re considering selling your investment property or exploring ways to enhance your Returns on Investment. Here’s how we can help you further:

  1. Tenancy discussions: We’ll talk through the implications of selling your property with tenants in place or waiting until it’s vacant, as well as any notice requirements from the tenant.
  2. Property condition and presentation: We’ll ensure your property is in top condition and looks its best to attract potential buyers.
  3. Timing of sale: We’ll advise you on when it’s best to sell, whether with tenants still occupying the property or when it’s vacant.
  4. Referral to sales agents: We can connect you with trusted sales agents and offer impartial advice on their services and commissions.
  5. Conveyancing support: Our team will liaise with the conveyancer, providing necessary information about the tenancy and discussing the notice of Attornment to ensure correct fund disbursement upon settlement.
  6. Considering other factors: We’ll also discuss any additional factors that could impact the sale and the final price of your property.

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Recent Case Study

Pippa Rose, Lead Investment Services Manager, speaks about her experience with a recent client, Dan.*

“I recently spoke with a landlord who is selling two of his units. He couldn’t understand why the valuations he expected to achieve were not what the sales agent had in mind. The owner could lose over $100k on each unit because he has not managed his properties to their full potential.

Dan has been with Leah Jay for over 20 years, and whilst he appreciates his Property Managers’ work and advice, he likes to do things his own way.  Being a kind-hearted person, he has always wanted to look after his tenants. He repeatedly refused rent increases when his Property Manager suggested it, keeping the tenant on low rent so that they could stay in the property for longer. While this is admirable, it is now showing to have come at a cost that Dan hadn’t previously considered.

The units are well below market value, and one has a Long-Term Tenant of over 20 years. What Dan doesn’t realise is that he has also unwittingly added risks to the future owner.

If Dan had spoken to our IS team when he was planning to sell, we could have helped to prepare him and the units for sale before he engaged a sales agent. 

Dan would have achieved a much better price as a result, a result that we recently achieved with Lyn* whom we worked for over a year leading up to her sale. 

While working with Lyn, we addressed outstanding maintenance issues and planned a freshen-up of the property at the end of the lease before going to market. We also gave Lyn timely advice that helped her achieve $50k over what she was hoping for.”

*Names have been changed for privacy

Key Takeaways

  • Informing your property manager about selling your property ensures a smooth transition, including handling tenant communications and inspections.
  • A well-informed property manager can address maintenance, ensuring the property's condition enhances its sale potential.
  • Continuous rent collection and lease enforcement remain crucial until the sale completes.
  • Property managers play a key role in liaising with tenants and sales agents for inspections, contributing to a smoother sales process.
  • They offer advice on the best timing for sale and how to maximize returns, considering tenancy implications and property presentation.

Are you curious about the potential of investing in property?

Whether you’re thinking about owning your first investment property or renting out an existing one, it’s crucial to seek professional guidance beforehand. Here are a few key factors to ponder before diving into your first investment:

If you’re seeking general advice to kickstart your property investment journey, get in touch with our Investment Services team today.

Disclaimer: This information is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your situation, and for professional advice, seek out a financial adviser.