What’s the Best Way to Buy Tenanted Property Remotely? Some Key Tips

There’s safety in distance right now – and there’s no reason why that shouldn’t apply to property, too.  

Especially in the midst of a pandemic, buying tenanted property remotely has become increasingly commonplace.  Whereas previously, investors might have been resistant to buying from a distance, instead insisting on physically seeing each individual property.

Now, virtual viewing technology has opened up the possibilities for many investors, who may be looking to purchase from anywhere in – or outwith – the UK.  

However, it’s still important to balance this with financial risk, and there are some key factors to be aware of before you buy. Trust is right up there as one of them. 

So, if you’re wondering about the best way to successfully buy tenanted property remotely, and how you can get started, this blog is for you. 

As one half of a Scotland-based estate agent specialising in tenanted property sales, I’m going to outline the best way to buy tenanted property remotely – as well as some extra advice – below. 

But first… 

The ‘new’ normal: general tips for buying property remotely

It’s important to recognise and acknowledge that old property protocols have changed. Estate agents can still offer physical viewings, but only to serious buyers, as generally there is a lot more work involved in the runup to viewing a property. 

That’s why it’s important to not only understand your budget and do your research in spades, but also to bear in mind that you’re expected to carry out your due diligence ahead of time.

This means that before viewing you should thoroughly research the area, find properties that match your own specific buy-to-let criteria, take a virtual tour of the property, check out the home report, and speak to the seller about price. 

And, maybe before you do any of that, it’s also a good idea to compile a critical list of what you’re looking for in a property; things that a property must have if you’re going to invest in it. 

And if in doubt? Ask. In most cases, if it’s a recent video or virtual tour, nothing should have changed.

TIP: Check out our guide to attending a virtual viewing. These steps are things we’d recommend to absolutely anyone thinking of buying remotely; it’s all about doing your research, being prepared, and asking questions. 

Only after all of the above should you consider a physical viewing, if necessary (and some of our clients have skipped this last step entirely and gone straight to purchase, receiving rental income on Day 1 with an already-tenanted property – more about that below). 

OVERSEAS TIP: If you’re thinking of buying remotely from outside the UK, check out our tips for overseas investors. We also highly recommend you take the time to familiarise yourself with how the buying process works here in Scotland. 

The best way to buy a tenanted property remotely 

There’s a lot of trust that goes into buying any property remotely, and just like we say to overseas investors, having the right team behind you is absolutely essential. Otherwise, you may trip over various pitfalls when going it alone. 

Choosing an estate agent who specialises – and has a proven track record – in tenanted property trading is the best way to go (and that’s not just because we would say that). 

They’ll have the skills to understand your criteria and strategy, facilitate virtual viewings and tours, communicate with the owner and tenants, and get you to the point where all parties are happy with the purchase price – whilst keeping you updated throughout. 

They can also help advise on the area, regarding factors like market rent and capital appreciation. 

Choosing an estate agent with the right expertise and experience, who takes the time to understand you, and is responsive to communication is essential for ensuring a good experience when buying (or selling for that matter) tenanted property remotely. 

It also helps avoid anything falling through the cracks (which can happen if an estate agent doesn’t have enough experience when dealing with tenanted property sales).

Overall, the sale should be a smooth experience, with the tenancy agreement switching hands and nothing to stress about – as tenanted property allows you to bypass a lot of the usual hassle of investing.

This is why tenanted property is a particularly attractive option for those looking to buy property remotely – you don’t have to be there in person to redecorate, meet with letting agents (you can most likely keep the same one), or have to carry out compliance checks before moving new tenants in. 

And, of course, because the property is already tenanted, there are no void periods to worry about – just instant rental income to enjoy. 

Advice from the tenanted property pros  

Despite most investors choosing to keep a safe physical distance during the pandemic, we do still get contact from some investors keen to physically view as many as six or seven properties before making a serious enquiry. 

I’m sure I don’t have to state it, but this is really ill advised during lockdown. Some properties may have owner occupiers, some will be empty, and (as the majority of properties we sell are) some may be tenanted. 

We can’t put our staff, the tenants, or anyone else in danger, when really a home report and virtual tour should get you 90% of the way there. Thankfully we’ve found the vast majority of potential buyers are fully on-board with this and we’ve secured many sales in the last number of months. 

Some of the biggest benefits of buying already-tenanted property is that they’re already fully compliant, many complete with furniture, all with tenants in place, and zero refurbishment required – as well as the instant rental income on Day 1 we mentioned above. 

Again, we’ve been able to help multiple investors enjoy the advantages of buying remotely this way and feel our safe, professional and proactive approach has been welcomed by all concerned.

In summary… 

Thanks for taking the time to read, and I hope you’ve found some of the information in the blog helpful when learning about buying tenanted property remotely. 

One last thing: Choosing a specialist estate agent is one thing, but choosing one that cares is another. Trust your gut instincts when finding the right estate agent to help you invest in tenanted property remotely – and always ask to see social proof/testimonials.

We’ve helped many clients buy and sell tenanted property remotely – both before and during the pandemic. Some of whom had not stepped foot inside their chosen properties even once. 

It may take a while to get used to the idea – and it might not be for everyone – but we truly believe it’s a highly productive way forward. Just ensure you have the right team on your side.

If you’d like to learn more about buying a tenanted property, or to even learn about tenanted property for sale at the moment, why not get in touch with us today? 

We’d be happy to have a chat, listen to your goals, and even provide some free, no-strings advice to help you get started.

Written by Chris Wood, MD & Founder of Portolio

Get in touch on 07812 164 842 or email [email protected]

You may also be interested in reading: 

• 5 Main Considerations When Purchasing Buy-to-Let in a New Location
• Buying Tenanted Property: 5 Things to be Aware [Property Investment Advice]
• Scottish Property Investment in 2021: Predictions from 13 of the Top Property Experts
• Fall in Sterling Brings Opportunity for Overseas Scottish Property Investors Before Additional Tax Levy
• The Top 7 Buy-to-Let Property Investment Pitfalls – and How to Avoid Them