February 17, 2020
Looking to sell your tenanted property as is?
Here at Portolio, we know how selling your property with the tenants still inside can seem like an ideal scenario (as it avoids having to serve your tenants notice, before waiting to market the property, and then have it lying vacant)…
… But you may also be concerned about whether you’ll still get you a good sale price.
In this case study, we highlight how Portolio helped a regular landlord, Justin Rooschuz, sell his tenanted two-bedroom upper villa on Sighthill Road for a good price – despite having been told by other agents that to do so he would have to end the tenancy first.
The Challenge
It was the summer of 2019 when Justin got in touch and told us he was considering selling his tenanted property in the Sighthill area of Edinburgh.
For him, selling with the tenancy still ongoing was the ideal solution because he was keen to keep receiving rental income, but also he didn’t want to cause his long term tenant, who was a young mother, any undue inconvenience and stress.
However, like most people, the numbers had to stack up and he couldn’t sell for the low sale price that had been suggested by the other people he had spoken to.
The Solution
During our early discussions with Justin, we outlined that our goal is simple; to support him in achieving his goals and to get the best sale price that we possibly can.
It was a very honest conversation and we certainly didn’t “over egg” our ambitions. We simply stated that property in Sighthill is selling well and we saw no reason why we couldn’t get a sale price that reflects that activity, even if the tenant was still living there.
Justin recognised that we’re the only estate agent in Scotland who is solely focussed on selling tenanted property for landlords, and he liked our transparency and the way we’ve been able to deliver great results by selling tenanted property on the open market.
In short, we were delighted when Justin instructed us to start marketing his tenanted property and we went straight to work!
Justin was a landlord who managed the tenancy himself and, after introducing us to his tenant, we arranged the home report survey and visited to take quality marketing photos, before creating effective adverts on top national online portals, and also on our own website.
The Results
Interest from potential buyers was particularly strong due to:
- A laser-focused approach
- Our very large (and growing!) list of potential buyers
- Our ability to sell on the open market
Over the next two weeks, every enquiry was followed up, and every avenue was fully tested. Viewings were arranged and were carried out in a way that was sensitive to the tenant.
What all this meant is that Justin’s property was sold to a property investor for £140,000, when only weeks before Justin had been told he would struggle to get £125,000. In fact, we’re very happy to say that – at that time – the sale price of £140,000 was one of the best in the area.
The whole process from Justin instructing us to sell his place, right through to the sale completing, took two months. Further to that, the tenant has had no disruption to their tenancy and they are still living there (at the time of writing this).
Helping Justin find a way to move forward was a real pleasure, and the words he used sum up why we want to help more landlords like him:
Justin Rooschuz
“It was a powerful solution to a long standing stagnating issue. There has been a really positive domino effect that started with employing Portolio, and the work they did will always be a part of our success.”
NB. We feel it should be said that the property investor who bought Justin’s property did well, too! They paid a fair price for a very good fully compliant property with a good tenant. They got instant rental income and removed many of the risks associated with property investment.
___
Written by Chris Wood, MD & Founder of Portolio
Get in touch on 07812 164 842 or email to [email protected]
Comments