Tennant or Stage IP Sale

Discussion in 'The Buying & Selling Process' started by ches, 2nd Mar, 2021.

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  1. ches

    ches Active Member

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    Considering selling a decent 1 bed apartment in Lane Cove North. I have a current tenant in there with a cat. She is clean however the furniture is large, making the apartment seem small. Removing the tenant and staging the property would make it more appealing to a home owner, but an investor would prefer the tenant.
    What is the better strategy?
     
  2. wylie

    wylie Moderator Staff Member

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    Maybe due your due diligence, work out what it is worth. List it with the tenant in and if you are getting lowballed, or not successful in getting what you want, then issue notice and dress it for sale.

    Do you have any time pressure to get it sold?
     
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  3. jaybean

    jaybean Well-Known Member

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    I hate the feeling of seeing a tenant kicked out if the next owner is also an investor that would have loved to have had them as a tenant. It happened to me once (as a buyer). I have nothing to add here other than I know it's a tough decision to make.
     
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  4. ches

    ches Active Member

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    Ideally before the boarding house next door commences which could be any day. Also thinking about using the money for a better investment so there is also that in a rising market (generally speaking).

    Yeah if its a good tenant its a pity from the perspective of the seller, new owner, and also the tenant.
     
  5. jaybean

    jaybean Well-Known Member

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    Yeah it's just crap. I bought a place once and met the tenant and she was perfect. I hadn't thought about telling the previous owner to not kick her out. It slipped my mind. By the time I thought about it...it was too late.
     
  6. Shazz@

    Shazz@ Well-Known Member

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    Best to speak to an agent and get their thoughts. Personally, when I see a pet, I start doing the maths on replacing flooring or carpets, painting to fix scratches etc. But for others, this may not matter.
    Is there a strong demand for owner occupiers? If this is the case, they would prefer no tenant.
     
  7. Mel Morgan

    Mel Morgan Sydney Property Manager Business Member

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    As a PM its always a shame to ask great tenants to move, but this Sydney market seems to have more owner occupiers and styling a property will really help buyers with the emotional connection plus more flexibility in viewings and appointments.

    However you will need to give your tenant 90 days notice assuming she's on a periodic lease. This might push it out of your timeframe.