Only Way to Market and Sell a Buy to Let Property
Before I set up Accommodation Unlimited I worked for a company that sold country pubs and country house hotels. These were in some of the most picturesque parts of the country and were mostly the kind of property you saw on a chocolate box, the first and best piece of advice my boss told me was “It’s all about the business, forget what it looks like, you’re selling a business”.
This stood me in very good stead as on my second day in the job, Nigel Lawson (for our younger readers, Nigella’s dad) put interest rates up to 15% and the market crashed overnight.
I still sold some businesses, even at those interest rates, but they were the ones that had good profits and great cash flow. I never forgot that piece of advice and it is the cornerstone of how we always felt a buy to let property should be sold.
Isn’t that how it’s always done?
Quite simply, no! Over the last few years I have viewed many buy to let properties in Bristol on behalf of clients of our Personal Shopper Service and have been shocked at how lacking in knowledge the typical estate agent is.
Here are just three basic questions we always ask and the typical response we get:
Q. How much is the rent? A. I’m not sure.
Q. Is the property furnished? A. Don’t know.
Q. How long is left on the lease? A. You’d have to ask the vendor.
I’ve got increasingly frustrated by so called estate agents not knowing the basic facts of the property they are selling.
Which got me thinking. Surely there is a better way to sell buy to let properties?
And then I remembered my old boss’ advice “It’s all about the business, forget what it looks like you’re selling a business”.
What if we sold buy to let properties as a going concern? What if potential purchasers had all the information at their fingertips so they could make an informed judgement, and be able to give this information to their prospective lender? Surely that has to be a better way?
How can we put it right?
Easy. We set up our own Bristol estate agency, specialising in selling buy to let property. We understand that selling rental property is different in that potential investors want to know what they are buying. Not just a nice house or flat but a going concern.
All our buy to let properties for sale have the following information available for a prospective purchaser:
- Current rent level and previous rent reviews
- Void periods / percentage occupancy rate
- Current tenancy details
- A copy of the inventory will be available
- Maintenance costs
- Service charges and ground rents (if applicable)
- Profit / Loss account
By doing this we give the potential purchaser all the information he or she needs to make a proper offer for your property. Our experience so far shows that by including all of this information, we are getting higher offers and when accepted seeing exchange and completion happening quicker with fewer sales falling through.
Plus, with mortgage companies tightening their criteria from September onwards it is imperative that lenders have all the information available to determine that:
- the property meets their new stress test rules
- you are a serious investor who has made an informed decision based on hard facts
We have been trialling this for six months and now feel ready to roll this service out to you, our wider Accommodation Unlimited community. So if you are thinking of selling your buy to let or perhaps considering buying one. There is only one estate agent that ONLY sells buy to let property and that is Accommodation Unlimited.
For more information on how we can ensure you buy the right investment property, or sell your existing buy to let property for the right price, call Peter Ellis on 0117 97369394.