Do we sell vacant or tenanted? At Lucas, this is one of the most common questions asked by our many Landlords when the time comes to sell their apartment. Whilst there is no “one size fits all” approach it's important to understand our client's needs and most importantly, the timing around the sale.

In a perfect world, no one wants to displace a tenant, so we'll always prioritise our campaigns around working with a tenant whilst they live there, should that be an option. If the property has a tenant in place we need to establish the lease details - namely the expiration of the tenancy agreement. Whilst it seems attractive to sell a property with a secure lease, a fantastic tenant, and a set income coming in each month this may not be what the buyer who is prepared to pay the best price is looking for.

Here are a few pros and cons to consider before you go to market:

Vacant:
Advantages -
Unlimited access to show buyers through day and night The opportunity to furnish the property to best showcase the property Both owner occupiers and investors can easily inspect and most likely negotiate more attractive terms (settlement)

Disadvantages -
Can be a delay in going to market depending on the time taken with the lease to vacate the tenant Loss of rent while vacant

Tenanted:
Advantages - Income coming in while trying to sell (minus the compensation tenants are paid per inspection) Many of our tenants are co-operative within reason and keep the property well presented Appealing to investors to buy a property as a going concern and receive immediate income on settlement

Disadvantages - An owner occupier is generally unlikely to want to become a landlord or wait if there is a long period of time to run on the lease and they need quick access for settlement.
First home buyer grants are not targeted toward investment situations. Appointments don't always harmonise between a prospective buyer and tenant

In summary, these are but a few yet important things to consider. Whilst it is our job to sell property, having a realistic discussion with us first and being given all of the options/strategies first before going to market is often the best way to maintain an ongoing relationship with both tenants and landlords.