How to sell a residential property portfolio
When selling your property portfolio you should make sure you are aware of all the options as it can hugely affect a lot of imperative aspects.
There are certain things you have to keep in mind while selling your residential property portfolio. When selling your residential property portfolio you will need to provide some basic information to your conveyancer or property solicitor. This can be your:
- Tax Number
- Driving licence
When selling your property portfolio you should make sure you are aware of all the options as it can hugely affect a lot of imperative aspects. These aspects can vary from the amount you will be getting for your property portfolio to the speed at which you will be concluding your sale.
Do you have current tenants?
The success of your sale depends hugely on the current state of your tenants. There will be some investors happy to purchase your Portfolio with current tenants while other may want vacant possession.
If your property is bought to let portfolio it is highly recommended that you look into selling it to a landlord or a cash investor as they will happily buy your portfolio without hesitation as well as it will help you avoid getting into legalities of vacating the tenants.
There are many ways through which you can sell your property portfolio.
1- Landlord to landlord:
There are many landlords who are interested in building their own portfolio, with the right price, you can attract investor buyers who another landlord like you who mostly are attracted to buy a tenanted property. You can either offer your property for auction but that won’t guarantee good price. This mostly happens when the landlord somehow wants or wishes an early retirement.
2- Market your Property Portfolio:
An alternative for auction sale is to market the tenanted property through a marketing medium at a national landlord to landlord medium. This will help you get the right buyers for your property portfolio. You can use an advertising agency as they have a large number of following as well as use a long list of strategies to attract the right buyers. Through this process, you can contact a large audience of interested buyers for your Property Portfolio.
It is worth remembering that while selling to another landlord. You will have to conduct multiple visits from different buyers depending on the number of interested buyers. So you must have your tenants on your side, in other cases, it would be difficult for you to show your property, which can hugely affect your ability to sell your property portfolio.
3- Property Investor:
The third option is that you can send your property portfolio to a private property investor, this is the best option because property investors complete the purchase quickly, pay in cash for your portfolio and also their prices are fairer than housing associations and local authorities.
Some of the benefits of choosing property investor include:
- Once the price is agreed upon, the completion of sale tends to go fast and sometimes the process is completed within days
- The investors take over the responsibility of the tenants so you won’t have to worry about that.
- You won’t have to bother your tenants with multiple viewing as the inspection, in this case, involves a single visit
- You won’t have to worry about getting paid as most of the sale happens with cash. This is a great relief as you won’t be left hanging and waiting around to see the potential buyer to raise capital to process the purchase.
There are many factors that affect the whole process as well as there are many options you can choose from to sell your property portfolio. However before making any choice it is very necessary that you analyze the market price and chose the option that gives you a fair deal in term of price, issues related to tenants, and eliminating any need to wait around for payment. It is also highly recommended that you stay on good terms with your tenants so they may co-operate with you on multiple viewing. With all these considerations in mind, you will be able to make a well-informed decision regarding your sale