Can I rent out my property while selling it?
Renting can be difficult, so here are some tips to help you.
Posted on 25 Aug 2020 by Andreas Riha
Property Sales
Too many homeowners or investors leave a property vacant while trying to sell. With current buyers potentially facing mortgage issues due Covid 19 or investors sitting on the fence fresh thinking is needed.
Can I rent out my property while selling it?
Yes, in short is the answer, it is the how that is important. A traditional lease on a 6-month fixed term may be risky. Also selling a property with your current long-term tenants can also be difficult for viewings etc. Having an agreement in place where both occupant and property owner are satisfied with what they are getting is essential. We at Swipe have specialised in this area for several years and are happy to advise.
Case Study
Martin and Mairead* have several investment properties in Dublin. Traditionally they rented the properties out to long term tenants. Before the Covid 19 outbreak both units were listed For Sale with one of the Ireland’s best known estate agents. With the immediate unknown that came with the Covid outbreak Martin & Mairead spoke to the team at Swipe Property to see how they could help.
The units were furnished with soft furnishings to offer a turnkey property on licensee to potential licensee.
Unit A) Achieved a monthly licensee fee to the owners of €2600 after costs. The property is currently on the market for 4 months now. The property has been shown on average of 1.5 times per month. To date no buyer has been found and an income of €10,400 has been achieved.
Unit B) Achieved a monthly licensee fee to the owners of €2100 after costs. The property has been on the market for 4 months now. The property is now at contract stage and the licensee will vacate the property inline with the licensee agreed within 4 weeks. The total income achieved will be €10,500. The property was viewed 6 times in total
*While the data is correct the names of the owners are not. Actual properties and details are available and can be shared along with references.
Here is a list of typical questions we get.
FAQ’s
What happens WHEN I need to view the property?
With the agreement we put in place with all our licensees we can set up several monthly agreeable viewings.
Will my property be as clean and presentable as if it were vacant?
We can arrange a cleaner to present the property for each viewing on the day.
What rent can I expect to achieve?
After costs we can normally achieve market value on your property.
How long does it take to find an occupant for my property?
With our experience and time offering short term licenses and lettings we have a string database of licenses and tenants looking to occupy now.
My property is not furnished, is this a problem?
This is not an issue we offer a furnishing rental service where we can fill the property with the furnishing essentials. On some occasions dependent on vacant term offered some clients will bring their own furniture.
Who will manage the day to day queries from my occupants?
The team at Swipe will manage all day to day activities.
Can I get any references of similar sellers?
Yes, we are happy to provide references
Who will occupy my property?
It is all dependent on the unit and the offering. There is many types of tenants or licenses.
Homeowners renovating, corporate rentals, Erasmus students, Irish Citizens returning to Ireland to name but a few.
What next
Contact Managing Partner – Andreas Riha +353 861058395 Andreas@swipeproperty.ie