What to Expect When Your Rental Property is On the Market
property market has been moving steadily, with many property owners deciding to
take advantage of the favourable selling conditions.
Unfortunately for tenants, this can often mean that your landlord decides to put the property you’ve been renting up for sale. So what does this mean for your tenancy?
If you are currently on a lease and your landlord decides to place the property on the market, this may come as a surprise. You will be given notice in writing – as well as a courtesy call from our office – and we will allow 14 days prior to showing anyone through the property so you have some time to get your head around the idea, as well as ensure the property is in a presentable condition.
Though inspections can be annoying for you as a tenant, the whole process can be made easier by keeping communication clear and open with the agent. This way, we can work viewings around your schedule to minimise disruption to you.
Though we always try to give adequate notice before any inspection, it will be helpful if you keep on top of your cleaning and tidying. If you can do a major clean up once we let you know the house is going on the market, we can take our marketing photos while the place is looking its best, and you’ll only have to do spot cleans to maintain it. It is also important to mention that although the agent will always be at the property while it is being inspected, it is still advisable to ensure any valuables or personal items are tucked away.
If you can look beyond the inconvenience of opening your home to strangers on a regular basis, there are some very big benefits to cooperating with the process. For purchasers who are looking at the property as an investment, showing that there is already an ideal tenant in place is a very attractive option, and we often have investors keen to keep good tenants in place and even make improvements once the sale has finalised to ensure the tenants are happy.
However, if you do need to move out of a property once it is sold – referred to as ‘vacant possession’ – by cooperating with the sales agent and keeping the property in good condition, you are much more likely to get an excellent reference to secure a new rental property more easily. We are often able to help our tenants find their new home to help make the process seamless for both tenant and purchaser.
If you still can’t get your head around the idea of living in a house that is on the market, note that you do still have rights as a tenant. If you are currently on a fixed term lease, any sale would be subject to your existing tenancy. You will also be able to negotiate breaking your lease if you don’t like the idea of living in a property while it’s on the market. If your lease has gone continual/periodic, you will get at least 30 days’ notice from exchange of contracts. You will generally get a pretty good idea of when a property is about to sell as most purchasers often do more than one inspection, then arrange pest and building inspections and bank valuations.
Though the idea of renting a house that could be sold can feel overwhelming, we are always happy to provide advice or answer any questions you may have during the process. By all parties working and communicating together, we can help ensure a happy outcome for all.