When you decide it is time to sell your buy-to-let, there are a number of different options available. In this guide, LandlordBuyer looks at each of the ways you can sell, together with their advantages and disadvantages.

1. Sell on the open market via a High Street estate agent

The most common way to sell a property, whether rented or not, is to employ a local estate agent to market it for you. The property is listed with an asking price and potential buyers make an offer for you to consider. When an offer is accepted, a contract will be issued, signed and exchanged before completion. Aspects to consider when using a High Street agent include:

  • Agents available in person with a branch you can visit
  • Often have useful local knowledge
  • Commission structure can motivate agents to achieve a higher price
  • Estate agent fees can eat into your profit
  • May not have the experience to sell a buy-to-let with sitting tenants
  • May not have a relationship with investors/landlords willing to buy rental properties

2. Sell at auction

Auctions often offer a quicker way to sell property compared to using an estate agent. They can also be good for ‘problem properties’, such as those with sitting tenants or dwellings that are dilapidated, as auctions attract developers and experienced investors. Although you would avoid estate agent fees, you would still have to pay auction fees. Aspects to consider when selling at an auction include:

  • Often the result is a sale and exchange on the day
  • Better for problem properties
  • Set a reserve price that needs to be met for the sale to go through
  • You would have to pay an auction premium or fee on the sale
  • Seller has to pay for a legal pack to be prepared ahead of the auction

3. Sell privately without using an agent

Some sellers choose not to use an agent or auction third party in favour of doing it all themselves. A private sale is not for the faint hearted, however. Whilst the DIY approach saves money in fees, it can take time to research the property’s value, try to find potential buyers, market the property effectively and manage viewings around tenants. Aspects to consider when selling privately include:

  • No estate agent or auction fees to pay
  • Finding another buy-to-let buyer is a niche skill
  • Hard to value a rental without expert help
  • A big time commitment for the seller
  • Rightmove and Zoopla don’t allows private sellers to list their properties

4. Sell to a professional cash buyer directly

An easier way than the DIY option is to sell to a professional cash buyer. LandlordBuyer will purchase any rented property with tenants in situ, which can be impossible on the open market. Selling to us is quick and straightforward – there’s a cash offer waiting and you can start now by requesting an online valuation. Don’t forget, we buy any rented property or buy-to-let portfolio ‘sold as seen’, including properties with short leases, tenants or dilapidations. Aspects to consider when selling to LandlordBuyer include:

  • No agency or auction fees
  • No legal fees
  • No need for viewings or internal inspections
  • Quick and straightforward sales process with no middle men involved
  • Sell with tenants in situ or as a vacant let
  • Completion in as little as 7 days, or when suits the landlord/tenants

If you are looking to sell your buy-to-let contact LandlordBuyer. Our experienced team will provide you with a free valuation and advice on the sales process.

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