The choice between selling a property vacant or occupied is a matter of deep thought and consideration. If you are a homeowner or a real estate agent looking forward to selling a property shortly, then, to no surprise, you can find yourself facing a similar dilemma. The decision between the two is influenced by the set of advantages and disadvantages each choice offers. Selling a property you live in, a rental, or an ancestral one can affect the speed of the sales process. Delve deep and explore more to check which option is more suitable and can best work for you.
Selling a Property Occupied/Staged
When it comes to selling a property that is your primary residence or a rental property occupied by tenants, there are both advantages and disadvantages you have to take into consideration:
Advantages
Eliminates Staging Cost
Staging is an important aspect of the sales process, which includes setting up furniture in the space for enhanced property appeal. While you are selling a property that is occupied, you get the advantage of already well-furnished space that eliminates the need for staging. This not only saves you the cost of staging but also helps to effectively showcase to clients the true potential of the property.
Steady Rental Income
Selling a property that is already rented minimizes financial tensions as you can continue collecting rental income while your property is on sale in the market. This rental income helps cover any maintenance costs or mortgage payments without getting financially strained, making transitions smooth and hassle-free.
Better Visualization
When potential buyers visit an occupied property, they can better envision living there. Well-furnished and maintained spaces make the property more inviting, leaving a positive impression.
Disadvantages
Lack of Cooperation
If you are planning to showcase a rented property, you cannot be sure about the type of cooperation you receive from your tenants. While some tenants fully cooperate in the sales process, others end up adding more challenges. Non-cooperative tenants are least bothered and often end up adding clutter or making space look less appealing, leaving a negative impression.
Limited Accessibility
There is a huge difference between scheduling visits in a property where you live and a property that is rented. One of the biggest disadvantages of showcasing a rented property is limited accessibility. You have to get permission from the tenants before you schedule any visit, this can lead to delays or even missed opportunities. Furthermore, you can only insist the tenants cooperate but cannot compel them.
Negative Influence
It is the people who transform spaces into homes and make them look lively. But where people are not bothered about maintenance and have cluttered rooms or poorly furnished spaces, end up diminishing property value, leaving a negative impression. Furthermore, non-cooperative tenants can also have a negative influence on clients by intentionally discouraging them from taking up the space.
Selling a Vacant Property
Selling a vacant property also has its advantages and disadvantages. Although selling a vacant property offers real estate agents great flexibility, there are multiple drawbacks too.
Advantages
Speedy Sales Process
One of the primary benefits of selling a vacant property is an unrestricted movement wherein you can schedule visits with your clients anytime in the property. This leads to an improved sales process as there is no risk of delaying and reduced chances of missed opportunities.
No Tenant or Lease Complications
Lease agreements or non-cooperative tenants often create hindrances in the sales process. Lease agreements bind real estate agents not to sell the property until the lease term ends. That’s where vacant property benefits by not creating any hindrance in the sale.
Hassle-free Renovation and Staging
During the sale of vacant properties, real estate companies have the flexibility to renovate and stage the space according to the latest trends and demands in the market. This enables real estate agents to captivate clients who are interested in modern, trendy, and the latest property designs. To save money real agents can also opt for real estate virtual staging services.
Disadvantages
Financial Burden
During the sales process, you have to bear the mortgage expenses if any, and ensure property upkeep. This eventually results in financial strain as the property’s inability to generate a consistent income due to non-rent. Further, you also have to incur staging costs to captivate clients.
High-Security Risk
Vacant properties often fall victim to theft and vandalism, especially when no one monitors them for an extended period. You must take responsibility for their safety and security and ensure that adequate safety measures are installed.
Lack of Emotional Appeal
A vacant property lacks the emotional appeal of an occupied one, so you need to add elements to make it more inviting and welcoming.
So, whether you choose to sell a vacant property or occupied, both options have their pros and cons. Based on what best suits you, you can go for it. To enhance the sale of property, you must add captivating real estate listings that have the potential to build authenticity and credibility. That’s where you can hire premium HDR photography services, virtual staging, or drone photography, and video service, for stunning real estate photographs. You can contact our team at Top Estates Media for top-notch photography and media services in and around Schaumburg, Illinois.
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