Editor's note: This brief was summarised by The Property AI Newsroom from a report by Property118. Read the original article for full details.

Landlord Achieves £12k Bonus Through Transparent Sale Approach

A London landlord secured almost £12,000 above expectations from a property sale after adopting a transparent and collaborative approach with tenants. The process, managed by Landlord Sales Agency, resulted in a quick sale with vacant possession and minimal friction.

The landlord initially attempted to sell the property to a cash-buying company, which did not inform tenants about the sale. This approach led to offers significantly below the vacant value, prompting the landlord to seek an alternative solution.

Landlord Sales Agency engaged directly with the tenants, keeping them informed and involved throughout the process. This strategy allowed the property to be marketed to both owner-occupiers and mortgage buyers, rather than just investors. As a result, a bidding war developed, with two cash buyers and owner-occupiers competing, which pushed the final offer up by more than £12,500 over the agency's highest expectations. Nearly £12,000 of this additional amount was paid directly to the landlord due to the agency's fee structure.

The agency reported that it managed the conveyancing and took full responsibility for arranging vacant possession, with the sale secured by a non-refundable deposit. The landlord continued to receive rent up to the completion date, and the agency stated that the seller's proceeds were not affected by any costs incurred to arrange vacant possession.

The report highlights the benefits of a transparent and respectful approach to tenant relations during property sales, particularly for landlords seeking a smooth exit from the private rented sector.