Gold mine, money tree – we all wish we had one. Nestled right in our backyard. Yet what if you do and you are not even aware of it? You very well could be sitting on a tidy little gold mine in the form of a rent roll sale.
Are you considering selling your rent roll?
Have you had a change in business direction that has you considering selling your rent roll? There are many different reasons as to why agencies may look to offload their rent roll.
Reasons can include:
- Change in business direction – you might be looking for a fresh start or a career change
- HR issues – you may not have the staff to cover the position
- As a result of slowed sales – you may be looking for additional cash if sales are slow
- Retirement from the industry, illness or divorce
- Winding down of the business
If any of the above reasons sound familiar then it may very well be time to consider selling your rent roll. This could be the money tree you have been looking for. The gold mine you are about to strike.
So here begs the next question…
What Is My Rent Roll Worth?
The value of your rent roll depends on a number of factors – especially the multiplier which you can read about in Rent Roll Purchase Tips To Avoid Buying A Lemon.
In preparation for your rent roll sale, here are some handy tips to get your rent roll ready for sale.
Break ties with D grade owners
D grade owners are a waste of your valuable time. Chances are they will drop off following the transition. They are bringing no additional value to your business. Take the upper hand as it is easier to hand over a rent roll with a minimum number of difficult landlords.
Clean up your arrears
The sale of your rent roll will be a lot more attractive with a minimum number of arrears. Issue terminations where possible. Restructure your internal processes to present a sparkly, shiny rent roll with minimum arrears.
Review management fees
Review your management fees and increase where necessary. Some owners will drop off which is OK – as above, they are likely not worth the hassle.
Ensure inspections are up-to-date
Running a keen eye over your inspections will ensure they are all up-to-date and no maintenance requests are in place. It will show you the properties requiring work and the chance to rectify any issues prior to the sale.
Clean your data in your trust accounting software
There is nothing better than clean, organised data – especially when selling your rent roll. This will make the process easier for your broker to determine the value of your rent roll to ensure the best return for you.
If you are considering selling your rent roll and would like a confidential, obligation-free discussion about the value of your rent roll, then get in contact with us. We are here to ensure your rent roll sale is a smooth and seamless one.
– Jane Morgan is the Director of End of Month Angels, a consultancy firm specialising in Trust Accounting and Rent Roll Angels, a business broking agency specialising in rent roll sales. Contact Jane today to discuss your rent roll requirements.