Selling Your Multi-Family Property
Have you experienced real estate investment success? You have taken good care of your investments, updated or renovated when necessary, and your properties have gained value. Are you ready to sell one or more of your investment properties, such as some multi-family real estate? You may not know where to start in the selling process, so these are a few tips to help you prepare your property for sale.
Speak With Your Tenants
Before you speak with a real estate agent, you should speak with your tenants. They need to know that you plan to sell. Be sure to provide written notice of the sale and what they should expect. Some states protect tenants in that their leases must be fulfilled, while others allow the new owner to alter lease terms.
You should also notify them about any scheduled inspections of their units. Be available during these inspections to answer any questions. Also, ask them about any problems they have experienced with their units.
Gather Your Paperwork
You should gather all your financials on the property. Also, review your leases. Address any discrepancies you find. Make sure all your documents are up to date because any prospective buyer will typically ask for this information.
Your next step should be inspecting your entire building, including each unit. Address any noncompliance issues, such as smoking or pets in units where they are not allowed. Then, make sure your routine maintenance has been completed. Update anything that is malfunctioning. Check your plumbing, wiring, appliances, and fixtures. Repair any issues you find.
Finally, evaluate the curb appeal and safety of your building. Review your parking lighting to make sure it creates a safe environment. You should also fill any potholes or cracks in your pavement. You may even have to have your parking lot resurfaced and striped. Remove any debris and improve accessibility for all potential and current residents.
Check outside amenities, including paths, pools, playgrounds, bbq, and seating areas for appropriate lighting. Make sure they are hazard free and well-lighted.
Then, do a full evaluation of your landscaping. Get your trees and bushes trimmed. Make sure your grass is mowed. Remove any dying plants or those that aren’t appropriate for your climate. Add blooming flowers or other attractive foliage if the season permits.
Finally, address the building. Check the roof and gutters to ensure they are in good working order. Consider repainting the building and trimming and fixing any broken windows.
Preparation will make all the difference in the sale of your multi-family real estate.