It’s a great time to sell a multi-family. Buyer demand is high and inventory is low. These market conditions will earn you top dollar for your sale. As you prepare to sell, you should get your ducks in a row. Here are 5 things to do when preparing to sell a multi-family.
1 – Improve Curb Appeal
Some investors mistakenly think that curb appeal isn’t important for investment properties. Although seasoned investors may look beyond aesthetics, there are also a large number of first time buyers and those looking to owner occupy. These buyers can be easily influenced by curb appeal. Take the time to clean up common areas and improve the initial impression of your property. This will attract more buyers and lead to more offers.
2 – Gather Paperwork
Take the time to track down and organize paperwork that buyers will likely request. This includes copies of leases, warranties, service contracts, escrow bank accounts for security deposits, etc. Quickly furnishing these documents will avoid closing delays and facilitate a smooth transaction.
3 – Prepare Financials
Potential buyers will undoubtedly inquire about financial history. Be prepared to share your profit and loss statement for the last 1-2 years. Make sure they accurately reflect all financial transactions for this rental property including rental income, other income, repairs and maintenance, utility expenses, and the like. An accurate and well-prepared profit and loss statement can be a great selling point for your property.
4 – Make Necessary Repairs
Complete necessary repairs before scheduling property showings. Needed repairs, especially minor ones, can leave an impression that a property has been neglected. Many borrowers see this as a ref flag of bigger latent defects. Making repairs is a critical step when preparing to sell a multi-family (or any property for that matter).
5 – Hire a Multi-Family Real Estate Agent
Last, but certainly not least, hire a real estate agent with multi-family experience. Multi-family property sales and purchases are more complex than typical single families. An experienced agent will be better equipped to market your listing, qualify potential buyers and ensure a smooth closing. Additionally, multi-family agents may also have a database of existing investors and expand your potential buyer pool.
More on Preparing to Sell a Multi-Family
With interest rates low and market values high, selling a multi-family in this market is very appealing and profitable. Contact us to learn how the agents in our network can help market your multi-family for a quick and efficient sale. They can also provide additional advice and guidance on things you can do before listing your property for sale.