Selling a home can be a bit challenging during a pandemic. This is especially true for multi-family properties given the need to coordinate with tenants at the property. However, it’s also an ideal time to sell because of rising home prices and low interest rates. If you’re thinking about selling, here are some tips on selling a multi-family during a pandemic.
Select the Right Real Estate Agent
One of the first and most important steps is to select the right real estate agent. By choosing an agent who specializes in multi-family properties, you will not only have the advantage of their experience with this type of property but also gain access to their database of potential buyers. Both of these will improve your chances of a quick and smooth transaction. At MultiFamilyProperties.com, our agents specialize in this niche market and have an extensive database of buyers looking to purchase. Call 1-888-48-MULTI to be connected with an agent in our network.
Create a Detailed Virtual Tour
A detailed virtual tour is a must for selling a multi-family during a pandemic. Multi-family tours must be slightly different than that of single family homes. It should include more details such as common areas and building components (i.e. heating and electrical systems). A well prepared virtual tour will reduce the need for showings. In fact, some investors may even buy site-unseen if the virtual tour is sufficient.
Provide Financial Data
Although the housing market is really strong right now, buyers are often a bit more cautious during times like this. They will carefully review information on your property (such as financials) before presenting an offer. Any data that you provide can be extremely helpful. For instance, if your rents are above average market rates, that will make the property more appealing. Potential investors will often use our website to quickly calculate cash flow and profit/loss. Our estimates are conservative, so any factual figures that you provide will be extremely helpful in improving those calculations.
Importance of Price in Selling a Multi-Family During a Pandemic
Pricing is always one of the most critical factors in selling a property. During a pandemic, knowing exactly what’s going on in the local market is key. This is another reason why selecting the right real estate agent is so important. A local agent with extensive knowledge in multi-family properties will identify the right price range to get your property sold quickly and for top dollar.
If you have a multi-family property to sell in Massachusetts, give us a call to schedule a free, no-obligation consultation. As we mentioned before, our agents specialize in this niche market and have an extensive database of buyers looking to purchase. If needed, we can even help you connect with buyers privately in off-market deals. Call 1-888-48-MULTI to get started.