Selling a multifamily property can be a huge opportunity to see a return on your investment. This article provides several tips to help you make the most of the process.
Take Care of the Exterior
The sale of your multifamily property will likely be more successful if the exterior is in good shape. After all, the exterior is critical to making a positive first impression with potential buyers. Steps you can take include painting, sprucing up the landscaping, and performing any needed repairs to the driveway and parking areas. It may also be helpful to install a fence to block trash cans or dumpsters from view. Gutters and the roof may require care as well.
Also Take Care of the Interior
Interior care is important as well if you hope to sell your multifamily property at the best price. Upgrading the interior to the latest and greatest luxury standards isn’t always necessary, but taking care of routine maintenance and repairs is. For instance, if lighting, wiring, fixtures, appliances, or any parts of the property’s plumbing are broken, you should repair or replace them. Keep track of such repairs in writing: Having documentation will be advantageous when buyers inquire about the state of the property.
Work with the Tenants
When selling your multifamily property, it is best to try to maintain good relations with your tenants. This is vital for both professional integrity and to stay on the right side of the law. At Nolo’s blog, attorney Ann O’Connell recommends multiple steps you might take, including notifying tenants well in advance that you intend to sell the property once their lease expires. Another good practice is to make showings easy on tenants schedule-wise.
Paperwork is always involved when selling real estate, and your multifamily property will be no exception. You’ll need to gather items like leases, ownership documents, and documents that cover financial data. The aforementioned records of repairs will be helpful as well.
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