Selling a piece of a multifamily property is a big step for any investor. Like all major business transactions, it will be more successful if you’re prepared. The following steps can help you set your sale up for success.
Set a Competitive but Fair Price
Real estate expert Denise Supplee advises that overpricing your property probably won’t help you. After all, you’ll likely be trying to sell your multifamily property to an investor who is knowledgeable of the market. Don’t shortchange yourself, but do avoid the temptation to overvalue your property.
Take Care of the Exterior
Potential buyers will be turned off if your multifamily property has a run-down exterior appearance. Specific areas that may need attention include the following.
- Parking areas that are in disrepair should be repainted or resurfaced as appropriate. Make sure that parking spaces are not in need of fresh paint stripes and that the parking areas have sufficient lighting. Also, ensure that parking areas are free of debris.
- The landscaping of your property may need to be spruced up. Consider measures like repainting benches, cleaning up amenities such as swimming pools and barbecue areas, and trimming trees and shrubs so that they look their best.
- As for building exteriors, fresh paint, replacement gutters, and new windows can all go a long way toward preserving or boosting your asking price.
Take Care of the Interior
The interior of your multifamily property likewise may need some work. For instance, upgrading outdated appliances may make your property sell more quickly and for a higher price. Additionally, perform any needed general maintenance. Keeping records of that can help you prove to potential buyers that the property is in good condition.
Work with the Tenants
Any tenants in the multifamily property should be notified of your intentions to sell. If you give them advance warning, they’ll be much more likely to work with you when it comes to selling the property.
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