9 months ago
9 months ago
You have a small apartment complex that’s provided you a good income over the years and has appreciated in value. Now it’s time to move on.
Whatever your reasons for selling, you want to assure that you can find a buyer quickly and sell for top dollar.
Your ROI has been above average, your costs are well within the “normal” range, and your rents are above prevailing market rates. Your mortgage payments are current and your taxes and insurance are paid. You have long-term satisfied tenants, ongoing maintenance is minimal, and there are no building deficiencies that you can identify.
So what else can you do to help ensure a successful sale?
Prior to signing that listing agreement, there are a few other considerations that can boost your chances of having that dream become a reality, and many of them fall into the category of staging and showcasing.
Unless you are trying to unload a distressed property — and that’s a totally different ball game — marketing and selling multi-family homes is pretty similar to selling your own home. It’s all about perception and making a good first impression.
Not all these suggestions will apply to all properties — obviously there are differences between a duplex and a 24-unit building, between a pair of four-plexes and a multi-building gated community. But the principles are the same.
Finally, make sure all your financial records, tenant leases, and ownership documents are up-to-date and available for inspection. With a positive attitude and some “behind the scenes” preparation, you should be able to accomplish that sale within a reasonable time frame and move on to your next investment.
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