4 Important Tips for Selling a Multi-Family Property

Selling a Multi-Family property is completely different than selling a single family property or condo.   To obtain the highest price for your multi-family property, we have compiled 4 important tips to help you prepare to sell.

 

  • Hire an investment savvy realtor who specializes in selling multi-family properties.

They know how to price and market the property as well as sell it to potential investors/buyers.  Buyers are interested in the financials and whether they will make money.

  • Prepare a Financial Breakdown of your property

Income, Operating Expenses, Cash Flow, Property Management Fees

  • Prepare a Lease Abstract/ Rent Roll

Review all your leases, expiration dates, rents for each unit, tenants, occupancy

Raise rents when leases expire – the more cash flow the higher the value.

  • Update or Renovate to Increase Value

Update common areas-hallways, stairs, doors, basement (laundry room).  First impressions count to buyers.  

Update or renovate units – kitchens and baths are main areas to keep as updated as possible and to increase value

Other articles:

Home improvements that sell your home

 

 

 By: Jose Hernandez & Carolyn Durocher of Coldwell Banker in Chicago