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.
1. Hire an investment-savvy realtor who specializes in selling multifamily 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.
2. Prepare a Financial Breakdown of your property
Income, Operating Expenses, Cash Flow, Property Management Fees
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3. Prepare a Lease Abstract/ Rent Roll
Review all your leases, expiration dates, rents for each unit, tenants, and occupancy
Raise rents when leases expire – the more cash flow, the higher the value.
4. Update or Renovate to Increase Value
Update common areas-hallways, stairs, doors, and basement (laundry room). First impressions count to buyers.
Update or renovate units – kitchens and baths are the main areas to keep as updated as possible and to increase value
Other articles for Multifamily Home Sellers
Home improvements that sell your home
Selling a Multi-Family Home: 3 Most Common Mistakes to Avoid
Just Closed! 2 flat in North Center
Chicago Multifamily Broker
Jose Hernandez, Broker - Your Chicago Real Estate Source
Coldwell Banker Chicago
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