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