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.
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
3. 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.
4. 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
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Coldwell Banker Chicago