8 Important Tips to Remember When Selling Your Multi-Family Property

Selling a multi-family property is not the same as selling your personal home.  We put together a list of 8 very important things to do that will make the sale of your property go much smoother and faster!

1.  Read And Understand Your Lease.   Prospective buyers are going to want to know what they are acquiring with the leases.  You should know the terms (is it month-to-month, 6 month, 1 year etc.?). It is also important to know what the amount of the security deposit is and the monthly rent that is coming in as well as what the tenants rights are ( i.e. specifically know when and how you can gain access to the apartment to show it to potential buyers).  

2. Paperwork/Documents/Warranties. Get together user manuals and warranties that go along with all of the appliances.   Create a file of any home improvements or renovations you had done while you owned the property. Remember to include dates of when they were completed and records for any permits needed.  Example: if you had a new roof put on 5 years ago, show the invoice with the date as well as a permit if needed with the warranty.

3.    Prepare An Expense Sheet.   Buyers are going to want to see your expenses and rents collected.  It is a good idea to have a spreadsheet for all your income and expenses available to give to them for at least the last year if not further back.

4.   Evict Problem Tenants.   If you have any tenants that are not paying rent or are just problems, evict them ASAP.  Investors do not want to inherit your problem and most would rather start with an empty apartment rather than a headache.  Additionally, nothing will cause your property to sit on the market longer than a problem tenant. 

5.    Make Repairs.   Make any necessary repairs around the property.  Fix holes in the walls, leaks, and lights that don't work.  When buyers do their inspections they will catch these issues and it will usually cost you more in the negotiations of the sale price than it does to fix them before-hand.  Click here to read an article about making your home energy efficient.

6.     Curb Appeal.   First impressions are crucial.  Spruce up the yard (add flowers and plantings) and make sure the lawn is mowed on a regular basis.  Paint trim, mailboxes or anything that could use a quick touch up.  I took some fast spreading plantings from my mulch bed at home and added them to a home we had for sale in Wilton,  NY which cost me nothing but a little bit of time. It really improved the look of the home!

7.    Clean Common Areas.   Make sure stairwells are clean, well lit, and free of debris and garbage. Click here for a great article about decluttering to give you some ideas.

8.     Inspection.   Before you put your property on the market,  consider having your own inspection done.  This will pin-point many of the issues that the buyer's inspector will find and you can address them ahead of time to get in front of it.  You don't need a written report, just follow the inspector and take notes when they come.  Most will charge you less money if they are not taking the time to write a report. 

If you are looking to sell you multi-family property, contact us today!  We purchase houses in or near the Capital District.  We buy "as is" so no need to spend the money and time on repairs and cleaning up that we just wrote about.  We can save you the expense of realtor commissions which means more money in your pocket.   And we can close on your time-line and when it is convenient for you.  Areas we have owned, looked at, and purchased homes  from include but are not limited to:  Queensbury NY, Glens Falls NY, Troy NY, Johnstown NY, Gloversville NY, Hudson Falls NY, Waterford NY,  Cohoes NY, and surrounding areas.

We hope that you found this article helpful and that you have a wonderful day ahead!
​Chris and Gina