1 – Pressure washing sidewalks, exterior walls and signs are a great way to enhance curb appeal. A fresh coat of paint can go a long way as well.
2 – Landscaping can offer a great bang for the buck but make sure you shop the price and don’t allow the landscaping company to price gouge you. If you want to go one step further then add some lighting.
3 – If your property has amenities then you need to ensure that they’re in good working order and don’t skimp on the pool area. No buyer wants to see a neglected pool area because that will have a direct impact on occupancy rates. If you have a common area with laundry facilities then make sure they work and the area is clean.
4 – Get rid of any pot holes and re-striping can add some nice curb appeal as well.
5 – Get a new sign. This will be one of the first things a potential buyer sees when they pull up. A freshly painted sign will go a long way and it really isn’t that expensive to throw a coat of paint on it.
6 – Any and all outstanding maintenance requests need to be addressed. Don’t wait until the last minute to address these. You want and need happy tenants.
7 – Ensure that the property manager’s office looks efficient and organized. It should reflect a welcoming environment and have a few amenities for potential tenants.
8 – Get your paperwork in order. A potential buyer will want to be reassured that all the i’s have been dotted and t’s crossed. If you’ve made any major upgrades recently then I’d move that to the front of the stack.
9 – Check individual apartments and assure the carpets are cleaned. If they are damaged, consider replacement. Remember that a “smart” buyer will want to spot check apartments at random.
10 – There is nothing worse then a dumpster with a bed or couch resting up against it. Make sure the area is clean and presentable. If you have some extra funds then consider fencing it in.
Frequently Asked Questions
Picking the best season to sell your home enhances the chance of a fast sale. Sellers usually receive their best offers in late spring and early summer. Make sure to point out any and all positive economic news for the area. Investors are usually longer term owners and they’ll have interest in the local news.
This is pretty straightforward. Do some due diligence online or work with someone that is knowledgeable in your area to determine a value. Most commercial sales work off of a “Cap Rate”.
Investors offer the fastest and most flexible way to sell a multifamily property. If you’re looking to sell on a particular date or would like to do a 1031 exchange then working with another investor is the way to go. Most first time home buyers just don’t have the money or credit to make such a large purchase.