Houston is positively massive. When it comes to selling a multifamily property, you’ve got plenty of prospective homeowners looking to buy. You can take a few steps beforehand to make a sale easier, though.
1. Begin by pressure-washing sidewalks, exterior walls, and posted signs to enhance the overall curb appeal of the property. If you have time, consider a fresh coat of paint, too.
2. Landscape is a relatively inexpensive method to improve the appearance of your property. Consider adding outdoor lighting to enhance the appeal.
3. If the property has amenities, ensure they are in working order. Do not ignore the swimming pool. No prospective buyer will be enticed by a neglected pool area. If there is a common area, such as laundry facilities, then be sure they work efficiently and are spotless.
4. Fill in any pot holes and re-stripe parking areas for higher curb appeal.
5. Install a new sign. It is the first thing a potential buyer will see when they arrive at the property.
6. All outstanding maintenance tasks should be addressed promptly. Do not leave such tasks to the last minute.
7. The property manager’s office should be efficient and organized. It must be a welcoming environment with a few amenities for the tenants.
8. Ensure all paperwork is in order. A buyer wants reassurance that everything is signed and handled properly. Any major upgrades to the property should be at the top of the paperwork pile.
9. Check over individual apartments, ensuring all carpeting is cleaned thoroughly. Any damage to the carpeting should be either repaired or replaced promptly.
10. Communal outdoor dumpsters should be tidy. No one wants to see a bed or couch resting against the dumpster; it is unsightly.
Frequently Asked Questions
Selecting the right season to sell a multifamily home enhances the opportunity for a quick sale. Typically, a seller will receive their best offer during late spring or early summer. You’ll want to point out positive economic news in the area, which will increase the chances of a sale.
First, perform due diligence online or work with a knowledgeable real estate professional. Many commercial sales use a “Cap Rate.”
A real investment company will offer the fastest and most flexible way for you to sell a multifamily property. If you wish to sell on a specific date, or would like to undergo a 1031 exchange, an investor is the path for you. Many first-time home buyers do not have the money or credit for a significant purchase, like a house.