Unlike a private home, selling your multi-family property involves several people, depending on the number of units. Sellers must put a great deal of consideration into the transaction to ensure they aren’t crossing any legal lines regarding the laws, rules, and regulations of Greater Cincinnati by which multi-family property owners must abide. Failure to do so can be extremely costly. We will cover five tips for selling your multi-family property in Greater Cincinnati.
Check the Lease
When you set about selling your multi-family property in Greater Cincinnati, the first thing you need to do is open all of the leases and do a thorough review, ensuring that you’re considering all of your tenants’ rights. Additionally, buyers will request access to your tenant files, so you’ll want to be doubly sure everything is in order. Some buyers wish to occupy one of the units, so they may move on to another property if your leases are all solid.
Prepping
To compete on the market in Greater Cincinnati, you must present the property in the best light possible. Take a snapshot of the property. Looking at the photo may help you focus on the curb appeal or lack thereof that a buyer would note as they scroll through listings. You’ll want to trim lawn and shrubbery, paint the building more appealing, and be sure any signage is attractive and the parking lot, amenities, or equipment is well maintained. Pay attention to door locks as well. Fumbling with a key won’t make a good impression.
Documents
You risk turning off a buyer if your documents aren’t ready for review and in good order when selling your multi-family property in Greater Cincinnati. Your bookkeeping records must be up to date. Your yearly net operating expenses will be of much interest, outlining all costs associated with the property, as well as the income from the rentals. This report provides buyers the ability to compare your properties with others quickly and if it is worth delving further into the transaction. Provide any paperwork that reveals regular maintenance, repairs, and any warranties that may still be valid, which hold value to the buyer. You’ll also want to include documents showing the roof’s age and the major systems, such as heat or air, and the appliances in the units.
Inspections
It is wise to have an inspection completed before selling your multi-family property in Greater Cincinnati. Finding surprise problems ahead of selling is best. Knowing the issues that exist will allow you to decide how best to resolve them before entering into negotiations. Should the buyer remain at the negotiating table upon reviewing the inspection, now considering your property as a fixer-upper, they will likely make an insultingly low offer. It is more likely your buyer isn’t interested in rehabbing a multi-family property and will walk away if their inspection should reveal a problem that the seller didn’t bring to their attention previously.
Direct Sale
Sell directly to We Buy NKY Houses – we buy whether or not you have tenants! At We Buy NKY Houses, we purchase properties as-is for cash, so closing is fast. There’s no need to worry about sprucing the place up, or completing repairs, or paying holding costs while the property lingers on the market. The professional buyers at We Buy NKY Houses will go over the numbers with you, making sure you agree that our offer is fair. We will also present to you what you would realize if you were to list your property on the MLS so that you can compare all options. Working with We Buy NKY Houses makes selling your multi-family property in Greater Cincinnati easy! Call We Buy NKY Houses at (859) 412-1940 or send us a message today.
Sell your multi-family house in a matter of 7 days AS-IS!
We Buy NKY Houses buys houses directly – and if that doesn’t sound good to you, we can help you list on the MLS and sell for top-dollar, or, we can do all of the work for you, you choose! There are many more reasons why Greater Cincinnati real estate investors should also be licensed agents providing the most beneficial aspects of each and the conveniences of both. No matter what obstacles you may be facing, We Buy NKY Houses has the right option in Greater Cincinnati for all of your real estate needs. We Buy NKY Houses answers concerns about selling your property or any questions you may have with absolutely no obligation. At We Buy NKY Houses, our hybrid professional buyer real estate agents are ready to help you today. Send us a message or call We Buy NKY Houses at (859) 412-1940
If you have questions like: Are multifamily properties a good investment? What are the positives negatives of multi-family housing options? How do I make an offer on a multi-family property?
How do you value a multi-family property? Should you sell? Should you retain it and rent it out? Then give us a call. Our Real estate experts will be able to answer any questions you have, can make recommendations and may be able to provide you an offer over the phone!
Choose what’s best for you! The professional hybrid agent investors at We Buy NKY Houses can offer you the best options. Our goal at We Buy NKY Houses is to inform you of every step of the process with complete transparency. We Buy NKY Houses our job is to make sure you feel confident in your decision when selling your house in Greater Cincinnati. Contact We Buy NKY Houses at (859) 412-1940 today