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 Houston 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 Houston
Review the Lease
When you set about selling your multi-family property in Houston, 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.
Preparation is Key To Sucess
To compete on the market when you’re selling your multi-family property in Houston, 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.
Have The Right 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 Houston.
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.
It is wise to have an inspection completed before selling your multi-family property in Houston. 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.
Market the Property
Contact owners of nearby investment properties. Many owners like to own multiple properties in the same area since they can save money by, for instance, having a single maintenance person handle both buildings.
You have a very good chance of selling your property to an investor next to you. If they don’t buy the building, they may know someone that would be interested in it.
You can also join your local real estate meet-ups to find potential buyers. In addition to that, you can market your multifamily property on free real estate websites like Zillow, Realtor, and LoopNet.
Sell directly to Sell Your Homes Houston – we buy whether or not you have tenants! At Sell Your Homes Houston , 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 Sell Your Homes Houston 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 Sell Your Homes Houston makes selling your multi-family property in Houston easy! Call Sell Your Homes Houston at 832-535-2034 or send us a message today.