Selling a multi-family property is distinct from selling a private home as it involves numerous individuals, contingent on the number of units. Sellers need to carefully navigate the transaction to ensure they remain within the legal boundaries dictated by the laws, rules, and regulations of Warner Robins, which multi-family property owners must adhere to. Failing to do so can result in substantial financial consequences.
We will cover five tips for selling your multi-family property in Warner Robins
Check the Lease
When embarking on the sale of your multi-family property in Warner Robins, the initial step involves opening all leases and conducting a comprehensive review to ensure that you are taking into account all tenants’ rights. Furthermore, potential buyers may request access to your tenant files, necessitating a thorough check to ensure everything is in proper order. Solid leases are crucial, especially for buyers interested in occupying one of the units, as they may opt for an alternative property if your leases lack stability.
Prepping
When selling your multi-family property in Warner Robins, it’s essential to position the property in the best possible light to compete effectively in the market. Start by capturing a snapshot of the property, as looking at the photo can help you concentrate on the curb appeal or any areas that might need improvement. Enhance the property’s visual appeal by trimming lawns and shrubbery, applying a fresh coat of paint to the building, ensuring attractive signage, and maintaining the parking lot, amenities, and equipment. Additionally, pay attention to door locks, as a smooth and efficient locking mechanism contributes to a positive impression on potential buyers.
Documents
When selling your multi-family property in Warner Robins, having your documents ready for review and in good order is crucial to avoid deterring potential buyers. Ensure that your bookkeeping records are up-to-date, with a particular focus on providing yearly net operating expenses that detail all costs associated with the property, along with rental income. This comprehensive report allows buyers to quickly compare your property with others and assess whether it’s worth further consideration. Include any paperwork showcasing regular maintenance, repairs, and valid warranties, as these details hold significant value for potential buyers. Additionally, provide documents revealing the age of the roof, the condition of major systems like heating or air, and the status of appliances in the units.
Inspections
Conducting a pre-sale inspection before selling your multi-family property in Warner Robins is a prudent move. Identifying unexpected issues beforehand is advantageous, enabling you to decide on the most effective resolution before entering negotiations. If the buyer discovers problems during their own inspection and views your property as a fixer-upper, they might present an undervalued offer. In cases where buyers aren’t inclined to undertake significant property rehabilitation, they might walk away if the inspection reveals undisclosed issues that were not brought to their attention by the seller.
Direct Sale
Sell directly to Flagship REI – we buy properties whether or not you have tenants! At Flagship REI, we acquire properties in their current condition for cash, ensuring a swift closing process. You won’t need to concern yourself with enhancing the property’s appearance, completing repairs, or bearing holding costs while waiting for it to sell on the market. The professional buyers at Flagship REI will meticulously review the numbers with you, ensuring you are in agreement that our offer is equitable. We will also provide you with an estimate of what you would potentially realize if you were to list your property on the MLS, allowing you to compare all available options. Selling your multi-family property in Warner Robins becomes a seamless process when working with Flagship REI! Call Flagship REI at 706-918-9133 or send us a message today.