Were you thinking about selling your multi-family property? You might want to prepare your property for sale for a better chance at a quick sale at a higher price. We are providing you 5 tips on selling your multi-family property in Minneapolis St Paul.
- Update the parking area for tenants
- Improve drive up curb appeal
- Remodel the common areas to be more inviting
- Ad Security my making sure doors and locks in working order
- Have a bookkeeping system in place to keep track of rent payments and analyze the property’s return on investment
Multi-Family Parking Area
The first tip for selling your unwanted multi-family property in Minneapolis St Paul is to improve the parking area. Multi-family properties typically have one of three types of parking surfaces: Concrete, blacktop, or gravel. No one enjoys a cracked deteriorated driveway or potholes. A concrete parking pad that is cracked, you need to go ahead and fill the cracks with a multi-purpose concrete crack filler. A broken concrete parking area will need to be taken out and replaced. If your unit has a blacktop parking lot, invest in seal coating the area for protecting it and it help it look better, and it will make a huge difference in property satisfaction for the new buyers. The seal coating will fill in the cracks and create a smooth, clean parking area. If the multi-family property has a gravel layer and you have potholes, this will make it seem like the property is not maintained very well and is inconvenient for the tenants and may cause damage to their vehicles. Bring in a truckload of class 5 gravel and level off the entire lot. These improvements will add value for selling your unwanted property in Minneapolis St Paul.
Curb Appeal Draws Buyer In
The second tip for selling your unwanted multi-family property in Minneapolis St Paul is to step up the curb appeal. Start with thoroughly cleaning off stains and dirt by pressure washing the driveway and exterior structure walls. Having work done on the exterior of the multi-unit will improve the appeal for the new owners and the tenants. Start with a fresh coat of paint to clean up the look of your multi-family house at a small cost. Use neutral colors that blend with the roof. Trim or cut down unsightly hedges, plant some area-appropriate foliage, and add fresh mulch to the plant beds. If you leave the essential maintenance undone, this may convey that the property is difficult to maintain. Doing all the little things that bring the quality of the property up a standard can have a significant impact on future buyers’ perception of your property for sale.
The third tip for selling your unwanted multi-family property in Minneapolis St Paul is to update the common areas. Depending on the property you own, it may have common areas you need to dress up. These may be areas like front and back porches, courtyards, lobbies, hallways, laundromats, and pools; anywhere, all the tenants have a right to share on the property. Thorough cleaning is always the first thing to do. Paint all surfaces will help mask any smells and help to give the space a lift, especially in dull-looking properties. Get some new outdoor furniture, redecorate the lobby, repaint scratched appliances, refresh the signage. This will improve the overall feel of the property and reflect a clean, maintained apartment building.
Secure Doors and Locks
The fourth tip for selling your unwanted multi-family property in Minneapolis St Paul is to repair any squeaky or broken doors. If most of the doors are in poor shape, you will gain much for appeal with the buyer to go ahead and replace all of them. You will also want to make sure that all of the locks are well oiled and operate smoothly and quickly. You need to make sure that when showing the property, all the doors and locks work as they should. This also promotes the perception of a well-maintained property. With you doing these repairs, it is now in great shape.
Paperwork in Order
The fifth tip for selling your unwanted multi-family property in Minneapolis St Paul is to have all of your bookwork in order. You will want to have all of the important documents ready for potential buyers. The list of documents that would be helpful to the buyers would include any new roof warranties, HVAC documentation from replacement or repairs, and receipts of any recent building improvements. If you pulled any permits, have those ready as well. Another set of necessary documents would be the rent rolls, cash flow, and other financial statements. The buyers of multi-family homes will most likely be real estate investors who would need to see the financial statements to determine if the property would fit in their portfolio. Keeping your bookwork in order and readily available shows that you maintain your property and records well.
When selling your multi unit building always be thinking on what will make it easy for the new buyers to step up and put in an offer. Selling a multifamily building with owner financing can be very attractive to certain buyers, others are going to push for the lowest price. Keep reassuring them that you are selling a quality multifamily building that will need nothing to keep it fully rented.
Buyers will be more willing to make an offer on your property if they can purchase it with little to no effort to fix up the property. It means a lot to them to be able to move in tenants and start renting right away. They may also be willing to pay a little more than their usual because they didn’t have to do the upgrades themselves.
An unwanted multifamily property in Minneapolis St Paul can be a real sore spot for many owners, knowing your holding costs and how money keeps going out the door when units are not rented can be stressful. We at Minnesota Cash Home Buyers love to help multifamily property owners figure out what the best solution for their building. Sometimes its getting a property management company involved to take over the day to day operations of renting it out on one end of the spectrum. Other times its just best to sell the property outfight fast, and be done!