Owning and maintaining a small apartment complex or large multi-family rental house is a lot of work, but it can be a great source of income. When the time comes to move on, whether it’s because you’ve made improvements and are ready to cash out, or you just want out of the landlord business, there are some simple favors you can do for yourself to help bring top dollar from investors interested in multi-family real estate.
Improve Your Curb Appeal
Let’s begin with first impressions. Whether it’s in person or through photos online, the first thing a potential buyer will see is the outside of the property. You need to do an honest evaluation of its curb appeal and make sure it’s ready to show. Hopefully, you’ve kept up with your building’s exterior while you’ve owned it. If you haven’t, it’s worth the time and money to put your best foot forward to make the multi-family real estate sale.
Make sure the landscaping is tidy, from cut grass to pruned trees and hedges. Make sure pathways are clear and consider adding benches or stepping stones to dress them up. If the trim needs a paint touch-up, take the time to do it. And don’t neglect parking areas; they may be the very first step investors take on the property.
Make Sure Your Tenants are in the Loop
There are two main reasons to let your tenants know you are working to sell your multi-family real estate. First, you need to fulfill any state or local regulations about notice of new ownership. Be upfront and explain if their lease terms will be protected with new ownership. Answer any questions or concerns they may have honestly. Secondly, they can help you a great deal by knowing to keep their units clean, presentable, and ready to show. If work needs to be done, now is the perfect time for them to let you know.
Work on the Inside of Each Unit
After notifying tenants, work with them to schedule a routine inspection to perform a walkthrough and see anything that needs addressing in terms of cosmetic repairs, updates, or issues with occupancy or pets. Make a log of what needs to be done and handle it.
The more you can do to prepare your property for potential buyers, the more likely you will have a smooth and successful sale. Invest the time and money to put your best foot forward.