Multi-family properties are a great real estate investment avenue. However, as an investor, you should be able to tell when and how to sell the property.

Here are a few ideas:

Review important rights

Before you lease your multi-family unit, it helps to review all the essential information regarding occupancy and tenancy rights. This is to ensure that you don’t get into any trouble later on. In addition, your potential homebuyers will ask you a couple of questions during the sale process, and you need to be ready to answer those.

They’ll ask you about the terms of the lease and the rent amount for each unit. They’ll also ask if any security deposits are being held and what’s included in the rent that they’ll be paying per unit. Some home buyers are also interested in knowing whether the rent is subject to government assistance subsidies.

When you review the occupancy rights for each individual unit, you’ll also be able to figure out whether you can legally sell the house while the tenants occupy it. For instance, if you’re selling the multi-family while it’s occupied by a tenant and the leases have also been extended, a large number of home buyers wouldn’t want to occupy the units. This is why selling multi-family units are generally easier to sell when they’re unoccupied.

Prepare the property

This is a critical step no matter what kind of property you’re selling. Multi-families make a very crucial investment. This is why you’d want the property to appear very desirable in front of any potential buyers. The multi-family property doesn’t only need to be maintained well but also appropriately cleaned.

Try and focus on curb appeal. Make the property appear as welcoming as you can. The bushes and shrubs must be trimmed nicely. Putting up a couple of flower beds always makes the space look extra vibrant. Make sure the common areas, such as the vestibule and the laundry, are all cleaned up.

If there is a designated parking space, it has to be very well maintained, organized, and clean. You should also ensure that all the doors and locks are in a fully functional condition. You don’t want a potential home buyer struggling to open the door when they’re on a property inspection visit.

Have all the right documents

Any documents related to the multi-family should not only be instantly available but also updated and accurate. Make sure you have documentation proof of all the warranties, including those of roof, mechanical fixtures, and HVAC system.

If you’ve recently gotten any remodeling work done, attach those receipts in the file too. It also helps to have all the financial documents in place. These will help the potential buyers analyze the financial viability of investing in a multi-family property. Homebuyers prefer looking at the net operating figures to understand the monthly rent situation. We also recommend keeping multiple copies of your insurance policies.

Now that you’re well aware of the basics put your multi-family property up for sale immediately. If you want to sell your multi-family property in Texas, RE-vest Investments will be glad to buy it from you. Let’s get started!