When it comes to selling your multi-family property, the process is far more complicated than a single-home sale. With multiple people involved and legalities concerning Houston‘s laws, rules, and regulations that must be adhered to – not doing so can prove disastrously costly! To get the most out of your multi-family sale in Houston, it is essential to keep certain tips in mind. From ensuring all tenants are aware to considering the condition of your property, there are many important elements that should be taken into account. You should also remain vigilant during showings by establishing clear rules for visitors, monitoring activity, and maintaining visibility throughout the entire sales process.
In this article, we’ll explore five essential tips for successful multi-family property sales in Houston.
Check the Lease
Selling your multi-family property in Houston is a big decision, with many factors to consider in order to ensure it’s done correctly. Prior to entertaining any buyers, you should begin by opening all of the leases and conducting a thorough assessment of the situation. This will help determine the rights of your tenants and make sure nothing has been missed; some buyers may even request access to tenant files, so an extra level of preparation can go a long way.
You also want to evaluate if any of your prospective buyers are interested in occupying one of the units, as a lack thereof could cause them to search for another property. By working through that checklist of tasks, you’ll be well-prepared when fielding inquiries from potential purchasers regarding the sale of your multi-family residential asset.
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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. Before you hit the market, taking a close look at your property is essential to making sure it’s presented well and looks appealing to buyers. Keep in mind that it’s all about first impressions; you don’t have long to convince them so each minor detail should go a long way toward showcasing your property’s charm.
Make sure the lawn and shrubbery are neatly trimmed, the building colors are attractive, any signage is professional and eye-catching, the parking lot or amenities remain in good condition, and make sure door locks work properly—all of that counts when it comes to presenting your property in a positive light!
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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. Potential buyers will look for records of net operating expenses, which takes into account all of the income from the rentals as well as any associated costs associated with the property. This report helps buyers to compare your property with others quickly, and if it is worth delving further into the transaction.
In addition, providing paperwork that reveals regular maintenance, repairs, and warranties is also essential. It is important to provide documents showing the age of your roof, major systems such as heat or air conditioning, as well as any appliances in each unit you are selling. Selling a multi-family property makes a great investment, but only if you come prepared with all the necessary documents to prove its value!
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Inspections
It is wise to have an inspection completed before selling your multi-family property in Houston. Knowing the condition of your property is essential when looking to sell it, especially in Houston, as the buyer will likely have an inspection completed at their own expense.
Having an inspection done ahead of time helps avoid any nasty surprises before entering into negotiations; if substantial repair issues are discovered, buyers may view the multi-family property as a fixer-upper and make a very low offer to compensate for the repairs needed. Therefore, it is wise for sellers to have their own professional inspection done prior to listing their specified unit(s) for sale – revealing any potential issues prior to having prospective buyers come through – as no seller wants to find themselves having wasted time negotiating with a buyer who subsequently walks away due to issues not brought up previously.
Selling a multi-family property calls for all involved parties to have information about repairs or other damage in advance and this knowledge should inform any market decisions prior to negotiations beginning.
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Direct Sale
Sell directly to Move On House Buyers – we buy whether or not you have tenants! At Move On House Buyers, 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 Move On House Buyers 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 Move On House Buyers makes selling your multi-family property in Houston easy!
Call Move On House Buyers at (713) 561-5162 or send us a message today.