Unlike a private home, selling your multi-family property involves several people, depending on the number of units. Sellers must put a great deal of consideration into the transaction to ensure they aren’t crossing any legal lines regarding the laws, rules, and regulations of Dallas by which multi-family property owners must abide. Failure to do so can be extremely costly.
We will cover five tips for selling your multi-family property in Dallas
Check the Lease
When you’re selling your multi-family property in Dallas, the first thing you need to do is open all of the leases and do a thorough review, ensuring that you’re considering all of your tenants’ rights. Additionally, buyers will request access to your tenant files, so you’ll want to be very sure you have everything in order. Some buyers wish to occupy one of the units, so they may move on to another property if your leases are all solid.
To compete on the market when you’re selling your multi-family property in Dallas, you must present the property in the best light possible. Take a snapshot of the property. Looking at the photo may help you focus on the curb appeal or lack thereof that a buyer would note as they scroll through their potential options online. You’ll want to trim lawn and shrubbery, paint the building in order to make it more appealing, and be sure any signage on or around the property is attractive, and that the parking lot, amenities, and any equipment equipment are all well maintained. Pay attention to door locks as well. Fumbling with a key in a difficult lock won’t make a good impression.
You risk turning off a potential buyer if your documents aren’t ready for review and in good order when selling your multi-family property in Dallas. Your bookkeeping records must be up to date. Your yearly net operating expenses will be of much interest to a potential buyer, outlining all costs associated with the property, as well as the income from the rentals. This report provides buyers the ability to compare your properties with others quickly and they can see if it’s worth delving further into the transaction. Provide any paperwork that reveals regular maintenance, repairs, and any warranties that may still be valid on the property, which hold value to the buyer. You’ll also want to include documents showing the roof’s age and the major systems, such as heat or air, and the appliances in the units.
It is wise to have an inspection completed before selling your multi-family property in Dallas. Finding surprise problems ahead of selling is best. Knowing the issues that exist will allow you to decide how best to resolve them before entering into negotiations. Should the buyer remain at the negotiating table upon reviewing the inspection, now considering your property as a fixer-upper, they will likely make an insultingly low offer. It is more likely your buyer isn’t interested in rehabbing a multi-family property and will walk away if their inspection reveals a problem that the seller didn’t bring to their attention previously.
Sell directly to Jamie Buys Houses – we buy whether or not you have tenants! At Jamie Buys Houses, 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 Jamie Buys Houses 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 Jamie Buys Houses makes selling your multi-family property in Dallas easy! Call Jamie Buys Houses at 972-318-9500 or send us a message today.