Unlike a private home, selling your multi-family property in Philadelphia involves several people, depending on the number of units. Therefore, sellers must put a great deal of consideration into the transaction to ensure they aren’t crossing any legal lines regarding Philadelphia’s laws, rules, and regulations 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 Philly! (We’re Buying Property 215, a family-owned real estate company!)
Check the Lease
When you set about selling a multi-family property in Philadelphia, 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 doubly sure everything is in order. Finally, some buyers wish to occupy one of the units, so they may move on to another property if your leases are solid.
To compete on the market when you’re selling a multi-family property in Philadelphia, 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 listings. You’ll want to trim lawn and shrubbery, paint the building more appealing, and be sure any signage is attractive and the parking lot, amenities, or equipment is well maintained. Pay attention to door locks as well. Fumbling with a key won’t make a good impression.
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 Philadelphia. Your bookkeeping records must be up to date. Your yearly net operating expenses will be of much interest, outlining all costs associated with the property, as well as the income from the rentals. This report allows buyers to compare your properties with others quickly and if it is worth delving further into the transaction. Provide any paperwork that reveals regular maintenance, repairs, and warranties that may still be valid, 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 multi-family property in Philadelphia. Finding surprise problems ahead of selling is best. Knowing the existing issues 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 should reveal a problem that the seller didn’t bring to their attention previously.
Sell directly to Buying Property 215 – we buy whether or not you have tenants! At Buying Property 215, 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 Buying Property 215 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 Buying Property 215 makes selling your multi-family property in Philadelphia easy! Call Buying Property 215 at 215-359-6090 or send us a message today.