Have a duplex, 4 plex, 12 plex or something bigger? Thinking about selling your multi-family property? You might want to spend some time getting your property spruced up for a better chance at a quick sale at a higher price. There are five tips for selling your unwanted multi-family property in Gladstone: update the parking area, add more curb appeal, update the common areas, keep the doors and locks in working order, and keep your paperwork in order to keep track of rent payments and analyze the property’s return on investment.
These tips are also a great idea if you want to find a reason to increase your rents over the next year.
The first tip for selling your unwanted multi-family property in Gladstone is to improve the parking area. No one enjoys a cracked driveway or potholes. Invest in a seal coating for your parking area, it will make a huge difference in property satisfaction with the tenants. The seal coating will fill in the cracks and create a smooth, clean parking area. If the multi-family property has potholes, this will make it seem like the property is not maintained very well and is inconvenient for the tenants and may cause damage to their vehicles. An asphalt patch from the hardware store will be a quick fix. Coating and repairing the parking area would be a simple move with a large impact.
The second tip for selling your unwanted multi-family property in Gladstone is to step up the curb appeal. Start with a pressure wash to clean off any dirt on the driveway or structure walls. A new coat of paint could do wonders to clean up the look of your multi-family house at a small cost. Have the hedges trimmed, plant some area-appropriate foliage, and add fresh mulch to the plant beds. If you leave the basic maintenance undone, this may convey that the property is difficult to maintain. A little effort can have a large impact on future buyers’ perception of your property for sale.
The third tip for selling your unwanted multi-family property in Gladstone is to update the common areas. Depending on the property, it may have common areas. These may be areas like porches, courtyards, lobbies, laundromats, and pools; anywhere all the tenants have a right to share on the property. Get some new outdoor furniture, redecorate the lobby, repaint scratched appliances, refresh the signage. This will improve the perception of the property and reflect a clean, maintained property.
Doors and Locks
The fourth tip for selling your unwanted multi-family property in Gladstone is to repair any squeaky or broken doors. You will also want to make sure that all of the locks are well oiled and operate smoothly and quickly. You need to make sure that when showing the property, there are no delays in unlocking and opening doors. This also promotes the perception of a well-maintained property.
Paperwork in Order
The fifth tip for selling your unwanted multi-family property in Gladstone is to have all of your paperwork in order. You will want to have all of the important documents ready for potential buyers. The list of documents that would be helpful to the buyers would be any roof warranties, HVAC documentation, and receipts of any recent building improvements. Another set of important documents would be the cash flow and other financial statements. The buyers of multi-family homes will most likely be real estate investors who would need to see the financial statements to determine if the property would fit in their portfolio. Keeping your paperwork in order and readily available shows that you maintain your property and records.
Buyers will be more willing to make an offer on your property if they can purchase it with little to no effort to fix up the property. They may also be willing to pay a little more than their usual because they didn’t have to do the upgrades themselves.
To learn more about selling your unwanted multi-family property in Gladstone, send us a message or give us a call today! (816) 408-3600
Request a FREE, No-Obligation ConsultationYou can trust our firm offer will not change before closing, and you won’t be hit by any of those surprise fees. We’ll be there to walk you through each step of the sale.
HELPED ME THROUGH THE PROCESS
Words cannot express how Kim’s hard work has affected my family. After a death in my family, I was left with a home out of state that had been abandoned and no banks would even claim the loan! Kim helped me figure out how to determine ownership, what to do about the taxes, and how to clear up the loan status so the property could be sold. She helped me through the process every step of the way, despite my frazzled mindset after losing a loved one. There is no one better, she’s simply the best!