Unlike a private home, selling your multi-family property involves several people, depending on the number of units. Sellers must put great consideration into the transaction to ensure they aren’t crossing any legal lines regarding the laws, rules, and regulations of New Jersey 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 New Jersey
Check the Lease
When you set about selling your multi-family property in New Jersey, you first need to 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 ensure everything is 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 New Jersey, 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 New Jersey. 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 and the income from the rentals. This report allows buyers to quickly compare your properties with others and determine if it is worth delving further into the transaction. Provide any paperwork that reveals regular maintenance, repairs, and any warranties that may still be valid, which hold value to the buyer. You’ll also want to include documents showing the roof’s age, the major systems, such as heat or air, and the appliances in the units.
It is wise to complete an inspection before selling your multi-family property in New Jersey. Finding surprise problems ahead of selling is best. Knowing the existing issues will allow you to decide how best to resolve them before entering 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 Halo Homebuyers – we buy whether or not you have tenants! At Halo Homebuyers, we purchase properties as-is for cash, so closing is fast. No need to worry about sprucing the place up, completing repairs, or paying holding costs while the property lingers on the market. The professional buyers at Halo Homebuyers will review the numbers with you, ensuring 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 Halo Homebuyers makes selling your multi-family property in New Jersey easy! Call Halo Homebuyers at (908) 547-0404 or send us a message today.