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 Oklahoma City 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 Oklahoma City
Check the Lease
If you are selling Oklahoma City multi-family property, it would be worth your while to have all of the leases reviewed, either by yourself or an attorney. While many states have passed legislation requiring landlords to provide tenants with written notice just before entering a unit for sale purposes, Oklahoma is not one of them.
Prepping your Oklahoma City property for sale can seem daunting, but it is important in order to get the best return on investment. Making a few repairs and upgrades can go a long way in attracting buyers and getting you top dollar for your property.
Start by trimming the lawn and shrubbery, and be sure to paint the building in an attractive color. If there are any signs or advertising, make sure they are well-maintained and up-to-date. Pay attention to the condition of the parking lot, sidewalks, and other amenities. Maintaining a clean and attractive property will help you compete with other properties on the market.
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 Oklahoma City. 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 provides buyers the ability 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 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 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 Oklahoma City. 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 should reveal a problem that the seller didn’t bring to their attention previously.
Sell directly to Integrity Home Buyers – we buy whether or not you have tenants! At Integrity Home 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 Integrity Home 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 Integrity Home Buyers makes selling your multi-family property in Oklahoma City easy! Call Integrity Home Buyers at (405) 367-6048 or send us a message today.