Unlike a private home, selling your Ocala 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 Ocala. Let’s look at five tips for selling your multi-family property in Ocala.
Check the Lease
When you set about selling your multi-family property in Ocala, 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. A buyer taking possession of the multifamily building will need to abide by the terms of any existing leases. So a buyer will definitely want to know what he or she is signing up for when it comes to thew tenant leases. Since buyers will request access to your tenant files, you’ll want to be doubly sure 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 Ocala, you must present the property in the best light possible. Get a professional photographer to take pictures of the multifamily property and units. Looking at the photos 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. Be prepared to answer questions from the tenants about what is happening since you haven’t done any of this before now. A lot of sudden activity will tell the tenants something big is going on. If you don’t want your tenants to know you are selling be prepared to offer a discount to the buyer to take care of these issues.
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 Ocala. Your bookkeeping records must be up to date. The proforma should be believable and complete. 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 Ocala. This is especially true for a four point inspection the insurance company will request. 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 CPR Real Estate Solutions, LLC – we buy whether or not you have tenants! At CPR Real Estate Solutions, LLC, 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 CPR Real Estate Solutions, LLC 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 CPR Real Estate Solutions, LLC makes selling your multi-family property in Ocala easy! Call CPR Real Estate Solutions, LLC at (352) 446-8559 or send us a message today.