Selling a property that is classified as a multi-family property involves several people, especially if you have a large number of units. This is much different than selling a private family residential house. Since we buy many multi-family properties in Knoxville and the surrounding area; we thought an article providing landlords some basic tips on selling would be a great idea! The key to selling your multi-family unit in Knoxville successfully is making sure that you are covered legally. Always consult an attorney to ensure you are abiding by any law or regulation when it comes to selling!
Check the Lease Before Selling
Prior to selling your multi-family property in Knoxville, it’s a great idea to review the leases of your tenants. Prospective buyers will certainly want to know this information. Do a very in-depth review during this process and make sure that you are considering the rights of your current tenants. Since potential buyers will likely want to review all of your lease files, it’s a great idea to get these in order first!
Prep Your Multi-Family Home To Sell
No matter the market, you want to present your multi-family units in the best position possible when you decide to sell in Knoxville. A great way to start prepping is to go around the property and take several pictures. This will allow you to scroll these pictures and review anything that may put the units in a bad light, such as curb appeal. curb appeal is extremely important, especially on multi-family properties! Consider hiring a reputable landscaping crew to clean up the grounds and trim any overgrown areas. Update any signage that appears old or inoperable, and consider maintenance the parking lot prior to selling the units as well.
Get Your Documents Up To Date Before Selling Your Multi Family Property
It is critical you update your files prior to selling your multi family property in Knoxville, especially any bookkeeping records. Potential buyers are going to want to know the yearly net operating expenses, all of your rental income, and any other costs associated with owning the property. This will allow potential buyers to get an idea if the property will cash flow, and thus, whether it is a good investment. Other documents you will want to consider gathering are maintenance items, completed repairs, and any warranties that will be transferring over into the ownership. Lastly, document the age and condition of all major units at the property such as the roof, hvacs, and appliances.
Consider An Inspection Before Selling
It is always a wise choice to hire a professional to complete an inspection of your multi-family property prior to selling. This will prevent any future surprises and will allow you to get ahead of any potential issues. This will help you enter into negotiations as well. If you are not wanting to fix certain things, you can make a buyer aware of that upfront. Most buyers do not want to rehab multi-family properties. Most want to purchase a property and begin cash flowing immediately without investing into repairs. This is something you need to consider prior to selling your investment, especially if you are considering selling as-is.
Consider Selling To A Cash Buyer
We buy multi-family property in Knoxville. If you want to walk away from your property without making repairs and still get a great cash offer, we would love to assist. We always buy properties as-is, so you eliminate the need to do any repairs. You can simply walk away with cash in your pocket! Although we are direct cash buyers in Knoxville, we still present you with options so that you can compare what you could potentially get by listing the property.
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