Selling a multi-family property in Chicago involves multiple parties and requires careful consideration to ensure compliance with the city’s laws, rules, and regulations. Failing to do so can result in significant financial consequences. In this article, we will provide you with five useful tips for successfully selling your multi-family property in Chicago.
So what are the five tips for selling your multi-family property in Chicago?
Review Any Leases
When you set about selling your multi-family property in Chicago, 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. Additionally, buyers will request access to your tenant files, so 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. When embarking on the sale of your multi-family property, it is essential to thoroughly review all leases, taking into account the rights of your tenants. Prospective buyers will likely request access to tenant files, so it’s crucial to ensure that everything is in order. If your leases are solid, you increase the chances of attracting buyers who may be interested in occupying one of the units.
Prepping
To compete on the market when you’re selling your multi-family property in Chicago, 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. It is crucial to present your multi-family property in the best possible light. Take a snapshot of the property and analyze it to identify any areas that require improvement. Enhance curb appeal by trimming lawns and shrubbery, applying a fresh coat of paint to the building, and ensuring that signage is attractive. Additionally, maintain the parking lot, amenities, and equipment in good condition. Pay attention to door locks as well, as a smooth entry experience leaves a positive impression.
Documents
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 Chicago. 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. Having your documents ready and well-organized is vital to attract potential buyers. Ensure that your bookkeeping records are up to date and provide detailed information on yearly net operating expenses, including all property-related costs and rental income. This information allows buyers to compare your property with others quickly and decide whether to proceed with the transaction. Include documents that demonstrate regular maintenance, repairs, and any valid warranties, as these add value to the buyer. It’s also important to provide documents indicating the age of the roof, condition of major systems such as heating and air conditioning, and the status of appliances in the units.
Conduct Inspections
It is wise to have an inspection completed before selling your multi-family property in Chicago. 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. It is advisable to have a thorough inspection carried out before listing your multi-family property for sale. Identifying any potential issues in advance enables you to address them proactively before entering into negotiations. If a buyer discovers significant problems during their own inspection, they may view your property as a fixer-upper and make a low offer, potentially causing negotiations to falter. To avoid such situations, it is best to address any known issues beforehand and be transparent with buyers.
Direct Sale
Sell directly to One Piece Home Buyers – we buy whether or not you have tenants! At One Piece 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 One Piece 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 One Piece Home Buyers makes selling your multi-family property in Chicago easy! Another option to simplify the selling process for your multi-family property in Chicago is to sell directly to One Piece Home Buyers. Regardless of whether you have tenants or not, One Piece Home Buyers purchases properties as-is for cash, ensuring a fast closing. This means you don’t have to worry about investing time and money into sprucing up the property or completing repairs. The experienced professionals at One Piece Home Buyers will assess the property’s value and present you with a fair offer. They can also provide you with information on what you could potentially realize by listing your property on the MLS, enabling you to compare all your options. Working with One Piece Home Buyers can make selling your multi-family property in Chicago a hassle-free experience. Call One Piece Home Buyers at (773) 839-5575 or send us a message today.