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 Calgary to 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 Calgary
Check the Lease
When you set about selling your multi-family property in Calgary, the first thing you need to do is open all 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.
To compete on the market when you’re selling your multi-family property in Calgary, 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 property in Calgary. 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, and 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 property in Calgary. 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 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 MyHomeOptions – we buy whether you have tenants or not! At MyHomeOptions, we purchase properties as-is for cash, so closing is fast. There’s 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 MyHomeOptions 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 MyHomeOptions makes selling your property in Calgary easy! Call MyHomeOptions at (587) 200-3377 or send us a message today.