Thinking about selling your multi-family property? Then you’d be wise to prepare your property for sale to get a quick sale at a higher price. We offer five tips for selling your unwanted multi-family property in Edmonton: update the parking area, add additional curb appeal, spruce up the common areas, keep the doors and locks in working order, and keep all your financial records in order to keep track of rental revenue and analyze the property’s return on investment or ROI.
Repair the Parking Area
The first tip for selling your unwanted multi-family property in Edmonton is to improve the parking area. No property owner or tenant enjoys a cracked driveway or potholes. You’d be wise to invest in a seal coating for your parking area; it will make a significant difference in the satisfaction level of the tenants. The seal coating will fill in the cracks and create a smooth, clean parking area. If the multi-family property is littered with potholes it will appear as though the property is poorly maintained for the tenants and may cause damage to their vehicles. Coating and repairing the parking area would be a simple fix with a large impact.
Enhance The Curb Appeal
The second tip for selling your undesirable multi-family property in Edmonton is to step up the curb appeal. A good place to start is with a pressure wash to clean off any dirt on the driveway or the exterior walls. A fresh coat of paint would do wonders to clean up the look of your multi-family house at a small cost. Trim the hedges, plant some environment-appropriate foliage, and add fresh mulch to the plant beds. Leaving basic maintenance undone may convey that the property is difficult to maintain. A small effort can have an outsized impact on any future buyers’ perception of your property.
Touch Up The Common Areas
Another suggestion for selling your multi-family property in Edmonton is to update any common areas. These are public areas in the building available for use like porches, courtyards, lobbies, laundromats, gazebos and pools; any place where the tenants have a right to be on the property. Invest in some new outdoor furniture, redecorate and repaint the lobby, and refresh the signage. These improvements will enhance any future buyers’ perception of the property and reflect a clean and well-looked after investment.
Adjust The Doors and Locks
The fourth tip for selling your unwanted Edmonton multi-family property is to repair any squeaky, damaged or broken doors. Be sure and confirm that all of the locks are well oiled and operating smoothly and quickly. When showing the property you need to make sure that there are no delays in unlocking and opening any doors. This too promotes the perception of a well-maintained property.
Get Your Paperwork in Order
The fifth and final recommendation for selling your multi-family property in Edmonton is to have all your important paperwork organized and ready to go for any potential buyers. These would include any documents that would be helpful to the buyers such as any roof warranties, HVAC documentation, or receipts for any recent building improvements.
Another set of vital documents would be the cash flow and income statements. As the typical buyers of multi-family homes will most likely be real estate investors, they would demand to see the financial statements to determine if the property would be a profitable fit in their portfolio. Keeping your paperwork in order and readily available shows that you maintain your property and records in an orderly manner.
Keep in mind, buyers will be more willing to make an offer on your multi-family property if they can purchase it with little to no effort needed to fix up the property. They may also be willing to pay a little more than usual because they didn’t have to do any of the upgrades themselves.