There are times when a property management firm realizes it makes sound business sense to sell an asset in their portfolio. At first glance, it may seem straight-forward, but selling a multifamily community property involves a level of complexity that you can’t risk underestimating. To help facilitate the process, here are three steps to ensure your commercial real estate transaction is a seamless success:
Do Your Homework
Selling a property of this nature involves a substantial amount of paperwork and affiliated processes. Buyers are going to want to know every detail about your property, so it’s important to be ready. A few of the items you need to organize include:
- Copy of deed title
- Rent roll
- Copies of taxes and utility bills
- Copies of leases
Research Zoning Laws
Traditionally property in this realm involves a labyrinth of complex regulations and rules concerning zoning restrictions. Be sure you are up to speed on the most current zoning laws in your area. This is critical, as often these types of regulations change over time. You may well find that the laws differ significantly from the time you purchased the property to when you want to sell. Further, failure to adhere to any requirements may result in a significant financial penalty.
Invest in Property Upgrades
It is vital that you make any upgrades and repairs to your property prior to listing it on the market. The last thing you want to do is have to address a long-neglected maintenance problem in the middle of a listing. In addition, by doing this, you not only potentially enhance the sales value of the property, but also ensure that you will attract serious buyers with high standards looking to close promptly.
If you would like to learn more about multifamily property management, please contact us.Back to all posts