5 Quick Tips for Selling a Multi-Family Property in Norfolk

Red brick apartment building with three floors in a suburban neighborhood with grass yard

In contrast of selling a private home, a multi-family unit will involve a number of people, based on the number of units you have. You as the seller of a multi-family unit need to make sure you are not breaking any laws, regulations or rules of Norfolk which multi-family property owners need to follow. If you disregard that, it could result in hefty fines.

We will cover 5 quick tips for selling a multi-family property in Norfolk 

Check the Lease

Buyers who want to purchase a multi-family property in Norfolk will request to see your tenants’ files, so you need to make sure everything with those docs is in order. Before you post the property for sale, you need to review all of your tenants’ documents/leases and ensure you obey with all the tenants’ rights. Also, some buyers may want to move in and actually live in one of the units in the building, so you really want to make sure all your leases and other documentation is solid.

Documents

When you are selling a multi-unit property in Norfolk, we need to stress that you must have all the docs available to show to the buyer. Otherwise the will be upset and may think you have something to hide and may not want to do business with you. All of your bookkeeping should also be up-to-date. You better know that the buyer will be very interested n your operating expenses to see how much they will need to spend the run the place. Such expense report will be valuable and the buyer may want to compare it with similar doc for another property they are considering to buy. Also, it’s important to include the necessary documentation to show the age of the big ticket items, such as the roof and HVAC systems.

Prepping

To compete on the market when you’re selling your multi-family property in Norfolk, 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.

Inspections

Yes, you probably knew this was coming – you need to have a recent inspection before selling your multi-family property in Norfolk. This will give you an edge in front of other sellers because the buyers will really like to have that done. Any current issues will be shown and it is in your best interest as a seller to negotiate those problems with the buyer ahead of time and avoid any friction during the sale process. It is likely a buyer will not want to rehab your property and may walk away if a serious issue was shown in the inspection but it was discussed during the negotiations. Or, if the issue is major enough, the buyer may make an insulting low offer.

Direct Sale

Sell your property directly to Coastal Edge Homebuyers – we will purchase it regardless if you have tenants!  At Coastal Edge Homebuyers, we purchase properties “as-is”, with our own cash, and we can close in as little as 7 days. There’s no need to worry about cleaning doing any repairs to the place, or paying any holding costs while the property is just sitting on the market. We, as the professional buyers at Coastal Edge Homebuyers will go over the simple math with you, to ensure that you are comfortable with and you agree that our offer is fair based on the current condition and location of your property. We’d be happy to also give you all your other options so you can make a wise decision. Working with Coastal Edge Homebuyers makes the selling your multi-family property in Norfolk as easy as pie! Call Coastal Edge Homebuyers at (757) 414-7117 or send us a message today.

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