As part of the Sperry Van Ness National Multifamily Product Council, our team has sold thousands of multifamily units and assisted and advised multifamily property owners from nearly every market in the United States. Below I have offered some tips for preparing your multifamily property for sale. Some are simple and basic, but they are important.Tips for preparing your multifamily property for sale. Click To Tweet
Your 10 Multifamily Property Tips
- Enhance the curb appeal by pressure washing sidewalks, exterior walls and signs. Be sure to paint any peeling or visibly stained surfaces. For extra appeal, add a fresh coat of paint to trim and doors.
- Spruce up landscaping. Choose flowers that are in bloom for high visibility areas (near signs and along sidewalks, near on-site property manager’s office). Don’t forget lighting. Check the landscape lighting at night and make sure it is working and enhances the property.
- Check all amenities and make sure they are in working order. If you offer residents a gym, make sure it includes cardiovascular equipment (such as a stair climber), a bench, and a set of dumbbells on racks. Aerobic mats and step blocks are a cheap investment. Even if it’s not in season, make sure the swimming pool is clean or covered with an algae-free cover. Poolside furniture should be mildew-free and umbrellas in working order. Check laundry facilities to make sure all equipment is operational and the room is clean.
- Patch any ruts in the parking lot and consider re-striping.
- If your property sign is faded, repaint or touch it up. Bright colors are best. Remember, this is the first thing a potential buyer sees and it will make a lasting impression – good or bad.
- Take care of all maintenance requests, including making sure all broken windows are fixed.
- Make sure the property manager’s office looks efficient and organized. It should have attractive, framed prints on the wall and recent magazines in the sitting area. Fresh flowers are a plus.
- Give all tenant and property management files the “white glove” test. Your potential buyer will want to be reassured that all the i’s have been dotted and t’s crossed. If there have been recent purchases such as new kitchen appliances for all apartments, make sure that file is prominent.
- Check individual apartments and assure the carpets are cleaned. If they are damaged, consider replacement. Remember that a potential buyer may want to visit apartments at random.
- If there is a dumpster, make sure the area around it is clean. If possible, place a fence around it. If there is a fence, assure that it’s attractive and take care of any repairs needed.
In conclusion, my team represents many sellers of multifamily apartments, and our goal is to create maximum competition for your assets and generate the highest price possible in the market. The above are just a few of the tips we recommend for positioning the property for sale. Little things matter, and the old adage, “You never get a second chance to make a first impression” hold true in property sales as well.
We enjoy helping people who are buying or selling multifamily properties, and we would be more than happy to give you a property analysis with the latest market information on comparable properties in your area. We have advisors in most every marketplace to assist you with this type of analysis, and if you are interested in more information about multifamily properties read Multifamily Investments – What You Should Know.
About Carlton Dean – Carlton has nearly 20 years of experience in the commercial real estate industry, with a special focus in the retail and multifamily sectors. Carlton is based in Tallahassee, Florida, but serves clients throughout the entire Southeastern US. Click here to view his full profile and listings, or if you would like to contact him, you can call him at 850-877-6000 ext. 101, or email him at [email protected] Follow him on Twitter at @.