Here are five tips for selling your unwanted multi-family property in Austin: update the parking area, add more curb appeal, update common areas, keep the doors and locks in proper working order, and probably the most important is to keep your paperwork in order: rent payments and analyze the property’s return on investment.
1. Parking Area
The first tip for selling your unwanted multi-family property in Austin is to improve the parking area. No one enjoys a cracked driveway or potholes. Invest in a seal coating for your parking area. The seal coating will fill in the cracks and create a smooth, clean parking surface. If the multi-family property has potholes, this will make it seem like the property is not maintained very well. An asphalt patch from the hardware store can be a quick fix. Coating and repairing the parking area is a simple fix to make a large impact.
2. Curb Appeal
The second tip for selling your unwanted multi-family property in Austin is to step up the curb appeal. Start with a pressure wash to clean off any dirt on the driveway or walls. A new coat of paint to clean up the look of your multi-family house at a small cost. Have the hedges trimmed, plant some area-appropriate foliage, consider adding color to the landscape, such as flowers, and add fresh mulch to the plant beds. A little effort can have a large impact on how future buyers’ see your investment property for sale.
3. Common Areas
The third tip for selling your unwanted multi-family property in Austin is to update the common areas, if you have them. These may be areas such as courtyards, lobbies, laundry areas, and pools; anywhere tenants share the property. Get some new outdoor furniture, redecorate the lobby, repaint scratched appliances, refresh the signage. This will improve the look of your property and reflect a clean and well maintained property.
4. Doors and Locks
The fourth tip for selling your unwanted multi-family property in Austin is to repair any broken doors. You will also want to make sure that all of the locks operate properly. You need to make sure when showing the property the doors and locks are functioning optimally. This also promotes the perception of a well-maintained property.
5. Paperwork in Order
The fifth tip for selling your unwanted multi-family property in Austin is to have all of your paperwork in order. You will want to have all of the important documents ready for potential buyers. Documents that would be helpful to buyers would be cash flow financial statements, roof warranties, HVAC documentation, and receipts of any recent building improvements. The buyers of multi-family homes are usually real estate investors who would need to see the financial statements to determine if the property would fit in their portfolio. Keeping your paperwork in order and readily available shows that you maintain your property and records.
Buyers will be more willing to make an offer on your property if they can purchase it with little to no effort to fix up the property and then maintain it. They may also be willing to pay a little more than usual because they don’t have to do the upgrades themselves.