Selling a multi-family property can be a much more complicated process than selling a private home as it will involve several people, depending on the number of units. Sellers must put a great deal of consideration into the transaction to ensure they aren’t crossing any legal lines regarding the laws, rules, and regulations of Alaska to which multi-family property owners must abide. Failure to do so can be extremely costly.
We will cover five tips for selling your multi-family property in Alaska.
Check the Lease
When you set about selling your multi-family property in Alaska, the first thing you need to do is open all of the leases and do a thorough review, in doing this, you’ll need to make sure you’re considering all of your tenants’ rights. Additionally, buyers will request access to your tenant files, so you’ll want to ensure everything is in order. Some buyers wish to occupy one of the units, so they may move on to another property if your leases are all solid.
To compete on the market when you’re selling your multi-family property in Alaska, you must present the property in the best light possible. Take some photos of the property. Looking at the images may help you focus on the details and consider any lack of curb appeal that a buyer would note as they scroll through listings. If you haven’t already, make sure your lawn and shrubbery are neat, consider repainting the exterior of the home, and be sure any signage is attractive and the parking lot and other amenities are also well maintained. Pay attention to door locks as well. Fumbling with a key won’t make a good impression.
You risk turning off a buyer if your documents aren’t ready for review and in good order when selling your multi-family property in Alaska, so make sure you come prepared with organized paperwork. Your bookkeeping records must be up to date. Your yearly net operating expenses will be of much interest, outlining all costs associated with the property, as well as the income from the rentals. This report provides buyers the ability to compare your properties with others quickly and if it is worth delving further into the transaction. Provide any paperwork that reveals regular maintenance, repairs, and any warranties that may still be valid, which hold value to the buyer. You’ll also want to include documents showing the roof’s age and the major systems, such as heat or air, and the appliances in the units.
It is wise to have an inspection completed before selling your multi-family property in Alaska. Finding surprise problems ahead of selling is best. Knowing the issues that exist will allow you to decide how best to resolve them before entering into negotiations. Should the buyer remain at the negotiating table upon reviewing the inspection, now considering your property as a fixer-upper, they will likely make a low offer. It is more likely your buyer isn’t interested in rehabbing a multi-family property and will walk away if their inspection should reveal a problem that the seller didn’t disclose previously.
Sell directly to Anchorage Home Buyers – we buy whether or not you have tenants! At Anchorage Home Buyers, we purchase properties as-is. There’s no need to worry about sprucing the place up, or completing repairs, or paying holding costs while the property lingers on the market. We will go over the numbers with you, making sure you agree that our offer is fair. We will also present to you what you would realize if you were to list your property on the MLS so that you can compare all options – and we can close in as little as a week. Call Anchorage Home Buyers at 907-333-4472 or send us a message today.