Selling a multi-family property is different from selling a single-family home. With multiple units, you have to consider not just the property itself but also the people living in it. It’s essential to navigate the legal landscape of Chicago’s regulations for multi-family properties to avoid any costly mistakes. Let’s dive into five helpful tips to make your selling process smoother!
Let’s gov over the five main tips for selling your multi-family property in Chicago
Review your Lease
Before you put your Chicago property on the market, take some time to go through all the leases. It’s important to understand your tenants’ rights and ensure everything is in order, especially since potential buyers will likely want to see your tenant files. Remember, some buyers might want to live in one of the units, so having solid leases in place can make or break a deal.
Make a GREAT Impression
When it comes to selling your Chicago multi-family property, presentation is key. Take a good look at your property from the outside – curb appeal matters! Consider trimming the grass, sprucing up the paint, and making sure any signage is inviting. Don’t forget about deferred maintenance; well-kept parking lots and amenities can make a huge difference. And, make sure your door locks are functioning smoothly; potential buyers shouldn’t be fumbling with keys during their visit!
Prepare your Documents
Having all your documents in order is crucial for a successful sale. Make sure your financial records are up-to-date and that you can clearly outline your annual operating expenses and rental income. This information helps buyers compare your property with others they’re looking at. Additionally, include any paperwork related to maintenance, repairs, warranties, and the age of major systems like heating and cooling. The more organized you are, the more appealing your Chicago property will be to interested buyers.
Invest in a Pre-sale Inspection
Getting an inspection done before listing your Chicago property is a smart idea. Being proactive can help you uncover any hidden issues that you might want to address before negotiations begin. If a buyer discovers problems during their inspection that you didn’t mention upfront, they might feel discouraged and make a lower offer or walk away altogether. It’s best to know what you’re dealing with ahead of time!
Consider a Direct Sale
If you want a hassle-free option, consider selling directly to Cash Offer Partners. We buy properties as-is, whether or not you have tenants. You won’t need to worry about making repairs or waiting around for your property to sell. Our Chicago team of professional homebuyers will work with you to ensure you understand our cash offer and how it compares to listing on the MLS. Selling your multi-family property in Chicago can be easy and straightforward with us! Give us a call at 312-818-4472 or send us a message today.