5 Tips for Selling a Multi-Family Home

Because the holiday season is the least busy time of year for selling a multi-family home, it makes for one of the best times of year a future seller can prepare a two or three-family home for sale.  Here are five simple tips to assist you in selling your multi-family home.

  1. If you have tenants, inform them their home is going up for sale.  Chances are future buyers will want to keep them on as tenants.  Arrange with tenants in advance about access for showing their units.  Some tenants prefer to be home; others would rather go out and leave their keys with a real estate agent.  Inform and discuss with tenants the best methods to having their apartments shown while your property is for sale.
  2. If you have vacancies, or if a tenant is moving, leave at least one apartment empty.  Ninety-five percent of buyers of two and three-family houses want to live in at least one unit.  Providing a vacancy makes it possible for a buyer to qualify for a loan as an owner occupant, and more simply, it gives a buyer a unit to live in.
  3. During the winter months, property owners sometimes fuss over the cost of heating vacant properties.  It is advisable to “keep the heat on” and make sure that vacant units are toasty warm.  When a buyer sees a cold house or a cold vacant apartment, they are less likely to feel comfortable and less likely to buy.  If you budget a few hundred dollars a month for heating an empty unit or house, you will get the money back when selling the house, and your property will be much more attractive than a colder, less presentable, property.
  4. Gather your data.  If you have tenants with leases or signed rental agreements, keep a folder with copies of those contracts.  If you have done recent repairs on your roof or heating system, find the receipts or copies of checks written to pay for repairs.  If you have certificates of lead paint compliance, keep them together with any other important information pertaining to the property.  And if you have a history of bills paid for water, gas or electric, keep them together.  Buyers are more likely to purchase a home from a seller who “has everything” together.
  5. De-clutter the home, hallways, yard, and basement.  If you have unnecessary items in your basement, attic, empty apartments, backyard or rear porches, throw them away or hire a junk removal company.  An emptier property is much easier to view and a buyer can more easily see what repairs need to be made (before hiring a home inspector) or what improvements have been done.  It leads to a smoother sale.  And a seller won’t have to worry about emptying everything out the home at the last minute either. 

Please check back as we continue to update you on East Boston real estate happenings.  To see all our listings, or to search MLS properties, head to the Tony’s Realty Website.

Email Tony with your questions or comments.

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