05/26/2023
This article provides tips for selling a multi-family property in Wichita. Here is a summary of the key points:
Checking the Lease: Before selling, thoroughly review all leases and ensure tenants' rights are considered. Buyers will request access to tenant files, so make sure everything is in order. Solid leases increase buyer interest, especially if they want to occupy one of the units.
Prepping the Property: Present the property in the best light possible to compete in the market. Enhance curb appeal by trimming lawns and shrubbery, painting the building, and maintaining attractive signage, parking lots, amenities, and equipment. Pay attention to door locks for a good impression.
Organizing Documents: Have all documents ready for review and in good order. Keep up-to-date bookkeeping records, provide net operating expense reports, and include paperwork on maintenance, repairs, warranties, and the age of major systems and appliances.
Conducting Inspections: It's wise to have an inspection done before selling. Identifying and addressing issues in advance allows for better negotiation. If surprise problems arise during the buyer's inspection, they may make low offers or walk away.
Direct Sale: Consider selling directly to ICT House Buyers, who purchase properties as-is for cash, regardless of tenant occupancy. Closing is fast, eliminating the need for repairs, holding costs, or sprucing up the property. ICT House Buyers will provide a fair offer and compare it to MLS listing options.
Overall, these tips aim to help sellers navigate legal requirements, attract buyers, and ensure a smooth transaction when selling a multi-family property in Wichita.
Selling your multi-family property can be more challenging than selling a single-family home. Here are some of our best tips to aid in the process.