Selling a property can be a complex affair, which is why we always suggest employing a real estate agent to help. But what if you’re situation isn’t quite as clear-cut as usual, like if you’re wanting to sell a multi-family home? Such transactions bring about a unique set of challenges that are important to understand before entering the market.
Multi-family homes usually consist of a number of units that are occupied by various tenants, but are all owned by one party. They’re also known as MDUs (multi-dwelling units) and can be bought as an investment, before the individual units are leased out to tenants. Apartment buildings, large houses and condominiums can all be MDUs.
There are a number of rules and regulations to abide by when selling such a property. To help you get started, here are our top tips for selling your house quickly and for a good price when it’s an MDU.
1. Review all documentation
One of the main pieces of advice we offer to all home sellers, regardless of the type of property on the table, is to organise your documentation early. If it’s a multi-family home for sale, this rule is even more important as there are leases, tenant’s rights and occupancy agreements to be handed over to your potential buyer.
2. Benefit from a good tenant relationship
For a possible sale, reliable tenants, who have been living in the property for many years, are crucial. They promise potential buyers long-term rental income and create a good basis of trust for future owners or landlords.
3. Prepare the home for sale
As with any home sale, you need to ensure that your multi-family house is in a good state to be viewed. In addition to repair work, additional time for home staging should also be planned.
4. Hire an experienced agent
When you own a unique property that you’re looking to sell, its crucial to enlist the help of an experienced estate agent. Search for an agent with specific knowledge about selling MDUs who can therefore advise you with tips for selling your house, such as what paperwork to complete and how to stage your property for viewings.
5. Marketing a multi-family home
You will need to work alongside your real estate agent to ensure your multi-family home is effectively marketed. MDUs may take longer than regular properties to sell, but there are different steps to take to speed up the process. If you live in either the US or Europe, spring or early summer is known as the best time to put a property on the market. Local variations will need to be taken into account, especially if it’s a multi-family home for sale, which is where an experienced agent with knowledge of your area is the best person to advise you.
One of the best ways to know that you’re going through the proper channels with your unique property is to enlist the help of a professional and experienced estate agent. Read even more tips for selling your house on the different websites of Engel & Völkers.