Selling a multi-family property involves more than just the owner and requires the involvement of several individuals, depending on the number of units. To avoid any legal issues concerning the laws, rules, and regulations of New Orleans that multi-family property owners must comply with, sellers must carefully consider the transaction. Failure to do so can result in significant financial consequences. In contrast to a private residence, selling a multi-family property involves a more complex process that demands careful attention to legal requirements.
We will cover five tips for selling your multi-family property in New OrleansÂ
Check the Lease
When selling a multi-family property in New Orleans, the initial step is to review all leases thoroughly, taking into account the rights of all tenants. This review is critical, as potential buyers will likely request access to tenant files, making it essential to ensure all documentation is in order. Furthermore, suppose a buyer intends to occupy one of the units. In that case, they may opt to consider other properties if the leases are not adequately established, underscoring the importance of conducting a comprehensive lease review.
Prepping
When selling a multi-family property in New Orleans, presenting the property in the best possible light is crucial to compete effectively in the market. Take a snapshot of the property to assess its curb appeal, which can significantly impact a buyer’s decision. Enhancing curb appeal involves trimming lawns and shrubs, applying an attractive coat of paint to the building, ensuring appealing signage, and maintaining the parking lot, amenities, and equipment in good condition. Additionally, it’s important to ensure the door locks are in good working order to avoid leaving a negative impression on potential buyers.
Documents
When selling a multi-family property in New Orleans, it’s essential to ensure that all documents are readily available for review and well-organized, or else potential buyers may be dissuaded. To make a positive impression on buyers, you must maintain up-to-date bookkeeping records, including your yearly net operating expenses, which outline all expenses associated with the property and rental income. This report enables buyers to quickly compare your property to others and determine whether to pursue the transaction further. Additionally, provide any paperwork that demonstrates regular maintenance, repairs, and warranties that may still be valid, as these add value to the property in the buyer’s eyes. You should also include documents showing the age of the roof, major systems like heating and air conditioning, and any appliances in the units.
Inspections
Before selling a multi-family property in New Orleans, it’s prudent to have it inspected to identify any potential issues. By identifying and addressing problems beforehand, you can decide on the best course of action before entering negotiations with potential buyers. If a buyer discovers problems during their inspection, they may consider the property a fixer-upper and make a low offer, or worse, they may walk away entirely if they’re not interested in rehabbing a multi-family property. Thus, having an inspection completed beforehand can prevent surprises and ensure a smoother negotiation process.
Direct Sale
Consider selling your multi-family property in New Orleans directly to Omni Home Buyers without worrying about tenants or property conditions. Our company purchases properties as-is for cash, ensuring a fast closing and eliminating the need for repairs, sprucing up, or holding costs. Our professional buyers will discuss the numbers with you and ensure that our offer is fair. We can also provide you with a comparison of what you would realize if you were to list your property on the MLS, so you can make an informed decision. Working with Omni Home Buyers makes selling your multi-family property in New Orleans a breeze! To get started, call Omni Home Buyers at (504) 399-3155 or send us a message today.