Selling Your Multi-Family
There are a number of complexities involved in selling a multi-family. The complexities can really come down to one word... Tenants. Tenants do make the selling process more interesting to say the least. The first thing most owners want to do once they've decided to sell their multi-family is find out the value of the multi-family without tipping off the tenants. That is a very difficult thing to accomplish unless we inspect the property when the tenant is not there. If you have absolutely decided to sell your multi-family here are the steps we recommend.
- Be honest with your tenant. Tell your tenant you will be selling the property and explain to them that you will do everything in your power to make the marketing process which you know is going to be disruptive to them as painless as possible. If they are on a lease let them know there is no possibility that they will have to leave before the lease is up. If there not on a lease let them know there may be a possibility that they may be asked to vacate, and if they do wish to stay that you will go to bat for them with the next owner but you cannot guarantee that they will stay.
- If you have a problem tenant we recommend you evict that tenant immediately. Contact your attorney so the proper paperwork can be served to the tenant. We do of course realize you will be losing this rent money until the property sells however this is the cost of doing business when selling multi-families with problem tenants. If you choose this option be sure to work closely with your Cabot & Company agent.
- Contact your accountant! There will be tax implications once you sell this investment property. Your accountant will tell you if now is the right time to sell and what your tax implications will be
- Collect the details. Your Cabot & Company agent will need to know what you have been spending on utilities, water and what you may be holding on behalf of the buyer for a security deposit. This information will be made available to the general public.
- Hire us! Please complete the form below and someone who specializes in multi-family home sales will contact you.