Selling A Multifamily Property In Hartford Quickly – 3 Keys with Oz Pariser!
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Selling a multifamily property in Hartford has different challenges and considerations than selling a single-family home. We recently put a large 3-family home in Hartford under contract with a buyer. Our listing at 85 Lincoln St, Hartford is a 3-family home with plenty of updates and attractive qualities for owner-occupant buyers and investors alike! But selling a multifamily isn’t always an easy task. There are 3 main keys to remember when selling a multifamily:
1. Selling a Multifamily Property Key #1 – Scheduling showings
Scheduling showings with a multi-family property can be difficulty to coordinate, especially when there are buyers, agents, and tenant schedules to take into account. One strategy we like to use is to schedule two to three showing times per week, clear those times with the tenants, and offer those times for any potential buyers who would like to see the property. If they can’t make any of those times, they can try again next week. This way, we can respect the tenants’ schedules while also allowing for maximum exposure.
2. Selling a Multifamily Property Key #2 – Focus on the right selling points
When selling a multi-family property, you have to keep in mind the buyer pool that you’re selling to. Most people in the market for a multi-family property are investors, and investors are more interested in making a return on their money than anything else. So while the property amenities are important, it’s more important to sell the value of the investment. Keep the end buyer in mind when selling a property!
3. Selling a Multifamily Property Key #3 – Decide whether you will make repairs and updates, and price accordingly
When selling a multi-family property, you have to keep your potential buyers’ goals in mind. Some multi-family buyers are looking for a value-add opportunity, meaning they want a property that needs some work and priced at a discount so that they can do the work and build equity after the work is completed. Other multi-family buyers want a property that is turn-key, meaning it’s completely done and move-in ready. Decide who you’re selling to, and price the property accordingly! If your property needs work, be sure to price it at a discount to attract those value-add investors!
So as you can see, there are many nuances to selling a multi-family property vs a single-family! Keep these tips in mind when selling your multi-family property and you’ll have a buyer faster than you can say “income-expense report!” As for this 3-family at 85 Lincoln St, Hartford, we had this fantastic multi-family opportunity under contract with a buyer within 3 weeks of listing it on the market! If you need help selling your multi-family or just don’t want to deal with it, visit our website at www.SellYourHomeCT.com or give us a call at 860-255-8617 – we can make you a cash offer to buy it as-is and close on the date of your choice, or, like this property, we can list it on the market for you and wait a little longer to find you the right buyer who is willing to pay top dollar!