5 Tips for Selling Your Multi-Family Property in New York City

Unlike a private home, selling your multi-family property involves several people, depending on the number of units. Sellers must put a great deal of consideration into the transaction to ensure they aren’t crossing any legal lines regarding the laws, rules, and regulations of New York City by which multi-family property owners must abide. Failure to do so can be extremely costly.

We will cover five tips for selling your multi-family property in New York City 

Check the Lease

When you set about selling your multi-family property in New York City, the first thing you need to do is open all of the leases and do a thorough review, ensuring that you’re considering all of your tenants’ rights. Additionally, buyers will request access to your tenant files, so you’ll want to be doubly sure everything is in order. Some buyers wish to occupy one of the units, so they may move on to another property if your leases are all solid.

Prepping

To compete on the market when you’re selling your multi-family property in New York City, you must present the property in the best light possible. Take a snapshot of the property. Looking at the photo may help you focus on the curb appeal or lack thereof that a buyer would note as they scroll through listings. You’ll want to trim lawn and shrubbery, paint the building more appealing, and be sure any signage is attractive and the parking lot, amenities, or equipment is well maintained. Pay attention to door locks as well. Fumbling with a key won’t make a good impression.

Documents

You risk turning off a buyer if your documents aren’t ready for review and in good order when selling your multi-family property in New York City. Your bookkeeping records must be up to date. Your yearly net operating expenses will be of much interest, outlining all costs associated with the property, as well as the income from the rentals. This report provides buyers the ability to compare your properties with others quickly and if it is worth delving further into the transaction. Provide any paperwork that reveals regular maintenance, repairs, and any warranties that may still be valid, which hold value to the buyer. You’ll also want to include documents showing the roof’s age and the major systems, such as heat or air, and the appliances in the units. 

Inspections

It is wise to have an inspection completed before selling your multi-family property in New York City. Finding surprise problems ahead of selling is best. Knowing the issues that exist will allow you to decide how best to resolve them before entering into negotiations. Should the buyer remain at the negotiating table upon reviewing the inspection, now considering your property as a fixer-upper, they will likely make an insultingly low offer. It is more likely your buyer isn’t interested in rehabbing a multi-family property and will walk away if their inspection should reveal a problem that the seller didn’t bring to their attention previously. 

Direct Sale

Sell directly to Triboro Property Solutions – we buy whether or not you have tenants!  At Triboro Property Solutions, we purchase properties as-is for cash, so closing is fast. There’s no need to worry about sprucing the place up, or completing repairs, or paying holding costs while the property lingers on the market. The professional buyers at Triboro Property Solutions will go over the numbers with you, making sure you agree that our offer is fair. We will also present to you what you would realize if you were to list your property on the MLS so that you can compare all options. Working with Triboro Property Solutions makes selling your multi-family property in New York City easy! Call Triboro Property Solutions at (877) 411-4OWN (877-411-4696) or send us a message today.

Jonathan Ettricks

Combining a sincere dedication to service with his deep love for New York City, Jonathan Ettricks consistently exceeds his clients' unique goals whether they are buying, selling or investing. He offers a consultative, hands-on approach and more than 10 years' experience, which means that each client feels understood, educated and empowered throughout their real estate journey. Regardless of budget or need, everyone receives Jonathan's signature level of service, professionalism and respect. Jonathan knows that trust is a foundational element of a successful transaction, and he earns his customer's faith with his unwavering honesty and integrity. Clients also benefit from his elite communication and organizational skills, and from his lifelong familiarity with the city's many neighborhoods and enclaves. Above all else, Jonathan aims to simplify the ever-changing and complex market with straightforward guidance and benevolent support. Jonathan's commitment to serving others was forged during his parochial school education and his subsequent 20 years in public service, including a long stint working for The New York City Council. Jonathan earned his bachelor's degree from Saint Francis College and his J.D. from Hofstra University.

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