Selling a multi-family home is more difficult than a single-family because it involves more people. A multi-family property can be a multi-generational home, where families live together and share expenses and responsibilities, or it can be a dwelling with multiple units, each one with a family. We will discuss selling the former.
Step 1: Get Everyone on Board with the Sale
If you share your house with your parents, grandparents, sister or brother and their family, it’s not just your best interests at stake. Everyone has a voice in what happens to where they live. Will your extended family move with you into your new home? Will they move someplace else? Or maybe they’d like to buy the house from you – if that’s an option.
Discussing the house sale together is also a necessity if more than one person’s name is on the title. All owners must agree to the sale.
Step 2: Research the Market and Best Time to Sell
Market conditions often change. Determine if you’re in a buyer’s or seller’s market, and inquire with your real estate agent if it would be better to wait for a seller’s market.
Also, if you have the option and are not pressed to move right away, decide when you want to sell. Most people are of the opinion that spring is the best time for a house sale. But every season has its benefits and drawbacks.
We are still in the fall season, and though the market tends to cool down this time of year, that does not mean you’ll miss out on an opportunity. Buyers are actually more serious, and there’s less competition at the turn of winter.
Step 3: Get an Inspection and Make Repairs (Optional)
This step is optional because you can make repairs now, or negotiate them with a buyer later, after the inspection. The good news is you have more contributors living under your roof to help with repairs.
Step 4: Price Competitively
Pricing your property is important but tricky. Price it too high, and buyers won’t even make you an offer. Price it too low, and they suspect something is wrong with the property, or you’ll miss out on thousands of dollars.
You can do the following to help price your house:
- Research comparable properties
- Hire an appraiser
- Talk with your real estate agent
Sites like Zillow or Redfin do not always provide accurate estimates because they lack information on your property. However, we can give you a fair market offer, based on the information you provide us. Just click below to request your free offer.
Step 5: Clean and Stage the House
When buyers visit for walkthroughs, they want to picture their lives in the house. Too much clutter impedes the vision and makes rooms appear smaller.
Working together, you and your family can pack and move belongings into storage. Whatever’s left you can donate or throw away to make your eventual move less of a hassle.
Be sure to do a mass cleaning inside and outside of the house and stage rooms to encourage the buyer’s vision.
Step 6: Market Effectively
If you sell your house For Sale By Owner (FSBO), you’ll have to list the property and market its availability all on your own. Potential buyers are found online nowadays, through property listing sites and social media. It requires constant attention, updating details and answering inquiries. If you have a good real estate agent, they will do all the work for you.
Step 7: Clear Out During Walkthroughs
The best thing you can do to get an offer is clear out of the house during showings. Let your realtor show off the house, while you and your family go out for the day.
Sell Your Multi-Family Property without Stress
If you want to sell your multi-family property without cleanings, showings, or inspections, consider accepting an offer from a real estate investor. Most investors pay cash for a property “as-is,” be it damaged, neglected, or have a great big mess inside. Investors will even buy a house with discarded belongings, if you want to lighten your move.
Investors do not require traditional sale warranties or inspections, and if you don’t have a realtor, there’s no commission fee. You can even sell the house virtually, without the investor ever visiting the property. All you have to be concerned with is the closing day, which is up to your discretion and can be in several months, 30 days or less.
