If you purchased multi-family real estate, you understand the value of these investments. Not only do you earn a regular income, but you have a valuable asset in your investment portfolio. However, if your property has appreciated significantly in value, you may want to sell it and reinvest your money into new assets. Therefore, these are tips for preparing your multifamily property for sale.

Speak with Your Tenants

Your first task after you decide to sell should be speaking with your tenants. They need to know that they could be working with another landlord. In addition, giving them this knowledge may help them make future housing plans. Make sure you notify them in writing as well as in person.

You will also likely need to get into and inspect each unit. Speaking with your tenants allows you to learn about anything that needs to be fixed or any concerns they may have about their units. This can significantly cut down the time it takes to prepare your property because you can create a list based on your residents’ feedback.

Prepare Each Unit Inside

Once you notify your tenants, you should ask when you can get into their units to inspect them. Perform routine maintenance, especially if it has been neglected in recent years. You should also consider updating them. For example, clean or replace carpets, paint walls and update any out-of-date fixtures, lighting, plumbing, wiring, or lighting.

While you are in the unit, spend some time with the tenants to learn about any irritations or potential problems. Also, search for any violations of your tenant occupancy rules and address them immediately.

Collect Your Paperwork

You should have detailed records of any maintenance or updates you performed on the property. Your accounting ledgers should show the dates and descriptions of these expenditures. However, you may also collect your invoices and other paperwork. Include your current and past leases and rental histories.

Address External Issues

To get the best sales price, you should address any external issues you find. Focus on increasing the visual or curb appeal of your property. Add or update your landscaping, add lighting, and address any safety issues, such as broken sidewalks. Clean and repair any outside amenities, such as pools, gardens, or playgrounds.

Paint your exterior, including the trim, if it hasn’t been updated recently. Have the building inspected, including the roof and foundation. Patch any parking lot holes and have the striping repainted. Finally, clean up the area, removing debris and hazards.

Getting the best price for your multifamily real estate investment may take a little work, but it will be worth it.