Tips for Selling a Multifamily Property

Posted by Techyscouts | Posted on 05/10/2024
  •  Real Estate
  • Buying or selling multi-family properties is a risk. If the market is good, you can make a fortune. Conversely, you could lose your shirt if you don’t know what you are doing. That’s why Mike Millea, a West LA trust real estate broker, is in the business of advising clients on what to buy or sell and when. He has helped many clients make a lot of money over the years by buying and selling multi-family properties.


    From Four Families to Forty Families and Beyond

    Maybe the property you have houses four families. Maybe it houses six, eight, ten, or forty. Profit is to be had if you know how to manage these properties.

    However, property management isn’t for everyone. It’s better to drop the property with a trust real estate broker in Los Angeles and ask for it to be given to an intended heir than to manage such properties poorly. If you don’t want to give the property to anyone, avoid losing the property to probate with advice from a qualified West LA probate real estate agent.


    Choosing to Sell the Property

    Selling in a seller’s market for real estate is the best way to unload a multi-family property. Because it is expected to generate a lot of monthly income for the owner, you can use that as your primary selling point. Advertise through a West LA trust real estate broker who can do all the heavy work of selling the property for you.


    Perform Multiple Updates to Entice Buyers

    From curb appeal to the appearance of all the units inside the building, buyers want to see an attractive property. They want to know that they will not have to do a lot of updates and repairs in the next year. This allows them to start repaying the huge loans they acquire to buy the property from you before they take some losses in the future.


    Choosing Furnished vs. Unfurnished

    Ready-to-move-in condition excites renters and lessors alike because the units are immediately ready to live in. You can choose not to furnish the units, but you could command a much higher price for the building if the apartments are furnished. You can recoup what you spent to furnish the units and make a little extra profit in the sale.


    Consider Paying Promotion Fees

    You can “promote” the multi-family property by paying a little extra on the sales contract. Once paid, the trust real estate broker in Los Angeles places the images and property information at the very top of the property browsing section. Potential buyers see this right as they open the browsing page.


    Failing Health? Need to Sell Fast?

    If you want to sell your multi-family property because your health has taken a turn for the worse, consult a West LA probate real estate agent. These agents can help you find a workaround that prevents such a lucrative property from being torn to pieces to pay debts. Contact Mike Millea for more information and to help you sell the properties you have.


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