What to Address before Listing Your Apartment Buildings for Sale
September 9th, 2021
Real estate investment is more than purchasing office buildings, raw land, strip malls, or multi-family homes. Sometimes, a piece of property is no longer performing entirely as you want, or you are ready to head in a new direction with your portfolio. While the reasons may vary, you want to get the best price when it is time to put your apartment buildings up for sale in Louisiana. There are several things you can do. Working with a commercial real estate broker is a great start.
3 Areas of Focus When Placing Apartment Buildings Up for Sale
Before placing the ‘For Sale’ sign out front, invest some time in these three areas:
- Financials: Buyers want to know they will make money when they purchase an investment property. Owners should have a good handle on the financial aspect of their apartment building or complex all the time, especially long before the property is placed for sale. You will need to have at least 12 months of profit and loss statements to review for investors and their banks. Ideally, you will want to show an upward trend regarding rents and occupancy levels, while your expenses show a downward trajectory. An effective property management broker capable of efficiently running your rentals makes things much smoother.
- Appearance: Curb appeal speaks volumes to potential buyers. This list seems never-ending as lawn care, landscaping, and repair work is always to be done. When the time approaches to sell your property, it pays to ramp up the upkeep. Consider these areas to let the best parts shine through:
- Clean and organize boiler and utility rooms. These areas can be easily overlooked but can leave a building feeling dank and dark. Look to clean up signs of leaks, rust, or corrosion.
- Watch and maintain the general cleanliness of common areas. Look at hallways, laundry rooms, and trash areas.
- Upgrade or clean up the landscaping to add to the curb appeal and create a great first impression for buyers.
- Consider adding new paint to areas where the paint is fading or chipping.
- Marketing: Finding the best investors can be a little tricky. You can do a few things to make the process run smoother. First, work with some of your best tenants with whom you have an excellent relationship, to utilize their apartments for showings. Second, talk with your maintenance and management teams about expectations with keeping the property clean and well maintained. Finally, hire a qualified commercial real estate broker to represent you during the selling process.
Place Your Investment Properties for Sale with The Estes Group
Work with a company dedicated to your wealth-building goals. At The Estes Group, we take time to listen to you and center our efforts based on your needs. Not only can we handle the sale of your apartment buildings, but we also aid in acquisitions, leasing, 1031s, multi-family, property and asset management, and much more. Talk with us about all your commercial investment and apartment building selling and buying needs in Louisiana, Alabama, Mississippi, and Tennessee.
Call us at 601-362-9633 or contact us online to discuss your real estate goals with our knowledgeable and experienced commercial real estate brokers. We’ll help you find the best deal with apartment buildings for sale in Louisiana.