Selling an apartment building is a big decision, but choosing to sell is only the beginning of the battle! The selling process makes room for no mistakes, as one blunder can cost you everything. If you want to successfully close the deal on your property and go home with the amount of money you’re satisfied with, you must do everything right.
Make sure to avoid these common mistakes when selling your apartment building:
1. Underestimating the Selling Costs
Just because you’re selling an apartment building doesn’t mean that all you have to do is wait for a buyer and earn money. Selling isn’t just about getting money in exchange for the property—you’ll also have to incur a few expenses throughout the selling process.
The fact of the matter is that you won’t go home with all of the money. If you hired a real estate broker, you’d have to pay them around six percent of the sale price, but that’s not all. Aside from the agent commission, you’ll also have to set aside money for the following:
- Closing costs
- Apartment repairs
- Final property taxes
- Utilities and insurance
2. Selling the Property Yourself
With all of the costs involved with selling an apartment, you may be tempted to forget about hiring a professional to avoid paying the commission fee. Although selling the property alone means no commission costs, you’ll still have to face some difficulties.
Selling an apartment building may seem simple enough to do on your own, but it’s actually not. Once you begin the selling process, you’ll realize that you may have bitten off more than you can chew—selling a property, much less an apartment building, is taxing. If you don’t give your 100 percent into selling it, you could end up having to sell the apartment at a meager price!
Hiring a real estate broker may cost a chunk of your sale price, but their services are worth it. With their skills, contacts, and experience, they’ll find the right buyers and the best price.
Although you’ll have to pay for commission costs, the money you’ll get to end up with will undoubtedly be significantly more than if you were to sell the apartment building on your own!
3. Setting the Wrong Price
Pricing an apartment building can be tricky, as the price you want and what the market will pay can be different from each other. When you price your property too low, you could miss out on thousands of dollars, and when you price it too high, serious buyers won’t consider your deal.
Never assume the price of your apartment building or look to the internet for answers. To determine the right price to sell your apartment, ask a real estate agent for a comparative market analysis so that you can find out how much other apartments in your area are being sold.
With the right price, you can sell your apartment building quickly while having a large amount of money ending up in your pocket!
Conclusion
Trading your keys for a nice amount of money sounds great, but getting there can be pretty challenging. Anything can happen during a sale, which is why it’s your responsibility to ensure that nothing goes wrong. Make sure to avoid the mistakes above and to work with the right people for a successful sale!
Are you wondering how to sell your apartment building? Then, we at Buying Apartment Buildings might be able to help! Our no-obligation cash offer will give you all the data and information so you can make a fully informed decision. Download your ebook with an offer for your multi-family apartment building today!