Rochester Real Estate | LOCAL Homes For Sale https://www.rochesterrealestateblog.com Rochester Real Estate | LOCAL Homes For Sale | Homes for sale in Rochester, NY, LOCAL Rochester real estate listings, market data, REALTOR® info, and high quality content updated every 15 minutes! Wed, 25 Jun 2025 11:50:30 +0000 hourly 1 https://wordpress.org/?v=6.7.2 https://www.rochesterrealestateblog.com/wp-content/uploads/2016/11/cropped-SITE-LOGO-512-x-512-1-32x32.png 5 Important Tips For Selling A Multi-Family Home – Rochester Real Estate | LOCAL Homes For Sale https://www.rochesterrealestateblog.com 32 32 June Home Maintenance Checklist: 40+ Must-Do Tasks to Prepare Your Home for Summer https://www.rochesterrealestateblog.com/june-home-maintenance-checklist-summer-prep/ Tue, 24 Jan 2017 12:40:24 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=20501 How To Sell A Multi-Family Property [caption id="attachment_10457" align="aligncenter" width="450"]5 Important Tips For Selling A Multi-Family Home 5 Important Tips For Selling A Multi-Family Home[/caption] Selling a multi-family home is substantially more complex than selling a single family home.  One of the top reasons why selling a multi-family is generally more complex is because it typically involves more people than just the one owner of a single family home. When selling a multi-family property the probability that you're involving 6-12 people is high.  Depending on the number of units in a multi-family property, you may only be dealing with a couple families or a dozen families. There are certain rules, regulations, and laws that multi-family property owners must be aware of and also abide by.  These rules, regulations, and laws will vary from city to city and state to state. It's highly recommended that prior to selling a multi-family home that you consult with an attorney to make sure you're not going to put yourself in a situation where you could be sued.  Not being aware of rules, regulations, and local laws is one of the top home selling mistakes made by multi-family property owners. Read on to find out what the top 5 tips for selling a multi-family home are.  Multi-family property owners who follow the below tips will put themselves in an excellent position to get their property sold, while avoiding potential issues or roadblocks.

Review Leases, Occupancy, & Tenant Rights

Before listing a multi-family home for sale, it's vital to review all leases and the occupancy for each unit.  As mentioned above, multi-family property owners can get themselves in trouble if they're not careful.  It's important to always keep in mind tenant rights when selling a multi-family home. There are a few frequently asked questions from home buyers that multi-family property owners will be asked during the sale process.  By reviewing the current leases and occupancy of each unit, multi-family property owners will be able to answer these questions accurately.  Below are a couple of the top questions asked by buyers who're looking to purchase a multi-family home.
  1. What are the terms of any/all leases?
  2. What are the rent amounts for each unit?
  3. What's included in the rent for each unit?
  4. Are there security deposits being held?
  5. Are the rents able to be subsidized by Government assistance?
  Reviewing the leases and occupancy for each unit can also help determine whether or not to sell the property while it's being occupied by tenants.  Selling a home with tenants can be tricky and it can also bring other potential issues into the equation. For example, if a multi-family home is being sold while tenant occupied and the leases are for an extended period of time, it potentially can eliminate a large number of potential buyers who're looking to buy a multi-family home and plan on, or need to, occupy one of the units.  One of the disadvantages of a VA home loan or FHA loan is that the property must be occupied by the buyer, so if a buyer is planning on utilizing one of these mortgage products, they wouldn't be able to purchase a tenant occupied multi-family home. Selling a multi-family home is easiest and most successful if it's unoccupied.  This eliminates potential issues with coordinating home showings or issues with occupancy requirements.  If this isn't a possibility, then it's important that the owner has full cooperation from all parties who'll be impacted during the sale of the multi-family property.

Preparation Is Key When Selling A Multi-Family Home

[caption id="attachment_10458" align="aligncenter" width="450"]Preparation Is Key When Selling A Multi-Family Home Preparation Is Key When Selling A Multi-Family Home[/caption] Preparing a home for sale is critical when selling any type of home, whether it's single family or multi-family.  Since many multi-family properties are purchased as investments, preparing for the sale becomes necessary. One of the most important factors for investors who're looking to buy multi-family homes is the amount of maintenance the home appears to have.  A home that isn't prepared for sale can appear to have more maintenance than it really does. For multi-family property owners who're attempting to prepare and sell a home on a budget, it can be done by tending to a few key areas of the property.  Below are a few of the areas and items that should be prepared prior to listing a multi-family for sale.
  1. Curb Appeal - Simply tending to the exterior curb appeal of a multi-family home can go a long way.  Trimming bushes/shrubs and making sure any flower beds are a couple tips for improving the curb appeal of the property.
  2. Clean Up Common Areas - Depending on the multi-unit, there maybe some common areas, such as laundry or a vestibule.  It's important that all common areas in the property are cleaned up and portray extra maintenance.
  3. Parking Areas - If the property has designated parking areas or garage spaces, making sure these are well defined and in good condition is critical.  If there is an off street parking area, a simple seal of the driveway can go a long way and doesn't cost a ton of extra money.
  4. Doors & Locks - All doors and locks within the multi-family property need to be working well.  It's not a good reflection of a property when the locks are difficult to use and a showing agent is struggling to access the units within the property.
  When selling a multi-family home, it's extremely important that it's prepared for the market.  Not doing so can make or break whether the property sells and also it can impact an owners bottom line.

Hire An Agent Who Has Experience Selling Multi-Family Homes

Hiring a top real estate agent, with experience, is extremely important when selling any type of property.  For example, when selling a waterfront property, hiring an agent who primarily sells mobile homes in a park wouldn't be the best idea. It's critical when selling a multi-family home that a Realtor® who has experience selling multi-family homes is hired.  To help ensure an agent who has experience selling multi-family homes is hired, there are certain questions to ask Realtors® during interviews.
  1. How do you handle showings when a property is tenant occupied?
  2. How much notice do you provide?
  3. In the past, how have you handled uncooperative tenants?
  4. Can you provide the contact information of the previous owner who you represented during a recent multi-family sale?
  Asking the right questions during an interview can greatly improve the chances an agent who has experience selling multi-family homes is hired. Not only is it important to make sure the agent has experience selling a multi-family home but it's equally as important to make sure they know how to effectively market a home.  Since the majority of home buyers are finding the home they eventually purchase on the internet, it's critical the agent knows how to reach potential buyers. This is done by using the best real estate marketing strategies.  Marketing strategies such as using social media, optimizing their website to be found in searches, and using high quality photography and videos are a few ways top real estate agents are marketing their clients homes to potential buyers.

Have Important Documents Ready

[caption id="attachment_10460" align="aligncenter" width="450"]Have Important Documents Ready When Selling A Multi-Family Home! Have Important Documents Ready When Selling A Multi-Family Home![/caption] There are certain things to know before selling a home, regardless if it's a single family or multi family home.  It's helpful that before listing a home for sale that important documents are readily accessible for potential buyers. Documents that should be readily accessible, whether selling a multi-family home or not, include documentation relating to roof age or warranties, the age of the homes HVAC systems, and any receipts of remodeling projects that have been completed. One of the most important features that today's home buyers are looking for in a home are updated and newer mechanics, such as roofs and HVAC systems.  Home sellers who have records and receipts showing the ages of these components give themselves a huge advantage. When selling a multi-family home, it's very important to have financial documents readily available for prospective buyers.  Since multi-family homes are often purchased as an investment, having the financial documents available can be extremely helpful for potential buyers. The most important financial document that should be readily available when selling a multi-family home is the yearly net operating figures.  This document shows a potential buyer the income from monthly rents and subtracts out the expenses of the property, such as yearly homeowners insurance, yearly refuse, yearly water usage, and any repairs that have been completed recently.

Complete Inspections Prior To Listing The Property

Many municipalities require that a certificate of occupancy, also known as a C of O, is renewed when a multi-family property is being sold to a new owner.  It's highly recommended that prior to listing a multi-family property that any inspections are completed beforehand. If your local municipality requires a new C of O prior to the property being transferred to a new owner, have the inspection completed prior to listing can reduce the chances that the real estate closing is delayed.  If you're unsure if a new C of O is required prior to the property being transferred, you can contact your local municipality to find out. Recently while selling a multi-family property in Rochester NY, the property owner decided to wait until after a contract was received to complete the required C of O inspection.  The City was backlogged on inspections and the inspection date had to be scheduled a month out, which ultimately delayed the closing of the property.  This could've been avoided if the C of O inspection was completed prior to listing the property. Another inspection to consider completing prior to listing a multi-family property is a general home inspection.  There are lots of reasons to have a pre-listing inspection when selling a home.  The number one reason having a pre-listing inspection prior to putting a home on the market is that it provides a homeowner the opportunity to rectify issues that a home inspector may find. Since the majority of home buyers elect to have a home inspection and some buyers can get scared away from a home because of the inspection results, having one completed prior to listing is a very good idea.  Homeowners who decide to not have a pre-listing inspection often end up regretting their decision if a buyer is scared away from their property.

Final Thoughts On Selling A Multi-Family Home

As you can see, selling a multi-family home is much different than selling a single family home.  Even though selling a multi-family home is generally more complex, that doesn't mean that it has to be impossible.  By following the 5 tips discussed above, multi-family property owners put themselves in a much better position to experience a smooth and successful sale.

Other Top Resources For Selling A Multi-Family Home

Do you own a multi-family property in Rochester?  If so and you're thinking about selling your multi-family property, the above 5 tips should be extremely helpful.  If you don't have a real estate agent in Rochester yet, call or text me at 585-704-7095, and I'd be happy to discuss the sale of your multi-family home!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "5 Important Tips For Selling A Multi-Family Home" was written by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group.  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> May Home Maintenance Checklist: 30 Essential Tasks to Prepare Your Home for Summer https://www.rochesterrealestateblog.com/may-home-maintenance-checklist/ Tue, 24 Jan 2017 12:40:24 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=20484 How To Sell A Multi-Family Property [caption id="attachment_10457" align="aligncenter" width="450"]5 Important Tips For Selling A Multi-Family Home 5 Important Tips For Selling A Multi-Family Home[/caption] Selling a multi-family home is substantially more complex than selling a single family home.  One of the top reasons why selling a multi-family is generally more complex is because it typically involves more people than just the one owner of a single family home. When selling a multi-family property the probability that you're involving 6-12 people is high.  Depending on the number of units in a multi-family property, you may only be dealing with a couple families or a dozen families. There are certain rules, regulations, and laws that multi-family property owners must be aware of and also abide by.  These rules, regulations, and laws will vary from city to city and state to state. It's highly recommended that prior to selling a multi-family home that you consult with an attorney to make sure you're not going to put yourself in a situation where you could be sued.  Not being aware of rules, regulations, and local laws is one of the top home selling mistakes made by multi-family property owners. Read on to find out what the top 5 tips for selling a multi-family home are.  Multi-family property owners who follow the below tips will put themselves in an excellent position to get their property sold, while avoiding potential issues or roadblocks.

Review Leases, Occupancy, & Tenant Rights

Before listing a multi-family home for sale, it's vital to review all leases and the occupancy for each unit.  As mentioned above, multi-family property owners can get themselves in trouble if they're not careful.  It's important to always keep in mind tenant rights when selling a multi-family home. There are a few frequently asked questions from home buyers that multi-family property owners will be asked during the sale process.  By reviewing the current leases and occupancy of each unit, multi-family property owners will be able to answer these questions accurately.  Below are a couple of the top questions asked by buyers who're looking to purchase a multi-family home.
  1. What are the terms of any/all leases?
  2. What are the rent amounts for each unit?
  3. What's included in the rent for each unit?
  4. Are there security deposits being held?
  5. Are the rents able to be subsidized by Government assistance?
  Reviewing the leases and occupancy for each unit can also help determine whether or not to sell the property while it's being occupied by tenants.  Selling a home with tenants can be tricky and it can also bring other potential issues into the equation. For example, if a multi-family home is being sold while tenant occupied and the leases are for an extended period of time, it potentially can eliminate a large number of potential buyers who're looking to buy a multi-family home and plan on, or need to, occupy one of the units.  One of the disadvantages of a VA home loan or FHA loan is that the property must be occupied by the buyer, so if a buyer is planning on utilizing one of these mortgage products, they wouldn't be able to purchase a tenant occupied multi-family home. Selling a multi-family home is easiest and most successful if it's unoccupied.  This eliminates potential issues with coordinating home showings or issues with occupancy requirements.  If this isn't a possibility, then it's important that the owner has full cooperation from all parties who'll be impacted during the sale of the multi-family property.

Preparation Is Key When Selling A Multi-Family Home

[caption id="attachment_10458" align="aligncenter" width="450"]Preparation Is Key When Selling A Multi-Family Home Preparation Is Key When Selling A Multi-Family Home[/caption] Preparing a home for sale is critical when selling any type of home, whether it's single family or multi-family.  Since many multi-family properties are purchased as investments, preparing for the sale becomes necessary. One of the most important factors for investors who're looking to buy multi-family homes is the amount of maintenance the home appears to have.  A home that isn't prepared for sale can appear to have more maintenance than it really does. For multi-family property owners who're attempting to prepare and sell a home on a budget, it can be done by tending to a few key areas of the property.  Below are a few of the areas and items that should be prepared prior to listing a multi-family for sale.
  1. Curb Appeal - Simply tending to the exterior curb appeal of a multi-family home can go a long way.  Trimming bushes/shrubs and making sure any flower beds are a couple tips for improving the curb appeal of the property.
  2. Clean Up Common Areas - Depending on the multi-unit, there maybe some common areas, such as laundry or a vestibule.  It's important that all common areas in the property are cleaned up and portray extra maintenance.
  3. Parking Areas - If the property has designated parking areas or garage spaces, making sure these are well defined and in good condition is critical.  If there is an off street parking area, a simple seal of the driveway can go a long way and doesn't cost a ton of extra money.
  4. Doors & Locks - All doors and locks within the multi-family property need to be working well.  It's not a good reflection of a property when the locks are difficult to use and a showing agent is struggling to access the units within the property.
  When selling a multi-family home, it's extremely important that it's prepared for the market.  Not doing so can make or break whether the property sells and also it can impact an owners bottom line.

Hire An Agent Who Has Experience Selling Multi-Family Homes

Hiring a top real estate agent, with experience, is extremely important when selling any type of property.  For example, when selling a waterfront property, hiring an agent who primarily sells mobile homes in a park wouldn't be the best idea. It's critical when selling a multi-family home that a Realtor® who has experience selling multi-family homes is hired.  To help ensure an agent who has experience selling multi-family homes is hired, there are certain questions to ask Realtors® during interviews.
  1. How do you handle showings when a property is tenant occupied?
  2. How much notice do you provide?
  3. In the past, how have you handled uncooperative tenants?
  4. Can you provide the contact information of the previous owner who you represented during a recent multi-family sale?
  Asking the right questions during an interview can greatly improve the chances an agent who has experience selling multi-family homes is hired. Not only is it important to make sure the agent has experience selling a multi-family home but it's equally as important to make sure they know how to effectively market a home.  Since the majority of home buyers are finding the home they eventually purchase on the internet, it's critical the agent knows how to reach potential buyers. This is done by using the best real estate marketing strategies.  Marketing strategies such as using social media, optimizing their website to be found in searches, and using high quality photography and videos are a few ways top real estate agents are marketing their clients homes to potential buyers.

Have Important Documents Ready

[caption id="attachment_10460" align="aligncenter" width="450"]Have Important Documents Ready When Selling A Multi-Family Home! Have Important Documents Ready When Selling A Multi-Family Home![/caption] There are certain things to know before selling a home, regardless if it's a single family or multi family home.  It's helpful that before listing a home for sale that important documents are readily accessible for potential buyers. Documents that should be readily accessible, whether selling a multi-family home or not, include documentation relating to roof age or warranties, the age of the homes HVAC systems, and any receipts of remodeling projects that have been completed. One of the most important features that today's home buyers are looking for in a home are updated and newer mechanics, such as roofs and HVAC systems.  Home sellers who have records and receipts showing the ages of these components give themselves a huge advantage. When selling a multi-family home, it's very important to have financial documents readily available for prospective buyers.  Since multi-family homes are often purchased as an investment, having the financial documents available can be extremely helpful for potential buyers. The most important financial document that should be readily available when selling a multi-family home is the yearly net operating figures.  This document shows a potential buyer the income from monthly rents and subtracts out the expenses of the property, such as yearly homeowners insurance, yearly refuse, yearly water usage, and any repairs that have been completed recently.

Complete Inspections Prior To Listing The Property

Many municipalities require that a certificate of occupancy, also known as a C of O, is renewed when a multi-family property is being sold to a new owner.  It's highly recommended that prior to listing a multi-family property that any inspections are completed beforehand. If your local municipality requires a new C of O prior to the property being transferred to a new owner, have the inspection completed prior to listing can reduce the chances that the real estate closing is delayed.  If you're unsure if a new C of O is required prior to the property being transferred, you can contact your local municipality to find out. Recently while selling a multi-family property in Rochester NY, the property owner decided to wait until after a contract was received to complete the required C of O inspection.  The City was backlogged on inspections and the inspection date had to be scheduled a month out, which ultimately delayed the closing of the property.  This could've been avoided if the C of O inspection was completed prior to listing the property. Another inspection to consider completing prior to listing a multi-family property is a general home inspection.  There are lots of reasons to have a pre-listing inspection when selling a home.  The number one reason having a pre-listing inspection prior to putting a home on the market is that it provides a homeowner the opportunity to rectify issues that a home inspector may find. Since the majority of home buyers elect to have a home inspection and some buyers can get scared away from a home because of the inspection results, having one completed prior to listing is a very good idea.  Homeowners who decide to not have a pre-listing inspection often end up regretting their decision if a buyer is scared away from their property.

Final Thoughts On Selling A Multi-Family Home

As you can see, selling a multi-family home is much different than selling a single family home.  Even though selling a multi-family home is generally more complex, that doesn't mean that it has to be impossible.  By following the 5 tips discussed above, multi-family property owners put themselves in a much better position to experience a smooth and successful sale.

Other Top Resources For Selling A Multi-Family Home

Do you own a multi-family property in Rochester?  If so and you're thinking about selling your multi-family property, the above 5 tips should be extremely helpful.  If you don't have a real estate agent in Rochester yet, call or text me at 585-704-7095, and I'd be happy to discuss the sale of your multi-family home!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "5 Important Tips For Selling A Multi-Family Home" was written by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group.  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> April Home Maintenance Checklist: How To Prepare Your Rochester NY Home For Spring https://www.rochesterrealestateblog.com/april-home-maintenance-checklist/ Tue, 24 Jan 2017 12:40:24 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=20364 How To Sell A Multi-Family Property [caption id="attachment_10457" align="aligncenter" width="450"]5 Important Tips For Selling A Multi-Family Home 5 Important Tips For Selling A Multi-Family Home[/caption] Selling a multi-family home is substantially more complex than selling a single family home.  One of the top reasons why selling a multi-family is generally more complex is because it typically involves more people than just the one owner of a single family home. When selling a multi-family property the probability that you're involving 6-12 people is high.  Depending on the number of units in a multi-family property, you may only be dealing with a couple families or a dozen families. There are certain rules, regulations, and laws that multi-family property owners must be aware of and also abide by.  These rules, regulations, and laws will vary from city to city and state to state. It's highly recommended that prior to selling a multi-family home that you consult with an attorney to make sure you're not going to put yourself in a situation where you could be sued.  Not being aware of rules, regulations, and local laws is one of the top home selling mistakes made by multi-family property owners. Read on to find out what the top 5 tips for selling a multi-family home are.  Multi-family property owners who follow the below tips will put themselves in an excellent position to get their property sold, while avoiding potential issues or roadblocks.

Review Leases, Occupancy, & Tenant Rights

Before listing a multi-family home for sale, it's vital to review all leases and the occupancy for each unit.  As mentioned above, multi-family property owners can get themselves in trouble if they're not careful.  It's important to always keep in mind tenant rights when selling a multi-family home. There are a few frequently asked questions from home buyers that multi-family property owners will be asked during the sale process.  By reviewing the current leases and occupancy of each unit, multi-family property owners will be able to answer these questions accurately.  Below are a couple of the top questions asked by buyers who're looking to purchase a multi-family home.
  1. What are the terms of any/all leases?
  2. What are the rent amounts for each unit?
  3. What's included in the rent for each unit?
  4. Are there security deposits being held?
  5. Are the rents able to be subsidized by Government assistance?
  Reviewing the leases and occupancy for each unit can also help determine whether or not to sell the property while it's being occupied by tenants.  Selling a home with tenants can be tricky and it can also bring other potential issues into the equation. For example, if a multi-family home is being sold while tenant occupied and the leases are for an extended period of time, it potentially can eliminate a large number of potential buyers who're looking to buy a multi-family home and plan on, or need to, occupy one of the units.  One of the disadvantages of a VA home loan or FHA loan is that the property must be occupied by the buyer, so if a buyer is planning on utilizing one of these mortgage products, they wouldn't be able to purchase a tenant occupied multi-family home. Selling a multi-family home is easiest and most successful if it's unoccupied.  This eliminates potential issues with coordinating home showings or issues with occupancy requirements.  If this isn't a possibility, then it's important that the owner has full cooperation from all parties who'll be impacted during the sale of the multi-family property.

Preparation Is Key When Selling A Multi-Family Home

[caption id="attachment_10458" align="aligncenter" width="450"]Preparation Is Key When Selling A Multi-Family Home Preparation Is Key When Selling A Multi-Family Home[/caption] Preparing a home for sale is critical when selling any type of home, whether it's single family or multi-family.  Since many multi-family properties are purchased as investments, preparing for the sale becomes necessary. One of the most important factors for investors who're looking to buy multi-family homes is the amount of maintenance the home appears to have.  A home that isn't prepared for sale can appear to have more maintenance than it really does. For multi-family property owners who're attempting to prepare and sell a home on a budget, it can be done by tending to a few key areas of the property.  Below are a few of the areas and items that should be prepared prior to listing a multi-family for sale.
  1. Curb Appeal - Simply tending to the exterior curb appeal of a multi-family home can go a long way.  Trimming bushes/shrubs and making sure any flower beds are a couple tips for improving the curb appeal of the property.
  2. Clean Up Common Areas - Depending on the multi-unit, there maybe some common areas, such as laundry or a vestibule.  It's important that all common areas in the property are cleaned up and portray extra maintenance.
  3. Parking Areas - If the property has designated parking areas or garage spaces, making sure these are well defined and in good condition is critical.  If there is an off street parking area, a simple seal of the driveway can go a long way and doesn't cost a ton of extra money.
  4. Doors & Locks - All doors and locks within the multi-family property need to be working well.  It's not a good reflection of a property when the locks are difficult to use and a showing agent is struggling to access the units within the property.
  When selling a multi-family home, it's extremely important that it's prepared for the market.  Not doing so can make or break whether the property sells and also it can impact an owners bottom line.

Hire An Agent Who Has Experience Selling Multi-Family Homes

Hiring a top real estate agent, with experience, is extremely important when selling any type of property.  For example, when selling a waterfront property, hiring an agent who primarily sells mobile homes in a park wouldn't be the best idea. It's critical when selling a multi-family home that a Realtor® who has experience selling multi-family homes is hired.  To help ensure an agent who has experience selling multi-family homes is hired, there are certain questions to ask Realtors® during interviews.
  1. How do you handle showings when a property is tenant occupied?
  2. How much notice do you provide?
  3. In the past, how have you handled uncooperative tenants?
  4. Can you provide the contact information of the previous owner who you represented during a recent multi-family sale?
  Asking the right questions during an interview can greatly improve the chances an agent who has experience selling multi-family homes is hired. Not only is it important to make sure the agent has experience selling a multi-family home but it's equally as important to make sure they know how to effectively market a home.  Since the majority of home buyers are finding the home they eventually purchase on the internet, it's critical the agent knows how to reach potential buyers. This is done by using the best real estate marketing strategies.  Marketing strategies such as using social media, optimizing their website to be found in searches, and using high quality photography and videos are a few ways top real estate agents are marketing their clients homes to potential buyers.

Have Important Documents Ready

[caption id="attachment_10460" align="aligncenter" width="450"]Have Important Documents Ready When Selling A Multi-Family Home! Have Important Documents Ready When Selling A Multi-Family Home![/caption] There are certain things to know before selling a home, regardless if it's a single family or multi family home.  It's helpful that before listing a home for sale that important documents are readily accessible for potential buyers. Documents that should be readily accessible, whether selling a multi-family home or not, include documentation relating to roof age or warranties, the age of the homes HVAC systems, and any receipts of remodeling projects that have been completed. One of the most important features that today's home buyers are looking for in a home are updated and newer mechanics, such as roofs and HVAC systems.  Home sellers who have records and receipts showing the ages of these components give themselves a huge advantage. When selling a multi-family home, it's very important to have financial documents readily available for prospective buyers.  Since multi-family homes are often purchased as an investment, having the financial documents available can be extremely helpful for potential buyers. The most important financial document that should be readily available when selling a multi-family home is the yearly net operating figures.  This document shows a potential buyer the income from monthly rents and subtracts out the expenses of the property, such as yearly homeowners insurance, yearly refuse, yearly water usage, and any repairs that have been completed recently.

Complete Inspections Prior To Listing The Property

Many municipalities require that a certificate of occupancy, also known as a C of O, is renewed when a multi-family property is being sold to a new owner.  It's highly recommended that prior to listing a multi-family property that any inspections are completed beforehand. If your local municipality requires a new C of O prior to the property being transferred to a new owner, have the inspection completed prior to listing can reduce the chances that the real estate closing is delayed.  If you're unsure if a new C of O is required prior to the property being transferred, you can contact your local municipality to find out. Recently while selling a multi-family property in Rochester NY, the property owner decided to wait until after a contract was received to complete the required C of O inspection.  The City was backlogged on inspections and the inspection date had to be scheduled a month out, which ultimately delayed the closing of the property.  This could've been avoided if the C of O inspection was completed prior to listing the property. Another inspection to consider completing prior to listing a multi-family property is a general home inspection.  There are lots of reasons to have a pre-listing inspection when selling a home.  The number one reason having a pre-listing inspection prior to putting a home on the market is that it provides a homeowner the opportunity to rectify issues that a home inspector may find. Since the majority of home buyers elect to have a home inspection and some buyers can get scared away from a home because of the inspection results, having one completed prior to listing is a very good idea.  Homeowners who decide to not have a pre-listing inspection often end up regretting their decision if a buyer is scared away from their property.

Final Thoughts On Selling A Multi-Family Home

As you can see, selling a multi-family home is much different than selling a single family home.  Even though selling a multi-family home is generally more complex, that doesn't mean that it has to be impossible.  By following the 5 tips discussed above, multi-family property owners put themselves in a much better position to experience a smooth and successful sale.

Other Top Resources For Selling A Multi-Family Home

Do you own a multi-family property in Rochester?  If so and you're thinking about selling your multi-family property, the above 5 tips should be extremely helpful.  If you don't have a real estate agent in Rochester yet, call or text me at 585-704-7095, and I'd be happy to discuss the sale of your multi-family home!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "5 Important Tips For Selling A Multi-Family Home" was written by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group.  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> March Home Maintenance Checklist: Get Your New York Home Ready for Spring https://www.rochesterrealestateblog.com/march-home-maintenance-checklist/ Tue, 24 Jan 2017 12:40:24 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=20338 How To Sell A Multi-Family Property [caption id="attachment_10457" align="aligncenter" width="450"]5 Important Tips For Selling A Multi-Family Home 5 Important Tips For Selling A Multi-Family Home[/caption] Selling a multi-family home is substantially more complex than selling a single family home.  One of the top reasons why selling a multi-family is generally more complex is because it typically involves more people than just the one owner of a single family home. When selling a multi-family property the probability that you're involving 6-12 people is high.  Depending on the number of units in a multi-family property, you may only be dealing with a couple families or a dozen families. There are certain rules, regulations, and laws that multi-family property owners must be aware of and also abide by.  These rules, regulations, and laws will vary from city to city and state to state. It's highly recommended that prior to selling a multi-family home that you consult with an attorney to make sure you're not going to put yourself in a situation where you could be sued.  Not being aware of rules, regulations, and local laws is one of the top home selling mistakes made by multi-family property owners. Read on to find out what the top 5 tips for selling a multi-family home are.  Multi-family property owners who follow the below tips will put themselves in an excellent position to get their property sold, while avoiding potential issues or roadblocks.

Review Leases, Occupancy, & Tenant Rights

Before listing a multi-family home for sale, it's vital to review all leases and the occupancy for each unit.  As mentioned above, multi-family property owners can get themselves in trouble if they're not careful.  It's important to always keep in mind tenant rights when selling a multi-family home. There are a few frequently asked questions from home buyers that multi-family property owners will be asked during the sale process.  By reviewing the current leases and occupancy of each unit, multi-family property owners will be able to answer these questions accurately.  Below are a couple of the top questions asked by buyers who're looking to purchase a multi-family home.
  1. What are the terms of any/all leases?
  2. What are the rent amounts for each unit?
  3. What's included in the rent for each unit?
  4. Are there security deposits being held?
  5. Are the rents able to be subsidized by Government assistance?
  Reviewing the leases and occupancy for each unit can also help determine whether or not to sell the property while it's being occupied by tenants.  Selling a home with tenants can be tricky and it can also bring other potential issues into the equation. For example, if a multi-family home is being sold while tenant occupied and the leases are for an extended period of time, it potentially can eliminate a large number of potential buyers who're looking to buy a multi-family home and plan on, or need to, occupy one of the units.  One of the disadvantages of a VA home loan or FHA loan is that the property must be occupied by the buyer, so if a buyer is planning on utilizing one of these mortgage products, they wouldn't be able to purchase a tenant occupied multi-family home. Selling a multi-family home is easiest and most successful if it's unoccupied.  This eliminates potential issues with coordinating home showings or issues with occupancy requirements.  If this isn't a possibility, then it's important that the owner has full cooperation from all parties who'll be impacted during the sale of the multi-family property.

Preparation Is Key When Selling A Multi-Family Home

[caption id="attachment_10458" align="aligncenter" width="450"]Preparation Is Key When Selling A Multi-Family Home Preparation Is Key When Selling A Multi-Family Home[/caption] Preparing a home for sale is critical when selling any type of home, whether it's single family or multi-family.  Since many multi-family properties are purchased as investments, preparing for the sale becomes necessary. One of the most important factors for investors who're looking to buy multi-family homes is the amount of maintenance the home appears to have.  A home that isn't prepared for sale can appear to have more maintenance than it really does. For multi-family property owners who're attempting to prepare and sell a home on a budget, it can be done by tending to a few key areas of the property.  Below are a few of the areas and items that should be prepared prior to listing a multi-family for sale.
  1. Curb Appeal - Simply tending to the exterior curb appeal of a multi-family home can go a long way.  Trimming bushes/shrubs and making sure any flower beds are a couple tips for improving the curb appeal of the property.
  2. Clean Up Common Areas - Depending on the multi-unit, there maybe some common areas, such as laundry or a vestibule.  It's important that all common areas in the property are cleaned up and portray extra maintenance.
  3. Parking Areas - If the property has designated parking areas or garage spaces, making sure these are well defined and in good condition is critical.  If there is an off street parking area, a simple seal of the driveway can go a long way and doesn't cost a ton of extra money.
  4. Doors & Locks - All doors and locks within the multi-family property need to be working well.  It's not a good reflection of a property when the locks are difficult to use and a showing agent is struggling to access the units within the property.
  When selling a multi-family home, it's extremely important that it's prepared for the market.  Not doing so can make or break whether the property sells and also it can impact an owners bottom line.

Hire An Agent Who Has Experience Selling Multi-Family Homes

Hiring a top real estate agent, with experience, is extremely important when selling any type of property.  For example, when selling a waterfront property, hiring an agent who primarily sells mobile homes in a park wouldn't be the best idea. It's critical when selling a multi-family home that a Realtor® who has experience selling multi-family homes is hired.  To help ensure an agent who has experience selling multi-family homes is hired, there are certain questions to ask Realtors® during interviews.
  1. How do you handle showings when a property is tenant occupied?
  2. How much notice do you provide?
  3. In the past, how have you handled uncooperative tenants?
  4. Can you provide the contact information of the previous owner who you represented during a recent multi-family sale?
  Asking the right questions during an interview can greatly improve the chances an agent who has experience selling multi-family homes is hired. Not only is it important to make sure the agent has experience selling a multi-family home but it's equally as important to make sure they know how to effectively market a home.  Since the majority of home buyers are finding the home they eventually purchase on the internet, it's critical the agent knows how to reach potential buyers. This is done by using the best real estate marketing strategies.  Marketing strategies such as using social media, optimizing their website to be found in searches, and using high quality photography and videos are a few ways top real estate agents are marketing their clients homes to potential buyers.

Have Important Documents Ready

[caption id="attachment_10460" align="aligncenter" width="450"]Have Important Documents Ready When Selling A Multi-Family Home! Have Important Documents Ready When Selling A Multi-Family Home![/caption] There are certain things to know before selling a home, regardless if it's a single family or multi family home.  It's helpful that before listing a home for sale that important documents are readily accessible for potential buyers. Documents that should be readily accessible, whether selling a multi-family home or not, include documentation relating to roof age or warranties, the age of the homes HVAC systems, and any receipts of remodeling projects that have been completed. One of the most important features that today's home buyers are looking for in a home are updated and newer mechanics, such as roofs and HVAC systems.  Home sellers who have records and receipts showing the ages of these components give themselves a huge advantage. When selling a multi-family home, it's very important to have financial documents readily available for prospective buyers.  Since multi-family homes are often purchased as an investment, having the financial documents available can be extremely helpful for potential buyers. The most important financial document that should be readily available when selling a multi-family home is the yearly net operating figures.  This document shows a potential buyer the income from monthly rents and subtracts out the expenses of the property, such as yearly homeowners insurance, yearly refuse, yearly water usage, and any repairs that have been completed recently.

Complete Inspections Prior To Listing The Property

Many municipalities require that a certificate of occupancy, also known as a C of O, is renewed when a multi-family property is being sold to a new owner.  It's highly recommended that prior to listing a multi-family property that any inspections are completed beforehand. If your local municipality requires a new C of O prior to the property being transferred to a new owner, have the inspection completed prior to listing can reduce the chances that the real estate closing is delayed.  If you're unsure if a new C of O is required prior to the property being transferred, you can contact your local municipality to find out. Recently while selling a multi-family property in Rochester NY, the property owner decided to wait until after a contract was received to complete the required C of O inspection.  The City was backlogged on inspections and the inspection date had to be scheduled a month out, which ultimately delayed the closing of the property.  This could've been avoided if the C of O inspection was completed prior to listing the property. Another inspection to consider completing prior to listing a multi-family property is a general home inspection.  There are lots of reasons to have a pre-listing inspection when selling a home.  The number one reason having a pre-listing inspection prior to putting a home on the market is that it provides a homeowner the opportunity to rectify issues that a home inspector may find. Since the majority of home buyers elect to have a home inspection and some buyers can get scared away from a home because of the inspection results, having one completed prior to listing is a very good idea.  Homeowners who decide to not have a pre-listing inspection often end up regretting their decision if a buyer is scared away from their property.

Final Thoughts On Selling A Multi-Family Home

As you can see, selling a multi-family home is much different than selling a single family home.  Even though selling a multi-family home is generally more complex, that doesn't mean that it has to be impossible.  By following the 5 tips discussed above, multi-family property owners put themselves in a much better position to experience a smooth and successful sale.

Other Top Resources For Selling A Multi-Family Home

Do you own a multi-family property in Rochester?  If so and you're thinking about selling your multi-family property, the above 5 tips should be extremely helpful.  If you don't have a real estate agent in Rochester yet, call or text me at 585-704-7095, and I'd be happy to discuss the sale of your multi-family home!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "5 Important Tips For Selling A Multi-Family Home" was written by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group.  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> How to Buy a House in New York https://www.rochesterrealestateblog.com/buy-a-house-in-new-york/ Tue, 24 Jan 2017 12:40:24 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19906 How To Sell A Multi-Family Property [caption id="attachment_10457" align="aligncenter" width="450"]5 Important Tips For Selling A Multi-Family Home 5 Important Tips For Selling A Multi-Family Home[/caption] Selling a multi-family home is substantially more complex than selling a single family home.  One of the top reasons why selling a multi-family is generally more complex is because it typically involves more people than just the one owner of a single family home. When selling a multi-family property the probability that you're involving 6-12 people is high.  Depending on the number of units in a multi-family property, you may only be dealing with a couple families or a dozen families. There are certain rules, regulations, and laws that multi-family property owners must be aware of and also abide by.  These rules, regulations, and laws will vary from city to city and state to state. It's highly recommended that prior to selling a multi-family home that you consult with an attorney to make sure you're not going to put yourself in a situation where you could be sued.  Not being aware of rules, regulations, and local laws is one of the top home selling mistakes made by multi-family property owners. Read on to find out what the top 5 tips for selling a multi-family home are.  Multi-family property owners who follow the below tips will put themselves in an excellent position to get their property sold, while avoiding potential issues or roadblocks.

Review Leases, Occupancy, & Tenant Rights

Before listing a multi-family home for sale, it's vital to review all leases and the occupancy for each unit.  As mentioned above, multi-family property owners can get themselves in trouble if they're not careful.  It's important to always keep in mind tenant rights when selling a multi-family home. There are a few frequently asked questions from home buyers that multi-family property owners will be asked during the sale process.  By reviewing the current leases and occupancy of each unit, multi-family property owners will be able to answer these questions accurately.  Below are a couple of the top questions asked by buyers who're looking to purchase a multi-family home.
  1. What are the terms of any/all leases?
  2. What are the rent amounts for each unit?
  3. What's included in the rent for each unit?
  4. Are there security deposits being held?
  5. Are the rents able to be subsidized by Government assistance?
  Reviewing the leases and occupancy for each unit can also help determine whether or not to sell the property while it's being occupied by tenants.  Selling a home with tenants can be tricky and it can also bring other potential issues into the equation. For example, if a multi-family home is being sold while tenant occupied and the leases are for an extended period of time, it potentially can eliminate a large number of potential buyers who're looking to buy a multi-family home and plan on, or need to, occupy one of the units.  One of the disadvantages of a VA home loan or FHA loan is that the property must be occupied by the buyer, so if a buyer is planning on utilizing one of these mortgage products, they wouldn't be able to purchase a tenant occupied multi-family home. Selling a multi-family home is easiest and most successful if it's unoccupied.  This eliminates potential issues with coordinating home showings or issues with occupancy requirements.  If this isn't a possibility, then it's important that the owner has full cooperation from all parties who'll be impacted during the sale of the multi-family property.

Preparation Is Key When Selling A Multi-Family Home

[caption id="attachment_10458" align="aligncenter" width="450"]Preparation Is Key When Selling A Multi-Family Home Preparation Is Key When Selling A Multi-Family Home[/caption] Preparing a home for sale is critical when selling any type of home, whether it's single family or multi-family.  Since many multi-family properties are purchased as investments, preparing for the sale becomes necessary. One of the most important factors for investors who're looking to buy multi-family homes is the amount of maintenance the home appears to have.  A home that isn't prepared for sale can appear to have more maintenance than it really does. For multi-family property owners who're attempting to prepare and sell a home on a budget, it can be done by tending to a few key areas of the property.  Below are a few of the areas and items that should be prepared prior to listing a multi-family for sale.
  1. Curb Appeal - Simply tending to the exterior curb appeal of a multi-family home can go a long way.  Trimming bushes/shrubs and making sure any flower beds are a couple tips for improving the curb appeal of the property.
  2. Clean Up Common Areas - Depending on the multi-unit, there maybe some common areas, such as laundry or a vestibule.  It's important that all common areas in the property are cleaned up and portray extra maintenance.
  3. Parking Areas - If the property has designated parking areas or garage spaces, making sure these are well defined and in good condition is critical.  If there is an off street parking area, a simple seal of the driveway can go a long way and doesn't cost a ton of extra money.
  4. Doors & Locks - All doors and locks within the multi-family property need to be working well.  It's not a good reflection of a property when the locks are difficult to use and a showing agent is struggling to access the units within the property.
  When selling a multi-family home, it's extremely important that it's prepared for the market.  Not doing so can make or break whether the property sells and also it can impact an owners bottom line.

Hire An Agent Who Has Experience Selling Multi-Family Homes

Hiring a top real estate agent, with experience, is extremely important when selling any type of property.  For example, when selling a waterfront property, hiring an agent who primarily sells mobile homes in a park wouldn't be the best idea. It's critical when selling a multi-family home that a Realtor® who has experience selling multi-family homes is hired.  To help ensure an agent who has experience selling multi-family homes is hired, there are certain questions to ask Realtors® during interviews.
  1. How do you handle showings when a property is tenant occupied?
  2. How much notice do you provide?
  3. In the past, how have you handled uncooperative tenants?
  4. Can you provide the contact information of the previous owner who you represented during a recent multi-family sale?
  Asking the right questions during an interview can greatly improve the chances an agent who has experience selling multi-family homes is hired. Not only is it important to make sure the agent has experience selling a multi-family home but it's equally as important to make sure they know how to effectively market a home.  Since the majority of home buyers are finding the home they eventually purchase on the internet, it's critical the agent knows how to reach potential buyers. This is done by using the best real estate marketing strategies.  Marketing strategies such as using social media, optimizing their website to be found in searches, and using high quality photography and videos are a few ways top real estate agents are marketing their clients homes to potential buyers.

Have Important Documents Ready

[caption id="attachment_10460" align="aligncenter" width="450"]Have Important Documents Ready When Selling A Multi-Family Home! Have Important Documents Ready When Selling A Multi-Family Home![/caption] There are certain things to know before selling a home, regardless if it's a single family or multi family home.  It's helpful that before listing a home for sale that important documents are readily accessible for potential buyers. Documents that should be readily accessible, whether selling a multi-family home or not, include documentation relating to roof age or warranties, the age of the homes HVAC systems, and any receipts of remodeling projects that have been completed. One of the most important features that today's home buyers are looking for in a home are updated and newer mechanics, such as roofs and HVAC systems.  Home sellers who have records and receipts showing the ages of these components give themselves a huge advantage. When selling a multi-family home, it's very important to have financial documents readily available for prospective buyers.  Since multi-family homes are often purchased as an investment, having the financial documents available can be extremely helpful for potential buyers. The most important financial document that should be readily available when selling a multi-family home is the yearly net operating figures.  This document shows a potential buyer the income from monthly rents and subtracts out the expenses of the property, such as yearly homeowners insurance, yearly refuse, yearly water usage, and any repairs that have been completed recently.

Complete Inspections Prior To Listing The Property

Many municipalities require that a certificate of occupancy, also known as a C of O, is renewed when a multi-family property is being sold to a new owner.  It's highly recommended that prior to listing a multi-family property that any inspections are completed beforehand. If your local municipality requires a new C of O prior to the property being transferred to a new owner, have the inspection completed prior to listing can reduce the chances that the real estate closing is delayed.  If you're unsure if a new C of O is required prior to the property being transferred, you can contact your local municipality to find out. Recently while selling a multi-family property in Rochester NY, the property owner decided to wait until after a contract was received to complete the required C of O inspection.  The City was backlogged on inspections and the inspection date had to be scheduled a month out, which ultimately delayed the closing of the property.  This could've been avoided if the C of O inspection was completed prior to listing the property. Another inspection to consider completing prior to listing a multi-family property is a general home inspection.  There are lots of reasons to have a pre-listing inspection when selling a home.  The number one reason having a pre-listing inspection prior to putting a home on the market is that it provides a homeowner the opportunity to rectify issues that a home inspector may find. Since the majority of home buyers elect to have a home inspection and some buyers can get scared away from a home because of the inspection results, having one completed prior to listing is a very good idea.  Homeowners who decide to not have a pre-listing inspection often end up regretting their decision if a buyer is scared away from their property.

Final Thoughts On Selling A Multi-Family Home

As you can see, selling a multi-family home is much different than selling a single family home.  Even though selling a multi-family home is generally more complex, that doesn't mean that it has to be impossible.  By following the 5 tips discussed above, multi-family property owners put themselves in a much better position to experience a smooth and successful sale.

Other Top Resources For Selling A Multi-Family Home

Do you own a multi-family property in Rochester?  If so and you're thinking about selling your multi-family property, the above 5 tips should be extremely helpful.  If you don't have a real estate agent in Rochester yet, call or text me at 585-704-7095, and I'd be happy to discuss the sale of your multi-family home!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "5 Important Tips For Selling A Multi-Family Home" was written by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group.  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> How to Sell a House in New York https://www.rochesterrealestateblog.com/sell-a-house-in-new-york/ Tue, 24 Jan 2017 12:40:24 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19905 How To Sell A Multi-Family Property [caption id="attachment_10457" align="aligncenter" width="450"]5 Important Tips For Selling A Multi-Family Home 5 Important Tips For Selling A Multi-Family Home[/caption] Selling a multi-family home is substantially more complex than selling a single family home.  One of the top reasons why selling a multi-family is generally more complex is because it typically involves more people than just the one owner of a single family home. When selling a multi-family property the probability that you're involving 6-12 people is high.  Depending on the number of units in a multi-family property, you may only be dealing with a couple families or a dozen families. There are certain rules, regulations, and laws that multi-family property owners must be aware of and also abide by.  These rules, regulations, and laws will vary from city to city and state to state. It's highly recommended that prior to selling a multi-family home that you consult with an attorney to make sure you're not going to put yourself in a situation where you could be sued.  Not being aware of rules, regulations, and local laws is one of the top home selling mistakes made by multi-family property owners. Read on to find out what the top 5 tips for selling a multi-family home are.  Multi-family property owners who follow the below tips will put themselves in an excellent position to get their property sold, while avoiding potential issues or roadblocks.

Review Leases, Occupancy, & Tenant Rights

Before listing a multi-family home for sale, it's vital to review all leases and the occupancy for each unit.  As mentioned above, multi-family property owners can get themselves in trouble if they're not careful.  It's important to always keep in mind tenant rights when selling a multi-family home. There are a few frequently asked questions from home buyers that multi-family property owners will be asked during the sale process.  By reviewing the current leases and occupancy of each unit, multi-family property owners will be able to answer these questions accurately.  Below are a couple of the top questions asked by buyers who're looking to purchase a multi-family home.
  1. What are the terms of any/all leases?
  2. What are the rent amounts for each unit?
  3. What's included in the rent for each unit?
  4. Are there security deposits being held?
  5. Are the rents able to be subsidized by Government assistance?
  Reviewing the leases and occupancy for each unit can also help determine whether or not to sell the property while it's being occupied by tenants.  Selling a home with tenants can be tricky and it can also bring other potential issues into the equation. For example, if a multi-family home is being sold while tenant occupied and the leases are for an extended period of time, it potentially can eliminate a large number of potential buyers who're looking to buy a multi-family home and plan on, or need to, occupy one of the units.  One of the disadvantages of a VA home loan or FHA loan is that the property must be occupied by the buyer, so if a buyer is planning on utilizing one of these mortgage products, they wouldn't be able to purchase a tenant occupied multi-family home. Selling a multi-family home is easiest and most successful if it's unoccupied.  This eliminates potential issues with coordinating home showings or issues with occupancy requirements.  If this isn't a possibility, then it's important that the owner has full cooperation from all parties who'll be impacted during the sale of the multi-family property.

Preparation Is Key When Selling A Multi-Family Home

[caption id="attachment_10458" align="aligncenter" width="450"]Preparation Is Key When Selling A Multi-Family Home Preparation Is Key When Selling A Multi-Family Home[/caption] Preparing a home for sale is critical when selling any type of home, whether it's single family or multi-family.  Since many multi-family properties are purchased as investments, preparing for the sale becomes necessary. One of the most important factors for investors who're looking to buy multi-family homes is the amount of maintenance the home appears to have.  A home that isn't prepared for sale can appear to have more maintenance than it really does. For multi-family property owners who're attempting to prepare and sell a home on a budget, it can be done by tending to a few key areas of the property.  Below are a few of the areas and items that should be prepared prior to listing a multi-family for sale.
  1. Curb Appeal - Simply tending to the exterior curb appeal of a multi-family home can go a long way.  Trimming bushes/shrubs and making sure any flower beds are a couple tips for improving the curb appeal of the property.
  2. Clean Up Common Areas - Depending on the multi-unit, there maybe some common areas, such as laundry or a vestibule.  It's important that all common areas in the property are cleaned up and portray extra maintenance.
  3. Parking Areas - If the property has designated parking areas or garage spaces, making sure these are well defined and in good condition is critical.  If there is an off street parking area, a simple seal of the driveway can go a long way and doesn't cost a ton of extra money.
  4. Doors & Locks - All doors and locks within the multi-family property need to be working well.  It's not a good reflection of a property when the locks are difficult to use and a showing agent is struggling to access the units within the property.
  When selling a multi-family home, it's extremely important that it's prepared for the market.  Not doing so can make or break whether the property sells and also it can impact an owners bottom line.

Hire An Agent Who Has Experience Selling Multi-Family Homes

Hiring a top real estate agent, with experience, is extremely important when selling any type of property.  For example, when selling a waterfront property, hiring an agent who primarily sells mobile homes in a park wouldn't be the best idea. It's critical when selling a multi-family home that a Realtor® who has experience selling multi-family homes is hired.  To help ensure an agent who has experience selling multi-family homes is hired, there are certain questions to ask Realtors® during interviews.
  1. How do you handle showings when a property is tenant occupied?
  2. How much notice do you provide?
  3. In the past, how have you handled uncooperative tenants?
  4. Can you provide the contact information of the previous owner who you represented during a recent multi-family sale?
  Asking the right questions during an interview can greatly improve the chances an agent who has experience selling multi-family homes is hired. Not only is it important to make sure the agent has experience selling a multi-family home but it's equally as important to make sure they know how to effectively market a home.  Since the majority of home buyers are finding the home they eventually purchase on the internet, it's critical the agent knows how to reach potential buyers. This is done by using the best real estate marketing strategies.  Marketing strategies such as using social media, optimizing their website to be found in searches, and using high quality photography and videos are a few ways top real estate agents are marketing their clients homes to potential buyers.

Have Important Documents Ready

[caption id="attachment_10460" align="aligncenter" width="450"]Have Important Documents Ready When Selling A Multi-Family Home! Have Important Documents Ready When Selling A Multi-Family Home![/caption] There are certain things to know before selling a home, regardless if it's a single family or multi family home.  It's helpful that before listing a home for sale that important documents are readily accessible for potential buyers. Documents that should be readily accessible, whether selling a multi-family home or not, include documentation relating to roof age or warranties, the age of the homes HVAC systems, and any receipts of remodeling projects that have been completed. One of the most important features that today's home buyers are looking for in a home are updated and newer mechanics, such as roofs and HVAC systems.  Home sellers who have records and receipts showing the ages of these components give themselves a huge advantage. When selling a multi-family home, it's very important to have financial documents readily available for prospective buyers.  Since multi-family homes are often purchased as an investment, having the financial documents available can be extremely helpful for potential buyers. The most important financial document that should be readily available when selling a multi-family home is the yearly net operating figures.  This document shows a potential buyer the income from monthly rents and subtracts out the expenses of the property, such as yearly homeowners insurance, yearly refuse, yearly water usage, and any repairs that have been completed recently.

Complete Inspections Prior To Listing The Property

Many municipalities require that a certificate of occupancy, also known as a C of O, is renewed when a multi-family property is being sold to a new owner.  It's highly recommended that prior to listing a multi-family property that any inspections are completed beforehand. If your local municipality requires a new C of O prior to the property being transferred to a new owner, have the inspection completed prior to listing can reduce the chances that the real estate closing is delayed.  If you're unsure if a new C of O is required prior to the property being transferred, you can contact your local municipality to find out. Recently while selling a multi-family property in Rochester NY, the property owner decided to wait until after a contract was received to complete the required C of O inspection.  The City was backlogged on inspections and the inspection date had to be scheduled a month out, which ultimately delayed the closing of the property.  This could've been avoided if the C of O inspection was completed prior to listing the property. Another inspection to consider completing prior to listing a multi-family property is a general home inspection.  There are lots of reasons to have a pre-listing inspection when selling a home.  The number one reason having a pre-listing inspection prior to putting a home on the market is that it provides a homeowner the opportunity to rectify issues that a home inspector may find. Since the majority of home buyers elect to have a home inspection and some buyers can get scared away from a home because of the inspection results, having one completed prior to listing is a very good idea.  Homeowners who decide to not have a pre-listing inspection often end up regretting their decision if a buyer is scared away from their property.

Final Thoughts On Selling A Multi-Family Home

As you can see, selling a multi-family home is much different than selling a single family home.  Even though selling a multi-family home is generally more complex, that doesn't mean that it has to be impossible.  By following the 5 tips discussed above, multi-family property owners put themselves in a much better position to experience a smooth and successful sale.

Other Top Resources For Selling A Multi-Family Home

Do you own a multi-family property in Rochester?  If so and you're thinking about selling your multi-family property, the above 5 tips should be extremely helpful.  If you don't have a real estate agent in Rochester yet, call or text me at 585-704-7095, and I'd be happy to discuss the sale of your multi-family home!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "5 Important Tips For Selling A Multi-Family Home" was written by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group.  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Risks of Buying a Non-Warrantable Condo In New York: What You Need to Know https://www.rochesterrealestateblog.com/non-warrantable-condo/ Tue, 24 Jan 2017 12:40:24 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19796 How To Sell A Multi-Family Property [caption id="attachment_10457" align="aligncenter" width="450"]5 Important Tips For Selling A Multi-Family Home 5 Important Tips For Selling A Multi-Family Home[/caption] Selling a multi-family home is substantially more complex than selling a single family home.  One of the top reasons why selling a multi-family is generally more complex is because it typically involves more people than just the one owner of a single family home. When selling a multi-family property the probability that you're involving 6-12 people is high.  Depending on the number of units in a multi-family property, you may only be dealing with a couple families or a dozen families. There are certain rules, regulations, and laws that multi-family property owners must be aware of and also abide by.  These rules, regulations, and laws will vary from city to city and state to state. It's highly recommended that prior to selling a multi-family home that you consult with an attorney to make sure you're not going to put yourself in a situation where you could be sued.  Not being aware of rules, regulations, and local laws is one of the top home selling mistakes made by multi-family property owners. Read on to find out what the top 5 tips for selling a multi-family home are.  Multi-family property owners who follow the below tips will put themselves in an excellent position to get their property sold, while avoiding potential issues or roadblocks.

Review Leases, Occupancy, & Tenant Rights

Before listing a multi-family home for sale, it's vital to review all leases and the occupancy for each unit.  As mentioned above, multi-family property owners can get themselves in trouble if they're not careful.  It's important to always keep in mind tenant rights when selling a multi-family home. There are a few frequently asked questions from home buyers that multi-family property owners will be asked during the sale process.  By reviewing the current leases and occupancy of each unit, multi-family property owners will be able to answer these questions accurately.  Below are a couple of the top questions asked by buyers who're looking to purchase a multi-family home.
  1. What are the terms of any/all leases?
  2. What are the rent amounts for each unit?
  3. What's included in the rent for each unit?
  4. Are there security deposits being held?
  5. Are the rents able to be subsidized by Government assistance?
  Reviewing the leases and occupancy for each unit can also help determine whether or not to sell the property while it's being occupied by tenants.  Selling a home with tenants can be tricky and it can also bring other potential issues into the equation. For example, if a multi-family home is being sold while tenant occupied and the leases are for an extended period of time, it potentially can eliminate a large number of potential buyers who're looking to buy a multi-family home and plan on, or need to, occupy one of the units.  One of the disadvantages of a VA home loan or FHA loan is that the property must be occupied by the buyer, so if a buyer is planning on utilizing one of these mortgage products, they wouldn't be able to purchase a tenant occupied multi-family home. Selling a multi-family home is easiest and most successful if it's unoccupied.  This eliminates potential issues with coordinating home showings or issues with occupancy requirements.  If this isn't a possibility, then it's important that the owner has full cooperation from all parties who'll be impacted during the sale of the multi-family property.

Preparation Is Key When Selling A Multi-Family Home

[caption id="attachment_10458" align="aligncenter" width="450"]Preparation Is Key When Selling A Multi-Family Home Preparation Is Key When Selling A Multi-Family Home[/caption] Preparing a home for sale is critical when selling any type of home, whether it's single family or multi-family.  Since many multi-family properties are purchased as investments, preparing for the sale becomes necessary. One of the most important factors for investors who're looking to buy multi-family homes is the amount of maintenance the home appears to have.  A home that isn't prepared for sale can appear to have more maintenance than it really does. For multi-family property owners who're attempting to prepare and sell a home on a budget, it can be done by tending to a few key areas of the property.  Below are a few of the areas and items that should be prepared prior to listing a multi-family for sale.
  1. Curb Appeal - Simply tending to the exterior curb appeal of a multi-family home can go a long way.  Trimming bushes/shrubs and making sure any flower beds are a couple tips for improving the curb appeal of the property.
  2. Clean Up Common Areas - Depending on the multi-unit, there maybe some common areas, such as laundry or a vestibule.  It's important that all common areas in the property are cleaned up and portray extra maintenance.
  3. Parking Areas - If the property has designated parking areas or garage spaces, making sure these are well defined and in good condition is critical.  If there is an off street parking area, a simple seal of the driveway can go a long way and doesn't cost a ton of extra money.
  4. Doors & Locks - All doors and locks within the multi-family property need to be working well.  It's not a good reflection of a property when the locks are difficult to use and a showing agent is struggling to access the units within the property.
  When selling a multi-family home, it's extremely important that it's prepared for the market.  Not doing so can make or break whether the property sells and also it can impact an owners bottom line.

Hire An Agent Who Has Experience Selling Multi-Family Homes

Hiring a top real estate agent, with experience, is extremely important when selling any type of property.  For example, when selling a waterfront property, hiring an agent who primarily sells mobile homes in a park wouldn't be the best idea. It's critical when selling a multi-family home that a Realtor® who has experience selling multi-family homes is hired.  To help ensure an agent who has experience selling multi-family homes is hired, there are certain questions to ask Realtors® during interviews.
  1. How do you handle showings when a property is tenant occupied?
  2. How much notice do you provide?
  3. In the past, how have you handled uncooperative tenants?
  4. Can you provide the contact information of the previous owner who you represented during a recent multi-family sale?
  Asking the right questions during an interview can greatly improve the chances an agent who has experience selling multi-family homes is hired. Not only is it important to make sure the agent has experience selling a multi-family home but it's equally as important to make sure they know how to effectively market a home.  Since the majority of home buyers are finding the home they eventually purchase on the internet, it's critical the agent knows how to reach potential buyers. This is done by using the best real estate marketing strategies.  Marketing strategies such as using social media, optimizing their website to be found in searches, and using high quality photography and videos are a few ways top real estate agents are marketing their clients homes to potential buyers.

Have Important Documents Ready

[caption id="attachment_10460" align="aligncenter" width="450"]Have Important Documents Ready When Selling A Multi-Family Home! Have Important Documents Ready When Selling A Multi-Family Home![/caption] There are certain things to know before selling a home, regardless if it's a single family or multi family home.  It's helpful that before listing a home for sale that important documents are readily accessible for potential buyers. Documents that should be readily accessible, whether selling a multi-family home or not, include documentation relating to roof age or warranties, the age of the homes HVAC systems, and any receipts of remodeling projects that have been completed. One of the most important features that today's home buyers are looking for in a home are updated and newer mechanics, such as roofs and HVAC systems.  Home sellers who have records and receipts showing the ages of these components give themselves a huge advantage. When selling a multi-family home, it's very important to have financial documents readily available for prospective buyers.  Since multi-family homes are often purchased as an investment, having the financial documents available can be extremely helpful for potential buyers. The most important financial document that should be readily available when selling a multi-family home is the yearly net operating figures.  This document shows a potential buyer the income from monthly rents and subtracts out the expenses of the property, such as yearly homeowners insurance, yearly refuse, yearly water usage, and any repairs that have been completed recently.

Complete Inspections Prior To Listing The Property

Many municipalities require that a certificate of occupancy, also known as a C of O, is renewed when a multi-family property is being sold to a new owner.  It's highly recommended that prior to listing a multi-family property that any inspections are completed beforehand. If your local municipality requires a new C of O prior to the property being transferred to a new owner, have the inspection completed prior to listing can reduce the chances that the real estate closing is delayed.  If you're unsure if a new C of O is required prior to the property being transferred, you can contact your local municipality to find out. Recently while selling a multi-family property in Rochester NY, the property owner decided to wait until after a contract was received to complete the required C of O inspection.  The City was backlogged on inspections and the inspection date had to be scheduled a month out, which ultimately delayed the closing of the property.  This could've been avoided if the C of O inspection was completed prior to listing the property. Another inspection to consider completing prior to listing a multi-family property is a general home inspection.  There are lots of reasons to have a pre-listing inspection when selling a home.  The number one reason having a pre-listing inspection prior to putting a home on the market is that it provides a homeowner the opportunity to rectify issues that a home inspector may find. Since the majority of home buyers elect to have a home inspection and some buyers can get scared away from a home because of the inspection results, having one completed prior to listing is a very good idea.  Homeowners who decide to not have a pre-listing inspection often end up regretting their decision if a buyer is scared away from their property.

Final Thoughts On Selling A Multi-Family Home

As you can see, selling a multi-family home is much different than selling a single family home.  Even though selling a multi-family home is generally more complex, that doesn't mean that it has to be impossible.  By following the 5 tips discussed above, multi-family property owners put themselves in a much better position to experience a smooth and successful sale.

Other Top Resources For Selling A Multi-Family Home

Do you own a multi-family property in Rochester?  If so and you're thinking about selling your multi-family property, the above 5 tips should be extremely helpful.  If you don't have a real estate agent in Rochester yet, call or text me at 585-704-7095, and I'd be happy to discuss the sale of your multi-family home!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "5 Important Tips For Selling A Multi-Family Home" was written by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group.  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> What Builders Should Know About Spec Construction Loans In New York https://www.rochesterrealestateblog.com/builders-spec-construction-loans/ Tue, 24 Jan 2017 12:40:24 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19795 How To Sell A Multi-Family Property [caption id="attachment_10457" align="aligncenter" width="450"]5 Important Tips For Selling A Multi-Family Home 5 Important Tips For Selling A Multi-Family Home[/caption] Selling a multi-family home is substantially more complex than selling a single family home.  One of the top reasons why selling a multi-family is generally more complex is because it typically involves more people than just the one owner of a single family home. When selling a multi-family property the probability that you're involving 6-12 people is high.  Depending on the number of units in a multi-family property, you may only be dealing with a couple families or a dozen families. There are certain rules, regulations, and laws that multi-family property owners must be aware of and also abide by.  These rules, regulations, and laws will vary from city to city and state to state. It's highly recommended that prior to selling a multi-family home that you consult with an attorney to make sure you're not going to put yourself in a situation where you could be sued.  Not being aware of rules, regulations, and local laws is one of the top home selling mistakes made by multi-family property owners. Read on to find out what the top 5 tips for selling a multi-family home are.  Multi-family property owners who follow the below tips will put themselves in an excellent position to get their property sold, while avoiding potential issues or roadblocks.

Review Leases, Occupancy, & Tenant Rights

Before listing a multi-family home for sale, it's vital to review all leases and the occupancy for each unit.  As mentioned above, multi-family property owners can get themselves in trouble if they're not careful.  It's important to always keep in mind tenant rights when selling a multi-family home. There are a few frequently asked questions from home buyers that multi-family property owners will be asked during the sale process.  By reviewing the current leases and occupancy of each unit, multi-family property owners will be able to answer these questions accurately.  Below are a couple of the top questions asked by buyers who're looking to purchase a multi-family home.
  1. What are the terms of any/all leases?
  2. What are the rent amounts for each unit?
  3. What's included in the rent for each unit?
  4. Are there security deposits being held?
  5. Are the rents able to be subsidized by Government assistance?
  Reviewing the leases and occupancy for each unit can also help determine whether or not to sell the property while it's being occupied by tenants.  Selling a home with tenants can be tricky and it can also bring other potential issues into the equation. For example, if a multi-family home is being sold while tenant occupied and the leases are for an extended period of time, it potentially can eliminate a large number of potential buyers who're looking to buy a multi-family home and plan on, or need to, occupy one of the units.  One of the disadvantages of a VA home loan or FHA loan is that the property must be occupied by the buyer, so if a buyer is planning on utilizing one of these mortgage products, they wouldn't be able to purchase a tenant occupied multi-family home. Selling a multi-family home is easiest and most successful if it's unoccupied.  This eliminates potential issues with coordinating home showings or issues with occupancy requirements.  If this isn't a possibility, then it's important that the owner has full cooperation from all parties who'll be impacted during the sale of the multi-family property.

Preparation Is Key When Selling A Multi-Family Home

[caption id="attachment_10458" align="aligncenter" width="450"]Preparation Is Key When Selling A Multi-Family Home Preparation Is Key When Selling A Multi-Family Home[/caption] Preparing a home for sale is critical when selling any type of home, whether it's single family or multi-family.  Since many multi-family properties are purchased as investments, preparing for the sale becomes necessary. One of the most important factors for investors who're looking to buy multi-family homes is the amount of maintenance the home appears to have.  A home that isn't prepared for sale can appear to have more maintenance than it really does. For multi-family property owners who're attempting to prepare and sell a home on a budget, it can be done by tending to a few key areas of the property.  Below are a few of the areas and items that should be prepared prior to listing a multi-family for sale.
  1. Curb Appeal - Simply tending to the exterior curb appeal of a multi-family home can go a long way.  Trimming bushes/shrubs and making sure any flower beds are a couple tips for improving the curb appeal of the property.
  2. Clean Up Common Areas - Depending on the multi-unit, there maybe some common areas, such as laundry or a vestibule.  It's important that all common areas in the property are cleaned up and portray extra maintenance.
  3. Parking Areas - If the property has designated parking areas or garage spaces, making sure these are well defined and in good condition is critical.  If there is an off street parking area, a simple seal of the driveway can go a long way and doesn't cost a ton of extra money.
  4. Doors & Locks - All doors and locks within the multi-family property need to be working well.  It's not a good reflection of a property when the locks are difficult to use and a showing agent is struggling to access the units within the property.
  When selling a multi-family home, it's extremely important that it's prepared for the market.  Not doing so can make or break whether the property sells and also it can impact an owners bottom line.

Hire An Agent Who Has Experience Selling Multi-Family Homes

Hiring a top real estate agent, with experience, is extremely important when selling any type of property.  For example, when selling a waterfront property, hiring an agent who primarily sells mobile homes in a park wouldn't be the best idea. It's critical when selling a multi-family home that a Realtor® who has experience selling multi-family homes is hired.  To help ensure an agent who has experience selling multi-family homes is hired, there are certain questions to ask Realtors® during interviews.
  1. How do you handle showings when a property is tenant occupied?
  2. How much notice do you provide?
  3. In the past, how have you handled uncooperative tenants?
  4. Can you provide the contact information of the previous owner who you represented during a recent multi-family sale?
  Asking the right questions during an interview can greatly improve the chances an agent who has experience selling multi-family homes is hired. Not only is it important to make sure the agent has experience selling a multi-family home but it's equally as important to make sure they know how to effectively market a home.  Since the majority of home buyers are finding the home they eventually purchase on the internet, it's critical the agent knows how to reach potential buyers. This is done by using the best real estate marketing strategies.  Marketing strategies such as using social media, optimizing their website to be found in searches, and using high quality photography and videos are a few ways top real estate agents are marketing their clients homes to potential buyers.

Have Important Documents Ready

[caption id="attachment_10460" align="aligncenter" width="450"]Have Important Documents Ready When Selling A Multi-Family Home! Have Important Documents Ready When Selling A Multi-Family Home![/caption] There are certain things to know before selling a home, regardless if it's a single family or multi family home.  It's helpful that before listing a home for sale that important documents are readily accessible for potential buyers. Documents that should be readily accessible, whether selling a multi-family home or not, include documentation relating to roof age or warranties, the age of the homes HVAC systems, and any receipts of remodeling projects that have been completed. One of the most important features that today's home buyers are looking for in a home are updated and newer mechanics, such as roofs and HVAC systems.  Home sellers who have records and receipts showing the ages of these components give themselves a huge advantage. When selling a multi-family home, it's very important to have financial documents readily available for prospective buyers.  Since multi-family homes are often purchased as an investment, having the financial documents available can be extremely helpful for potential buyers. The most important financial document that should be readily available when selling a multi-family home is the yearly net operating figures.  This document shows a potential buyer the income from monthly rents and subtracts out the expenses of the property, such as yearly homeowners insurance, yearly refuse, yearly water usage, and any repairs that have been completed recently.

Complete Inspections Prior To Listing The Property

Many municipalities require that a certificate of occupancy, also known as a C of O, is renewed when a multi-family property is being sold to a new owner.  It's highly recommended that prior to listing a multi-family property that any inspections are completed beforehand. If your local municipality requires a new C of O prior to the property being transferred to a new owner, have the inspection completed prior to listing can reduce the chances that the real estate closing is delayed.  If you're unsure if a new C of O is required prior to the property being transferred, you can contact your local municipality to find out. Recently while selling a multi-family property in Rochester NY, the property owner decided to wait until after a contract was received to complete the required C of O inspection.  The City was backlogged on inspections and the inspection date had to be scheduled a month out, which ultimately delayed the closing of the property.  This could've been avoided if the C of O inspection was completed prior to listing the property. Another inspection to consider completing prior to listing a multi-family property is a general home inspection.  There are lots of reasons to have a pre-listing inspection when selling a home.  The number one reason having a pre-listing inspection prior to putting a home on the market is that it provides a homeowner the opportunity to rectify issues that a home inspector may find. Since the majority of home buyers elect to have a home inspection and some buyers can get scared away from a home because of the inspection results, having one completed prior to listing is a very good idea.  Homeowners who decide to not have a pre-listing inspection often end up regretting their decision if a buyer is scared away from their property.

Final Thoughts On Selling A Multi-Family Home

As you can see, selling a multi-family home is much different than selling a single family home.  Even though selling a multi-family home is generally more complex, that doesn't mean that it has to be impossible.  By following the 5 tips discussed above, multi-family property owners put themselves in a much better position to experience a smooth and successful sale.

Other Top Resources For Selling A Multi-Family Home

Do you own a multi-family property in Rochester?  If so and you're thinking about selling your multi-family property, the above 5 tips should be extremely helpful.  If you don't have a real estate agent in Rochester yet, call or text me at 585-704-7095, and I'd be happy to discuss the sale of your multi-family home!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "5 Important Tips For Selling A Multi-Family Home" was written by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group.  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Moving To The Finger Lakes Region Of New York | Guide To Relocating To The Finger Lakes https://www.rochesterrealestateblog.com/moving-to-the-finger-lakes-region/ Tue, 24 Jan 2017 12:40:24 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19875 How To Sell A Multi-Family Property [caption id="attachment_10457" align="aligncenter" width="450"]5 Important Tips For Selling A Multi-Family Home 5 Important Tips For Selling A Multi-Family Home[/caption] Selling a multi-family home is substantially more complex than selling a single family home.  One of the top reasons why selling a multi-family is generally more complex is because it typically involves more people than just the one owner of a single family home. When selling a multi-family property the probability that you're involving 6-12 people is high.  Depending on the number of units in a multi-family property, you may only be dealing with a couple families or a dozen families. There are certain rules, regulations, and laws that multi-family property owners must be aware of and also abide by.  These rules, regulations, and laws will vary from city to city and state to state. It's highly recommended that prior to selling a multi-family home that you consult with an attorney to make sure you're not going to put yourself in a situation where you could be sued.  Not being aware of rules, regulations, and local laws is one of the top home selling mistakes made by multi-family property owners. Read on to find out what the top 5 tips for selling a multi-family home are.  Multi-family property owners who follow the below tips will put themselves in an excellent position to get their property sold, while avoiding potential issues or roadblocks.

Review Leases, Occupancy, & Tenant Rights

Before listing a multi-family home for sale, it's vital to review all leases and the occupancy for each unit.  As mentioned above, multi-family property owners can get themselves in trouble if they're not careful.  It's important to always keep in mind tenant rights when selling a multi-family home. There are a few frequently asked questions from home buyers that multi-family property owners will be asked during the sale process.  By reviewing the current leases and occupancy of each unit, multi-family property owners will be able to answer these questions accurately.  Below are a couple of the top questions asked by buyers who're looking to purchase a multi-family home.
  1. What are the terms of any/all leases?
  2. What are the rent amounts for each unit?
  3. What's included in the rent for each unit?
  4. Are there security deposits being held?
  5. Are the rents able to be subsidized by Government assistance?
  Reviewing the leases and occupancy for each unit can also help determine whether or not to sell the property while it's being occupied by tenants.  Selling a home with tenants can be tricky and it can also bring other potential issues into the equation. For example, if a multi-family home is being sold while tenant occupied and the leases are for an extended period of time, it potentially can eliminate a large number of potential buyers who're looking to buy a multi-family home and plan on, or need to, occupy one of the units.  One of the disadvantages of a VA home loan or FHA loan is that the property must be occupied by the buyer, so if a buyer is planning on utilizing one of these mortgage products, they wouldn't be able to purchase a tenant occupied multi-family home. Selling a multi-family home is easiest and most successful if it's unoccupied.  This eliminates potential issues with coordinating home showings or issues with occupancy requirements.  If this isn't a possibility, then it's important that the owner has full cooperation from all parties who'll be impacted during the sale of the multi-family property.

Preparation Is Key When Selling A Multi-Family Home

[caption id="attachment_10458" align="aligncenter" width="450"]Preparation Is Key When Selling A Multi-Family Home Preparation Is Key When Selling A Multi-Family Home[/caption] Preparing a home for sale is critical when selling any type of home, whether it's single family or multi-family.  Since many multi-family properties are purchased as investments, preparing for the sale becomes necessary. One of the most important factors for investors who're looking to buy multi-family homes is the amount of maintenance the home appears to have.  A home that isn't prepared for sale can appear to have more maintenance than it really does. For multi-family property owners who're attempting to prepare and sell a home on a budget, it can be done by tending to a few key areas of the property.  Below are a few of the areas and items that should be prepared prior to listing a multi-family for sale.
  1. Curb Appeal - Simply tending to the exterior curb appeal of a multi-family home can go a long way.  Trimming bushes/shrubs and making sure any flower beds are a couple tips for improving the curb appeal of the property.
  2. Clean Up Common Areas - Depending on the multi-unit, there maybe some common areas, such as laundry or a vestibule.  It's important that all common areas in the property are cleaned up and portray extra maintenance.
  3. Parking Areas - If the property has designated parking areas or garage spaces, making sure these are well defined and in good condition is critical.  If there is an off street parking area, a simple seal of the driveway can go a long way and doesn't cost a ton of extra money.
  4. Doors & Locks - All doors and locks within the multi-family property need to be working well.  It's not a good reflection of a property when the locks are difficult to use and a showing agent is struggling to access the units within the property.
  When selling a multi-family home, it's extremely important that it's prepared for the market.  Not doing so can make or break whether the property sells and also it can impact an owners bottom line.

Hire An Agent Who Has Experience Selling Multi-Family Homes

Hiring a top real estate agent, with experience, is extremely important when selling any type of property.  For example, when selling a waterfront property, hiring an agent who primarily sells mobile homes in a park wouldn't be the best idea. It's critical when selling a multi-family home that a Realtor® who has experience selling multi-family homes is hired.  To help ensure an agent who has experience selling multi-family homes is hired, there are certain questions to ask Realtors® during interviews.
  1. How do you handle showings when a property is tenant occupied?
  2. How much notice do you provide?
  3. In the past, how have you handled uncooperative tenants?
  4. Can you provide the contact information of the previous owner who you represented during a recent multi-family sale?
  Asking the right questions during an interview can greatly improve the chances an agent who has experience selling multi-family homes is hired. Not only is it important to make sure the agent has experience selling a multi-family home but it's equally as important to make sure they know how to effectively market a home.  Since the majority of home buyers are finding the home they eventually purchase on the internet, it's critical the agent knows how to reach potential buyers. This is done by using the best real estate marketing strategies.  Marketing strategies such as using social media, optimizing their website to be found in searches, and using high quality photography and videos are a few ways top real estate agents are marketing their clients homes to potential buyers.

Have Important Documents Ready

[caption id="attachment_10460" align="aligncenter" width="450"]Have Important Documents Ready When Selling A Multi-Family Home! Have Important Documents Ready When Selling A Multi-Family Home![/caption] There are certain things to know before selling a home, regardless if it's a single family or multi family home.  It's helpful that before listing a home for sale that important documents are readily accessible for potential buyers. Documents that should be readily accessible, whether selling a multi-family home or not, include documentation relating to roof age or warranties, the age of the homes HVAC systems, and any receipts of remodeling projects that have been completed. One of the most important features that today's home buyers are looking for in a home are updated and newer mechanics, such as roofs and HVAC systems.  Home sellers who have records and receipts showing the ages of these components give themselves a huge advantage. When selling a multi-family home, it's very important to have financial documents readily available for prospective buyers.  Since multi-family homes are often purchased as an investment, having the financial documents available can be extremely helpful for potential buyers. The most important financial document that should be readily available when selling a multi-family home is the yearly net operating figures.  This document shows a potential buyer the income from monthly rents and subtracts out the expenses of the property, such as yearly homeowners insurance, yearly refuse, yearly water usage, and any repairs that have been completed recently.

Complete Inspections Prior To Listing The Property

Many municipalities require that a certificate of occupancy, also known as a C of O, is renewed when a multi-family property is being sold to a new owner.  It's highly recommended that prior to listing a multi-family property that any inspections are completed beforehand. If your local municipality requires a new C of O prior to the property being transferred to a new owner, have the inspection completed prior to listing can reduce the chances that the real estate closing is delayed.  If you're unsure if a new C of O is required prior to the property being transferred, you can contact your local municipality to find out. Recently while selling a multi-family property in Rochester NY, the property owner decided to wait until after a contract was received to complete the required C of O inspection.  The City was backlogged on inspections and the inspection date had to be scheduled a month out, which ultimately delayed the closing of the property.  This could've been avoided if the C of O inspection was completed prior to listing the property. Another inspection to consider completing prior to listing a multi-family property is a general home inspection.  There are lots of reasons to have a pre-listing inspection when selling a home.  The number one reason having a pre-listing inspection prior to putting a home on the market is that it provides a homeowner the opportunity to rectify issues that a home inspector may find. Since the majority of home buyers elect to have a home inspection and some buyers can get scared away from a home because of the inspection results, having one completed prior to listing is a very good idea.  Homeowners who decide to not have a pre-listing inspection often end up regretting their decision if a buyer is scared away from their property.

Final Thoughts On Selling A Multi-Family Home

As you can see, selling a multi-family home is much different than selling a single family home.  Even though selling a multi-family home is generally more complex, that doesn't mean that it has to be impossible.  By following the 5 tips discussed above, multi-family property owners put themselves in a much better position to experience a smooth and successful sale.

Other Top Resources For Selling A Multi-Family Home

Do you own a multi-family property in Rochester?  If so and you're thinking about selling your multi-family property, the above 5 tips should be extremely helpful.  If you don't have a real estate agent in Rochester yet, call or text me at 585-704-7095, and I'd be happy to discuss the sale of your multi-family home!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "5 Important Tips For Selling A Multi-Family Home" was written by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group.  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Navigating the Numbers: The Pros and Cons of Using Online Home Value Estimators For New York Real Estate https://www.rochesterrealestateblog.com/pros-cons-online-home-value-estimators/ Tue, 24 Jan 2017 12:40:24 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19794 How To Sell A Multi-Family Property [caption id="attachment_10457" align="aligncenter" width="450"]5 Important Tips For Selling A Multi-Family Home 5 Important Tips For Selling A Multi-Family Home[/caption] Selling a multi-family home is substantially more complex than selling a single family home.  One of the top reasons why selling a multi-family is generally more complex is because it typically involves more people than just the one owner of a single family home. When selling a multi-family property the probability that you're involving 6-12 people is high.  Depending on the number of units in a multi-family property, you may only be dealing with a couple families or a dozen families. There are certain rules, regulations, and laws that multi-family property owners must be aware of and also abide by.  These rules, regulations, and laws will vary from city to city and state to state. It's highly recommended that prior to selling a multi-family home that you consult with an attorney to make sure you're not going to put yourself in a situation where you could be sued.  Not being aware of rules, regulations, and local laws is one of the top home selling mistakes made by multi-family property owners. Read on to find out what the top 5 tips for selling a multi-family home are.  Multi-family property owners who follow the below tips will put themselves in an excellent position to get their property sold, while avoiding potential issues or roadblocks.

Review Leases, Occupancy, & Tenant Rights

Before listing a multi-family home for sale, it's vital to review all leases and the occupancy for each unit.  As mentioned above, multi-family property owners can get themselves in trouble if they're not careful.  It's important to always keep in mind tenant rights when selling a multi-family home. There are a few frequently asked questions from home buyers that multi-family property owners will be asked during the sale process.  By reviewing the current leases and occupancy of each unit, multi-family property owners will be able to answer these questions accurately.  Below are a couple of the top questions asked by buyers who're looking to purchase a multi-family home.
  1. What are the terms of any/all leases?
  2. What are the rent amounts for each unit?
  3. What's included in the rent for each unit?
  4. Are there security deposits being held?
  5. Are the rents able to be subsidized by Government assistance?
  Reviewing the leases and occupancy for each unit can also help determine whether or not to sell the property while it's being occupied by tenants.  Selling a home with tenants can be tricky and it can also bring other potential issues into the equation. For example, if a multi-family home is being sold while tenant occupied and the leases are for an extended period of time, it potentially can eliminate a large number of potential buyers who're looking to buy a multi-family home and plan on, or need to, occupy one of the units.  One of the disadvantages of a VA home loan or FHA loan is that the property must be occupied by the buyer, so if a buyer is planning on utilizing one of these mortgage products, they wouldn't be able to purchase a tenant occupied multi-family home. Selling a multi-family home is easiest and most successful if it's unoccupied.  This eliminates potential issues with coordinating home showings or issues with occupancy requirements.  If this isn't a possibility, then it's important that the owner has full cooperation from all parties who'll be impacted during the sale of the multi-family property.

Preparation Is Key When Selling A Multi-Family Home

[caption id="attachment_10458" align="aligncenter" width="450"]Preparation Is Key When Selling A Multi-Family Home Preparation Is Key When Selling A Multi-Family Home[/caption] Preparing a home for sale is critical when selling any type of home, whether it's single family or multi-family.  Since many multi-family properties are purchased as investments, preparing for the sale becomes necessary. One of the most important factors for investors who're looking to buy multi-family homes is the amount of maintenance the home appears to have.  A home that isn't prepared for sale can appear to have more maintenance than it really does. For multi-family property owners who're attempting to prepare and sell a home on a budget, it can be done by tending to a few key areas of the property.  Below are a few of the areas and items that should be prepared prior to listing a multi-family for sale.
  1. Curb Appeal - Simply tending to the exterior curb appeal of a multi-family home can go a long way.  Trimming bushes/shrubs and making sure any flower beds are a couple tips for improving the curb appeal of the property.
  2. Clean Up Common Areas - Depending on the multi-unit, there maybe some common areas, such as laundry or a vestibule.  It's important that all common areas in the property are cleaned up and portray extra maintenance.
  3. Parking Areas - If the property has designated parking areas or garage spaces, making sure these are well defined and in good condition is critical.  If there is an off street parking area, a simple seal of the driveway can go a long way and doesn't cost a ton of extra money.
  4. Doors & Locks - All doors and locks within the multi-family property need to be working well.  It's not a good reflection of a property when the locks are difficult to use and a showing agent is struggling to access the units within the property.
  When selling a multi-family home, it's extremely important that it's prepared for the market.  Not doing so can make or break whether the property sells and also it can impact an owners bottom line.

Hire An Agent Who Has Experience Selling Multi-Family Homes

Hiring a top real estate agent, with experience, is extremely important when selling any type of property.  For example, when selling a waterfront property, hiring an agent who primarily sells mobile homes in a park wouldn't be the best idea. It's critical when selling a multi-family home that a Realtor® who has experience selling multi-family homes is hired.  To help ensure an agent who has experience selling multi-family homes is hired, there are certain questions to ask Realtors® during interviews.
  1. How do you handle showings when a property is tenant occupied?
  2. How much notice do you provide?
  3. In the past, how have you handled uncooperative tenants?
  4. Can you provide the contact information of the previous owner who you represented during a recent multi-family sale?
  Asking the right questions during an interview can greatly improve the chances an agent who has experience selling multi-family homes is hired. Not only is it important to make sure the agent has experience selling a multi-family home but it's equally as important to make sure they know how to effectively market a home.  Since the majority of home buyers are finding the home they eventually purchase on the internet, it's critical the agent knows how to reach potential buyers. This is done by using the best real estate marketing strategies.  Marketing strategies such as using social media, optimizing their website to be found in searches, and using high quality photography and videos are a few ways top real estate agents are marketing their clients homes to potential buyers.

Have Important Documents Ready

[caption id="attachment_10460" align="aligncenter" width="450"]Have Important Documents Ready When Selling A Multi-Family Home! Have Important Documents Ready When Selling A Multi-Family Home![/caption] There are certain things to know before selling a home, regardless if it's a single family or multi family home.  It's helpful that before listing a home for sale that important documents are readily accessible for potential buyers. Documents that should be readily accessible, whether selling a multi-family home or not, include documentation relating to roof age or warranties, the age of the homes HVAC systems, and any receipts of remodeling projects that have been completed. One of the most important features that today's home buyers are looking for in a home are updated and newer mechanics, such as roofs and HVAC systems.  Home sellers who have records and receipts showing the ages of these components give themselves a huge advantage. When selling a multi-family home, it's very important to have financial documents readily available for prospective buyers.  Since multi-family homes are often purchased as an investment, having the financial documents available can be extremely helpful for potential buyers. The most important financial document that should be readily available when selling a multi-family home is the yearly net operating figures.  This document shows a potential buyer the income from monthly rents and subtracts out the expenses of the property, such as yearly homeowners insurance, yearly refuse, yearly water usage, and any repairs that have been completed recently.

Complete Inspections Prior To Listing The Property

Many municipalities require that a certificate of occupancy, also known as a C of O, is renewed when a multi-family property is being sold to a new owner.  It's highly recommended that prior to listing a multi-family property that any inspections are completed beforehand. If your local municipality requires a new C of O prior to the property being transferred to a new owner, have the inspection completed prior to listing can reduce the chances that the real estate closing is delayed.  If you're unsure if a new C of O is required prior to the property being transferred, you can contact your local municipality to find out. Recently while selling a multi-family property in Rochester NY, the property owner decided to wait until after a contract was received to complete the required C of O inspection.  The City was backlogged on inspections and the inspection date had to be scheduled a month out, which ultimately delayed the closing of the property.  This could've been avoided if the C of O inspection was completed prior to listing the property. Another inspection to consider completing prior to listing a multi-family property is a general home inspection.  There are lots of reasons to have a pre-listing inspection when selling a home.  The number one reason having a pre-listing inspection prior to putting a home on the market is that it provides a homeowner the opportunity to rectify issues that a home inspector may find. Since the majority of home buyers elect to have a home inspection and some buyers can get scared away from a home because of the inspection results, having one completed prior to listing is a very good idea.  Homeowners who decide to not have a pre-listing inspection often end up regretting their decision if a buyer is scared away from their property.

Final Thoughts On Selling A Multi-Family Home

As you can see, selling a multi-family home is much different than selling a single family home.  Even though selling a multi-family home is generally more complex, that doesn't mean that it has to be impossible.  By following the 5 tips discussed above, multi-family property owners put themselves in a much better position to experience a smooth and successful sale.

Other Top Resources For Selling A Multi-Family Home

Do you own a multi-family property in Rochester?  If so and you're thinking about selling your multi-family property, the above 5 tips should be extremely helpful.  If you don't have a real estate agent in Rochester yet, call or text me at 585-704-7095, and I'd be happy to discuss the sale of your multi-family home!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "5 Important Tips For Selling A Multi-Family Home" was written by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group.  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> The Role of Location in Home Valuation In New York https://www.rochesterrealestateblog.com/role-of-location-home-valuation/ Tue, 24 Jan 2017 12:40:24 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19768 How To Sell A Multi-Family Property [caption id="attachment_10457" align="aligncenter" width="450"]5 Important Tips For Selling A Multi-Family Home 5 Important Tips For Selling A Multi-Family Home[/caption] Selling a multi-family home is substantially more complex than selling a single family home.  One of the top reasons why selling a multi-family is generally more complex is because it typically involves more people than just the one owner of a single family home. When selling a multi-family property the probability that you're involving 6-12 people is high.  Depending on the number of units in a multi-family property, you may only be dealing with a couple families or a dozen families. There are certain rules, regulations, and laws that multi-family property owners must be aware of and also abide by.  These rules, regulations, and laws will vary from city to city and state to state. It's highly recommended that prior to selling a multi-family home that you consult with an attorney to make sure you're not going to put yourself in a situation where you could be sued.  Not being aware of rules, regulations, and local laws is one of the top home selling mistakes made by multi-family property owners. Read on to find out what the top 5 tips for selling a multi-family home are.  Multi-family property owners who follow the below tips will put themselves in an excellent position to get their property sold, while avoiding potential issues or roadblocks.

Review Leases, Occupancy, & Tenant Rights

Before listing a multi-family home for sale, it's vital to review all leases and the occupancy for each unit.  As mentioned above, multi-family property owners can get themselves in trouble if they're not careful.  It's important to always keep in mind tenant rights when selling a multi-family home. There are a few frequently asked questions from home buyers that multi-family property owners will be asked during the sale process.  By reviewing the current leases and occupancy of each unit, multi-family property owners will be able to answer these questions accurately.  Below are a couple of the top questions asked by buyers who're looking to purchase a multi-family home.
  1. What are the terms of any/all leases?
  2. What are the rent amounts for each unit?
  3. What's included in the rent for each unit?
  4. Are there security deposits being held?
  5. Are the rents able to be subsidized by Government assistance?
  Reviewing the leases and occupancy for each unit can also help determine whether or not to sell the property while it's being occupied by tenants.  Selling a home with tenants can be tricky and it can also bring other potential issues into the equation. For example, if a multi-family home is being sold while tenant occupied and the leases are for an extended period of time, it potentially can eliminate a large number of potential buyers who're looking to buy a multi-family home and plan on, or need to, occupy one of the units.  One of the disadvantages of a VA home loan or FHA loan is that the property must be occupied by the buyer, so if a buyer is planning on utilizing one of these mortgage products, they wouldn't be able to purchase a tenant occupied multi-family home. Selling a multi-family home is easiest and most successful if it's unoccupied.  This eliminates potential issues with coordinating home showings or issues with occupancy requirements.  If this isn't a possibility, then it's important that the owner has full cooperation from all parties who'll be impacted during the sale of the multi-family property.

Preparation Is Key When Selling A Multi-Family Home

[caption id="attachment_10458" align="aligncenter" width="450"]Preparation Is Key When Selling A Multi-Family Home Preparation Is Key When Selling A Multi-Family Home[/caption] Preparing a home for sale is critical when selling any type of home, whether it's single family or multi-family.  Since many multi-family properties are purchased as investments, preparing for the sale becomes necessary. One of the most important factors for investors who're looking to buy multi-family homes is the amount of maintenance the home appears to have.  A home that isn't prepared for sale can appear to have more maintenance than it really does. For multi-family property owners who're attempting to prepare and sell a home on a budget, it can be done by tending to a few key areas of the property.  Below are a few of the areas and items that should be prepared prior to listing a multi-family for sale.
  1. Curb Appeal - Simply tending to the exterior curb appeal of a multi-family home can go a long way.  Trimming bushes/shrubs and making sure any flower beds are a couple tips for improving the curb appeal of the property.
  2. Clean Up Common Areas - Depending on the multi-unit, there maybe some common areas, such as laundry or a vestibule.  It's important that all common areas in the property are cleaned up and portray extra maintenance.
  3. Parking Areas - If the property has designated parking areas or garage spaces, making sure these are well defined and in good condition is critical.  If there is an off street parking area, a simple seal of the driveway can go a long way and doesn't cost a ton of extra money.
  4. Doors & Locks - All doors and locks within the multi-family property need to be working well.  It's not a good reflection of a property when the locks are difficult to use and a showing agent is struggling to access the units within the property.
  When selling a multi-family home, it's extremely important that it's prepared for the market.  Not doing so can make or break whether the property sells and also it can impact an owners bottom line.

Hire An Agent Who Has Experience Selling Multi-Family Homes

Hiring a top real estate agent, with experience, is extremely important when selling any type of property.  For example, when selling a waterfront property, hiring an agent who primarily sells mobile homes in a park wouldn't be the best idea. It's critical when selling a multi-family home that a Realtor® who has experience selling multi-family homes is hired.  To help ensure an agent who has experience selling multi-family homes is hired, there are certain questions to ask Realtors® during interviews.
  1. How do you handle showings when a property is tenant occupied?
  2. How much notice do you provide?
  3. In the past, how have you handled uncooperative tenants?
  4. Can you provide the contact information of the previous owner who you represented during a recent multi-family sale?
  Asking the right questions during an interview can greatly improve the chances an agent who has experience selling multi-family homes is hired. Not only is it important to make sure the agent has experience selling a multi-family home but it's equally as important to make sure they know how to effectively market a home.  Since the majority of home buyers are finding the home they eventually purchase on the internet, it's critical the agent knows how to reach potential buyers. This is done by using the best real estate marketing strategies.  Marketing strategies such as using social media, optimizing their website to be found in searches, and using high quality photography and videos are a few ways top real estate agents are marketing their clients homes to potential buyers.

Have Important Documents Ready

[caption id="attachment_10460" align="aligncenter" width="450"]Have Important Documents Ready When Selling A Multi-Family Home! Have Important Documents Ready When Selling A Multi-Family Home![/caption] There are certain things to know before selling a home, regardless if it's a single family or multi family home.  It's helpful that before listing a home for sale that important documents are readily accessible for potential buyers. Documents that should be readily accessible, whether selling a multi-family home or not, include documentation relating to roof age or warranties, the age of the homes HVAC systems, and any receipts of remodeling projects that have been completed. One of the most important features that today's home buyers are looking for in a home are updated and newer mechanics, such as roofs and HVAC systems.  Home sellers who have records and receipts showing the ages of these components give themselves a huge advantage. When selling a multi-family home, it's very important to have financial documents readily available for prospective buyers.  Since multi-family homes are often purchased as an investment, having the financial documents available can be extremely helpful for potential buyers. The most important financial document that should be readily available when selling a multi-family home is the yearly net operating figures.  This document shows a potential buyer the income from monthly rents and subtracts out the expenses of the property, such as yearly homeowners insurance, yearly refuse, yearly water usage, and any repairs that have been completed recently.

Complete Inspections Prior To Listing The Property

Many municipalities require that a certificate of occupancy, also known as a C of O, is renewed when a multi-family property is being sold to a new owner.  It's highly recommended that prior to listing a multi-family property that any inspections are completed beforehand. If your local municipality requires a new C of O prior to the property being transferred to a new owner, have the inspection completed prior to listing can reduce the chances that the real estate closing is delayed.  If you're unsure if a new C of O is required prior to the property being transferred, you can contact your local municipality to find out. Recently while selling a multi-family property in Rochester NY, the property owner decided to wait until after a contract was received to complete the required C of O inspection.  The City was backlogged on inspections and the inspection date had to be scheduled a month out, which ultimately delayed the closing of the property.  This could've been avoided if the C of O inspection was completed prior to listing the property. Another inspection to consider completing prior to listing a multi-family property is a general home inspection.  There are lots of reasons to have a pre-listing inspection when selling a home.  The number one reason having a pre-listing inspection prior to putting a home on the market is that it provides a homeowner the opportunity to rectify issues that a home inspector may find. Since the majority of home buyers elect to have a home inspection and some buyers can get scared away from a home because of the inspection results, having one completed prior to listing is a very good idea.  Homeowners who decide to not have a pre-listing inspection often end up regretting their decision if a buyer is scared away from their property.

Final Thoughts On Selling A Multi-Family Home

As you can see, selling a multi-family home is much different than selling a single family home.  Even though selling a multi-family home is generally more complex, that doesn't mean that it has to be impossible.  By following the 5 tips discussed above, multi-family property owners put themselves in a much better position to experience a smooth and successful sale.

Other Top Resources For Selling A Multi-Family Home

Do you own a multi-family property in Rochester?  If so and you're thinking about selling your multi-family property, the above 5 tips should be extremely helpful.  If you don't have a real estate agent in Rochester yet, call or text me at 585-704-7095, and I'd be happy to discuss the sale of your multi-family home!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "5 Important Tips For Selling A Multi-Family Home" was written by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group.  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Lowe’s vs U-Haul: A Review of Truck Rental Companies https://www.rochesterrealestateblog.com/lowes-vs-uhaul/ Tue, 24 Jan 2017 12:40:24 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19758 How To Sell A Multi-Family Property [caption id="attachment_10457" align="aligncenter" width="450"]5 Important Tips For Selling A Multi-Family Home 5 Important Tips For Selling A Multi-Family Home[/caption] Selling a multi-family home is substantially more complex than selling a single family home.  One of the top reasons why selling a multi-family is generally more complex is because it typically involves more people than just the one owner of a single family home. When selling a multi-family property the probability that you're involving 6-12 people is high.  Depending on the number of units in a multi-family property, you may only be dealing with a couple families or a dozen families. There are certain rules, regulations, and laws that multi-family property owners must be aware of and also abide by.  These rules, regulations, and laws will vary from city to city and state to state. It's highly recommended that prior to selling a multi-family home that you consult with an attorney to make sure you're not going to put yourself in a situation where you could be sued.  Not being aware of rules, regulations, and local laws is one of the top home selling mistakes made by multi-family property owners. Read on to find out what the top 5 tips for selling a multi-family home are.  Multi-family property owners who follow the below tips will put themselves in an excellent position to get their property sold, while avoiding potential issues or roadblocks.

Review Leases, Occupancy, & Tenant Rights

Before listing a multi-family home for sale, it's vital to review all leases and the occupancy for each unit.  As mentioned above, multi-family property owners can get themselves in trouble if they're not careful.  It's important to always keep in mind tenant rights when selling a multi-family home. There are a few frequently asked questions from home buyers that multi-family property owners will be asked during the sale process.  By reviewing the current leases and occupancy of each unit, multi-family property owners will be able to answer these questions accurately.  Below are a couple of the top questions asked by buyers who're looking to purchase a multi-family home.
  1. What are the terms of any/all leases?
  2. What are the rent amounts for each unit?
  3. What's included in the rent for each unit?
  4. Are there security deposits being held?
  5. Are the rents able to be subsidized by Government assistance?
  Reviewing the leases and occupancy for each unit can also help determine whether or not to sell the property while it's being occupied by tenants.  Selling a home with tenants can be tricky and it can also bring other potential issues into the equation. For example, if a multi-family home is being sold while tenant occupied and the leases are for an extended period of time, it potentially can eliminate a large number of potential buyers who're looking to buy a multi-family home and plan on, or need to, occupy one of the units.  One of the disadvantages of a VA home loan or FHA loan is that the property must be occupied by the buyer, so if a buyer is planning on utilizing one of these mortgage products, they wouldn't be able to purchase a tenant occupied multi-family home. Selling a multi-family home is easiest and most successful if it's unoccupied.  This eliminates potential issues with coordinating home showings or issues with occupancy requirements.  If this isn't a possibility, then it's important that the owner has full cooperation from all parties who'll be impacted during the sale of the multi-family property.

Preparation Is Key When Selling A Multi-Family Home

[caption id="attachment_10458" align="aligncenter" width="450"]Preparation Is Key When Selling A Multi-Family Home Preparation Is Key When Selling A Multi-Family Home[/caption] Preparing a home for sale is critical when selling any type of home, whether it's single family or multi-family.  Since many multi-family properties are purchased as investments, preparing for the sale becomes necessary. One of the most important factors for investors who're looking to buy multi-family homes is the amount of maintenance the home appears to have.  A home that isn't prepared for sale can appear to have more maintenance than it really does. For multi-family property owners who're attempting to prepare and sell a home on a budget, it can be done by tending to a few key areas of the property.  Below are a few of the areas and items that should be prepared prior to listing a multi-family for sale.
  1. Curb Appeal - Simply tending to the exterior curb appeal of a multi-family home can go a long way.  Trimming bushes/shrubs and making sure any flower beds are a couple tips for improving the curb appeal of the property.
  2. Clean Up Common Areas - Depending on the multi-unit, there maybe some common areas, such as laundry or a vestibule.  It's important that all common areas in the property are cleaned up and portray extra maintenance.
  3. Parking Areas - If the property has designated parking areas or garage spaces, making sure these are well defined and in good condition is critical.  If there is an off street parking area, a simple seal of the driveway can go a long way and doesn't cost a ton of extra money.
  4. Doors & Locks - All doors and locks within the multi-family property need to be working well.  It's not a good reflection of a property when the locks are difficult to use and a showing agent is struggling to access the units within the property.
  When selling a multi-family home, it's extremely important that it's prepared for the market.  Not doing so can make or break whether the property sells and also it can impact an owners bottom line.

Hire An Agent Who Has Experience Selling Multi-Family Homes

Hiring a top real estate agent, with experience, is extremely important when selling any type of property.  For example, when selling a waterfront property, hiring an agent who primarily sells mobile homes in a park wouldn't be the best idea. It's critical when selling a multi-family home that a Realtor® who has experience selling multi-family homes is hired.  To help ensure an agent who has experience selling multi-family homes is hired, there are certain questions to ask Realtors® during interviews.
  1. How do you handle showings when a property is tenant occupied?
  2. How much notice do you provide?
  3. In the past, how have you handled uncooperative tenants?
  4. Can you provide the contact information of the previous owner who you represented during a recent multi-family sale?
  Asking the right questions during an interview can greatly improve the chances an agent who has experience selling multi-family homes is hired. Not only is it important to make sure the agent has experience selling a multi-family home but it's equally as important to make sure they know how to effectively market a home.  Since the majority of home buyers are finding the home they eventually purchase on the internet, it's critical the agent knows how to reach potential buyers. This is done by using the best real estate marketing strategies.  Marketing strategies such as using social media, optimizing their website to be found in searches, and using high quality photography and videos are a few ways top real estate agents are marketing their clients homes to potential buyers.

Have Important Documents Ready

[caption id="attachment_10460" align="aligncenter" width="450"]Have Important Documents Ready When Selling A Multi-Family Home! Have Important Documents Ready When Selling A Multi-Family Home![/caption] There are certain things to know before selling a home, regardless if it's a single family or multi family home.  It's helpful that before listing a home for sale that important documents are readily accessible for potential buyers. Documents that should be readily accessible, whether selling a multi-family home or not, include documentation relating to roof age or warranties, the age of the homes HVAC systems, and any receipts of remodeling projects that have been completed. One of the most important features that today's home buyers are looking for in a home are updated and newer mechanics, such as roofs and HVAC systems.  Home sellers who have records and receipts showing the ages of these components give themselves a huge advantage. When selling a multi-family home, it's very important to have financial documents readily available for prospective buyers.  Since multi-family homes are often purchased as an investment, having the financial documents available can be extremely helpful for potential buyers. The most important financial document that should be readily available when selling a multi-family home is the yearly net operating figures.  This document shows a potential buyer the income from monthly rents and subtracts out the expenses of the property, such as yearly homeowners insurance, yearly refuse, yearly water usage, and any repairs that have been completed recently.

Complete Inspections Prior To Listing The Property

Many municipalities require that a certificate of occupancy, also known as a C of O, is renewed when a multi-family property is being sold to a new owner.  It's highly recommended that prior to listing a multi-family property that any inspections are completed beforehand. If your local municipality requires a new C of O prior to the property being transferred to a new owner, have the inspection completed prior to listing can reduce the chances that the real estate closing is delayed.  If you're unsure if a new C of O is required prior to the property being transferred, you can contact your local municipality to find out. Recently while selling a multi-family property in Rochester NY, the property owner decided to wait until after a contract was received to complete the required C of O inspection.  The City was backlogged on inspections and the inspection date had to be scheduled a month out, which ultimately delayed the closing of the property.  This could've been avoided if the C of O inspection was completed prior to listing the property. Another inspection to consider completing prior to listing a multi-family property is a general home inspection.  There are lots of reasons to have a pre-listing inspection when selling a home.  The number one reason having a pre-listing inspection prior to putting a home on the market is that it provides a homeowner the opportunity to rectify issues that a home inspector may find. Since the majority of home buyers elect to have a home inspection and some buyers can get scared away from a home because of the inspection results, having one completed prior to listing is a very good idea.  Homeowners who decide to not have a pre-listing inspection often end up regretting their decision if a buyer is scared away from their property.

Final Thoughts On Selling A Multi-Family Home

As you can see, selling a multi-family home is much different than selling a single family home.  Even though selling a multi-family home is generally more complex, that doesn't mean that it has to be impossible.  By following the 5 tips discussed above, multi-family property owners put themselves in a much better position to experience a smooth and successful sale.

Other Top Resources For Selling A Multi-Family Home

Do you own a multi-family property in Rochester?  If so and you're thinking about selling your multi-family property, the above 5 tips should be extremely helpful.  If you don't have a real estate agent in Rochester yet, call or text me at 585-704-7095, and I'd be happy to discuss the sale of your multi-family home!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "5 Important Tips For Selling A Multi-Family Home" was written by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group.  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Understanding the Importance of a Seller’s Property Condition Disclosure https://www.rochesterrealestateblog.com/property-condition-disclosure-statement/ Tue, 24 Jan 2017 12:40:24 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19632 How To Sell A Multi-Family Property [caption id="attachment_10457" align="aligncenter" width="450"]5 Important Tips For Selling A Multi-Family Home 5 Important Tips For Selling A Multi-Family Home[/caption] Selling a multi-family home is substantially more complex than selling a single family home.  One of the top reasons why selling a multi-family is generally more complex is because it typically involves more people than just the one owner of a single family home. When selling a multi-family property the probability that you're involving 6-12 people is high.  Depending on the number of units in a multi-family property, you may only be dealing with a couple families or a dozen families. There are certain rules, regulations, and laws that multi-family property owners must be aware of and also abide by.  These rules, regulations, and laws will vary from city to city and state to state. It's highly recommended that prior to selling a multi-family home that you consult with an attorney to make sure you're not going to put yourself in a situation where you could be sued.  Not being aware of rules, regulations, and local laws is one of the top home selling mistakes made by multi-family property owners. Read on to find out what the top 5 tips for selling a multi-family home are.  Multi-family property owners who follow the below tips will put themselves in an excellent position to get their property sold, while avoiding potential issues or roadblocks.

Review Leases, Occupancy, & Tenant Rights

Before listing a multi-family home for sale, it's vital to review all leases and the occupancy for each unit.  As mentioned above, multi-family property owners can get themselves in trouble if they're not careful.  It's important to always keep in mind tenant rights when selling a multi-family home. There are a few frequently asked questions from home buyers that multi-family property owners will be asked during the sale process.  By reviewing the current leases and occupancy of each unit, multi-family property owners will be able to answer these questions accurately.  Below are a couple of the top questions asked by buyers who're looking to purchase a multi-family home.
  1. What are the terms of any/all leases?
  2. What are the rent amounts for each unit?
  3. What's included in the rent for each unit?
  4. Are there security deposits being held?
  5. Are the rents able to be subsidized by Government assistance?
  Reviewing the leases and occupancy for each unit can also help determine whether or not to sell the property while it's being occupied by tenants.  Selling a home with tenants can be tricky and it can also bring other potential issues into the equation. For example, if a multi-family home is being sold while tenant occupied and the leases are for an extended period of time, it potentially can eliminate a large number of potential buyers who're looking to buy a multi-family home and plan on, or need to, occupy one of the units.  One of the disadvantages of a VA home loan or FHA loan is that the property must be occupied by the buyer, so if a buyer is planning on utilizing one of these mortgage products, they wouldn't be able to purchase a tenant occupied multi-family home. Selling a multi-family home is easiest and most successful if it's unoccupied.  This eliminates potential issues with coordinating home showings or issues with occupancy requirements.  If this isn't a possibility, then it's important that the owner has full cooperation from all parties who'll be impacted during the sale of the multi-family property.

Preparation Is Key When Selling A Multi-Family Home

[caption id="attachment_10458" align="aligncenter" width="450"]Preparation Is Key When Selling A Multi-Family Home Preparation Is Key When Selling A Multi-Family Home[/caption] Preparing a home for sale is critical when selling any type of home, whether it's single family or multi-family.  Since many multi-family properties are purchased as investments, preparing for the sale becomes necessary. One of the most important factors for investors who're looking to buy multi-family homes is the amount of maintenance the home appears to have.  A home that isn't prepared for sale can appear to have more maintenance than it really does. For multi-family property owners who're attempting to prepare and sell a home on a budget, it can be done by tending to a few key areas of the property.  Below are a few of the areas and items that should be prepared prior to listing a multi-family for sale.
  1. Curb Appeal - Simply tending to the exterior curb appeal of a multi-family home can go a long way.  Trimming bushes/shrubs and making sure any flower beds are a couple tips for improving the curb appeal of the property.
  2. Clean Up Common Areas - Depending on the multi-unit, there maybe some common areas, such as laundry or a vestibule.  It's important that all common areas in the property are cleaned up and portray extra maintenance.
  3. Parking Areas - If the property has designated parking areas or garage spaces, making sure these are well defined and in good condition is critical.  If there is an off street parking area, a simple seal of the driveway can go a long way and doesn't cost a ton of extra money.
  4. Doors & Locks - All doors and locks within the multi-family property need to be working well.  It's not a good reflection of a property when the locks are difficult to use and a showing agent is struggling to access the units within the property.
  When selling a multi-family home, it's extremely important that it's prepared for the market.  Not doing so can make or break whether the property sells and also it can impact an owners bottom line.

Hire An Agent Who Has Experience Selling Multi-Family Homes

Hiring a top real estate agent, with experience, is extremely important when selling any type of property.  For example, when selling a waterfront property, hiring an agent who primarily sells mobile homes in a park wouldn't be the best idea. It's critical when selling a multi-family home that a Realtor® who has experience selling multi-family homes is hired.  To help ensure an agent who has experience selling multi-family homes is hired, there are certain questions to ask Realtors® during interviews.
  1. How do you handle showings when a property is tenant occupied?
  2. How much notice do you provide?
  3. In the past, how have you handled uncooperative tenants?
  4. Can you provide the contact information of the previous owner who you represented during a recent multi-family sale?
  Asking the right questions during an interview can greatly improve the chances an agent who has experience selling multi-family homes is hired. Not only is it important to make sure the agent has experience selling a multi-family home but it's equally as important to make sure they know how to effectively market a home.  Since the majority of home buyers are finding the home they eventually purchase on the internet, it's critical the agent knows how to reach potential buyers. This is done by using the best real estate marketing strategies.  Marketing strategies such as using social media, optimizing their website to be found in searches, and using high quality photography and videos are a few ways top real estate agents are marketing their clients homes to potential buyers.

Have Important Documents Ready

[caption id="attachment_10460" align="aligncenter" width="450"]Have Important Documents Ready When Selling A Multi-Family Home! Have Important Documents Ready When Selling A Multi-Family Home![/caption] There are certain things to know before selling a home, regardless if it's a single family or multi family home.  It's helpful that before listing a home for sale that important documents are readily accessible for potential buyers. Documents that should be readily accessible, whether selling a multi-family home or not, include documentation relating to roof age or warranties, the age of the homes HVAC systems, and any receipts of remodeling projects that have been completed. One of the most important features that today's home buyers are looking for in a home are updated and newer mechanics, such as roofs and HVAC systems.  Home sellers who have records and receipts showing the ages of these components give themselves a huge advantage. When selling a multi-family home, it's very important to have financial documents readily available for prospective buyers.  Since multi-family homes are often purchased as an investment, having the financial documents available can be extremely helpful for potential buyers. The most important financial document that should be readily available when selling a multi-family home is the yearly net operating figures.  This document shows a potential buyer the income from monthly rents and subtracts out the expenses of the property, such as yearly homeowners insurance, yearly refuse, yearly water usage, and any repairs that have been completed recently.

Complete Inspections Prior To Listing The Property

Many municipalities require that a certificate of occupancy, also known as a C of O, is renewed when a multi-family property is being sold to a new owner.  It's highly recommended that prior to listing a multi-family property that any inspections are completed beforehand. If your local municipality requires a new C of O prior to the property being transferred to a new owner, have the inspection completed prior to listing can reduce the chances that the real estate closing is delayed.  If you're unsure if a new C of O is required prior to the property being transferred, you can contact your local municipality to find out. Recently while selling a multi-family property in Rochester NY, the property owner decided to wait until after a contract was received to complete the required C of O inspection.  The City was backlogged on inspections and the inspection date had to be scheduled a month out, which ultimately delayed the closing of the property.  This could've been avoided if the C of O inspection was completed prior to listing the property. Another inspection to consider completing prior to listing a multi-family property is a general home inspection.  There are lots of reasons to have a pre-listing inspection when selling a home.  The number one reason having a pre-listing inspection prior to putting a home on the market is that it provides a homeowner the opportunity to rectify issues that a home inspector may find. Since the majority of home buyers elect to have a home inspection and some buyers can get scared away from a home because of the inspection results, having one completed prior to listing is a very good idea.  Homeowners who decide to not have a pre-listing inspection often end up regretting their decision if a buyer is scared away from their property.

Final Thoughts On Selling A Multi-Family Home

As you can see, selling a multi-family home is much different than selling a single family home.  Even though selling a multi-family home is generally more complex, that doesn't mean that it has to be impossible.  By following the 5 tips discussed above, multi-family property owners put themselves in a much better position to experience a smooth and successful sale.

Other Top Resources For Selling A Multi-Family Home

Do you own a multi-family property in Rochester?  If so and you're thinking about selling your multi-family property, the above 5 tips should be extremely helpful.  If you don't have a real estate agent in Rochester yet, call or text me at 585-704-7095, and I'd be happy to discuss the sale of your multi-family home!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "5 Important Tips For Selling A Multi-Family Home" was written by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group.  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> What are Delayed Showings and Negotiations in Real Estate In New York? https://www.rochesterrealestateblog.com/delayed-showings-negotiations/ Tue, 24 Jan 2017 12:40:24 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19547 How To Sell A Multi-Family Property [caption id="attachment_10457" align="aligncenter" width="450"]5 Important Tips For Selling A Multi-Family Home 5 Important Tips For Selling A Multi-Family Home[/caption] Selling a multi-family home is substantially more complex than selling a single family home.  One of the top reasons why selling a multi-family is generally more complex is because it typically involves more people than just the one owner of a single family home. When selling a multi-family property the probability that you're involving 6-12 people is high.  Depending on the number of units in a multi-family property, you may only be dealing with a couple families or a dozen families. There are certain rules, regulations, and laws that multi-family property owners must be aware of and also abide by.  These rules, regulations, and laws will vary from city to city and state to state. It's highly recommended that prior to selling a multi-family home that you consult with an attorney to make sure you're not going to put yourself in a situation where you could be sued.  Not being aware of rules, regulations, and local laws is one of the top home selling mistakes made by multi-family property owners. Read on to find out what the top 5 tips for selling a multi-family home are.  Multi-family property owners who follow the below tips will put themselves in an excellent position to get their property sold, while avoiding potential issues or roadblocks.

Review Leases, Occupancy, & Tenant Rights

Before listing a multi-family home for sale, it's vital to review all leases and the occupancy for each unit.  As mentioned above, multi-family property owners can get themselves in trouble if they're not careful.  It's important to always keep in mind tenant rights when selling a multi-family home. There are a few frequently asked questions from home buyers that multi-family property owners will be asked during the sale process.  By reviewing the current leases and occupancy of each unit, multi-family property owners will be able to answer these questions accurately.  Below are a couple of the top questions asked by buyers who're looking to purchase a multi-family home.
  1. What are the terms of any/all leases?
  2. What are the rent amounts for each unit?
  3. What's included in the rent for each unit?
  4. Are there security deposits being held?
  5. Are the rents able to be subsidized by Government assistance?
  Reviewing the leases and occupancy for each unit can also help determine whether or not to sell the property while it's being occupied by tenants.  Selling a home with tenants can be tricky and it can also bring other potential issues into the equation. For example, if a multi-family home is being sold while tenant occupied and the leases are for an extended period of time, it potentially can eliminate a large number of potential buyers who're looking to buy a multi-family home and plan on, or need to, occupy one of the units.  One of the disadvantages of a VA home loan or FHA loan is that the property must be occupied by the buyer, so if a buyer is planning on utilizing one of these mortgage products, they wouldn't be able to purchase a tenant occupied multi-family home. Selling a multi-family home is easiest and most successful if it's unoccupied.  This eliminates potential issues with coordinating home showings or issues with occupancy requirements.  If this isn't a possibility, then it's important that the owner has full cooperation from all parties who'll be impacted during the sale of the multi-family property.

Preparation Is Key When Selling A Multi-Family Home

[caption id="attachment_10458" align="aligncenter" width="450"]Preparation Is Key When Selling A Multi-Family Home Preparation Is Key When Selling A Multi-Family Home[/caption] Preparing a home for sale is critical when selling any type of home, whether it's single family or multi-family.  Since many multi-family properties are purchased as investments, preparing for the sale becomes necessary. One of the most important factors for investors who're looking to buy multi-family homes is the amount of maintenance the home appears to have.  A home that isn't prepared for sale can appear to have more maintenance than it really does. For multi-family property owners who're attempting to prepare and sell a home on a budget, it can be done by tending to a few key areas of the property.  Below are a few of the areas and items that should be prepared prior to listing a multi-family for sale.
  1. Curb Appeal - Simply tending to the exterior curb appeal of a multi-family home can go a long way.  Trimming bushes/shrubs and making sure any flower beds are a couple tips for improving the curb appeal of the property.
  2. Clean Up Common Areas - Depending on the multi-unit, there maybe some common areas, such as laundry or a vestibule.  It's important that all common areas in the property are cleaned up and portray extra maintenance.
  3. Parking Areas - If the property has designated parking areas or garage spaces, making sure these are well defined and in good condition is critical.  If there is an off street parking area, a simple seal of the driveway can go a long way and doesn't cost a ton of extra money.
  4. Doors & Locks - All doors and locks within the multi-family property need to be working well.  It's not a good reflection of a property when the locks are difficult to use and a showing agent is struggling to access the units within the property.
  When selling a multi-family home, it's extremely important that it's prepared for the market.  Not doing so can make or break whether the property sells and also it can impact an owners bottom line.

Hire An Agent Who Has Experience Selling Multi-Family Homes

Hiring a top real estate agent, with experience, is extremely important when selling any type of property.  For example, when selling a waterfront property, hiring an agent who primarily sells mobile homes in a park wouldn't be the best idea. It's critical when selling a multi-family home that a Realtor® who has experience selling multi-family homes is hired.  To help ensure an agent who has experience selling multi-family homes is hired, there are certain questions to ask Realtors® during interviews.
  1. How do you handle showings when a property is tenant occupied?
  2. How much notice do you provide?
  3. In the past, how have you handled uncooperative tenants?
  4. Can you provide the contact information of the previous owner who you represented during a recent multi-family sale?
  Asking the right questions during an interview can greatly improve the chances an agent who has experience selling multi-family homes is hired. Not only is it important to make sure the agent has experience selling a multi-family home but it's equally as important to make sure they know how to effectively market a home.  Since the majority of home buyers are finding the home they eventually purchase on the internet, it's critical the agent knows how to reach potential buyers. This is done by using the best real estate marketing strategies.  Marketing strategies such as using social media, optimizing their website to be found in searches, and using high quality photography and videos are a few ways top real estate agents are marketing their clients homes to potential buyers.

Have Important Documents Ready

[caption id="attachment_10460" align="aligncenter" width="450"]Have Important Documents Ready When Selling A Multi-Family Home! Have Important Documents Ready When Selling A Multi-Family Home![/caption] There are certain things to know before selling a home, regardless if it's a single family or multi family home.  It's helpful that before listing a home for sale that important documents are readily accessible for potential buyers. Documents that should be readily accessible, whether selling a multi-family home or not, include documentation relating to roof age or warranties, the age of the homes HVAC systems, and any receipts of remodeling projects that have been completed. One of the most important features that today's home buyers are looking for in a home are updated and newer mechanics, such as roofs and HVAC systems.  Home sellers who have records and receipts showing the ages of these components give themselves a huge advantage. When selling a multi-family home, it's very important to have financial documents readily available for prospective buyers.  Since multi-family homes are often purchased as an investment, having the financial documents available can be extremely helpful for potential buyers. The most important financial document that should be readily available when selling a multi-family home is the yearly net operating figures.  This document shows a potential buyer the income from monthly rents and subtracts out the expenses of the property, such as yearly homeowners insurance, yearly refuse, yearly water usage, and any repairs that have been completed recently.

Complete Inspections Prior To Listing The Property

Many municipalities require that a certificate of occupancy, also known as a C of O, is renewed when a multi-family property is being sold to a new owner.  It's highly recommended that prior to listing a multi-family property that any inspections are completed beforehand. If your local municipality requires a new C of O prior to the property being transferred to a new owner, have the inspection completed prior to listing can reduce the chances that the real estate closing is delayed.  If you're unsure if a new C of O is required prior to the property being transferred, you can contact your local municipality to find out. Recently while selling a multi-family property in Rochester NY, the property owner decided to wait until after a contract was received to complete the required C of O inspection.  The City was backlogged on inspections and the inspection date had to be scheduled a month out, which ultimately delayed the closing of the property.  This could've been avoided if the C of O inspection was completed prior to listing the property. Another inspection to consider completing prior to listing a multi-family property is a general home inspection.  There are lots of reasons to have a pre-listing inspection when selling a home.  The number one reason having a pre-listing inspection prior to putting a home on the market is that it provides a homeowner the opportunity to rectify issues that a home inspector may find. Since the majority of home buyers elect to have a home inspection and some buyers can get scared away from a home because of the inspection results, having one completed prior to listing is a very good idea.  Homeowners who decide to not have a pre-listing inspection often end up regretting their decision if a buyer is scared away from their property.

Final Thoughts On Selling A Multi-Family Home

As you can see, selling a multi-family home is much different than selling a single family home.  Even though selling a multi-family home is generally more complex, that doesn't mean that it has to be impossible.  By following the 5 tips discussed above, multi-family property owners put themselves in a much better position to experience a smooth and successful sale.

Other Top Resources For Selling A Multi-Family Home

Do you own a multi-family property in Rochester?  If so and you're thinking about selling your multi-family property, the above 5 tips should be extremely helpful.  If you don't have a real estate agent in Rochester yet, call or text me at 585-704-7095, and I'd be happy to discuss the sale of your multi-family home!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "5 Important Tips For Selling A Multi-Family Home" was written by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group.  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> 8 Viable Tactics to Selling Your Home and Moving Out of State https://www.rochesterrealestateblog.com/selling-home-moving-out-of-state/ Tue, 24 Jan 2017 12:40:24 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19542 How To Sell A Multi-Family Property [caption id="attachment_10457" align="aligncenter" width="450"]5 Important Tips For Selling A Multi-Family Home 5 Important Tips For Selling A Multi-Family Home[/caption] Selling a multi-family home is substantially more complex than selling a single family home.  One of the top reasons why selling a multi-family is generally more complex is because it typically involves more people than just the one owner of a single family home. When selling a multi-family property the probability that you're involving 6-12 people is high.  Depending on the number of units in a multi-family property, you may only be dealing with a couple families or a dozen families. There are certain rules, regulations, and laws that multi-family property owners must be aware of and also abide by.  These rules, regulations, and laws will vary from city to city and state to state. It's highly recommended that prior to selling a multi-family home that you consult with an attorney to make sure you're not going to put yourself in a situation where you could be sued.  Not being aware of rules, regulations, and local laws is one of the top home selling mistakes made by multi-family property owners. Read on to find out what the top 5 tips for selling a multi-family home are.  Multi-family property owners who follow the below tips will put themselves in an excellent position to get their property sold, while avoiding potential issues or roadblocks.

Review Leases, Occupancy, & Tenant Rights

Before listing a multi-family home for sale, it's vital to review all leases and the occupancy for each unit.  As mentioned above, multi-family property owners can get themselves in trouble if they're not careful.  It's important to always keep in mind tenant rights when selling a multi-family home. There are a few frequently asked questions from home buyers that multi-family property owners will be asked during the sale process.  By reviewing the current leases and occupancy of each unit, multi-family property owners will be able to answer these questions accurately.  Below are a couple of the top questions asked by buyers who're looking to purchase a multi-family home.
  1. What are the terms of any/all leases?
  2. What are the rent amounts for each unit?
  3. What's included in the rent for each unit?
  4. Are there security deposits being held?
  5. Are the rents able to be subsidized by Government assistance?
  Reviewing the leases and occupancy for each unit can also help determine whether or not to sell the property while it's being occupied by tenants.  Selling a home with tenants can be tricky and it can also bring other potential issues into the equation. For example, if a multi-family home is being sold while tenant occupied and the leases are for an extended period of time, it potentially can eliminate a large number of potential buyers who're looking to buy a multi-family home and plan on, or need to, occupy one of the units.  One of the disadvantages of a VA home loan or FHA loan is that the property must be occupied by the buyer, so if a buyer is planning on utilizing one of these mortgage products, they wouldn't be able to purchase a tenant occupied multi-family home. Selling a multi-family home is easiest and most successful if it's unoccupied.  This eliminates potential issues with coordinating home showings or issues with occupancy requirements.  If this isn't a possibility, then it's important that the owner has full cooperation from all parties who'll be impacted during the sale of the multi-family property.

Preparation Is Key When Selling A Multi-Family Home

[caption id="attachment_10458" align="aligncenter" width="450"]Preparation Is Key When Selling A Multi-Family Home Preparation Is Key When Selling A Multi-Family Home[/caption] Preparing a home for sale is critical when selling any type of home, whether it's single family or multi-family.  Since many multi-family properties are purchased as investments, preparing for the sale becomes necessary. One of the most important factors for investors who're looking to buy multi-family homes is the amount of maintenance the home appears to have.  A home that isn't prepared for sale can appear to have more maintenance than it really does. For multi-family property owners who're attempting to prepare and sell a home on a budget, it can be done by tending to a few key areas of the property.  Below are a few of the areas and items that should be prepared prior to listing a multi-family for sale.
  1. Curb Appeal - Simply tending to the exterior curb appeal of a multi-family home can go a long way.  Trimming bushes/shrubs and making sure any flower beds are a couple tips for improving the curb appeal of the property.
  2. Clean Up Common Areas - Depending on the multi-unit, there maybe some common areas, such as laundry or a vestibule.  It's important that all common areas in the property are cleaned up and portray extra maintenance.
  3. Parking Areas - If the property has designated parking areas or garage spaces, making sure these are well defined and in good condition is critical.  If there is an off street parking area, a simple seal of the driveway can go a long way and doesn't cost a ton of extra money.
  4. Doors & Locks - All doors and locks within the multi-family property need to be working well.  It's not a good reflection of a property when the locks are difficult to use and a showing agent is struggling to access the units within the property.
  When selling a multi-family home, it's extremely important that it's prepared for the market.  Not doing so can make or break whether the property sells and also it can impact an owners bottom line.

Hire An Agent Who Has Experience Selling Multi-Family Homes

Hiring a top real estate agent, with experience, is extremely important when selling any type of property.  For example, when selling a waterfront property, hiring an agent who primarily sells mobile homes in a park wouldn't be the best idea. It's critical when selling a multi-family home that a Realtor® who has experience selling multi-family homes is hired.  To help ensure an agent who has experience selling multi-family homes is hired, there are certain questions to ask Realtors® during interviews.
  1. How do you handle showings when a property is tenant occupied?
  2. How much notice do you provide?
  3. In the past, how have you handled uncooperative tenants?
  4. Can you provide the contact information of the previous owner who you represented during a recent multi-family sale?
  Asking the right questions during an interview can greatly improve the chances an agent who has experience selling multi-family homes is hired. Not only is it important to make sure the agent has experience selling a multi-family home but it's equally as important to make sure they know how to effectively market a home.  Since the majority of home buyers are finding the home they eventually purchase on the internet, it's critical the agent knows how to reach potential buyers. This is done by using the best real estate marketing strategies.  Marketing strategies such as using social media, optimizing their website to be found in searches, and using high quality photography and videos are a few ways top real estate agents are marketing their clients homes to potential buyers.

Have Important Documents Ready

[caption id="attachment_10460" align="aligncenter" width="450"]Have Important Documents Ready When Selling A Multi-Family Home! Have Important Documents Ready When Selling A Multi-Family Home![/caption] There are certain things to know before selling a home, regardless if it's a single family or multi family home.  It's helpful that before listing a home for sale that important documents are readily accessible for potential buyers. Documents that should be readily accessible, whether selling a multi-family home or not, include documentation relating to roof age or warranties, the age of the homes HVAC systems, and any receipts of remodeling projects that have been completed. One of the most important features that today's home buyers are looking for in a home are updated and newer mechanics, such as roofs and HVAC systems.  Home sellers who have records and receipts showing the ages of these components give themselves a huge advantage. When selling a multi-family home, it's very important to have financial documents readily available for prospective buyers.  Since multi-family homes are often purchased as an investment, having the financial documents available can be extremely helpful for potential buyers. The most important financial document that should be readily available when selling a multi-family home is the yearly net operating figures.  This document shows a potential buyer the income from monthly rents and subtracts out the expenses of the property, such as yearly homeowners insurance, yearly refuse, yearly water usage, and any repairs that have been completed recently.

Complete Inspections Prior To Listing The Property

Many municipalities require that a certificate of occupancy, also known as a C of O, is renewed when a multi-family property is being sold to a new owner.  It's highly recommended that prior to listing a multi-family property that any inspections are completed beforehand. If your local municipality requires a new C of O prior to the property being transferred to a new owner, have the inspection completed prior to listing can reduce the chances that the real estate closing is delayed.  If you're unsure if a new C of O is required prior to the property being transferred, you can contact your local municipality to find out. Recently while selling a multi-family property in Rochester NY, the property owner decided to wait until after a contract was received to complete the required C of O inspection.  The City was backlogged on inspections and the inspection date had to be scheduled a month out, which ultimately delayed the closing of the property.  This could've been avoided if the C of O inspection was completed prior to listing the property. Another inspection to consider completing prior to listing a multi-family property is a general home inspection.  There are lots of reasons to have a pre-listing inspection when selling a home.  The number one reason having a pre-listing inspection prior to putting a home on the market is that it provides a homeowner the opportunity to rectify issues that a home inspector may find. Since the majority of home buyers elect to have a home inspection and some buyers can get scared away from a home because of the inspection results, having one completed prior to listing is a very good idea.  Homeowners who decide to not have a pre-listing inspection often end up regretting their decision if a buyer is scared away from their property.

Final Thoughts On Selling A Multi-Family Home

As you can see, selling a multi-family home is much different than selling a single family home.  Even though selling a multi-family home is generally more complex, that doesn't mean that it has to be impossible.  By following the 5 tips discussed above, multi-family property owners put themselves in a much better position to experience a smooth and successful sale.

Other Top Resources For Selling A Multi-Family Home

Do you own a multi-family property in Rochester?  If so and you're thinking about selling your multi-family property, the above 5 tips should be extremely helpful.  If you don't have a real estate agent in Rochester yet, call or text me at 585-704-7095, and I'd be happy to discuss the sale of your multi-family home!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "5 Important Tips For Selling A Multi-Family Home" was written by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group.  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Unconventional Methods for Selling a House: Thinking Outside the Box https://www.rochesterrealestateblog.com/unconventional-methods-for-selling-a-house/ Tue, 24 Jan 2017 12:40:24 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19519 How To Sell A Multi-Family Property [caption id="attachment_10457" align="aligncenter" width="450"]5 Important Tips For Selling A Multi-Family Home 5 Important Tips For Selling A Multi-Family Home[/caption] Selling a multi-family home is substantially more complex than selling a single family home.  One of the top reasons why selling a multi-family is generally more complex is because it typically involves more people than just the one owner of a single family home. When selling a multi-family property the probability that you're involving 6-12 people is high.  Depending on the number of units in a multi-family property, you may only be dealing with a couple families or a dozen families. There are certain rules, regulations, and laws that multi-family property owners must be aware of and also abide by.  These rules, regulations, and laws will vary from city to city and state to state. It's highly recommended that prior to selling a multi-family home that you consult with an attorney to make sure you're not going to put yourself in a situation where you could be sued.  Not being aware of rules, regulations, and local laws is one of the top home selling mistakes made by multi-family property owners. Read on to find out what the top 5 tips for selling a multi-family home are.  Multi-family property owners who follow the below tips will put themselves in an excellent position to get their property sold, while avoiding potential issues or roadblocks.

Review Leases, Occupancy, & Tenant Rights

Before listing a multi-family home for sale, it's vital to review all leases and the occupancy for each unit.  As mentioned above, multi-family property owners can get themselves in trouble if they're not careful.  It's important to always keep in mind tenant rights when selling a multi-family home. There are a few frequently asked questions from home buyers that multi-family property owners will be asked during the sale process.  By reviewing the current leases and occupancy of each unit, multi-family property owners will be able to answer these questions accurately.  Below are a couple of the top questions asked by buyers who're looking to purchase a multi-family home.
  1. What are the terms of any/all leases?
  2. What are the rent amounts for each unit?
  3. What's included in the rent for each unit?
  4. Are there security deposits being held?
  5. Are the rents able to be subsidized by Government assistance?
  Reviewing the leases and occupancy for each unit can also help determine whether or not to sell the property while it's being occupied by tenants.  Selling a home with tenants can be tricky and it can also bring other potential issues into the equation. For example, if a multi-family home is being sold while tenant occupied and the leases are for an extended period of time, it potentially can eliminate a large number of potential buyers who're looking to buy a multi-family home and plan on, or need to, occupy one of the units.  One of the disadvantages of a VA home loan or FHA loan is that the property must be occupied by the buyer, so if a buyer is planning on utilizing one of these mortgage products, they wouldn't be able to purchase a tenant occupied multi-family home. Selling a multi-family home is easiest and most successful if it's unoccupied.  This eliminates potential issues with coordinating home showings or issues with occupancy requirements.  If this isn't a possibility, then it's important that the owner has full cooperation from all parties who'll be impacted during the sale of the multi-family property.

Preparation Is Key When Selling A Multi-Family Home

[caption id="attachment_10458" align="aligncenter" width="450"]Preparation Is Key When Selling A Multi-Family Home Preparation Is Key When Selling A Multi-Family Home[/caption] Preparing a home for sale is critical when selling any type of home, whether it's single family or multi-family.  Since many multi-family properties are purchased as investments, preparing for the sale becomes necessary. One of the most important factors for investors who're looking to buy multi-family homes is the amount of maintenance the home appears to have.  A home that isn't prepared for sale can appear to have more maintenance than it really does. For multi-family property owners who're attempting to prepare and sell a home on a budget, it can be done by tending to a few key areas of the property.  Below are a few of the areas and items that should be prepared prior to listing a multi-family for sale.
  1. Curb Appeal - Simply tending to the exterior curb appeal of a multi-family home can go a long way.  Trimming bushes/shrubs and making sure any flower beds are a couple tips for improving the curb appeal of the property.
  2. Clean Up Common Areas - Depending on the multi-unit, there maybe some common areas, such as laundry or a vestibule.  It's important that all common areas in the property are cleaned up and portray extra maintenance.
  3. Parking Areas - If the property has designated parking areas or garage spaces, making sure these are well defined and in good condition is critical.  If there is an off street parking area, a simple seal of the driveway can go a long way and doesn't cost a ton of extra money.
  4. Doors & Locks - All doors and locks within the multi-family property need to be working well.  It's not a good reflection of a property when the locks are difficult to use and a showing agent is struggling to access the units within the property.
  When selling a multi-family home, it's extremely important that it's prepared for the market.  Not doing so can make or break whether the property sells and also it can impact an owners bottom line.

Hire An Agent Who Has Experience Selling Multi-Family Homes

Hiring a top real estate agent, with experience, is extremely important when selling any type of property.  For example, when selling a waterfront property, hiring an agent who primarily sells mobile homes in a park wouldn't be the best idea. It's critical when selling a multi-family home that a Realtor® who has experience selling multi-family homes is hired.  To help ensure an agent who has experience selling multi-family homes is hired, there are certain questions to ask Realtors® during interviews.
  1. How do you handle showings when a property is tenant occupied?
  2. How much notice do you provide?
  3. In the past, how have you handled uncooperative tenants?
  4. Can you provide the contact information of the previous owner who you represented during a recent multi-family sale?
  Asking the right questions during an interview can greatly improve the chances an agent who has experience selling multi-family homes is hired. Not only is it important to make sure the agent has experience selling a multi-family home but it's equally as important to make sure they know how to effectively market a home.  Since the majority of home buyers are finding the home they eventually purchase on the internet, it's critical the agent knows how to reach potential buyers. This is done by using the best real estate marketing strategies.  Marketing strategies such as using social media, optimizing their website to be found in searches, and using high quality photography and videos are a few ways top real estate agents are marketing their clients homes to potential buyers.

Have Important Documents Ready

[caption id="attachment_10460" align="aligncenter" width="450"]Have Important Documents Ready When Selling A Multi-Family Home! Have Important Documents Ready When Selling A Multi-Family Home![/caption] There are certain things to know before selling a home, regardless if it's a single family or multi family home.  It's helpful that before listing a home for sale that important documents are readily accessible for potential buyers. Documents that should be readily accessible, whether selling a multi-family home or not, include documentation relating to roof age or warranties, the age of the homes HVAC systems, and any receipts of remodeling projects that have been completed. One of the most important features that today's home buyers are looking for in a home are updated and newer mechanics, such as roofs and HVAC systems.  Home sellers who have records and receipts showing the ages of these components give themselves a huge advantage. When selling a multi-family home, it's very important to have financial documents readily available for prospective buyers.  Since multi-family homes are often purchased as an investment, having the financial documents available can be extremely helpful for potential buyers. The most important financial document that should be readily available when selling a multi-family home is the yearly net operating figures.  This document shows a potential buyer the income from monthly rents and subtracts out the expenses of the property, such as yearly homeowners insurance, yearly refuse, yearly water usage, and any repairs that have been completed recently.

Complete Inspections Prior To Listing The Property

Many municipalities require that a certificate of occupancy, also known as a C of O, is renewed when a multi-family property is being sold to a new owner.  It's highly recommended that prior to listing a multi-family property that any inspections are completed beforehand. If your local municipality requires a new C of O prior to the property being transferred to a new owner, have the inspection completed prior to listing can reduce the chances that the real estate closing is delayed.  If you're unsure if a new C of O is required prior to the property being transferred, you can contact your local municipality to find out. Recently while selling a multi-family property in Rochester NY, the property owner decided to wait until after a contract was received to complete the required C of O inspection.  The City was backlogged on inspections and the inspection date had to be scheduled a month out, which ultimately delayed the closing of the property.  This could've been avoided if the C of O inspection was completed prior to listing the property. Another inspection to consider completing prior to listing a multi-family property is a general home inspection.  There are lots of reasons to have a pre-listing inspection when selling a home.  The number one reason having a pre-listing inspection prior to putting a home on the market is that it provides a homeowner the opportunity to rectify issues that a home inspector may find. Since the majority of home buyers elect to have a home inspection and some buyers can get scared away from a home because of the inspection results, having one completed prior to listing is a very good idea.  Homeowners who decide to not have a pre-listing inspection often end up regretting their decision if a buyer is scared away from their property.

Final Thoughts On Selling A Multi-Family Home

As you can see, selling a multi-family home is much different than selling a single family home.  Even though selling a multi-family home is generally more complex, that doesn't mean that it has to be impossible.  By following the 5 tips discussed above, multi-family property owners put themselves in a much better position to experience a smooth and successful sale.

Other Top Resources For Selling A Multi-Family Home

Do you own a multi-family property in Rochester?  If so and you're thinking about selling your multi-family property, the above 5 tips should be extremely helpful.  If you don't have a real estate agent in Rochester yet, call or text me at 585-704-7095, and I'd be happy to discuss the sale of your multi-family home!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "5 Important Tips For Selling A Multi-Family Home" was written by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group.  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Should I Sell My House Off Market: Pros and Cons Explained https://www.rochesterrealestateblog.com/sell-house-off-market/ Tue, 24 Jan 2017 12:40:24 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19503 How To Sell A Multi-Family Property [caption id="attachment_10457" align="aligncenter" width="450"]5 Important Tips For Selling A Multi-Family Home 5 Important Tips For Selling A Multi-Family Home[/caption] Selling a multi-family home is substantially more complex than selling a single family home.  One of the top reasons why selling a multi-family is generally more complex is because it typically involves more people than just the one owner of a single family home. When selling a multi-family property the probability that you're involving 6-12 people is high.  Depending on the number of units in a multi-family property, you may only be dealing with a couple families or a dozen families. There are certain rules, regulations, and laws that multi-family property owners must be aware of and also abide by.  These rules, regulations, and laws will vary from city to city and state to state. It's highly recommended that prior to selling a multi-family home that you consult with an attorney to make sure you're not going to put yourself in a situation where you could be sued.  Not being aware of rules, regulations, and local laws is one of the top home selling mistakes made by multi-family property owners. Read on to find out what the top 5 tips for selling a multi-family home are.  Multi-family property owners who follow the below tips will put themselves in an excellent position to get their property sold, while avoiding potential issues or roadblocks.

Review Leases, Occupancy, & Tenant Rights

Before listing a multi-family home for sale, it's vital to review all leases and the occupancy for each unit.  As mentioned above, multi-family property owners can get themselves in trouble if they're not careful.  It's important to always keep in mind tenant rights when selling a multi-family home. There are a few frequently asked questions from home buyers that multi-family property owners will be asked during the sale process.  By reviewing the current leases and occupancy of each unit, multi-family property owners will be able to answer these questions accurately.  Below are a couple of the top questions asked by buyers who're looking to purchase a multi-family home.
  1. What are the terms of any/all leases?
  2. What are the rent amounts for each unit?
  3. What's included in the rent for each unit?
  4. Are there security deposits being held?
  5. Are the rents able to be subsidized by Government assistance?
  Reviewing the leases and occupancy for each unit can also help determine whether or not to sell the property while it's being occupied by tenants.  Selling a home with tenants can be tricky and it can also bring other potential issues into the equation. For example, if a multi-family home is being sold while tenant occupied and the leases are for an extended period of time, it potentially can eliminate a large number of potential buyers who're looking to buy a multi-family home and plan on, or need to, occupy one of the units.  One of the disadvantages of a VA home loan or FHA loan is that the property must be occupied by the buyer, so if a buyer is planning on utilizing one of these mortgage products, they wouldn't be able to purchase a tenant occupied multi-family home. Selling a multi-family home is easiest and most successful if it's unoccupied.  This eliminates potential issues with coordinating home showings or issues with occupancy requirements.  If this isn't a possibility, then it's important that the owner has full cooperation from all parties who'll be impacted during the sale of the multi-family property.

Preparation Is Key When Selling A Multi-Family Home

[caption id="attachment_10458" align="aligncenter" width="450"]Preparation Is Key When Selling A Multi-Family Home Preparation Is Key When Selling A Multi-Family Home[/caption] Preparing a home for sale is critical when selling any type of home, whether it's single family or multi-family.  Since many multi-family properties are purchased as investments, preparing for the sale becomes necessary. One of the most important factors for investors who're looking to buy multi-family homes is the amount of maintenance the home appears to have.  A home that isn't prepared for sale can appear to have more maintenance than it really does. For multi-family property owners who're attempting to prepare and sell a home on a budget, it can be done by tending to a few key areas of the property.  Below are a few of the areas and items that should be prepared prior to listing a multi-family for sale.
  1. Curb Appeal - Simply tending to the exterior curb appeal of a multi-family home can go a long way.  Trimming bushes/shrubs and making sure any flower beds are a couple tips for improving the curb appeal of the property.
  2. Clean Up Common Areas - Depending on the multi-unit, there maybe some common areas, such as laundry or a vestibule.  It's important that all common areas in the property are cleaned up and portray extra maintenance.
  3. Parking Areas - If the property has designated parking areas or garage spaces, making sure these are well defined and in good condition is critical.  If there is an off street parking area, a simple seal of the driveway can go a long way and doesn't cost a ton of extra money.
  4. Doors & Locks - All doors and locks within the multi-family property need to be working well.  It's not a good reflection of a property when the locks are difficult to use and a showing agent is struggling to access the units within the property.
  When selling a multi-family home, it's extremely important that it's prepared for the market.  Not doing so can make or break whether the property sells and also it can impact an owners bottom line.

Hire An Agent Who Has Experience Selling Multi-Family Homes

Hiring a top real estate agent, with experience, is extremely important when selling any type of property.  For example, when selling a waterfront property, hiring an agent who primarily sells mobile homes in a park wouldn't be the best idea. It's critical when selling a multi-family home that a Realtor® who has experience selling multi-family homes is hired.  To help ensure an agent who has experience selling multi-family homes is hired, there are certain questions to ask Realtors® during interviews.
  1. How do you handle showings when a property is tenant occupied?
  2. How much notice do you provide?
  3. In the past, how have you handled uncooperative tenants?
  4. Can you provide the contact information of the previous owner who you represented during a recent multi-family sale?
  Asking the right questions during an interview can greatly improve the chances an agent who has experience selling multi-family homes is hired. Not only is it important to make sure the agent has experience selling a multi-family home but it's equally as important to make sure they know how to effectively market a home.  Since the majority of home buyers are finding the home they eventually purchase on the internet, it's critical the agent knows how to reach potential buyers. This is done by using the best real estate marketing strategies.  Marketing strategies such as using social media, optimizing their website to be found in searches, and using high quality photography and videos are a few ways top real estate agents are marketing their clients homes to potential buyers.

Have Important Documents Ready

[caption id="attachment_10460" align="aligncenter" width="450"]Have Important Documents Ready When Selling A Multi-Family Home! Have Important Documents Ready When Selling A Multi-Family Home![/caption] There are certain things to know before selling a home, regardless if it's a single family or multi family home.  It's helpful that before listing a home for sale that important documents are readily accessible for potential buyers. Documents that should be readily accessible, whether selling a multi-family home or not, include documentation relating to roof age or warranties, the age of the homes HVAC systems, and any receipts of remodeling projects that have been completed. One of the most important features that today's home buyers are looking for in a home are updated and newer mechanics, such as roofs and HVAC systems.  Home sellers who have records and receipts showing the ages of these components give themselves a huge advantage. When selling a multi-family home, it's very important to have financial documents readily available for prospective buyers.  Since multi-family homes are often purchased as an investment, having the financial documents available can be extremely helpful for potential buyers. The most important financial document that should be readily available when selling a multi-family home is the yearly net operating figures.  This document shows a potential buyer the income from monthly rents and subtracts out the expenses of the property, such as yearly homeowners insurance, yearly refuse, yearly water usage, and any repairs that have been completed recently.

Complete Inspections Prior To Listing The Property

Many municipalities require that a certificate of occupancy, also known as a C of O, is renewed when a multi-family property is being sold to a new owner.  It's highly recommended that prior to listing a multi-family property that any inspections are completed beforehand. If your local municipality requires a new C of O prior to the property being transferred to a new owner, have the inspection completed prior to listing can reduce the chances that the real estate closing is delayed.  If you're unsure if a new C of O is required prior to the property being transferred, you can contact your local municipality to find out. Recently while selling a multi-family property in Rochester NY, the property owner decided to wait until after a contract was received to complete the required C of O inspection.  The City was backlogged on inspections and the inspection date had to be scheduled a month out, which ultimately delayed the closing of the property.  This could've been avoided if the C of O inspection was completed prior to listing the property. Another inspection to consider completing prior to listing a multi-family property is a general home inspection.  There are lots of reasons to have a pre-listing inspection when selling a home.  The number one reason having a pre-listing inspection prior to putting a home on the market is that it provides a homeowner the opportunity to rectify issues that a home inspector may find. Since the majority of home buyers elect to have a home inspection and some buyers can get scared away from a home because of the inspection results, having one completed prior to listing is a very good idea.  Homeowners who decide to not have a pre-listing inspection often end up regretting their decision if a buyer is scared away from their property.

Final Thoughts On Selling A Multi-Family Home

As you can see, selling a multi-family home is much different than selling a single family home.  Even though selling a multi-family home is generally more complex, that doesn't mean that it has to be impossible.  By following the 5 tips discussed above, multi-family property owners put themselves in a much better position to experience a smooth and successful sale.

Other Top Resources For Selling A Multi-Family Home

Do you own a multi-family property in Rochester?  If so and you're thinking about selling your multi-family property, the above 5 tips should be extremely helpful.  If you don't have a real estate agent in Rochester yet, call or text me at 585-704-7095, and I'd be happy to discuss the sale of your multi-family home!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "5 Important Tips For Selling A Multi-Family Home" was written by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group.  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> What is PITI and How Does It Affect Your Mortgage https://www.rochesterrealestateblog.com/what-is-piti/ Tue, 24 Jan 2017 12:40:24 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19498 How To Sell A Multi-Family Property [caption id="attachment_10457" align="aligncenter" width="450"]5 Important Tips For Selling A Multi-Family Home 5 Important Tips For Selling A Multi-Family Home[/caption] Selling a multi-family home is substantially more complex than selling a single family home.  One of the top reasons why selling a multi-family is generally more complex is because it typically involves more people than just the one owner of a single family home. When selling a multi-family property the probability that you're involving 6-12 people is high.  Depending on the number of units in a multi-family property, you may only be dealing with a couple families or a dozen families. There are certain rules, regulations, and laws that multi-family property owners must be aware of and also abide by.  These rules, regulations, and laws will vary from city to city and state to state. It's highly recommended that prior to selling a multi-family home that you consult with an attorney to make sure you're not going to put yourself in a situation where you could be sued.  Not being aware of rules, regulations, and local laws is one of the top home selling mistakes made by multi-family property owners. Read on to find out what the top 5 tips for selling a multi-family home are.  Multi-family property owners who follow the below tips will put themselves in an excellent position to get their property sold, while avoiding potential issues or roadblocks.

Review Leases, Occupancy, & Tenant Rights

Before listing a multi-family home for sale, it's vital to review all leases and the occupancy for each unit.  As mentioned above, multi-family property owners can get themselves in trouble if they're not careful.  It's important to always keep in mind tenant rights when selling a multi-family home. There are a few frequently asked questions from home buyers that multi-family property owners will be asked during the sale process.  By reviewing the current leases and occupancy of each unit, multi-family property owners will be able to answer these questions accurately.  Below are a couple of the top questions asked by buyers who're looking to purchase a multi-family home.
  1. What are the terms of any/all leases?
  2. What are the rent amounts for each unit?
  3. What's included in the rent for each unit?
  4. Are there security deposits being held?
  5. Are the rents able to be subsidized by Government assistance?
  Reviewing the leases and occupancy for each unit can also help determine whether or not to sell the property while it's being occupied by tenants.  Selling a home with tenants can be tricky and it can also bring other potential issues into the equation. For example, if a multi-family home is being sold while tenant occupied and the leases are for an extended period of time, it potentially can eliminate a large number of potential buyers who're looking to buy a multi-family home and plan on, or need to, occupy one of the units.  One of the disadvantages of a VA home loan or FHA loan is that the property must be occupied by the buyer, so if a buyer is planning on utilizing one of these mortgage products, they wouldn't be able to purchase a tenant occupied multi-family home. Selling a multi-family home is easiest and most successful if it's unoccupied.  This eliminates potential issues with coordinating home showings or issues with occupancy requirements.  If this isn't a possibility, then it's important that the owner has full cooperation from all parties who'll be impacted during the sale of the multi-family property.

Preparation Is Key When Selling A Multi-Family Home

[caption id="attachment_10458" align="aligncenter" width="450"]Preparation Is Key When Selling A Multi-Family Home Preparation Is Key When Selling A Multi-Family Home[/caption] Preparing a home for sale is critical when selling any type of home, whether it's single family or multi-family.  Since many multi-family properties are purchased as investments, preparing for the sale becomes necessary. One of the most important factors for investors who're looking to buy multi-family homes is the amount of maintenance the home appears to have.  A home that isn't prepared for sale can appear to have more maintenance than it really does. For multi-family property owners who're attempting to prepare and sell a home on a budget, it can be done by tending to a few key areas of the property.  Below are a few of the areas and items that should be prepared prior to listing a multi-family for sale.
  1. Curb Appeal - Simply tending to the exterior curb appeal of a multi-family home can go a long way.  Trimming bushes/shrubs and making sure any flower beds are a couple tips for improving the curb appeal of the property.
  2. Clean Up Common Areas - Depending on the multi-unit, there maybe some common areas, such as laundry or a vestibule.  It's important that all common areas in the property are cleaned up and portray extra maintenance.
  3. Parking Areas - If the property has designated parking areas or garage spaces, making sure these are well defined and in good condition is critical.  If there is an off street parking area, a simple seal of the driveway can go a long way and doesn't cost a ton of extra money.
  4. Doors & Locks - All doors and locks within the multi-family property need to be working well.  It's not a good reflection of a property when the locks are difficult to use and a showing agent is struggling to access the units within the property.
  When selling a multi-family home, it's extremely important that it's prepared for the market.  Not doing so can make or break whether the property sells and also it can impact an owners bottom line.

Hire An Agent Who Has Experience Selling Multi-Family Homes

Hiring a top real estate agent, with experience, is extremely important when selling any type of property.  For example, when selling a waterfront property, hiring an agent who primarily sells mobile homes in a park wouldn't be the best idea. It's critical when selling a multi-family home that a Realtor® who has experience selling multi-family homes is hired.  To help ensure an agent who has experience selling multi-family homes is hired, there are certain questions to ask Realtors® during interviews.
  1. How do you handle showings when a property is tenant occupied?
  2. How much notice do you provide?
  3. In the past, how have you handled uncooperative tenants?
  4. Can you provide the contact information of the previous owner who you represented during a recent multi-family sale?
  Asking the right questions during an interview can greatly improve the chances an agent who has experience selling multi-family homes is hired. Not only is it important to make sure the agent has experience selling a multi-family home but it's equally as important to make sure they know how to effectively market a home.  Since the majority of home buyers are finding the home they eventually purchase on the internet, it's critical the agent knows how to reach potential buyers. This is done by using the best real estate marketing strategies.  Marketing strategies such as using social media, optimizing their website to be found in searches, and using high quality photography and videos are a few ways top real estate agents are marketing their clients homes to potential buyers.

Have Important Documents Ready

[caption id="attachment_10460" align="aligncenter" width="450"]Have Important Documents Ready When Selling A Multi-Family Home! Have Important Documents Ready When Selling A Multi-Family Home![/caption] There are certain things to know before selling a home, regardless if it's a single family or multi family home.  It's helpful that before listing a home for sale that important documents are readily accessible for potential buyers. Documents that should be readily accessible, whether selling a multi-family home or not, include documentation relating to roof age or warranties, the age of the homes HVAC systems, and any receipts of remodeling projects that have been completed. One of the most important features that today's home buyers are looking for in a home are updated and newer mechanics, such as roofs and HVAC systems.  Home sellers who have records and receipts showing the ages of these components give themselves a huge advantage. When selling a multi-family home, it's very important to have financial documents readily available for prospective buyers.  Since multi-family homes are often purchased as an investment, having the financial documents available can be extremely helpful for potential buyers. The most important financial document that should be readily available when selling a multi-family home is the yearly net operating figures.  This document shows a potential buyer the income from monthly rents and subtracts out the expenses of the property, such as yearly homeowners insurance, yearly refuse, yearly water usage, and any repairs that have been completed recently.

Complete Inspections Prior To Listing The Property

Many municipalities require that a certificate of occupancy, also known as a C of O, is renewed when a multi-family property is being sold to a new owner.  It's highly recommended that prior to listing a multi-family property that any inspections are completed beforehand. If your local municipality requires a new C of O prior to the property being transferred to a new owner, have the inspection completed prior to listing can reduce the chances that the real estate closing is delayed.  If you're unsure if a new C of O is required prior to the property being transferred, you can contact your local municipality to find out. Recently while selling a multi-family property in Rochester NY, the property owner decided to wait until after a contract was received to complete the required C of O inspection.  The City was backlogged on inspections and the inspection date had to be scheduled a month out, which ultimately delayed the closing of the property.  This could've been avoided if the C of O inspection was completed prior to listing the property. Another inspection to consider completing prior to listing a multi-family property is a general home inspection.  There are lots of reasons to have a pre-listing inspection when selling a home.  The number one reason having a pre-listing inspection prior to putting a home on the market is that it provides a homeowner the opportunity to rectify issues that a home inspector may find. Since the majority of home buyers elect to have a home inspection and some buyers can get scared away from a home because of the inspection results, having one completed prior to listing is a very good idea.  Homeowners who decide to not have a pre-listing inspection often end up regretting their decision if a buyer is scared away from their property.

Final Thoughts On Selling A Multi-Family Home

As you can see, selling a multi-family home is much different than selling a single family home.  Even though selling a multi-family home is generally more complex, that doesn't mean that it has to be impossible.  By following the 5 tips discussed above, multi-family property owners put themselves in a much better position to experience a smooth and successful sale.

Other Top Resources For Selling A Multi-Family Home

Do you own a multi-family property in Rochester?  If so and you're thinking about selling your multi-family property, the above 5 tips should be extremely helpful.  If you don't have a real estate agent in Rochester yet, call or text me at 585-704-7095, and I'd be happy to discuss the sale of your multi-family home!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "5 Important Tips For Selling A Multi-Family Home" was written by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group.  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> How To Set A Home Renovation Budget https://www.rochesterrealestateblog.com/home-renovation-budget/ Tue, 24 Jan 2017 12:40:24 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19490 How To Sell A Multi-Family Property [caption id="attachment_10457" align="aligncenter" width="450"]5 Important Tips For Selling A Multi-Family Home 5 Important Tips For Selling A Multi-Family Home[/caption] Selling a multi-family home is substantially more complex than selling a single family home.  One of the top reasons why selling a multi-family is generally more complex is because it typically involves more people than just the one owner of a single family home. When selling a multi-family property the probability that you're involving 6-12 people is high.  Depending on the number of units in a multi-family property, you may only be dealing with a couple families or a dozen families. There are certain rules, regulations, and laws that multi-family property owners must be aware of and also abide by.  These rules, regulations, and laws will vary from city to city and state to state. It's highly recommended that prior to selling a multi-family home that you consult with an attorney to make sure you're not going to put yourself in a situation where you could be sued.  Not being aware of rules, regulations, and local laws is one of the top home selling mistakes made by multi-family property owners. Read on to find out what the top 5 tips for selling a multi-family home are.  Multi-family property owners who follow the below tips will put themselves in an excellent position to get their property sold, while avoiding potential issues or roadblocks.

Review Leases, Occupancy, & Tenant Rights

Before listing a multi-family home for sale, it's vital to review all leases and the occupancy for each unit.  As mentioned above, multi-family property owners can get themselves in trouble if they're not careful.  It's important to always keep in mind tenant rights when selling a multi-family home. There are a few frequently asked questions from home buyers that multi-family property owners will be asked during the sale process.  By reviewing the current leases and occupancy of each unit, multi-family property owners will be able to answer these questions accurately.  Below are a couple of the top questions asked by buyers who're looking to purchase a multi-family home.
  1. What are the terms of any/all leases?
  2. What are the rent amounts for each unit?
  3. What's included in the rent for each unit?
  4. Are there security deposits being held?
  5. Are the rents able to be subsidized by Government assistance?
  Reviewing the leases and occupancy for each unit can also help determine whether or not to sell the property while it's being occupied by tenants.  Selling a home with tenants can be tricky and it can also bring other potential issues into the equation. For example, if a multi-family home is being sold while tenant occupied and the leases are for an extended period of time, it potentially can eliminate a large number of potential buyers who're looking to buy a multi-family home and plan on, or need to, occupy one of the units.  One of the disadvantages of a VA home loan or FHA loan is that the property must be occupied by the buyer, so if a buyer is planning on utilizing one of these mortgage products, they wouldn't be able to purchase a tenant occupied multi-family home. Selling a multi-family home is easiest and most successful if it's unoccupied.  This eliminates potential issues with coordinating home showings or issues with occupancy requirements.  If this isn't a possibility, then it's important that the owner has full cooperation from all parties who'll be impacted during the sale of the multi-family property.

Preparation Is Key When Selling A Multi-Family Home

[caption id="attachment_10458" align="aligncenter" width="450"]Preparation Is Key When Selling A Multi-Family Home Preparation Is Key When Selling A Multi-Family Home[/caption] Preparing a home for sale is critical when selling any type of home, whether it's single family or multi-family.  Since many multi-family properties are purchased as investments, preparing for the sale becomes necessary. One of the most important factors for investors who're looking to buy multi-family homes is the amount of maintenance the home appears to have.  A home that isn't prepared for sale can appear to have more maintenance than it really does. For multi-family property owners who're attempting to prepare and sell a home on a budget, it can be done by tending to a few key areas of the property.  Below are a few of the areas and items that should be prepared prior to listing a multi-family for sale.
  1. Curb Appeal - Simply tending to the exterior curb appeal of a multi-family home can go a long way.  Trimming bushes/shrubs and making sure any flower beds are a couple tips for improving the curb appeal of the property.
  2. Clean Up Common Areas - Depending on the multi-unit, there maybe some common areas, such as laundry or a vestibule.  It's important that all common areas in the property are cleaned up and portray extra maintenance.
  3. Parking Areas - If the property has designated parking areas or garage spaces, making sure these are well defined and in good condition is critical.  If there is an off street parking area, a simple seal of the driveway can go a long way and doesn't cost a ton of extra money.
  4. Doors & Locks - All doors and locks within the multi-family property need to be working well.  It's not a good reflection of a property when the locks are difficult to use and a showing agent is struggling to access the units within the property.
  When selling a multi-family home, it's extremely important that it's prepared for the market.  Not doing so can make or break whether the property sells and also it can impact an owners bottom line.

Hire An Agent Who Has Experience Selling Multi-Family Homes

Hiring a top real estate agent, with experience, is extremely important when selling any type of property.  For example, when selling a waterfront property, hiring an agent who primarily sells mobile homes in a park wouldn't be the best idea. It's critical when selling a multi-family home that a Realtor® who has experience selling multi-family homes is hired.  To help ensure an agent who has experience selling multi-family homes is hired, there are certain questions to ask Realtors® during interviews.
  1. How do you handle showings when a property is tenant occupied?
  2. How much notice do you provide?
  3. In the past, how have you handled uncooperative tenants?
  4. Can you provide the contact information of the previous owner who you represented during a recent multi-family sale?
  Asking the right questions during an interview can greatly improve the chances an agent who has experience selling multi-family homes is hired. Not only is it important to make sure the agent has experience selling a multi-family home but it's equally as important to make sure they know how to effectively market a home.  Since the majority of home buyers are finding the home they eventually purchase on the internet, it's critical the agent knows how to reach potential buyers. This is done by using the best real estate marketing strategies.  Marketing strategies such as using social media, optimizing their website to be found in searches, and using high quality photography and videos are a few ways top real estate agents are marketing their clients homes to potential buyers.

Have Important Documents Ready

[caption id="attachment_10460" align="aligncenter" width="450"]Have Important Documents Ready When Selling A Multi-Family Home! Have Important Documents Ready When Selling A Multi-Family Home![/caption] There are certain things to know before selling a home, regardless if it's a single family or multi family home.  It's helpful that before listing a home for sale that important documents are readily accessible for potential buyers. Documents that should be readily accessible, whether selling a multi-family home or not, include documentation relating to roof age or warranties, the age of the homes HVAC systems, and any receipts of remodeling projects that have been completed. One of the most important features that today's home buyers are looking for in a home are updated and newer mechanics, such as roofs and HVAC systems.  Home sellers who have records and receipts showing the ages of these components give themselves a huge advantage. When selling a multi-family home, it's very important to have financial documents readily available for prospective buyers.  Since multi-family homes are often purchased as an investment, having the financial documents available can be extremely helpful for potential buyers. The most important financial document that should be readily available when selling a multi-family home is the yearly net operating figures.  This document shows a potential buyer the income from monthly rents and subtracts out the expenses of the property, such as yearly homeowners insurance, yearly refuse, yearly water usage, and any repairs that have been completed recently.

Complete Inspections Prior To Listing The Property

Many municipalities require that a certificate of occupancy, also known as a C of O, is renewed when a multi-family property is being sold to a new owner.  It's highly recommended that prior to listing a multi-family property that any inspections are completed beforehand. If your local municipality requires a new C of O prior to the property being transferred to a new owner, have the inspection completed prior to listing can reduce the chances that the real estate closing is delayed.  If you're unsure if a new C of O is required prior to the property being transferred, you can contact your local municipality to find out. Recently while selling a multi-family property in Rochester NY, the property owner decided to wait until after a contract was received to complete the required C of O inspection.  The City was backlogged on inspections and the inspection date had to be scheduled a month out, which ultimately delayed the closing of the property.  This could've been avoided if the C of O inspection was completed prior to listing the property. Another inspection to consider completing prior to listing a multi-family property is a general home inspection.  There are lots of reasons to have a pre-listing inspection when selling a home.  The number one reason having a pre-listing inspection prior to putting a home on the market is that it provides a homeowner the opportunity to rectify issues that a home inspector may find. Since the majority of home buyers elect to have a home inspection and some buyers can get scared away from a home because of the inspection results, having one completed prior to listing is a very good idea.  Homeowners who decide to not have a pre-listing inspection often end up regretting their decision if a buyer is scared away from their property.

Final Thoughts On Selling A Multi-Family Home

As you can see, selling a multi-family home is much different than selling a single family home.  Even though selling a multi-family home is generally more complex, that doesn't mean that it has to be impossible.  By following the 5 tips discussed above, multi-family property owners put themselves in a much better position to experience a smooth and successful sale.

Other Top Resources For Selling A Multi-Family Home

Do you own a multi-family property in Rochester?  If so and you're thinking about selling your multi-family property, the above 5 tips should be extremely helpful.  If you don't have a real estate agent in Rochester yet, call or text me at 585-704-7095, and I'd be happy to discuss the sale of your multi-family home!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "5 Important Tips For Selling A Multi-Family Home" was written by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group.  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> How Does A Co-Borrowers Credit Scores Affect A Home Purchase? https://www.rochesterrealestateblog.com/co-borrower-credit-score/ Tue, 24 Jan 2017 12:40:24 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19474 How To Sell A Multi-Family Property [caption id="attachment_10457" align="aligncenter" width="450"]5 Important Tips For Selling A Multi-Family Home 5 Important Tips For Selling A Multi-Family Home[/caption] Selling a multi-family home is substantially more complex than selling a single family home.  One of the top reasons why selling a multi-family is generally more complex is because it typically involves more people than just the one owner of a single family home. When selling a multi-family property the probability that you're involving 6-12 people is high.  Depending on the number of units in a multi-family property, you may only be dealing with a couple families or a dozen families. There are certain rules, regulations, and laws that multi-family property owners must be aware of and also abide by.  These rules, regulations, and laws will vary from city to city and state to state. It's highly recommended that prior to selling a multi-family home that you consult with an attorney to make sure you're not going to put yourself in a situation where you could be sued.  Not being aware of rules, regulations, and local laws is one of the top home selling mistakes made by multi-family property owners. Read on to find out what the top 5 tips for selling a multi-family home are.  Multi-family property owners who follow the below tips will put themselves in an excellent position to get their property sold, while avoiding potential issues or roadblocks.

Review Leases, Occupancy, & Tenant Rights

Before listing a multi-family home for sale, it's vital to review all leases and the occupancy for each unit.  As mentioned above, multi-family property owners can get themselves in trouble if they're not careful.  It's important to always keep in mind tenant rights when selling a multi-family home. There are a few frequently asked questions from home buyers that multi-family property owners will be asked during the sale process.  By reviewing the current leases and occupancy of each unit, multi-family property owners will be able to answer these questions accurately.  Below are a couple of the top questions asked by buyers who're looking to purchase a multi-family home.
  1. What are the terms of any/all leases?
  2. What are the rent amounts for each unit?
  3. What's included in the rent for each unit?
  4. Are there security deposits being held?
  5. Are the rents able to be subsidized by Government assistance?
  Reviewing the leases and occupancy for each unit can also help determine whether or not to sell the property while it's being occupied by tenants.  Selling a home with tenants can be tricky and it can also bring other potential issues into the equation. For example, if a multi-family home is being sold while tenant occupied and the leases are for an extended period of time, it potentially can eliminate a large number of potential buyers who're looking to buy a multi-family home and plan on, or need to, occupy one of the units.  One of the disadvantages of a VA home loan or FHA loan is that the property must be occupied by the buyer, so if a buyer is planning on utilizing one of these mortgage products, they wouldn't be able to purchase a tenant occupied multi-family home. Selling a multi-family home is easiest and most successful if it's unoccupied.  This eliminates potential issues with coordinating home showings or issues with occupancy requirements.  If this isn't a possibility, then it's important that the owner has full cooperation from all parties who'll be impacted during the sale of the multi-family property.

Preparation Is Key When Selling A Multi-Family Home

[caption id="attachment_10458" align="aligncenter" width="450"]Preparation Is Key When Selling A Multi-Family Home Preparation Is Key When Selling A Multi-Family Home[/caption] Preparing a home for sale is critical when selling any type of home, whether it's single family or multi-family.  Since many multi-family properties are purchased as investments, preparing for the sale becomes necessary. One of the most important factors for investors who're looking to buy multi-family homes is the amount of maintenance the home appears to have.  A home that isn't prepared for sale can appear to have more maintenance than it really does. For multi-family property owners who're attempting to prepare and sell a home on a budget, it can be done by tending to a few key areas of the property.  Below are a few of the areas and items that should be prepared prior to listing a multi-family for sale.
  1. Curb Appeal - Simply tending to the exterior curb appeal of a multi-family home can go a long way.  Trimming bushes/shrubs and making sure any flower beds are a couple tips for improving the curb appeal of the property.
  2. Clean Up Common Areas - Depending on the multi-unit, there maybe some common areas, such as laundry or a vestibule.  It's important that all common areas in the property are cleaned up and portray extra maintenance.
  3. Parking Areas - If the property has designated parking areas or garage spaces, making sure these are well defined and in good condition is critical.  If there is an off street parking area, a simple seal of the driveway can go a long way and doesn't cost a ton of extra money.
  4. Doors & Locks - All doors and locks within the multi-family property need to be working well.  It's not a good reflection of a property when the locks are difficult to use and a showing agent is struggling to access the units within the property.
  When selling a multi-family home, it's extremely important that it's prepared for the market.  Not doing so can make or break whether the property sells and also it can impact an owners bottom line.

Hire An Agent Who Has Experience Selling Multi-Family Homes

Hiring a top real estate agent, with experience, is extremely important when selling any type of property.  For example, when selling a waterfront property, hiring an agent who primarily sells mobile homes in a park wouldn't be the best idea. It's critical when selling a multi-family home that a Realtor® who has experience selling multi-family homes is hired.  To help ensure an agent who has experience selling multi-family homes is hired, there are certain questions to ask Realtors® during interviews.
  1. How do you handle showings when a property is tenant occupied?
  2. How much notice do you provide?
  3. In the past, how have you handled uncooperative tenants?
  4. Can you provide the contact information of the previous owner who you represented during a recent multi-family sale?
  Asking the right questions during an interview can greatly improve the chances an agent who has experience selling multi-family homes is hired. Not only is it important to make sure the agent has experience selling a multi-family home but it's equally as important to make sure they know how to effectively market a home.  Since the majority of home buyers are finding the home they eventually purchase on the internet, it's critical the agent knows how to reach potential buyers. This is done by using the best real estate marketing strategies.  Marketing strategies such as using social media, optimizing their website to be found in searches, and using high quality photography and videos are a few ways top real estate agents are marketing their clients homes to potential buyers.

Have Important Documents Ready

[caption id="attachment_10460" align="aligncenter" width="450"]Have Important Documents Ready When Selling A Multi-Family Home! Have Important Documents Ready When Selling A Multi-Family Home![/caption] There are certain things to know before selling a home, regardless if it's a single family or multi family home.  It's helpful that before listing a home for sale that important documents are readily accessible for potential buyers. Documents that should be readily accessible, whether selling a multi-family home or not, include documentation relating to roof age or warranties, the age of the homes HVAC systems, and any receipts of remodeling projects that have been completed. One of the most important features that today's home buyers are looking for in a home are updated and newer mechanics, such as roofs and HVAC systems.  Home sellers who have records and receipts showing the ages of these components give themselves a huge advantage. When selling a multi-family home, it's very important to have financial documents readily available for prospective buyers.  Since multi-family homes are often purchased as an investment, having the financial documents available can be extremely helpful for potential buyers. The most important financial document that should be readily available when selling a multi-family home is the yearly net operating figures.  This document shows a potential buyer the income from monthly rents and subtracts out the expenses of the property, such as yearly homeowners insurance, yearly refuse, yearly water usage, and any repairs that have been completed recently.

Complete Inspections Prior To Listing The Property

Many municipalities require that a certificate of occupancy, also known as a C of O, is renewed when a multi-family property is being sold to a new owner.  It's highly recommended that prior to listing a multi-family property that any inspections are completed beforehand. If your local municipality requires a new C of O prior to the property being transferred to a new owner, have the inspection completed prior to listing can reduce the chances that the real estate closing is delayed.  If you're unsure if a new C of O is required prior to the property being transferred, you can contact your local municipality to find out. Recently while selling a multi-family property in Rochester NY, the property owner decided to wait until after a contract was received to complete the required C of O inspection.  The City was backlogged on inspections and the inspection date had to be scheduled a month out, which ultimately delayed the closing of the property.  This could've been avoided if the C of O inspection was completed prior to listing the property. Another inspection to consider completing prior to listing a multi-family property is a general home inspection.  There are lots of reasons to have a pre-listing inspection when selling a home.  The number one reason having a pre-listing inspection prior to putting a home on the market is that it provides a homeowner the opportunity to rectify issues that a home inspector may find. Since the majority of home buyers elect to have a home inspection and some buyers can get scared away from a home because of the inspection results, having one completed prior to listing is a very good idea.  Homeowners who decide to not have a pre-listing inspection often end up regretting their decision if a buyer is scared away from their property.

Final Thoughts On Selling A Multi-Family Home

As you can see, selling a multi-family home is much different than selling a single family home.  Even though selling a multi-family home is generally more complex, that doesn't mean that it has to be impossible.  By following the 5 tips discussed above, multi-family property owners put themselves in a much better position to experience a smooth and successful sale.

Other Top Resources For Selling A Multi-Family Home

Do you own a multi-family property in Rochester?  If so and you're thinking about selling your multi-family property, the above 5 tips should be extremely helpful.  If you don't have a real estate agent in Rochester yet, call or text me at 585-704-7095, and I'd be happy to discuss the sale of your multi-family home!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "5 Important Tips For Selling A Multi-Family Home" was written by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group.  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> New Construction Final Walk-Through Checklist: Ensuring a Seamless Home Inspection https://www.rochesterrealestateblog.com/new-construction-final-walk-through/ Tue, 24 Jan 2017 12:40:24 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19458 How To Sell A Multi-Family Property [caption id="attachment_10457" align="aligncenter" width="450"]5 Important Tips For Selling A Multi-Family Home 5 Important Tips For Selling A Multi-Family Home[/caption] Selling a multi-family home is substantially more complex than selling a single family home.  One of the top reasons why selling a multi-family is generally more complex is because it typically involves more people than just the one owner of a single family home. When selling a multi-family property the probability that you're involving 6-12 people is high.  Depending on the number of units in a multi-family property, you may only be dealing with a couple families or a dozen families. There are certain rules, regulations, and laws that multi-family property owners must be aware of and also abide by.  These rules, regulations, and laws will vary from city to city and state to state. It's highly recommended that prior to selling a multi-family home that you consult with an attorney to make sure you're not going to put yourself in a situation where you could be sued.  Not being aware of rules, regulations, and local laws is one of the top home selling mistakes made by multi-family property owners. Read on to find out what the top 5 tips for selling a multi-family home are.  Multi-family property owners who follow the below tips will put themselves in an excellent position to get their property sold, while avoiding potential issues or roadblocks.

Review Leases, Occupancy, & Tenant Rights

Before listing a multi-family home for sale, it's vital to review all leases and the occupancy for each unit.  As mentioned above, multi-family property owners can get themselves in trouble if they're not careful.  It's important to always keep in mind tenant rights when selling a multi-family home. There are a few frequently asked questions from home buyers that multi-family property owners will be asked during the sale process.  By reviewing the current leases and occupancy of each unit, multi-family property owners will be able to answer these questions accurately.  Below are a couple of the top questions asked by buyers who're looking to purchase a multi-family home.
  1. What are the terms of any/all leases?
  2. What are the rent amounts for each unit?
  3. What's included in the rent for each unit?
  4. Are there security deposits being held?
  5. Are the rents able to be subsidized by Government assistance?
  Reviewing the leases and occupancy for each unit can also help determine whether or not to sell the property while it's being occupied by tenants.  Selling a home with tenants can be tricky and it can also bring other potential issues into the equation. For example, if a multi-family home is being sold while tenant occupied and the leases are for an extended period of time, it potentially can eliminate a large number of potential buyers who're looking to buy a multi-family home and plan on, or need to, occupy one of the units.  One of the disadvantages of a VA home loan or FHA loan is that the property must be occupied by the buyer, so if a buyer is planning on utilizing one of these mortgage products, they wouldn't be able to purchase a tenant occupied multi-family home. Selling a multi-family home is easiest and most successful if it's unoccupied.  This eliminates potential issues with coordinating home showings or issues with occupancy requirements.  If this isn't a possibility, then it's important that the owner has full cooperation from all parties who'll be impacted during the sale of the multi-family property.

Preparation Is Key When Selling A Multi-Family Home

[caption id="attachment_10458" align="aligncenter" width="450"]Preparation Is Key When Selling A Multi-Family Home Preparation Is Key When Selling A Multi-Family Home[/caption] Preparing a home for sale is critical when selling any type of home, whether it's single family or multi-family.  Since many multi-family properties are purchased as investments, preparing for the sale becomes necessary. One of the most important factors for investors who're looking to buy multi-family homes is the amount of maintenance the home appears to have.  A home that isn't prepared for sale can appear to have more maintenance than it really does. For multi-family property owners who're attempting to prepare and sell a home on a budget, it can be done by tending to a few key areas of the property.  Below are a few of the areas and items that should be prepared prior to listing a multi-family for sale.
  1. Curb Appeal - Simply tending to the exterior curb appeal of a multi-family home can go a long way.  Trimming bushes/shrubs and making sure any flower beds are a couple tips for improving the curb appeal of the property.
  2. Clean Up Common Areas - Depending on the multi-unit, there maybe some common areas, such as laundry or a vestibule.  It's important that all common areas in the property are cleaned up and portray extra maintenance.
  3. Parking Areas - If the property has designated parking areas or garage spaces, making sure these are well defined and in good condition is critical.  If there is an off street parking area, a simple seal of the driveway can go a long way and doesn't cost a ton of extra money.
  4. Doors & Locks - All doors and locks within the multi-family property need to be working well.  It's not a good reflection of a property when the locks are difficult to use and a showing agent is struggling to access the units within the property.
  When selling a multi-family home, it's extremely important that it's prepared for the market.  Not doing so can make or break whether the property sells and also it can impact an owners bottom line.

Hire An Agent Who Has Experience Selling Multi-Family Homes

Hiring a top real estate agent, with experience, is extremely important when selling any type of property.  For example, when selling a waterfront property, hiring an agent who primarily sells mobile homes in a park wouldn't be the best idea. It's critical when selling a multi-family home that a Realtor® who has experience selling multi-family homes is hired.  To help ensure an agent who has experience selling multi-family homes is hired, there are certain questions to ask Realtors® during interviews.
  1. How do you handle showings when a property is tenant occupied?
  2. How much notice do you provide?
  3. In the past, how have you handled uncooperative tenants?
  4. Can you provide the contact information of the previous owner who you represented during a recent multi-family sale?
  Asking the right questions during an interview can greatly improve the chances an agent who has experience selling multi-family homes is hired. Not only is it important to make sure the agent has experience selling a multi-family home but it's equally as important to make sure they know how to effectively market a home.  Since the majority of home buyers are finding the home they eventually purchase on the internet, it's critical the agent knows how to reach potential buyers. This is done by using the best real estate marketing strategies.  Marketing strategies such as using social media, optimizing their website to be found in searches, and using high quality photography and videos are a few ways top real estate agents are marketing their clients homes to potential buyers.

Have Important Documents Ready

[caption id="attachment_10460" align="aligncenter" width="450"]Have Important Documents Ready When Selling A Multi-Family Home! Have Important Documents Ready When Selling A Multi-Family Home![/caption] There are certain things to know before selling a home, regardless if it's a single family or multi family home.  It's helpful that before listing a home for sale that important documents are readily accessible for potential buyers. Documents that should be readily accessible, whether selling a multi-family home or not, include documentation relating to roof age or warranties, the age of the homes HVAC systems, and any receipts of remodeling projects that have been completed. One of the most important features that today's home buyers are looking for in a home are updated and newer mechanics, such as roofs and HVAC systems.  Home sellers who have records and receipts showing the ages of these components give themselves a huge advantage. When selling a multi-family home, it's very important to have financial documents readily available for prospective buyers.  Since multi-family homes are often purchased as an investment, having the financial documents available can be extremely helpful for potential buyers. The most important financial document that should be readily available when selling a multi-family home is the yearly net operating figures.  This document shows a potential buyer the income from monthly rents and subtracts out the expenses of the property, such as yearly homeowners insurance, yearly refuse, yearly water usage, and any repairs that have been completed recently.

Complete Inspections Prior To Listing The Property

Many municipalities require that a certificate of occupancy, also known as a C of O, is renewed when a multi-family property is being sold to a new owner.  It's highly recommended that prior to listing a multi-family property that any inspections are completed beforehand. If your local municipality requires a new C of O prior to the property being transferred to a new owner, have the inspection completed prior to listing can reduce the chances that the real estate closing is delayed.  If you're unsure if a new C of O is required prior to the property being transferred, you can contact your local municipality to find out. Recently while selling a multi-family property in Rochester NY, the property owner decided to wait until after a contract was received to complete the required C of O inspection.  The City was backlogged on inspections and the inspection date had to be scheduled a month out, which ultimately delayed the closing of the property.  This could've been avoided if the C of O inspection was completed prior to listing the property. Another inspection to consider completing prior to listing a multi-family property is a general home inspection.  There are lots of reasons to have a pre-listing inspection when selling a home.  The number one reason having a pre-listing inspection prior to putting a home on the market is that it provides a homeowner the opportunity to rectify issues that a home inspector may find. Since the majority of home buyers elect to have a home inspection and some buyers can get scared away from a home because of the inspection results, having one completed prior to listing is a very good idea.  Homeowners who decide to not have a pre-listing inspection often end up regretting their decision if a buyer is scared away from their property.

Final Thoughts On Selling A Multi-Family Home

As you can see, selling a multi-family home is much different than selling a single family home.  Even though selling a multi-family home is generally more complex, that doesn't mean that it has to be impossible.  By following the 5 tips discussed above, multi-family property owners put themselves in a much better position to experience a smooth and successful sale.

Other Top Resources For Selling A Multi-Family Home

Do you own a multi-family property in Rochester?  If so and you're thinking about selling your multi-family property, the above 5 tips should be extremely helpful.  If you don't have a real estate agent in Rochester yet, call or text me at 585-704-7095, and I'd be happy to discuss the sale of your multi-family home!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "5 Important Tips For Selling A Multi-Family Home" was written by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group.  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Essential Tips for Pumping a Septic Tank: What You Need to Know https://www.rochesterrealestateblog.com/pumping-a-septic-tank/ Tue, 24 Jan 2017 12:40:24 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19450 How To Sell A Multi-Family Property [caption id="attachment_10457" align="aligncenter" width="450"]5 Important Tips For Selling A Multi-Family Home 5 Important Tips For Selling A Multi-Family Home[/caption] Selling a multi-family home is substantially more complex than selling a single family home.  One of the top reasons why selling a multi-family is generally more complex is because it typically involves more people than just the one owner of a single family home. When selling a multi-family property the probability that you're involving 6-12 people is high.  Depending on the number of units in a multi-family property, you may only be dealing with a couple families or a dozen families. There are certain rules, regulations, and laws that multi-family property owners must be aware of and also abide by.  These rules, regulations, and laws will vary from city to city and state to state. It's highly recommended that prior to selling a multi-family home that you consult with an attorney to make sure you're not going to put yourself in a situation where you could be sued.  Not being aware of rules, regulations, and local laws is one of the top home selling mistakes made by multi-family property owners. Read on to find out what the top 5 tips for selling a multi-family home are.  Multi-family property owners who follow the below tips will put themselves in an excellent position to get their property sold, while avoiding potential issues or roadblocks.

Review Leases, Occupancy, & Tenant Rights

Before listing a multi-family home for sale, it's vital to review all leases and the occupancy for each unit.  As mentioned above, multi-family property owners can get themselves in trouble if they're not careful.  It's important to always keep in mind tenant rights when selling a multi-family home. There are a few frequently asked questions from home buyers that multi-family property owners will be asked during the sale process.  By reviewing the current leases and occupancy of each unit, multi-family property owners will be able to answer these questions accurately.  Below are a couple of the top questions asked by buyers who're looking to purchase a multi-family home.
  1. What are the terms of any/all leases?
  2. What are the rent amounts for each unit?
  3. What's included in the rent for each unit?
  4. Are there security deposits being held?
  5. Are the rents able to be subsidized by Government assistance?
  Reviewing the leases and occupancy for each unit can also help determine whether or not to sell the property while it's being occupied by tenants.  Selling a home with tenants can be tricky and it can also bring other potential issues into the equation. For example, if a multi-family home is being sold while tenant occupied and the leases are for an extended period of time, it potentially can eliminate a large number of potential buyers who're looking to buy a multi-family home and plan on, or need to, occupy one of the units.  One of the disadvantages of a VA home loan or FHA loan is that the property must be occupied by the buyer, so if a buyer is planning on utilizing one of these mortgage products, they wouldn't be able to purchase a tenant occupied multi-family home. Selling a multi-family home is easiest and most successful if it's unoccupied.  This eliminates potential issues with coordinating home showings or issues with occupancy requirements.  If this isn't a possibility, then it's important that the owner has full cooperation from all parties who'll be impacted during the sale of the multi-family property.

Preparation Is Key When Selling A Multi-Family Home

[caption id="attachment_10458" align="aligncenter" width="450"]Preparation Is Key When Selling A Multi-Family Home Preparation Is Key When Selling A Multi-Family Home[/caption] Preparing a home for sale is critical when selling any type of home, whether it's single family or multi-family.  Since many multi-family properties are purchased as investments, preparing for the sale becomes necessary. One of the most important factors for investors who're looking to buy multi-family homes is the amount of maintenance the home appears to have.  A home that isn't prepared for sale can appear to have more maintenance than it really does. For multi-family property owners who're attempting to prepare and sell a home on a budget, it can be done by tending to a few key areas of the property.  Below are a few of the areas and items that should be prepared prior to listing a multi-family for sale.
  1. Curb Appeal - Simply tending to the exterior curb appeal of a multi-family home can go a long way.  Trimming bushes/shrubs and making sure any flower beds are a couple tips for improving the curb appeal of the property.
  2. Clean Up Common Areas - Depending on the multi-unit, there maybe some common areas, such as laundry or a vestibule.  It's important that all common areas in the property are cleaned up and portray extra maintenance.
  3. Parking Areas - If the property has designated parking areas or garage spaces, making sure these are well defined and in good condition is critical.  If there is an off street parking area, a simple seal of the driveway can go a long way and doesn't cost a ton of extra money.
  4. Doors & Locks - All doors and locks within the multi-family property need to be working well.  It's not a good reflection of a property when the locks are difficult to use and a showing agent is struggling to access the units within the property.
  When selling a multi-family home, it's extremely important that it's prepared for the market.  Not doing so can make or break whether the property sells and also it can impact an owners bottom line.

Hire An Agent Who Has Experience Selling Multi-Family Homes

Hiring a top real estate agent, with experience, is extremely important when selling any type of property.  For example, when selling a waterfront property, hiring an agent who primarily sells mobile homes in a park wouldn't be the best idea. It's critical when selling a multi-family home that a Realtor® who has experience selling multi-family homes is hired.  To help ensure an agent who has experience selling multi-family homes is hired, there are certain questions to ask Realtors® during interviews.
  1. How do you handle showings when a property is tenant occupied?
  2. How much notice do you provide?
  3. In the past, how have you handled uncooperative tenants?
  4. Can you provide the contact information of the previous owner who you represented during a recent multi-family sale?
  Asking the right questions during an interview can greatly improve the chances an agent who has experience selling multi-family homes is hired. Not only is it important to make sure the agent has experience selling a multi-family home but it's equally as important to make sure they know how to effectively market a home.  Since the majority of home buyers are finding the home they eventually purchase on the internet, it's critical the agent knows how to reach potential buyers. This is done by using the best real estate marketing strategies.  Marketing strategies such as using social media, optimizing their website to be found in searches, and using high quality photography and videos are a few ways top real estate agents are marketing their clients homes to potential buyers.

Have Important Documents Ready

[caption id="attachment_10460" align="aligncenter" width="450"]Have Important Documents Ready When Selling A Multi-Family Home! Have Important Documents Ready When Selling A Multi-Family Home![/caption] There are certain things to know before selling a home, regardless if it's a single family or multi family home.  It's helpful that before listing a home for sale that important documents are readily accessible for potential buyers. Documents that should be readily accessible, whether selling a multi-family home or not, include documentation relating to roof age or warranties, the age of the homes HVAC systems, and any receipts of remodeling projects that have been completed. One of the most important features that today's home buyers are looking for in a home are updated and newer mechanics, such as roofs and HVAC systems.  Home sellers who have records and receipts showing the ages of these components give themselves a huge advantage. When selling a multi-family home, it's very important to have financial documents readily available for prospective buyers.  Since multi-family homes are often purchased as an investment, having the financial documents available can be extremely helpful for potential buyers. The most important financial document that should be readily available when selling a multi-family home is the yearly net operating figures.  This document shows a potential buyer the income from monthly rents and subtracts out the expenses of the property, such as yearly homeowners insurance, yearly refuse, yearly water usage, and any repairs that have been completed recently.

Complete Inspections Prior To Listing The Property

Many municipalities require that a certificate of occupancy, also known as a C of O, is renewed when a multi-family property is being sold to a new owner.  It's highly recommended that prior to listing a multi-family property that any inspections are completed beforehand. If your local municipality requires a new C of O prior to the property being transferred to a new owner, have the inspection completed prior to listing can reduce the chances that the real estate closing is delayed.  If you're unsure if a new C of O is required prior to the property being transferred, you can contact your local municipality to find out. Recently while selling a multi-family property in Rochester NY, the property owner decided to wait until after a contract was received to complete the required C of O inspection.  The City was backlogged on inspections and the inspection date had to be scheduled a month out, which ultimately delayed the closing of the property.  This could've been avoided if the C of O inspection was completed prior to listing the property. Another inspection to consider completing prior to listing a multi-family property is a general home inspection.  There are lots of reasons to have a pre-listing inspection when selling a home.  The number one reason having a pre-listing inspection prior to putting a home on the market is that it provides a homeowner the opportunity to rectify issues that a home inspector may find. Since the majority of home buyers elect to have a home inspection and some buyers can get scared away from a home because of the inspection results, having one completed prior to listing is a very good idea.  Homeowners who decide to not have a pre-listing inspection often end up regretting their decision if a buyer is scared away from their property.

Final Thoughts On Selling A Multi-Family Home

As you can see, selling a multi-family home is much different than selling a single family home.  Even though selling a multi-family home is generally more complex, that doesn't mean that it has to be impossible.  By following the 5 tips discussed above, multi-family property owners put themselves in a much better position to experience a smooth and successful sale.

Other Top Resources For Selling A Multi-Family Home

Do you own a multi-family property in Rochester?  If so and you're thinking about selling your multi-family property, the above 5 tips should be extremely helpful.  If you don't have a real estate agent in Rochester yet, call or text me at 585-704-7095, and I'd be happy to discuss the sale of your multi-family home!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "5 Important Tips For Selling A Multi-Family Home" was written by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group.  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Can You Submit Multiple Offers On Homes At Once – A Legal And Ethical Analysis https://www.rochesterrealestateblog.com/multiple-offers-on-homes-at-once/ Tue, 24 Jan 2017 12:40:24 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19414 How To Sell A Multi-Family Property [caption id="attachment_10457" align="aligncenter" width="450"]5 Important Tips For Selling A Multi-Family Home 5 Important Tips For Selling A Multi-Family Home[/caption] Selling a multi-family home is substantially more complex than selling a single family home.  One of the top reasons why selling a multi-family is generally more complex is because it typically involves more people than just the one owner of a single family home. When selling a multi-family property the probability that you're involving 6-12 people is high.  Depending on the number of units in a multi-family property, you may only be dealing with a couple families or a dozen families. There are certain rules, regulations, and laws that multi-family property owners must be aware of and also abide by.  These rules, regulations, and laws will vary from city to city and state to state. It's highly recommended that prior to selling a multi-family home that you consult with an attorney to make sure you're not going to put yourself in a situation where you could be sued.  Not being aware of rules, regulations, and local laws is one of the top home selling mistakes made by multi-family property owners. Read on to find out what the top 5 tips for selling a multi-family home are.  Multi-family property owners who follow the below tips will put themselves in an excellent position to get their property sold, while avoiding potential issues or roadblocks.

Review Leases, Occupancy, & Tenant Rights

Before listing a multi-family home for sale, it's vital to review all leases and the occupancy for each unit.  As mentioned above, multi-family property owners can get themselves in trouble if they're not careful.  It's important to always keep in mind tenant rights when selling a multi-family home. There are a few frequently asked questions from home buyers that multi-family property owners will be asked during the sale process.  By reviewing the current leases and occupancy of each unit, multi-family property owners will be able to answer these questions accurately.  Below are a couple of the top questions asked by buyers who're looking to purchase a multi-family home.
  1. What are the terms of any/all leases?
  2. What are the rent amounts for each unit?
  3. What's included in the rent for each unit?
  4. Are there security deposits being held?
  5. Are the rents able to be subsidized by Government assistance?
  Reviewing the leases and occupancy for each unit can also help determine whether or not to sell the property while it's being occupied by tenants.  Selling a home with tenants can be tricky and it can also bring other potential issues into the equation. For example, if a multi-family home is being sold while tenant occupied and the leases are for an extended period of time, it potentially can eliminate a large number of potential buyers who're looking to buy a multi-family home and plan on, or need to, occupy one of the units.  One of the disadvantages of a VA home loan or FHA loan is that the property must be occupied by the buyer, so if a buyer is planning on utilizing one of these mortgage products, they wouldn't be able to purchase a tenant occupied multi-family home. Selling a multi-family home is easiest and most successful if it's unoccupied.  This eliminates potential issues with coordinating home showings or issues with occupancy requirements.  If this isn't a possibility, then it's important that the owner has full cooperation from all parties who'll be impacted during the sale of the multi-family property.

Preparation Is Key When Selling A Multi-Family Home

[caption id="attachment_10458" align="aligncenter" width="450"]Preparation Is Key When Selling A Multi-Family Home Preparation Is Key When Selling A Multi-Family Home[/caption] Preparing a home for sale is critical when selling any type of home, whether it's single family or multi-family.  Since many multi-family properties are purchased as investments, preparing for the sale becomes necessary. One of the most important factors for investors who're looking to buy multi-family homes is the amount of maintenance the home appears to have.  A home that isn't prepared for sale can appear to have more maintenance than it really does. For multi-family property owners who're attempting to prepare and sell a home on a budget, it can be done by tending to a few key areas of the property.  Below are a few of the areas and items that should be prepared prior to listing a multi-family for sale.
  1. Curb Appeal - Simply tending to the exterior curb appeal of a multi-family home can go a long way.  Trimming bushes/shrubs and making sure any flower beds are a couple tips for improving the curb appeal of the property.
  2. Clean Up Common Areas - Depending on the multi-unit, there maybe some common areas, such as laundry or a vestibule.  It's important that all common areas in the property are cleaned up and portray extra maintenance.
  3. Parking Areas - If the property has designated parking areas or garage spaces, making sure these are well defined and in good condition is critical.  If there is an off street parking area, a simple seal of the driveway can go a long way and doesn't cost a ton of extra money.
  4. Doors & Locks - All doors and locks within the multi-family property need to be working well.  It's not a good reflection of a property when the locks are difficult to use and a showing agent is struggling to access the units within the property.
  When selling a multi-family home, it's extremely important that it's prepared for the market.  Not doing so can make or break whether the property sells and also it can impact an owners bottom line.

Hire An Agent Who Has Experience Selling Multi-Family Homes

Hiring a top real estate agent, with experience, is extremely important when selling any type of property.  For example, when selling a waterfront property, hiring an agent who primarily sells mobile homes in a park wouldn't be the best idea. It's critical when selling a multi-family home that a Realtor® who has experience selling multi-family homes is hired.  To help ensure an agent who has experience selling multi-family homes is hired, there are certain questions to ask Realtors® during interviews.
  1. How do you handle showings when a property is tenant occupied?
  2. How much notice do you provide?
  3. In the past, how have you handled uncooperative tenants?
  4. Can you provide the contact information of the previous owner who you represented during a recent multi-family sale?
  Asking the right questions during an interview can greatly improve the chances an agent who has experience selling multi-family homes is hired. Not only is it important to make sure the agent has experience selling a multi-family home but it's equally as important to make sure they know how to effectively market a home.  Since the majority of home buyers are finding the home they eventually purchase on the internet, it's critical the agent knows how to reach potential buyers. This is done by using the best real estate marketing strategies.  Marketing strategies such as using social media, optimizing their website to be found in searches, and using high quality photography and videos are a few ways top real estate agents are marketing their clients homes to potential buyers.

Have Important Documents Ready

[caption id="attachment_10460" align="aligncenter" width="450"]Have Important Documents Ready When Selling A Multi-Family Home! Have Important Documents Ready When Selling A Multi-Family Home![/caption] There are certain things to know before selling a home, regardless if it's a single family or multi family home.  It's helpful that before listing a home for sale that important documents are readily accessible for potential buyers. Documents that should be readily accessible, whether selling a multi-family home or not, include documentation relating to roof age or warranties, the age of the homes HVAC systems, and any receipts of remodeling projects that have been completed. One of the most important features that today's home buyers are looking for in a home are updated and newer mechanics, such as roofs and HVAC systems.  Home sellers who have records and receipts showing the ages of these components give themselves a huge advantage. When selling a multi-family home, it's very important to have financial documents readily available for prospective buyers.  Since multi-family homes are often purchased as an investment, having the financial documents available can be extremely helpful for potential buyers. The most important financial document that should be readily available when selling a multi-family home is the yearly net operating figures.  This document shows a potential buyer the income from monthly rents and subtracts out the expenses of the property, such as yearly homeowners insurance, yearly refuse, yearly water usage, and any repairs that have been completed recently.

Complete Inspections Prior To Listing The Property

Many municipalities require that a certificate of occupancy, also known as a C of O, is renewed when a multi-family property is being sold to a new owner.  It's highly recommended that prior to listing a multi-family property that any inspections are completed beforehand. If your local municipality requires a new C of O prior to the property being transferred to a new owner, have the inspection completed prior to listing can reduce the chances that the real estate closing is delayed.  If you're unsure if a new C of O is required prior to the property being transferred, you can contact your local municipality to find out. Recently while selling a multi-family property in Rochester NY, the property owner decided to wait until after a contract was received to complete the required C of O inspection.  The City was backlogged on inspections and the inspection date had to be scheduled a month out, which ultimately delayed the closing of the property.  This could've been avoided if the C of O inspection was completed prior to listing the property. Another inspection to consider completing prior to listing a multi-family property is a general home inspection.  There are lots of reasons to have a pre-listing inspection when selling a home.  The number one reason having a pre-listing inspection prior to putting a home on the market is that it provides a homeowner the opportunity to rectify issues that a home inspector may find. Since the majority of home buyers elect to have a home inspection and some buyers can get scared away from a home because of the inspection results, having one completed prior to listing is a very good idea.  Homeowners who decide to not have a pre-listing inspection often end up regretting their decision if a buyer is scared away from their property.

Final Thoughts On Selling A Multi-Family Home

As you can see, selling a multi-family home is much different than selling a single family home.  Even though selling a multi-family home is generally more complex, that doesn't mean that it has to be impossible.  By following the 5 tips discussed above, multi-family property owners put themselves in a much better position to experience a smooth and successful sale.

Other Top Resources For Selling A Multi-Family Home

Do you own a multi-family property in Rochester?  If so and you're thinking about selling your multi-family property, the above 5 tips should be extremely helpful.  If you don't have a real estate agent in Rochester yet, call or text me at 585-704-7095, and I'd be happy to discuss the sale of your multi-family home!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "5 Important Tips For Selling A Multi-Family Home" was written by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group.  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> How to Get Your Home Photo Ready for Real Estate Listings https://www.rochesterrealestateblog.com/real-estate-photo-ready/ Tue, 24 Jan 2017 12:40:24 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19409 How To Sell A Multi-Family Property [caption id="attachment_10457" align="aligncenter" width="450"]5 Important Tips For Selling A Multi-Family Home 5 Important Tips For Selling A Multi-Family Home[/caption] Selling a multi-family home is substantially more complex than selling a single family home.  One of the top reasons why selling a multi-family is generally more complex is because it typically involves more people than just the one owner of a single family home. When selling a multi-family property the probability that you're involving 6-12 people is high.  Depending on the number of units in a multi-family property, you may only be dealing with a couple families or a dozen families. There are certain rules, regulations, and laws that multi-family property owners must be aware of and also abide by.  These rules, regulations, and laws will vary from city to city and state to state. It's highly recommended that prior to selling a multi-family home that you consult with an attorney to make sure you're not going to put yourself in a situation where you could be sued.  Not being aware of rules, regulations, and local laws is one of the top home selling mistakes made by multi-family property owners. Read on to find out what the top 5 tips for selling a multi-family home are.  Multi-family property owners who follow the below tips will put themselves in an excellent position to get their property sold, while avoiding potential issues or roadblocks.

Review Leases, Occupancy, & Tenant Rights

Before listing a multi-family home for sale, it's vital to review all leases and the occupancy for each unit.  As mentioned above, multi-family property owners can get themselves in trouble if they're not careful.  It's important to always keep in mind tenant rights when selling a multi-family home. There are a few frequently asked questions from home buyers that multi-family property owners will be asked during the sale process.  By reviewing the current leases and occupancy of each unit, multi-family property owners will be able to answer these questions accurately.  Below are a couple of the top questions asked by buyers who're looking to purchase a multi-family home.
  1. What are the terms of any/all leases?
  2. What are the rent amounts for each unit?
  3. What's included in the rent for each unit?
  4. Are there security deposits being held?
  5. Are the rents able to be subsidized by Government assistance?
  Reviewing the leases and occupancy for each unit can also help determine whether or not to sell the property while it's being occupied by tenants.  Selling a home with tenants can be tricky and it can also bring other potential issues into the equation. For example, if a multi-family home is being sold while tenant occupied and the leases are for an extended period of time, it potentially can eliminate a large number of potential buyers who're looking to buy a multi-family home and plan on, or need to, occupy one of the units.  One of the disadvantages of a VA home loan or FHA loan is that the property must be occupied by the buyer, so if a buyer is planning on utilizing one of these mortgage products, they wouldn't be able to purchase a tenant occupied multi-family home. Selling a multi-family home is easiest and most successful if it's unoccupied.  This eliminates potential issues with coordinating home showings or issues with occupancy requirements.  If this isn't a possibility, then it's important that the owner has full cooperation from all parties who'll be impacted during the sale of the multi-family property.

Preparation Is Key When Selling A Multi-Family Home

[caption id="attachment_10458" align="aligncenter" width="450"]Preparation Is Key When Selling A Multi-Family Home Preparation Is Key When Selling A Multi-Family Home[/caption] Preparing a home for sale is critical when selling any type of home, whether it's single family or multi-family.  Since many multi-family properties are purchased as investments, preparing for the sale becomes necessary. One of the most important factors for investors who're looking to buy multi-family homes is the amount of maintenance the home appears to have.  A home that isn't prepared for sale can appear to have more maintenance than it really does. For multi-family property owners who're attempting to prepare and sell a home on a budget, it can be done by tending to a few key areas of the property.  Below are a few of the areas and items that should be prepared prior to listing a multi-family for sale.
  1. Curb Appeal - Simply tending to the exterior curb appeal of a multi-family home can go a long way.  Trimming bushes/shrubs and making sure any flower beds are a couple tips for improving the curb appeal of the property.
  2. Clean Up Common Areas - Depending on the multi-unit, there maybe some common areas, such as laundry or a vestibule.  It's important that all common areas in the property are cleaned up and portray extra maintenance.
  3. Parking Areas - If the property has designated parking areas or garage spaces, making sure these are well defined and in good condition is critical.  If there is an off street parking area, a simple seal of the driveway can go a long way and doesn't cost a ton of extra money.
  4. Doors & Locks - All doors and locks within the multi-family property need to be working well.  It's not a good reflection of a property when the locks are difficult to use and a showing agent is struggling to access the units within the property.
  When selling a multi-family home, it's extremely important that it's prepared for the market.  Not doing so can make or break whether the property sells and also it can impact an owners bottom line.

Hire An Agent Who Has Experience Selling Multi-Family Homes

Hiring a top real estate agent, with experience, is extremely important when selling any type of property.  For example, when selling a waterfront property, hiring an agent who primarily sells mobile homes in a park wouldn't be the best idea. It's critical when selling a multi-family home that a Realtor® who has experience selling multi-family homes is hired.  To help ensure an agent who has experience selling multi-family homes is hired, there are certain questions to ask Realtors® during interviews.
  1. How do you handle showings when a property is tenant occupied?
  2. How much notice do you provide?
  3. In the past, how have you handled uncooperative tenants?
  4. Can you provide the contact information of the previous owner who you represented during a recent multi-family sale?
  Asking the right questions during an interview can greatly improve the chances an agent who has experience selling multi-family homes is hired. Not only is it important to make sure the agent has experience selling a multi-family home but it's equally as important to make sure they know how to effectively market a home.  Since the majority of home buyers are finding the home they eventually purchase on the internet, it's critical the agent knows how to reach potential buyers. This is done by using the best real estate marketing strategies.  Marketing strategies such as using social media, optimizing their website to be found in searches, and using high quality photography and videos are a few ways top real estate agents are marketing their clients homes to potential buyers.

Have Important Documents Ready

[caption id="attachment_10460" align="aligncenter" width="450"]Have Important Documents Ready When Selling A Multi-Family Home! Have Important Documents Ready When Selling A Multi-Family Home![/caption] There are certain things to know before selling a home, regardless if it's a single family or multi family home.  It's helpful that before listing a home for sale that important documents are readily accessible for potential buyers. Documents that should be readily accessible, whether selling a multi-family home or not, include documentation relating to roof age or warranties, the age of the homes HVAC systems, and any receipts of remodeling projects that have been completed. One of the most important features that today's home buyers are looking for in a home are updated and newer mechanics, such as roofs and HVAC systems.  Home sellers who have records and receipts showing the ages of these components give themselves a huge advantage. When selling a multi-family home, it's very important to have financial documents readily available for prospective buyers.  Since multi-family homes are often purchased as an investment, having the financial documents available can be extremely helpful for potential buyers. The most important financial document that should be readily available when selling a multi-family home is the yearly net operating figures.  This document shows a potential buyer the income from monthly rents and subtracts out the expenses of the property, such as yearly homeowners insurance, yearly refuse, yearly water usage, and any repairs that have been completed recently.

Complete Inspections Prior To Listing The Property

Many municipalities require that a certificate of occupancy, also known as a C of O, is renewed when a multi-family property is being sold to a new owner.  It's highly recommended that prior to listing a multi-family property that any inspections are completed beforehand. If your local municipality requires a new C of O prior to the property being transferred to a new owner, have the inspection completed prior to listing can reduce the chances that the real estate closing is delayed.  If you're unsure if a new C of O is required prior to the property being transferred, you can contact your local municipality to find out. Recently while selling a multi-family property in Rochester NY, the property owner decided to wait until after a contract was received to complete the required C of O inspection.  The City was backlogged on inspections and the inspection date had to be scheduled a month out, which ultimately delayed the closing of the property.  This could've been avoided if the C of O inspection was completed prior to listing the property. Another inspection to consider completing prior to listing a multi-family property is a general home inspection.  There are lots of reasons to have a pre-listing inspection when selling a home.  The number one reason having a pre-listing inspection prior to putting a home on the market is that it provides a homeowner the opportunity to rectify issues that a home inspector may find. Since the majority of home buyers elect to have a home inspection and some buyers can get scared away from a home because of the inspection results, having one completed prior to listing is a very good idea.  Homeowners who decide to not have a pre-listing inspection often end up regretting their decision if a buyer is scared away from their property.

Final Thoughts On Selling A Multi-Family Home

As you can see, selling a multi-family home is much different than selling a single family home.  Even though selling a multi-family home is generally more complex, that doesn't mean that it has to be impossible.  By following the 5 tips discussed above, multi-family property owners put themselves in a much better position to experience a smooth and successful sale.

Other Top Resources For Selling A Multi-Family Home

Do you own a multi-family property in Rochester?  If so and you're thinking about selling your multi-family property, the above 5 tips should be extremely helpful.  If you don't have a real estate agent in Rochester yet, call or text me at 585-704-7095, and I'd be happy to discuss the sale of your multi-family home!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "5 Important Tips For Selling A Multi-Family Home" was written by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group.  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> What Does a Home Builder’s Warranty Cover? https://www.rochesterrealestateblog.com/home-builders-warranty/ Tue, 24 Jan 2017 12:40:24 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19394 How To Sell A Multi-Family Property [caption id="attachment_10457" align="aligncenter" width="450"]5 Important Tips For Selling A Multi-Family Home 5 Important Tips For Selling A Multi-Family Home[/caption] Selling a multi-family home is substantially more complex than selling a single family home.  One of the top reasons why selling a multi-family is generally more complex is because it typically involves more people than just the one owner of a single family home. When selling a multi-family property the probability that you're involving 6-12 people is high.  Depending on the number of units in a multi-family property, you may only be dealing with a couple families or a dozen families. There are certain rules, regulations, and laws that multi-family property owners must be aware of and also abide by.  These rules, regulations, and laws will vary from city to city and state to state. It's highly recommended that prior to selling a multi-family home that you consult with an attorney to make sure you're not going to put yourself in a situation where you could be sued.  Not being aware of rules, regulations, and local laws is one of the top home selling mistakes made by multi-family property owners. Read on to find out what the top 5 tips for selling a multi-family home are.  Multi-family property owners who follow the below tips will put themselves in an excellent position to get their property sold, while avoiding potential issues or roadblocks.

Review Leases, Occupancy, & Tenant Rights

Before listing a multi-family home for sale, it's vital to review all leases and the occupancy for each unit.  As mentioned above, multi-family property owners can get themselves in trouble if they're not careful.  It's important to always keep in mind tenant rights when selling a multi-family home. There are a few frequently asked questions from home buyers that multi-family property owners will be asked during the sale process.  By reviewing the current leases and occupancy of each unit, multi-family property owners will be able to answer these questions accurately.  Below are a couple of the top questions asked by buyers who're looking to purchase a multi-family home.
  1. What are the terms of any/all leases?
  2. What are the rent amounts for each unit?
  3. What's included in the rent for each unit?
  4. Are there security deposits being held?
  5. Are the rents able to be subsidized by Government assistance?
  Reviewing the leases and occupancy for each unit can also help determine whether or not to sell the property while it's being occupied by tenants.  Selling a home with tenants can be tricky and it can also bring other potential issues into the equation. For example, if a multi-family home is being sold while tenant occupied and the leases are for an extended period of time, it potentially can eliminate a large number of potential buyers who're looking to buy a multi-family home and plan on, or need to, occupy one of the units.  One of the disadvantages of a VA home loan or FHA loan is that the property must be occupied by the buyer, so if a buyer is planning on utilizing one of these mortgage products, they wouldn't be able to purchase a tenant occupied multi-family home. Selling a multi-family home is easiest and most successful if it's unoccupied.  This eliminates potential issues with coordinating home showings or issues with occupancy requirements.  If this isn't a possibility, then it's important that the owner has full cooperation from all parties who'll be impacted during the sale of the multi-family property.

Preparation Is Key When Selling A Multi-Family Home

[caption id="attachment_10458" align="aligncenter" width="450"]Preparation Is Key When Selling A Multi-Family Home Preparation Is Key When Selling A Multi-Family Home[/caption] Preparing a home for sale is critical when selling any type of home, whether it's single family or multi-family.  Since many multi-family properties are purchased as investments, preparing for the sale becomes necessary. One of the most important factors for investors who're looking to buy multi-family homes is the amount of maintenance the home appears to have.  A home that isn't prepared for sale can appear to have more maintenance than it really does. For multi-family property owners who're attempting to prepare and sell a home on a budget, it can be done by tending to a few key areas of the property.  Below are a few of the areas and items that should be prepared prior to listing a multi-family for sale.
  1. Curb Appeal - Simply tending to the exterior curb appeal of a multi-family home can go a long way.  Trimming bushes/shrubs and making sure any flower beds are a couple tips for improving the curb appeal of the property.
  2. Clean Up Common Areas - Depending on the multi-unit, there maybe some common areas, such as laundry or a vestibule.  It's important that all common areas in the property are cleaned up and portray extra maintenance.
  3. Parking Areas - If the property has designated parking areas or garage spaces, making sure these are well defined and in good condition is critical.  If there is an off street parking area, a simple seal of the driveway can go a long way and doesn't cost a ton of extra money.
  4. Doors & Locks - All doors and locks within the multi-family property need to be working well.  It's not a good reflection of a property when the locks are difficult to use and a showing agent is struggling to access the units within the property.
  When selling a multi-family home, it's extremely important that it's prepared for the market.  Not doing so can make or break whether the property sells and also it can impact an owners bottom line.

Hire An Agent Who Has Experience Selling Multi-Family Homes

Hiring a top real estate agent, with experience, is extremely important when selling any type of property.  For example, when selling a waterfront property, hiring an agent who primarily sells mobile homes in a park wouldn't be the best idea. It's critical when selling a multi-family home that a Realtor® who has experience selling multi-family homes is hired.  To help ensure an agent who has experience selling multi-family homes is hired, there are certain questions to ask Realtors® during interviews.
  1. How do you handle showings when a property is tenant occupied?
  2. How much notice do you provide?
  3. In the past, how have you handled uncooperative tenants?
  4. Can you provide the contact information of the previous owner who you represented during a recent multi-family sale?
  Asking the right questions during an interview can greatly improve the chances an agent who has experience selling multi-family homes is hired. Not only is it important to make sure the agent has experience selling a multi-family home but it's equally as important to make sure they know how to effectively market a home.  Since the majority of home buyers are finding the home they eventually purchase on the internet, it's critical the agent knows how to reach potential buyers. This is done by using the best real estate marketing strategies.  Marketing strategies such as using social media, optimizing their website to be found in searches, and using high quality photography and videos are a few ways top real estate agents are marketing their clients homes to potential buyers.

Have Important Documents Ready

[caption id="attachment_10460" align="aligncenter" width="450"]Have Important Documents Ready When Selling A Multi-Family Home! Have Important Documents Ready When Selling A Multi-Family Home![/caption] There are certain things to know before selling a home, regardless if it's a single family or multi family home.  It's helpful that before listing a home for sale that important documents are readily accessible for potential buyers. Documents that should be readily accessible, whether selling a multi-family home or not, include documentation relating to roof age or warranties, the age of the homes HVAC systems, and any receipts of remodeling projects that have been completed. One of the most important features that today's home buyers are looking for in a home are updated and newer mechanics, such as roofs and HVAC systems.  Home sellers who have records and receipts showing the ages of these components give themselves a huge advantage. When selling a multi-family home, it's very important to have financial documents readily available for prospective buyers.  Since multi-family homes are often purchased as an investment, having the financial documents available can be extremely helpful for potential buyers. The most important financial document that should be readily available when selling a multi-family home is the yearly net operating figures.  This document shows a potential buyer the income from monthly rents and subtracts out the expenses of the property, such as yearly homeowners insurance, yearly refuse, yearly water usage, and any repairs that have been completed recently.

Complete Inspections Prior To Listing The Property

Many municipalities require that a certificate of occupancy, also known as a C of O, is renewed when a multi-family property is being sold to a new owner.  It's highly recommended that prior to listing a multi-family property that any inspections are completed beforehand. If your local municipality requires a new C of O prior to the property being transferred to a new owner, have the inspection completed prior to listing can reduce the chances that the real estate closing is delayed.  If you're unsure if a new C of O is required prior to the property being transferred, you can contact your local municipality to find out. Recently while selling a multi-family property in Rochester NY, the property owner decided to wait until after a contract was received to complete the required C of O inspection.  The City was backlogged on inspections and the inspection date had to be scheduled a month out, which ultimately delayed the closing of the property.  This could've been avoided if the C of O inspection was completed prior to listing the property. Another inspection to consider completing prior to listing a multi-family property is a general home inspection.  There are lots of reasons to have a pre-listing inspection when selling a home.  The number one reason having a pre-listing inspection prior to putting a home on the market is that it provides a homeowner the opportunity to rectify issues that a home inspector may find. Since the majority of home buyers elect to have a home inspection and some buyers can get scared away from a home because of the inspection results, having one completed prior to listing is a very good idea.  Homeowners who decide to not have a pre-listing inspection often end up regretting their decision if a buyer is scared away from their property.

Final Thoughts On Selling A Multi-Family Home

As you can see, selling a multi-family home is much different than selling a single family home.  Even though selling a multi-family home is generally more complex, that doesn't mean that it has to be impossible.  By following the 5 tips discussed above, multi-family property owners put themselves in a much better position to experience a smooth and successful sale.

Other Top Resources For Selling A Multi-Family Home

Do you own a multi-family property in Rochester?  If so and you're thinking about selling your multi-family property, the above 5 tips should be extremely helpful.  If you don't have a real estate agent in Rochester yet, call or text me at 585-704-7095, and I'd be happy to discuss the sale of your multi-family home!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "5 Important Tips For Selling A Multi-Family Home" was written by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group.  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> July 2023 Greater Rochester NY Area Real Estate Market Update https://www.rochesterrealestateblog.com/july-2023-rochester-ny-real-estate-market-update/ Tue, 24 Jan 2017 12:40:24 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19403 How To Sell A Multi-Family Property [caption id="attachment_10457" align="aligncenter" width="450"]5 Important Tips For Selling A Multi-Family Home 5 Important Tips For Selling A Multi-Family Home[/caption] Selling a multi-family home is substantially more complex than selling a single family home.  One of the top reasons why selling a multi-family is generally more complex is because it typically involves more people than just the one owner of a single family home. When selling a multi-family property the probability that you're involving 6-12 people is high.  Depending on the number of units in a multi-family property, you may only be dealing with a couple families or a dozen families. There are certain rules, regulations, and laws that multi-family property owners must be aware of and also abide by.  These rules, regulations, and laws will vary from city to city and state to state. It's highly recommended that prior to selling a multi-family home that you consult with an attorney to make sure you're not going to put yourself in a situation where you could be sued.  Not being aware of rules, regulations, and local laws is one of the top home selling mistakes made by multi-family property owners. Read on to find out what the top 5 tips for selling a multi-family home are.  Multi-family property owners who follow the below tips will put themselves in an excellent position to get their property sold, while avoiding potential issues or roadblocks.

Review Leases, Occupancy, & Tenant Rights

Before listing a multi-family home for sale, it's vital to review all leases and the occupancy for each unit.  As mentioned above, multi-family property owners can get themselves in trouble if they're not careful.  It's important to always keep in mind tenant rights when selling a multi-family home. There are a few frequently asked questions from home buyers that multi-family property owners will be asked during the sale process.  By reviewing the current leases and occupancy of each unit, multi-family property owners will be able to answer these questions accurately.  Below are a couple of the top questions asked by buyers who're looking to purchase a multi-family home.
  1. What are the terms of any/all leases?
  2. What are the rent amounts for each unit?
  3. What's included in the rent for each unit?
  4. Are there security deposits being held?
  5. Are the rents able to be subsidized by Government assistance?
  Reviewing the leases and occupancy for each unit can also help determine whether or not to sell the property while it's being occupied by tenants.  Selling a home with tenants can be tricky and it can also bring other potential issues into the equation. For example, if a multi-family home is being sold while tenant occupied and the leases are for an extended period of time, it potentially can eliminate a large number of potential buyers who're looking to buy a multi-family home and plan on, or need to, occupy one of the units.  One of the disadvantages of a VA home loan or FHA loan is that the property must be occupied by the buyer, so if a buyer is planning on utilizing one of these mortgage products, they wouldn't be able to purchase a tenant occupied multi-family home. Selling a multi-family home is easiest and most successful if it's unoccupied.  This eliminates potential issues with coordinating home showings or issues with occupancy requirements.  If this isn't a possibility, then it's important that the owner has full cooperation from all parties who'll be impacted during the sale of the multi-family property.

Preparation Is Key When Selling A Multi-Family Home

[caption id="attachment_10458" align="aligncenter" width="450"]Preparation Is Key When Selling A Multi-Family Home Preparation Is Key When Selling A Multi-Family Home[/caption] Preparing a home for sale is critical when selling any type of home, whether it's single family or multi-family.  Since many multi-family properties are purchased as investments, preparing for the sale becomes necessary. One of the most important factors for investors who're looking to buy multi-family homes is the amount of maintenance the home appears to have.  A home that isn't prepared for sale can appear to have more maintenance than it really does. For multi-family property owners who're attempting to prepare and sell a home on a budget, it can be done by tending to a few key areas of the property.  Below are a few of the areas and items that should be prepared prior to listing a multi-family for sale.
  1. Curb Appeal - Simply tending to the exterior curb appeal of a multi-family home can go a long way.  Trimming bushes/shrubs and making sure any flower beds are a couple tips for improving the curb appeal of the property.
  2. Clean Up Common Areas - Depending on the multi-unit, there maybe some common areas, such as laundry or a vestibule.  It's important that all common areas in the property are cleaned up and portray extra maintenance.
  3. Parking Areas - If the property has designated parking areas or garage spaces, making sure these are well defined and in good condition is critical.  If there is an off street parking area, a simple seal of the driveway can go a long way and doesn't cost a ton of extra money.
  4. Doors & Locks - All doors and locks within the multi-family property need to be working well.  It's not a good reflection of a property when the locks are difficult to use and a showing agent is struggling to access the units within the property.
  When selling a multi-family home, it's extremely important that it's prepared for the market.  Not doing so can make or break whether the property sells and also it can impact an owners bottom line.

Hire An Agent Who Has Experience Selling Multi-Family Homes

Hiring a top real estate agent, with experience, is extremely important when selling any type of property.  For example, when selling a waterfront property, hiring an agent who primarily sells mobile homes in a park wouldn't be the best idea. It's critical when selling a multi-family home that a Realtor® who has experience selling multi-family homes is hired.  To help ensure an agent who has experience selling multi-family homes is hired, there are certain questions to ask Realtors® during interviews.
  1. How do you handle showings when a property is tenant occupied?
  2. How much notice do you provide?
  3. In the past, how have you handled uncooperative tenants?
  4. Can you provide the contact information of the previous owner who you represented during a recent multi-family sale?
  Asking the right questions during an interview can greatly improve the chances an agent who has experience selling multi-family homes is hired. Not only is it important to make sure the agent has experience selling a multi-family home but it's equally as important to make sure they know how to effectively market a home.  Since the majority of home buyers are finding the home they eventually purchase on the internet, it's critical the agent knows how to reach potential buyers. This is done by using the best real estate marketing strategies.  Marketing strategies such as using social media, optimizing their website to be found in searches, and using high quality photography and videos are a few ways top real estate agents are marketing their clients homes to potential buyers.

Have Important Documents Ready

[caption id="attachment_10460" align="aligncenter" width="450"]Have Important Documents Ready When Selling A Multi-Family Home! Have Important Documents Ready When Selling A Multi-Family Home![/caption] There are certain things to know before selling a home, regardless if it's a single family or multi family home.  It's helpful that before listing a home for sale that important documents are readily accessible for potential buyers. Documents that should be readily accessible, whether selling a multi-family home or not, include documentation relating to roof age or warranties, the age of the homes HVAC systems, and any receipts of remodeling projects that have been completed. One of the most important features that today's home buyers are looking for in a home are updated and newer mechanics, such as roofs and HVAC systems.  Home sellers who have records and receipts showing the ages of these components give themselves a huge advantage. When selling a multi-family home, it's very important to have financial documents readily available for prospective buyers.  Since multi-family homes are often purchased as an investment, having the financial documents available can be extremely helpful for potential buyers. The most important financial document that should be readily available when selling a multi-family home is the yearly net operating figures.  This document shows a potential buyer the income from monthly rents and subtracts out the expenses of the property, such as yearly homeowners insurance, yearly refuse, yearly water usage, and any repairs that have been completed recently.

Complete Inspections Prior To Listing The Property

Many municipalities require that a certificate of occupancy, also known as a C of O, is renewed when a multi-family property is being sold to a new owner.  It's highly recommended that prior to listing a multi-family property that any inspections are completed beforehand. If your local municipality requires a new C of O prior to the property being transferred to a new owner, have the inspection completed prior to listing can reduce the chances that the real estate closing is delayed.  If you're unsure if a new C of O is required prior to the property being transferred, you can contact your local municipality to find out. Recently while selling a multi-family property in Rochester NY, the property owner decided to wait until after a contract was received to complete the required C of O inspection.  The City was backlogged on inspections and the inspection date had to be scheduled a month out, which ultimately delayed the closing of the property.  This could've been avoided if the C of O inspection was completed prior to listing the property. Another inspection to consider completing prior to listing a multi-family property is a general home inspection.  There are lots of reasons to have a pre-listing inspection when selling a home.  The number one reason having a pre-listing inspection prior to putting a home on the market is that it provides a homeowner the opportunity to rectify issues that a home inspector may find. Since the majority of home buyers elect to have a home inspection and some buyers can get scared away from a home because of the inspection results, having one completed prior to listing is a very good idea.  Homeowners who decide to not have a pre-listing inspection often end up regretting their decision if a buyer is scared away from their property.

Final Thoughts On Selling A Multi-Family Home

As you can see, selling a multi-family home is much different than selling a single family home.  Even though selling a multi-family home is generally more complex, that doesn't mean that it has to be impossible.  By following the 5 tips discussed above, multi-family property owners put themselves in a much better position to experience a smooth and successful sale.

Other Top Resources For Selling A Multi-Family Home

Do you own a multi-family property in Rochester?  If so and you're thinking about selling your multi-family property, the above 5 tips should be extremely helpful.  If you don't have a real estate agent in Rochester yet, call or text me at 585-704-7095, and I'd be happy to discuss the sale of your multi-family home!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "5 Important Tips For Selling A Multi-Family Home" was written by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group.  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Who Pays Real Estate Commission When You Buy or Sell a Home https://www.rochesterrealestateblog.com/real-estate-commission/ Tue, 24 Jan 2017 12:40:24 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19366 How To Sell A Multi-Family Property [caption id="attachment_10457" align="aligncenter" width="450"]5 Important Tips For Selling A Multi-Family Home 5 Important Tips For Selling A Multi-Family Home[/caption] Selling a multi-family home is substantially more complex than selling a single family home.  One of the top reasons why selling a multi-family is generally more complex is because it typically involves more people than just the one owner of a single family home. When selling a multi-family property the probability that you're involving 6-12 people is high.  Depending on the number of units in a multi-family property, you may only be dealing with a couple families or a dozen families. There are certain rules, regulations, and laws that multi-family property owners must be aware of and also abide by.  These rules, regulations, and laws will vary from city to city and state to state. It's highly recommended that prior to selling a multi-family home that you consult with an attorney to make sure you're not going to put yourself in a situation where you could be sued.  Not being aware of rules, regulations, and local laws is one of the top home selling mistakes made by multi-family property owners. Read on to find out what the top 5 tips for selling a multi-family home are.  Multi-family property owners who follow the below tips will put themselves in an excellent position to get their property sold, while avoiding potential issues or roadblocks.

Review Leases, Occupancy, & Tenant Rights

Before listing a multi-family home for sale, it's vital to review all leases and the occupancy for each unit.  As mentioned above, multi-family property owners can get themselves in trouble if they're not careful.  It's important to always keep in mind tenant rights when selling a multi-family home. There are a few frequently asked questions from home buyers that multi-family property owners will be asked during the sale process.  By reviewing the current leases and occupancy of each unit, multi-family property owners will be able to answer these questions accurately.  Below are a couple of the top questions asked by buyers who're looking to purchase a multi-family home.
  1. What are the terms of any/all leases?
  2. What are the rent amounts for each unit?
  3. What's included in the rent for each unit?
  4. Are there security deposits being held?
  5. Are the rents able to be subsidized by Government assistance?
  Reviewing the leases and occupancy for each unit can also help determine whether or not to sell the property while it's being occupied by tenants.  Selling a home with tenants can be tricky and it can also bring other potential issues into the equation. For example, if a multi-family home is being sold while tenant occupied and the leases are for an extended period of time, it potentially can eliminate a large number of potential buyers who're looking to buy a multi-family home and plan on, or need to, occupy one of the units.  One of the disadvantages of a VA home loan or FHA loan is that the property must be occupied by the buyer, so if a buyer is planning on utilizing one of these mortgage products, they wouldn't be able to purchase a tenant occupied multi-family home. Selling a multi-family home is easiest and most successful if it's unoccupied.  This eliminates potential issues with coordinating home showings or issues with occupancy requirements.  If this isn't a possibility, then it's important that the owner has full cooperation from all parties who'll be impacted during the sale of the multi-family property.

Preparation Is Key When Selling A Multi-Family Home

[caption id="attachment_10458" align="aligncenter" width="450"]Preparation Is Key When Selling A Multi-Family Home Preparation Is Key When Selling A Multi-Family Home[/caption] Preparing a home for sale is critical when selling any type of home, whether it's single family or multi-family.  Since many multi-family properties are purchased as investments, preparing for the sale becomes necessary. One of the most important factors for investors who're looking to buy multi-family homes is the amount of maintenance the home appears to have.  A home that isn't prepared for sale can appear to have more maintenance than it really does. For multi-family property owners who're attempting to prepare and sell a home on a budget, it can be done by tending to a few key areas of the property.  Below are a few of the areas and items that should be prepared prior to listing a multi-family for sale.
  1. Curb Appeal - Simply tending to the exterior curb appeal of a multi-family home can go a long way.  Trimming bushes/shrubs and making sure any flower beds are a couple tips for improving the curb appeal of the property.
  2. Clean Up Common Areas - Depending on the multi-unit, there maybe some common areas, such as laundry or a vestibule.  It's important that all common areas in the property are cleaned up and portray extra maintenance.
  3. Parking Areas - If the property has designated parking areas or garage spaces, making sure these are well defined and in good condition is critical.  If there is an off street parking area, a simple seal of the driveway can go a long way and doesn't cost a ton of extra money.
  4. Doors & Locks - All doors and locks within the multi-family property need to be working well.  It's not a good reflection of a property when the locks are difficult to use and a showing agent is struggling to access the units within the property.
  When selling a multi-family home, it's extremely important that it's prepared for the market.  Not doing so can make or break whether the property sells and also it can impact an owners bottom line.

Hire An Agent Who Has Experience Selling Multi-Family Homes

Hiring a top real estate agent, with experience, is extremely important when selling any type of property.  For example, when selling a waterfront property, hiring an agent who primarily sells mobile homes in a park wouldn't be the best idea. It's critical when selling a multi-family home that a Realtor® who has experience selling multi-family homes is hired.  To help ensure an agent who has experience selling multi-family homes is hired, there are certain questions to ask Realtors® during interviews.
  1. How do you handle showings when a property is tenant occupied?
  2. How much notice do you provide?
  3. In the past, how have you handled uncooperative tenants?
  4. Can you provide the contact information of the previous owner who you represented during a recent multi-family sale?
  Asking the right questions during an interview can greatly improve the chances an agent who has experience selling multi-family homes is hired. Not only is it important to make sure the agent has experience selling a multi-family home but it's equally as important to make sure they know how to effectively market a home.  Since the majority of home buyers are finding the home they eventually purchase on the internet, it's critical the agent knows how to reach potential buyers. This is done by using the best real estate marketing strategies.  Marketing strategies such as using social media, optimizing their website to be found in searches, and using high quality photography and videos are a few ways top real estate agents are marketing their clients homes to potential buyers.

Have Important Documents Ready

[caption id="attachment_10460" align="aligncenter" width="450"]Have Important Documents Ready When Selling A Multi-Family Home! Have Important Documents Ready When Selling A Multi-Family Home![/caption] There are certain things to know before selling a home, regardless if it's a single family or multi family home.  It's helpful that before listing a home for sale that important documents are readily accessible for potential buyers. Documents that should be readily accessible, whether selling a multi-family home or not, include documentation relating to roof age or warranties, the age of the homes HVAC systems, and any receipts of remodeling projects that have been completed. One of the most important features that today's home buyers are looking for in a home are updated and newer mechanics, such as roofs and HVAC systems.  Home sellers who have records and receipts showing the ages of these components give themselves a huge advantage. When selling a multi-family home, it's very important to have financial documents readily available for prospective buyers.  Since multi-family homes are often purchased as an investment, having the financial documents available can be extremely helpful for potential buyers. The most important financial document that should be readily available when selling a multi-family home is the yearly net operating figures.  This document shows a potential buyer the income from monthly rents and subtracts out the expenses of the property, such as yearly homeowners insurance, yearly refuse, yearly water usage, and any repairs that have been completed recently.

Complete Inspections Prior To Listing The Property

Many municipalities require that a certificate of occupancy, also known as a C of O, is renewed when a multi-family property is being sold to a new owner.  It's highly recommended that prior to listing a multi-family property that any inspections are completed beforehand. If your local municipality requires a new C of O prior to the property being transferred to a new owner, have the inspection completed prior to listing can reduce the chances that the real estate closing is delayed.  If you're unsure if a new C of O is required prior to the property being transferred, you can contact your local municipality to find out. Recently while selling a multi-family property in Rochester NY, the property owner decided to wait until after a contract was received to complete the required C of O inspection.  The City was backlogged on inspections and the inspection date had to be scheduled a month out, which ultimately delayed the closing of the property.  This could've been avoided if the C of O inspection was completed prior to listing the property. Another inspection to consider completing prior to listing a multi-family property is a general home inspection.  There are lots of reasons to have a pre-listing inspection when selling a home.  The number one reason having a pre-listing inspection prior to putting a home on the market is that it provides a homeowner the opportunity to rectify issues that a home inspector may find. Since the majority of home buyers elect to have a home inspection and some buyers can get scared away from a home because of the inspection results, having one completed prior to listing is a very good idea.  Homeowners who decide to not have a pre-listing inspection often end up regretting their decision if a buyer is scared away from their property.

Final Thoughts On Selling A Multi-Family Home

As you can see, selling a multi-family home is much different than selling a single family home.  Even though selling a multi-family home is generally more complex, that doesn't mean that it has to be impossible.  By following the 5 tips discussed above, multi-family property owners put themselves in a much better position to experience a smooth and successful sale.

Other Top Resources For Selling A Multi-Family Home

Do you own a multi-family property in Rochester?  If so and you're thinking about selling your multi-family property, the above 5 tips should be extremely helpful.  If you don't have a real estate agent in Rochester yet, call or text me at 585-704-7095, and I'd be happy to discuss the sale of your multi-family home!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "5 Important Tips For Selling A Multi-Family Home" was written by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group.  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Quitclaim Deeds: What You Need to Know https://www.rochesterrealestateblog.com/quitclaim-deeds/ Tue, 24 Jan 2017 12:40:24 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19358 How To Sell A Multi-Family Property [caption id="attachment_10457" align="aligncenter" width="450"]5 Important Tips For Selling A Multi-Family Home 5 Important Tips For Selling A Multi-Family Home[/caption] Selling a multi-family home is substantially more complex than selling a single family home.  One of the top reasons why selling a multi-family is generally more complex is because it typically involves more people than just the one owner of a single family home. When selling a multi-family property the probability that you're involving 6-12 people is high.  Depending on the number of units in a multi-family property, you may only be dealing with a couple families or a dozen families. There are certain rules, regulations, and laws that multi-family property owners must be aware of and also abide by.  These rules, regulations, and laws will vary from city to city and state to state. It's highly recommended that prior to selling a multi-family home that you consult with an attorney to make sure you're not going to put yourself in a situation where you could be sued.  Not being aware of rules, regulations, and local laws is one of the top home selling mistakes made by multi-family property owners. Read on to find out what the top 5 tips for selling a multi-family home are.  Multi-family property owners who follow the below tips will put themselves in an excellent position to get their property sold, while avoiding potential issues or roadblocks.

Review Leases, Occupancy, & Tenant Rights

Before listing a multi-family home for sale, it's vital to review all leases and the occupancy for each unit.  As mentioned above, multi-family property owners can get themselves in trouble if they're not careful.  It's important to always keep in mind tenant rights when selling a multi-family home. There are a few frequently asked questions from home buyers that multi-family property owners will be asked during the sale process.  By reviewing the current leases and occupancy of each unit, multi-family property owners will be able to answer these questions accurately.  Below are a couple of the top questions asked by buyers who're looking to purchase a multi-family home.
  1. What are the terms of any/all leases?
  2. What are the rent amounts for each unit?
  3. What's included in the rent for each unit?
  4. Are there security deposits being held?
  5. Are the rents able to be subsidized by Government assistance?
  Reviewing the leases and occupancy for each unit can also help determine whether or not to sell the property while it's being occupied by tenants.  Selling a home with tenants can be tricky and it can also bring other potential issues into the equation. For example, if a multi-family home is being sold while tenant occupied and the leases are for an extended period of time, it potentially can eliminate a large number of potential buyers who're looking to buy a multi-family home and plan on, or need to, occupy one of the units.  One of the disadvantages of a VA home loan or FHA loan is that the property must be occupied by the buyer, so if a buyer is planning on utilizing one of these mortgage products, they wouldn't be able to purchase a tenant occupied multi-family home. Selling a multi-family home is easiest and most successful if it's unoccupied.  This eliminates potential issues with coordinating home showings or issues with occupancy requirements.  If this isn't a possibility, then it's important that the owner has full cooperation from all parties who'll be impacted during the sale of the multi-family property.

Preparation Is Key When Selling A Multi-Family Home

[caption id="attachment_10458" align="aligncenter" width="450"]Preparation Is Key When Selling A Multi-Family Home Preparation Is Key When Selling A Multi-Family Home[/caption] Preparing a home for sale is critical when selling any type of home, whether it's single family or multi-family.  Since many multi-family properties are purchased as investments, preparing for the sale becomes necessary. One of the most important factors for investors who're looking to buy multi-family homes is the amount of maintenance the home appears to have.  A home that isn't prepared for sale can appear to have more maintenance than it really does. For multi-family property owners who're attempting to prepare and sell a home on a budget, it can be done by tending to a few key areas of the property.  Below are a few of the areas and items that should be prepared prior to listing a multi-family for sale.
  1. Curb Appeal - Simply tending to the exterior curb appeal of a multi-family home can go a long way.  Trimming bushes/shrubs and making sure any flower beds are a couple tips for improving the curb appeal of the property.
  2. Clean Up Common Areas - Depending on the multi-unit, there maybe some common areas, such as laundry or a vestibule.  It's important that all common areas in the property are cleaned up and portray extra maintenance.
  3. Parking Areas - If the property has designated parking areas or garage spaces, making sure these are well defined and in good condition is critical.  If there is an off street parking area, a simple seal of the driveway can go a long way and doesn't cost a ton of extra money.
  4. Doors & Locks - All doors and locks within the multi-family property need to be working well.  It's not a good reflection of a property when the locks are difficult to use and a showing agent is struggling to access the units within the property.
  When selling a multi-family home, it's extremely important that it's prepared for the market.  Not doing so can make or break whether the property sells and also it can impact an owners bottom line.

Hire An Agent Who Has Experience Selling Multi-Family Homes

Hiring a top real estate agent, with experience, is extremely important when selling any type of property.  For example, when selling a waterfront property, hiring an agent who primarily sells mobile homes in a park wouldn't be the best idea. It's critical when selling a multi-family home that a Realtor® who has experience selling multi-family homes is hired.  To help ensure an agent who has experience selling multi-family homes is hired, there are certain questions to ask Realtors® during interviews.
  1. How do you handle showings when a property is tenant occupied?
  2. How much notice do you provide?
  3. In the past, how have you handled uncooperative tenants?
  4. Can you provide the contact information of the previous owner who you represented during a recent multi-family sale?
  Asking the right questions during an interview can greatly improve the chances an agent who has experience selling multi-family homes is hired. Not only is it important to make sure the agent has experience selling a multi-family home but it's equally as important to make sure they know how to effectively market a home.  Since the majority of home buyers are finding the home they eventually purchase on the internet, it's critical the agent knows how to reach potential buyers. This is done by using the best real estate marketing strategies.  Marketing strategies such as using social media, optimizing their website to be found in searches, and using high quality photography and videos are a few ways top real estate agents are marketing their clients homes to potential buyers.

Have Important Documents Ready

[caption id="attachment_10460" align="aligncenter" width="450"]Have Important Documents Ready When Selling A Multi-Family Home! Have Important Documents Ready When Selling A Multi-Family Home![/caption] There are certain things to know before selling a home, regardless if it's a single family or multi family home.  It's helpful that before listing a home for sale that important documents are readily accessible for potential buyers. Documents that should be readily accessible, whether selling a multi-family home or not, include documentation relating to roof age or warranties, the age of the homes HVAC systems, and any receipts of remodeling projects that have been completed. One of the most important features that today's home buyers are looking for in a home are updated and newer mechanics, such as roofs and HVAC systems.  Home sellers who have records and receipts showing the ages of these components give themselves a huge advantage. When selling a multi-family home, it's very important to have financial documents readily available for prospective buyers.  Since multi-family homes are often purchased as an investment, having the financial documents available can be extremely helpful for potential buyers. The most important financial document that should be readily available when selling a multi-family home is the yearly net operating figures.  This document shows a potential buyer the income from monthly rents and subtracts out the expenses of the property, such as yearly homeowners insurance, yearly refuse, yearly water usage, and any repairs that have been completed recently.

Complete Inspections Prior To Listing The Property

Many municipalities require that a certificate of occupancy, also known as a C of O, is renewed when a multi-family property is being sold to a new owner.  It's highly recommended that prior to listing a multi-family property that any inspections are completed beforehand. If your local municipality requires a new C of O prior to the property being transferred to a new owner, have the inspection completed prior to listing can reduce the chances that the real estate closing is delayed.  If you're unsure if a new C of O is required prior to the property being transferred, you can contact your local municipality to find out. Recently while selling a multi-family property in Rochester NY, the property owner decided to wait until after a contract was received to complete the required C of O inspection.  The City was backlogged on inspections and the inspection date had to be scheduled a month out, which ultimately delayed the closing of the property.  This could've been avoided if the C of O inspection was completed prior to listing the property. Another inspection to consider completing prior to listing a multi-family property is a general home inspection.  There are lots of reasons to have a pre-listing inspection when selling a home.  The number one reason having a pre-listing inspection prior to putting a home on the market is that it provides a homeowner the opportunity to rectify issues that a home inspector may find. Since the majority of home buyers elect to have a home inspection and some buyers can get scared away from a home because of the inspection results, having one completed prior to listing is a very good idea.  Homeowners who decide to not have a pre-listing inspection often end up regretting their decision if a buyer is scared away from their property.

Final Thoughts On Selling A Multi-Family Home

As you can see, selling a multi-family home is much different than selling a single family home.  Even though selling a multi-family home is generally more complex, that doesn't mean that it has to be impossible.  By following the 5 tips discussed above, multi-family property owners put themselves in a much better position to experience a smooth and successful sale.

Other Top Resources For Selling A Multi-Family Home

Do you own a multi-family property in Rochester?  If so and you're thinking about selling your multi-family property, the above 5 tips should be extremely helpful.  If you don't have a real estate agent in Rochester yet, call or text me at 585-704-7095, and I'd be happy to discuss the sale of your multi-family home!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "5 Important Tips For Selling A Multi-Family Home" was written by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group.  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> What to Know About Selling a Home As Is for Cash https://www.rochesterrealestateblog.com/selling-home-as-is-cash/ Tue, 24 Jan 2017 12:40:24 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19347 How To Sell A Multi-Family Property [caption id="attachment_10457" align="aligncenter" width="450"]5 Important Tips For Selling A Multi-Family Home 5 Important Tips For Selling A Multi-Family Home[/caption] Selling a multi-family home is substantially more complex than selling a single family home.  One of the top reasons why selling a multi-family is generally more complex is because it typically involves more people than just the one owner of a single family home. When selling a multi-family property the probability that you're involving 6-12 people is high.  Depending on the number of units in a multi-family property, you may only be dealing with a couple families or a dozen families. There are certain rules, regulations, and laws that multi-family property owners must be aware of and also abide by.  These rules, regulations, and laws will vary from city to city and state to state. It's highly recommended that prior to selling a multi-family home that you consult with an attorney to make sure you're not going to put yourself in a situation where you could be sued.  Not being aware of rules, regulations, and local laws is one of the top home selling mistakes made by multi-family property owners. Read on to find out what the top 5 tips for selling a multi-family home are.  Multi-family property owners who follow the below tips will put themselves in an excellent position to get their property sold, while avoiding potential issues or roadblocks.

Review Leases, Occupancy, & Tenant Rights

Before listing a multi-family home for sale, it's vital to review all leases and the occupancy for each unit.  As mentioned above, multi-family property owners can get themselves in trouble if they're not careful.  It's important to always keep in mind tenant rights when selling a multi-family home. There are a few frequently asked questions from home buyers that multi-family property owners will be asked during the sale process.  By reviewing the current leases and occupancy of each unit, multi-family property owners will be able to answer these questions accurately.  Below are a couple of the top questions asked by buyers who're looking to purchase a multi-family home.
  1. What are the terms of any/all leases?
  2. What are the rent amounts for each unit?
  3. What's included in the rent for each unit?
  4. Are there security deposits being held?
  5. Are the rents able to be subsidized by Government assistance?
  Reviewing the leases and occupancy for each unit can also help determine whether or not to sell the property while it's being occupied by tenants.  Selling a home with tenants can be tricky and it can also bring other potential issues into the equation. For example, if a multi-family home is being sold while tenant occupied and the leases are for an extended period of time, it potentially can eliminate a large number of potential buyers who're looking to buy a multi-family home and plan on, or need to, occupy one of the units.  One of the disadvantages of a VA home loan or FHA loan is that the property must be occupied by the buyer, so if a buyer is planning on utilizing one of these mortgage products, they wouldn't be able to purchase a tenant occupied multi-family home. Selling a multi-family home is easiest and most successful if it's unoccupied.  This eliminates potential issues with coordinating home showings or issues with occupancy requirements.  If this isn't a possibility, then it's important that the owner has full cooperation from all parties who'll be impacted during the sale of the multi-family property.

Preparation Is Key When Selling A Multi-Family Home

[caption id="attachment_10458" align="aligncenter" width="450"]Preparation Is Key When Selling A Multi-Family Home Preparation Is Key When Selling A Multi-Family Home[/caption] Preparing a home for sale is critical when selling any type of home, whether it's single family or multi-family.  Since many multi-family properties are purchased as investments, preparing for the sale becomes necessary. One of the most important factors for investors who're looking to buy multi-family homes is the amount of maintenance the home appears to have.  A home that isn't prepared for sale can appear to have more maintenance than it really does. For multi-family property owners who're attempting to prepare and sell a home on a budget, it can be done by tending to a few key areas of the property.  Below are a few of the areas and items that should be prepared prior to listing a multi-family for sale.
  1. Curb Appeal - Simply tending to the exterior curb appeal of a multi-family home can go a long way.  Trimming bushes/shrubs and making sure any flower beds are a couple tips for improving the curb appeal of the property.
  2. Clean Up Common Areas - Depending on the multi-unit, there maybe some common areas, such as laundry or a vestibule.  It's important that all common areas in the property are cleaned up and portray extra maintenance.
  3. Parking Areas - If the property has designated parking areas or garage spaces, making sure these are well defined and in good condition is critical.  If there is an off street parking area, a simple seal of the driveway can go a long way and doesn't cost a ton of extra money.
  4. Doors & Locks - All doors and locks within the multi-family property need to be working well.  It's not a good reflection of a property when the locks are difficult to use and a showing agent is struggling to access the units within the property.
  When selling a multi-family home, it's extremely important that it's prepared for the market.  Not doing so can make or break whether the property sells and also it can impact an owners bottom line.

Hire An Agent Who Has Experience Selling Multi-Family Homes

Hiring a top real estate agent, with experience, is extremely important when selling any type of property.  For example, when selling a waterfront property, hiring an agent who primarily sells mobile homes in a park wouldn't be the best idea. It's critical when selling a multi-family home that a Realtor® who has experience selling multi-family homes is hired.  To help ensure an agent who has experience selling multi-family homes is hired, there are certain questions to ask Realtors® during interviews.
  1. How do you handle showings when a property is tenant occupied?
  2. How much notice do you provide?
  3. In the past, how have you handled uncooperative tenants?
  4. Can you provide the contact information of the previous owner who you represented during a recent multi-family sale?
  Asking the right questions during an interview can greatly improve the chances an agent who has experience selling multi-family homes is hired. Not only is it important to make sure the agent has experience selling a multi-family home but it's equally as important to make sure they know how to effectively market a home.  Since the majority of home buyers are finding the home they eventually purchase on the internet, it's critical the agent knows how to reach potential buyers. This is done by using the best real estate marketing strategies.  Marketing strategies such as using social media, optimizing their website to be found in searches, and using high quality photography and videos are a few ways top real estate agents are marketing their clients homes to potential buyers.

Have Important Documents Ready

[caption id="attachment_10460" align="aligncenter" width="450"]Have Important Documents Ready When Selling A Multi-Family Home! Have Important Documents Ready When Selling A Multi-Family Home![/caption] There are certain things to know before selling a home, regardless if it's a single family or multi family home.  It's helpful that before listing a home for sale that important documents are readily accessible for potential buyers. Documents that should be readily accessible, whether selling a multi-family home or not, include documentation relating to roof age or warranties, the age of the homes HVAC systems, and any receipts of remodeling projects that have been completed. One of the most important features that today's home buyers are looking for in a home are updated and newer mechanics, such as roofs and HVAC systems.  Home sellers who have records and receipts showing the ages of these components give themselves a huge advantage. When selling a multi-family home, it's very important to have financial documents readily available for prospective buyers.  Since multi-family homes are often purchased as an investment, having the financial documents available can be extremely helpful for potential buyers. The most important financial document that should be readily available when selling a multi-family home is the yearly net operating figures.  This document shows a potential buyer the income from monthly rents and subtracts out the expenses of the property, such as yearly homeowners insurance, yearly refuse, yearly water usage, and any repairs that have been completed recently.

Complete Inspections Prior To Listing The Property

Many municipalities require that a certificate of occupancy, also known as a C of O, is renewed when a multi-family property is being sold to a new owner.  It's highly recommended that prior to listing a multi-family property that any inspections are completed beforehand. If your local municipality requires a new C of O prior to the property being transferred to a new owner, have the inspection completed prior to listing can reduce the chances that the real estate closing is delayed.  If you're unsure if a new C of O is required prior to the property being transferred, you can contact your local municipality to find out. Recently while selling a multi-family property in Rochester NY, the property owner decided to wait until after a contract was received to complete the required C of O inspection.  The City was backlogged on inspections and the inspection date had to be scheduled a month out, which ultimately delayed the closing of the property.  This could've been avoided if the C of O inspection was completed prior to listing the property. Another inspection to consider completing prior to listing a multi-family property is a general home inspection.  There are lots of reasons to have a pre-listing inspection when selling a home.  The number one reason having a pre-listing inspection prior to putting a home on the market is that it provides a homeowner the opportunity to rectify issues that a home inspector may find. Since the majority of home buyers elect to have a home inspection and some buyers can get scared away from a home because of the inspection results, having one completed prior to listing is a very good idea.  Homeowners who decide to not have a pre-listing inspection often end up regretting their decision if a buyer is scared away from their property.

Final Thoughts On Selling A Multi-Family Home

As you can see, selling a multi-family home is much different than selling a single family home.  Even though selling a multi-family home is generally more complex, that doesn't mean that it has to be impossible.  By following the 5 tips discussed above, multi-family property owners put themselves in a much better position to experience a smooth and successful sale.

Other Top Resources For Selling A Multi-Family Home

Do you own a multi-family property in Rochester?  If so and you're thinking about selling your multi-family property, the above 5 tips should be extremely helpful.  If you don't have a real estate agent in Rochester yet, call or text me at 585-704-7095, and I'd be happy to discuss the sale of your multi-family home!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "5 Important Tips For Selling A Multi-Family Home" was written by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group.  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> How to Know if My House Has Paranormal Activity https://www.rochesterrealestateblog.com/is-my-house-haunted/ Tue, 24 Jan 2017 12:40:24 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19342 How To Sell A Multi-Family Property [caption id="attachment_10457" align="aligncenter" width="450"]5 Important Tips For Selling A Multi-Family Home 5 Important Tips For Selling A Multi-Family Home[/caption] Selling a multi-family home is substantially more complex than selling a single family home.  One of the top reasons why selling a multi-family is generally more complex is because it typically involves more people than just the one owner of a single family home. When selling a multi-family property the probability that you're involving 6-12 people is high.  Depending on the number of units in a multi-family property, you may only be dealing with a couple families or a dozen families. There are certain rules, regulations, and laws that multi-family property owners must be aware of and also abide by.  These rules, regulations, and laws will vary from city to city and state to state. It's highly recommended that prior to selling a multi-family home that you consult with an attorney to make sure you're not going to put yourself in a situation where you could be sued.  Not being aware of rules, regulations, and local laws is one of the top home selling mistakes made by multi-family property owners. Read on to find out what the top 5 tips for selling a multi-family home are.  Multi-family property owners who follow the below tips will put themselves in an excellent position to get their property sold, while avoiding potential issues or roadblocks.

Review Leases, Occupancy, & Tenant Rights

Before listing a multi-family home for sale, it's vital to review all leases and the occupancy for each unit.  As mentioned above, multi-family property owners can get themselves in trouble if they're not careful.  It's important to always keep in mind tenant rights when selling a multi-family home. There are a few frequently asked questions from home buyers that multi-family property owners will be asked during the sale process.  By reviewing the current leases and occupancy of each unit, multi-family property owners will be able to answer these questions accurately.  Below are a couple of the top questions asked by buyers who're looking to purchase a multi-family home.
  1. What are the terms of any/all leases?
  2. What are the rent amounts for each unit?
  3. What's included in the rent for each unit?
  4. Are there security deposits being held?
  5. Are the rents able to be subsidized by Government assistance?
  Reviewing the leases and occupancy for each unit can also help determine whether or not to sell the property while it's being occupied by tenants.  Selling a home with tenants can be tricky and it can also bring other potential issues into the equation. For example, if a multi-family home is being sold while tenant occupied and the leases are for an extended period of time, it potentially can eliminate a large number of potential buyers who're looking to buy a multi-family home and plan on, or need to, occupy one of the units.  One of the disadvantages of a VA home loan or FHA loan is that the property must be occupied by the buyer, so if a buyer is planning on utilizing one of these mortgage products, they wouldn't be able to purchase a tenant occupied multi-family home. Selling a multi-family home is easiest and most successful if it's unoccupied.  This eliminates potential issues with coordinating home showings or issues with occupancy requirements.  If this isn't a possibility, then it's important that the owner has full cooperation from all parties who'll be impacted during the sale of the multi-family property.

Preparation Is Key When Selling A Multi-Family Home

[caption id="attachment_10458" align="aligncenter" width="450"]Preparation Is Key When Selling A Multi-Family Home Preparation Is Key When Selling A Multi-Family Home[/caption] Preparing a home for sale is critical when selling any type of home, whether it's single family or multi-family.  Since many multi-family properties are purchased as investments, preparing for the sale becomes necessary. One of the most important factors for investors who're looking to buy multi-family homes is the amount of maintenance the home appears to have.  A home that isn't prepared for sale can appear to have more maintenance than it really does. For multi-family property owners who're attempting to prepare and sell a home on a budget, it can be done by tending to a few key areas of the property.  Below are a few of the areas and items that should be prepared prior to listing a multi-family for sale.
  1. Curb Appeal - Simply tending to the exterior curb appeal of a multi-family home can go a long way.  Trimming bushes/shrubs and making sure any flower beds are a couple tips for improving the curb appeal of the property.
  2. Clean Up Common Areas - Depending on the multi-unit, there maybe some common areas, such as laundry or a vestibule.  It's important that all common areas in the property are cleaned up and portray extra maintenance.
  3. Parking Areas - If the property has designated parking areas or garage spaces, making sure these are well defined and in good condition is critical.  If there is an off street parking area, a simple seal of the driveway can go a long way and doesn't cost a ton of extra money.
  4. Doors & Locks - All doors and locks within the multi-family property need to be working well.  It's not a good reflection of a property when the locks are difficult to use and a showing agent is struggling to access the units within the property.
  When selling a multi-family home, it's extremely important that it's prepared for the market.  Not doing so can make or break whether the property sells and also it can impact an owners bottom line.

Hire An Agent Who Has Experience Selling Multi-Family Homes

Hiring a top real estate agent, with experience, is extremely important when selling any type of property.  For example, when selling a waterfront property, hiring an agent who primarily sells mobile homes in a park wouldn't be the best idea. It's critical when selling a multi-family home that a Realtor® who has experience selling multi-family homes is hired.  To help ensure an agent who has experience selling multi-family homes is hired, there are certain questions to ask Realtors® during interviews.
  1. How do you handle showings when a property is tenant occupied?
  2. How much notice do you provide?
  3. In the past, how have you handled uncooperative tenants?
  4. Can you provide the contact information of the previous owner who you represented during a recent multi-family sale?
  Asking the right questions during an interview can greatly improve the chances an agent who has experience selling multi-family homes is hired. Not only is it important to make sure the agent has experience selling a multi-family home but it's equally as important to make sure they know how to effectively market a home.  Since the majority of home buyers are finding the home they eventually purchase on the internet, it's critical the agent knows how to reach potential buyers. This is done by using the best real estate marketing strategies.  Marketing strategies such as using social media, optimizing their website to be found in searches, and using high quality photography and videos are a few ways top real estate agents are marketing their clients homes to potential buyers.

Have Important Documents Ready

[caption id="attachment_10460" align="aligncenter" width="450"]Have Important Documents Ready When Selling A Multi-Family Home! Have Important Documents Ready When Selling A Multi-Family Home![/caption] There are certain things to know before selling a home, regardless if it's a single family or multi family home.  It's helpful that before listing a home for sale that important documents are readily accessible for potential buyers. Documents that should be readily accessible, whether selling a multi-family home or not, include documentation relating to roof age or warranties, the age of the homes HVAC systems, and any receipts of remodeling projects that have been completed. One of the most important features that today's home buyers are looking for in a home are updated and newer mechanics, such as roofs and HVAC systems.  Home sellers who have records and receipts showing the ages of these components give themselves a huge advantage. When selling a multi-family home, it's very important to have financial documents readily available for prospective buyers.  Since multi-family homes are often purchased as an investment, having the financial documents available can be extremely helpful for potential buyers. The most important financial document that should be readily available when selling a multi-family home is the yearly net operating figures.  This document shows a potential buyer the income from monthly rents and subtracts out the expenses of the property, such as yearly homeowners insurance, yearly refuse, yearly water usage, and any repairs that have been completed recently.

Complete Inspections Prior To Listing The Property

Many municipalities require that a certificate of occupancy, also known as a C of O, is renewed when a multi-family property is being sold to a new owner.  It's highly recommended that prior to listing a multi-family property that any inspections are completed beforehand. If your local municipality requires a new C of O prior to the property being transferred to a new owner, have the inspection completed prior to listing can reduce the chances that the real estate closing is delayed.  If you're unsure if a new C of O is required prior to the property being transferred, you can contact your local municipality to find out. Recently while selling a multi-family property in Rochester NY, the property owner decided to wait until after a contract was received to complete the required C of O inspection.  The City was backlogged on inspections and the inspection date had to be scheduled a month out, which ultimately delayed the closing of the property.  This could've been avoided if the C of O inspection was completed prior to listing the property. Another inspection to consider completing prior to listing a multi-family property is a general home inspection.  There are lots of reasons to have a pre-listing inspection when selling a home.  The number one reason having a pre-listing inspection prior to putting a home on the market is that it provides a homeowner the opportunity to rectify issues that a home inspector may find. Since the majority of home buyers elect to have a home inspection and some buyers can get scared away from a home because of the inspection results, having one completed prior to listing is a very good idea.  Homeowners who decide to not have a pre-listing inspection often end up regretting their decision if a buyer is scared away from their property.

Final Thoughts On Selling A Multi-Family Home

As you can see, selling a multi-family home is much different than selling a single family home.  Even though selling a multi-family home is generally more complex, that doesn't mean that it has to be impossible.  By following the 5 tips discussed above, multi-family property owners put themselves in a much better position to experience a smooth and successful sale.

Other Top Resources For Selling A Multi-Family Home

Do you own a multi-family property in Rochester?  If so and you're thinking about selling your multi-family property, the above 5 tips should be extremely helpful.  If you don't have a real estate agent in Rochester yet, call or text me at 585-704-7095, and I'd be happy to discuss the sale of your multi-family home!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "5 Important Tips For Selling A Multi-Family Home" was written by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group.  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Why Find The History of a House https://www.rochesterrealestateblog.com/find-history-house/ Tue, 24 Jan 2017 12:40:24 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19316 How To Sell A Multi-Family Property [caption id="attachment_10457" align="aligncenter" width="450"]5 Important Tips For Selling A Multi-Family Home 5 Important Tips For Selling A Multi-Family Home[/caption] Selling a multi-family home is substantially more complex than selling a single family home.  One of the top reasons why selling a multi-family is generally more complex is because it typically involves more people than just the one owner of a single family home. When selling a multi-family property the probability that you're involving 6-12 people is high.  Depending on the number of units in a multi-family property, you may only be dealing with a couple families or a dozen families. There are certain rules, regulations, and laws that multi-family property owners must be aware of and also abide by.  These rules, regulations, and laws will vary from city to city and state to state. It's highly recommended that prior to selling a multi-family home that you consult with an attorney to make sure you're not going to put yourself in a situation where you could be sued.  Not being aware of rules, regulations, and local laws is one of the top home selling mistakes made by multi-family property owners. Read on to find out what the top 5 tips for selling a multi-family home are.  Multi-family property owners who follow the below tips will put themselves in an excellent position to get their property sold, while avoiding potential issues or roadblocks.

Review Leases, Occupancy, & Tenant Rights

Before listing a multi-family home for sale, it's vital to review all leases and the occupancy for each unit.  As mentioned above, multi-family property owners can get themselves in trouble if they're not careful.  It's important to always keep in mind tenant rights when selling a multi-family home. There are a few frequently asked questions from home buyers that multi-family property owners will be asked during the sale process.  By reviewing the current leases and occupancy of each unit, multi-family property owners will be able to answer these questions accurately.  Below are a couple of the top questions asked by buyers who're looking to purchase a multi-family home.
  1. What are the terms of any/all leases?
  2. What are the rent amounts for each unit?
  3. What's included in the rent for each unit?
  4. Are there security deposits being held?
  5. Are the rents able to be subsidized by Government assistance?
  Reviewing the leases and occupancy for each unit can also help determine whether or not to sell the property while it's being occupied by tenants.  Selling a home with tenants can be tricky and it can also bring other potential issues into the equation. For example, if a multi-family home is being sold while tenant occupied and the leases are for an extended period of time, it potentially can eliminate a large number of potential buyers who're looking to buy a multi-family home and plan on, or need to, occupy one of the units.  One of the disadvantages of a VA home loan or FHA loan is that the property must be occupied by the buyer, so if a buyer is planning on utilizing one of these mortgage products, they wouldn't be able to purchase a tenant occupied multi-family home. Selling a multi-family home is easiest and most successful if it's unoccupied.  This eliminates potential issues with coordinating home showings or issues with occupancy requirements.  If this isn't a possibility, then it's important that the owner has full cooperation from all parties who'll be impacted during the sale of the multi-family property.

Preparation Is Key When Selling A Multi-Family Home

[caption id="attachment_10458" align="aligncenter" width="450"]Preparation Is Key When Selling A Multi-Family Home Preparation Is Key When Selling A Multi-Family Home[/caption] Preparing a home for sale is critical when selling any type of home, whether it's single family or multi-family.  Since many multi-family properties are purchased as investments, preparing for the sale becomes necessary. One of the most important factors for investors who're looking to buy multi-family homes is the amount of maintenance the home appears to have.  A home that isn't prepared for sale can appear to have more maintenance than it really does. For multi-family property owners who're attempting to prepare and sell a home on a budget, it can be done by tending to a few key areas of the property.  Below are a few of the areas and items that should be prepared prior to listing a multi-family for sale.
  1. Curb Appeal - Simply tending to the exterior curb appeal of a multi-family home can go a long way.  Trimming bushes/shrubs and making sure any flower beds are a couple tips for improving the curb appeal of the property.
  2. Clean Up Common Areas - Depending on the multi-unit, there maybe some common areas, such as laundry or a vestibule.  It's important that all common areas in the property are cleaned up and portray extra maintenance.
  3. Parking Areas - If the property has designated parking areas or garage spaces, making sure these are well defined and in good condition is critical.  If there is an off street parking area, a simple seal of the driveway can go a long way and doesn't cost a ton of extra money.
  4. Doors & Locks - All doors and locks within the multi-family property need to be working well.  It's not a good reflection of a property when the locks are difficult to use and a showing agent is struggling to access the units within the property.
  When selling a multi-family home, it's extremely important that it's prepared for the market.  Not doing so can make or break whether the property sells and also it can impact an owners bottom line.

Hire An Agent Who Has Experience Selling Multi-Family Homes

Hiring a top real estate agent, with experience, is extremely important when selling any type of property.  For example, when selling a waterfront property, hiring an agent who primarily sells mobile homes in a park wouldn't be the best idea. It's critical when selling a multi-family home that a Realtor® who has experience selling multi-family homes is hired.  To help ensure an agent who has experience selling multi-family homes is hired, there are certain questions to ask Realtors® during interviews.
  1. How do you handle showings when a property is tenant occupied?
  2. How much notice do you provide?
  3. In the past, how have you handled uncooperative tenants?
  4. Can you provide the contact information of the previous owner who you represented during a recent multi-family sale?
  Asking the right questions during an interview can greatly improve the chances an agent who has experience selling multi-family homes is hired. Not only is it important to make sure the agent has experience selling a multi-family home but it's equally as important to make sure they know how to effectively market a home.  Since the majority of home buyers are finding the home they eventually purchase on the internet, it's critical the agent knows how to reach potential buyers. This is done by using the best real estate marketing strategies.  Marketing strategies such as using social media, optimizing their website to be found in searches, and using high quality photography and videos are a few ways top real estate agents are marketing their clients homes to potential buyers.

Have Important Documents Ready

[caption id="attachment_10460" align="aligncenter" width="450"]Have Important Documents Ready When Selling A Multi-Family Home! Have Important Documents Ready When Selling A Multi-Family Home![/caption] There are certain things to know before selling a home, regardless if it's a single family or multi family home.  It's helpful that before listing a home for sale that important documents are readily accessible for potential buyers. Documents that should be readily accessible, whether selling a multi-family home or not, include documentation relating to roof age or warranties, the age of the homes HVAC systems, and any receipts of remodeling projects that have been completed. One of the most important features that today's home buyers are looking for in a home are updated and newer mechanics, such as roofs and HVAC systems.  Home sellers who have records and receipts showing the ages of these components give themselves a huge advantage. When selling a multi-family home, it's very important to have financial documents readily available for prospective buyers.  Since multi-family homes are often purchased as an investment, having the financial documents available can be extremely helpful for potential buyers. The most important financial document that should be readily available when selling a multi-family home is the yearly net operating figures.  This document shows a potential buyer the income from monthly rents and subtracts out the expenses of the property, such as yearly homeowners insurance, yearly refuse, yearly water usage, and any repairs that have been completed recently.

Complete Inspections Prior To Listing The Property

Many municipalities require that a certificate of occupancy, also known as a C of O, is renewed when a multi-family property is being sold to a new owner.  It's highly recommended that prior to listing a multi-family property that any inspections are completed beforehand. If your local municipality requires a new C of O prior to the property being transferred to a new owner, have the inspection completed prior to listing can reduce the chances that the real estate closing is delayed.  If you're unsure if a new C of O is required prior to the property being transferred, you can contact your local municipality to find out. Recently while selling a multi-family property in Rochester NY, the property owner decided to wait until after a contract was received to complete the required C of O inspection.  The City was backlogged on inspections and the inspection date had to be scheduled a month out, which ultimately delayed the closing of the property.  This could've been avoided if the C of O inspection was completed prior to listing the property. Another inspection to consider completing prior to listing a multi-family property is a general home inspection.  There are lots of reasons to have a pre-listing inspection when selling a home.  The number one reason having a pre-listing inspection prior to putting a home on the market is that it provides a homeowner the opportunity to rectify issues that a home inspector may find. Since the majority of home buyers elect to have a home inspection and some buyers can get scared away from a home because of the inspection results, having one completed prior to listing is a very good idea.  Homeowners who decide to not have a pre-listing inspection often end up regretting their decision if a buyer is scared away from their property.

Final Thoughts On Selling A Multi-Family Home

As you can see, selling a multi-family home is much different than selling a single family home.  Even though selling a multi-family home is generally more complex, that doesn't mean that it has to be impossible.  By following the 5 tips discussed above, multi-family property owners put themselves in a much better position to experience a smooth and successful sale.

Other Top Resources For Selling A Multi-Family Home

Do you own a multi-family property in Rochester?  If so and you're thinking about selling your multi-family property, the above 5 tips should be extremely helpful.  If you don't have a real estate agent in Rochester yet, call or text me at 585-704-7095, and I'd be happy to discuss the sale of your multi-family home!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "5 Important Tips For Selling A Multi-Family Home" was written by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group.  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> June 2023 Greater Rochester NY Area Real Estate Market Update https://www.rochesterrealestateblog.com/june-2023-rochester-ny-area-real-estate-market-update/ Tue, 24 Jan 2017 12:40:24 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19313 How To Sell A Multi-Family Property [caption id="attachment_10457" align="aligncenter" width="450"]5 Important Tips For Selling A Multi-Family Home 5 Important Tips For Selling A Multi-Family Home[/caption] Selling a multi-family home is substantially more complex than selling a single family home.  One of the top reasons why selling a multi-family is generally more complex is because it typically involves more people than just the one owner of a single family home. When selling a multi-family property the probability that you're involving 6-12 people is high.  Depending on the number of units in a multi-family property, you may only be dealing with a couple families or a dozen families. There are certain rules, regulations, and laws that multi-family property owners must be aware of and also abide by.  These rules, regulations, and laws will vary from city to city and state to state. It's highly recommended that prior to selling a multi-family home that you consult with an attorney to make sure you're not going to put yourself in a situation where you could be sued.  Not being aware of rules, regulations, and local laws is one of the top home selling mistakes made by multi-family property owners. Read on to find out what the top 5 tips for selling a multi-family home are.  Multi-family property owners who follow the below tips will put themselves in an excellent position to get their property sold, while avoiding potential issues or roadblocks.

Review Leases, Occupancy, & Tenant Rights

Before listing a multi-family home for sale, it's vital to review all leases and the occupancy for each unit.  As mentioned above, multi-family property owners can get themselves in trouble if they're not careful.  It's important to always keep in mind tenant rights when selling a multi-family home. There are a few frequently asked questions from home buyers that multi-family property owners will be asked during the sale process.  By reviewing the current leases and occupancy of each unit, multi-family property owners will be able to answer these questions accurately.  Below are a couple of the top questions asked by buyers who're looking to purchase a multi-family home.
  1. What are the terms of any/all leases?
  2. What are the rent amounts for each unit?
  3. What's included in the rent for each unit?
  4. Are there security deposits being held?
  5. Are the rents able to be subsidized by Government assistance?
  Reviewing the leases and occupancy for each unit can also help determine whether or not to sell the property while it's being occupied by tenants.  Selling a home with tenants can be tricky and it can also bring other potential issues into the equation. For example, if a multi-family home is being sold while tenant occupied and the leases are for an extended period of time, it potentially can eliminate a large number of potential buyers who're looking to buy a multi-family home and plan on, or need to, occupy one of the units.  One of the disadvantages of a VA home loan or FHA loan is that the property must be occupied by the buyer, so if a buyer is planning on utilizing one of these mortgage products, they wouldn't be able to purchase a tenant occupied multi-family home. Selling a multi-family home is easiest and most successful if it's unoccupied.  This eliminates potential issues with coordinating home showings or issues with occupancy requirements.  If this isn't a possibility, then it's important that the owner has full cooperation from all parties who'll be impacted during the sale of the multi-family property.

Preparation Is Key When Selling A Multi-Family Home

[caption id="attachment_10458" align="aligncenter" width="450"]Preparation Is Key When Selling A Multi-Family Home Preparation Is Key When Selling A Multi-Family Home[/caption] Preparing a home for sale is critical when selling any type of home, whether it's single family or multi-family.  Since many multi-family properties are purchased as investments, preparing for the sale becomes necessary. One of the most important factors for investors who're looking to buy multi-family homes is the amount of maintenance the home appears to have.  A home that isn't prepared for sale can appear to have more maintenance than it really does. For multi-family property owners who're attempting to prepare and sell a home on a budget, it can be done by tending to a few key areas of the property.  Below are a few of the areas and items that should be prepared prior to listing a multi-family for sale.
  1. Curb Appeal - Simply tending to the exterior curb appeal of a multi-family home can go a long way.  Trimming bushes/shrubs and making sure any flower beds are a couple tips for improving the curb appeal of the property.
  2. Clean Up Common Areas - Depending on the multi-unit, there maybe some common areas, such as laundry or a vestibule.  It's important that all common areas in the property are cleaned up and portray extra maintenance.
  3. Parking Areas - If the property has designated parking areas or garage spaces, making sure these are well defined and in good condition is critical.  If there is an off street parking area, a simple seal of the driveway can go a long way and doesn't cost a ton of extra money.
  4. Doors & Locks - All doors and locks within the multi-family property need to be working well.  It's not a good reflection of a property when the locks are difficult to use and a showing agent is struggling to access the units within the property.
  When selling a multi-family home, it's extremely important that it's prepared for the market.  Not doing so can make or break whether the property sells and also it can impact an owners bottom line.

Hire An Agent Who Has Experience Selling Multi-Family Homes

Hiring a top real estate agent, with experience, is extremely important when selling any type of property.  For example, when selling a waterfront property, hiring an agent who primarily sells mobile homes in a park wouldn't be the best idea. It's critical when selling a multi-family home that a Realtor® who has experience selling multi-family homes is hired.  To help ensure an agent who has experience selling multi-family homes is hired, there are certain questions to ask Realtors® during interviews.
  1. How do you handle showings when a property is tenant occupied?
  2. How much notice do you provide?
  3. In the past, how have you handled uncooperative tenants?
  4. Can you provide the contact information of the previous owner who you represented during a recent multi-family sale?
  Asking the right questions during an interview can greatly improve the chances an agent who has experience selling multi-family homes is hired. Not only is it important to make sure the agent has experience selling a multi-family home but it's equally as important to make sure they know how to effectively market a home.  Since the majority of home buyers are finding the home they eventually purchase on the internet, it's critical the agent knows how to reach potential buyers. This is done by using the best real estate marketing strategies.  Marketing strategies such as using social media, optimizing their website to be found in searches, and using high quality photography and videos are a few ways top real estate agents are marketing their clients homes to potential buyers.

Have Important Documents Ready

[caption id="attachment_10460" align="aligncenter" width="450"]Have Important Documents Ready When Selling A Multi-Family Home! Have Important Documents Ready When Selling A Multi-Family Home![/caption] There are certain things to know before selling a home, regardless if it's a single family or multi family home.  It's helpful that before listing a home for sale that important documents are readily accessible for potential buyers. Documents that should be readily accessible, whether selling a multi-family home or not, include documentation relating to roof age or warranties, the age of the homes HVAC systems, and any receipts of remodeling projects that have been completed. One of the most important features that today's home buyers are looking for in a home are updated and newer mechanics, such as roofs and HVAC systems.  Home sellers who have records and receipts showing the ages of these components give themselves a huge advantage. When selling a multi-family home, it's very important to have financial documents readily available for prospective buyers.  Since multi-family homes are often purchased as an investment, having the financial documents available can be extremely helpful for potential buyers. The most important financial document that should be readily available when selling a multi-family home is the yearly net operating figures.  This document shows a potential buyer the income from monthly rents and subtracts out the expenses of the property, such as yearly homeowners insurance, yearly refuse, yearly water usage, and any repairs that have been completed recently.

Complete Inspections Prior To Listing The Property

Many municipalities require that a certificate of occupancy, also known as a C of O, is renewed when a multi-family property is being sold to a new owner.  It's highly recommended that prior to listing a multi-family property that any inspections are completed beforehand. If your local municipality requires a new C of O prior to the property being transferred to a new owner, have the inspection completed prior to listing can reduce the chances that the real estate closing is delayed.  If you're unsure if a new C of O is required prior to the property being transferred, you can contact your local municipality to find out. Recently while selling a multi-family property in Rochester NY, the property owner decided to wait until after a contract was received to complete the required C of O inspection.  The City was backlogged on inspections and the inspection date had to be scheduled a month out, which ultimately delayed the closing of the property.  This could've been avoided if the C of O inspection was completed prior to listing the property. Another inspection to consider completing prior to listing a multi-family property is a general home inspection.  There are lots of reasons to have a pre-listing inspection when selling a home.  The number one reason having a pre-listing inspection prior to putting a home on the market is that it provides a homeowner the opportunity to rectify issues that a home inspector may find. Since the majority of home buyers elect to have a home inspection and some buyers can get scared away from a home because of the inspection results, having one completed prior to listing is a very good idea.  Homeowners who decide to not have a pre-listing inspection often end up regretting their decision if a buyer is scared away from their property.

Final Thoughts On Selling A Multi-Family Home

As you can see, selling a multi-family home is much different than selling a single family home.  Even though selling a multi-family home is generally more complex, that doesn't mean that it has to be impossible.  By following the 5 tips discussed above, multi-family property owners put themselves in a much better position to experience a smooth and successful sale.

Other Top Resources For Selling A Multi-Family Home

Do you own a multi-family property in Rochester?  If so and you're thinking about selling your multi-family property, the above 5 tips should be extremely helpful.  If you don't have a real estate agent in Rochester yet, call or text me at 585-704-7095, and I'd be happy to discuss the sale of your multi-family home!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "5 Important Tips For Selling A Multi-Family Home" was written by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group.  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> What Does a Real Estate Lawyer Do? https://www.rochesterrealestateblog.com/real-estate-lawyer/ Tue, 24 Jan 2017 12:40:24 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19181 How To Sell A Multi-Family Property [caption id="attachment_10457" align="aligncenter" width="450"]5 Important Tips For Selling A Multi-Family Home 5 Important Tips For Selling A Multi-Family Home[/caption] Selling a multi-family home is substantially more complex than selling a single family home.  One of the top reasons why selling a multi-family is generally more complex is because it typically involves more people than just the one owner of a single family home. When selling a multi-family property the probability that you're involving 6-12 people is high.  Depending on the number of units in a multi-family property, you may only be dealing with a couple families or a dozen families. There are certain rules, regulations, and laws that multi-family property owners must be aware of and also abide by.  These rules, regulations, and laws will vary from city to city and state to state. It's highly recommended that prior to selling a multi-family home that you consult with an attorney to make sure you're not going to put yourself in a situation where you could be sued.  Not being aware of rules, regulations, and local laws is one of the top home selling mistakes made by multi-family property owners. Read on to find out what the top 5 tips for selling a multi-family home are.  Multi-family property owners who follow the below tips will put themselves in an excellent position to get their property sold, while avoiding potential issues or roadblocks.

Review Leases, Occupancy, & Tenant Rights

Before listing a multi-family home for sale, it's vital to review all leases and the occupancy for each unit.  As mentioned above, multi-family property owners can get themselves in trouble if they're not careful.  It's important to always keep in mind tenant rights when selling a multi-family home. There are a few frequently asked questions from home buyers that multi-family property owners will be asked during the sale process.  By reviewing the current leases and occupancy of each unit, multi-family property owners will be able to answer these questions accurately.  Below are a couple of the top questions asked by buyers who're looking to purchase a multi-family home.
  1. What are the terms of any/all leases?
  2. What are the rent amounts for each unit?
  3. What's included in the rent for each unit?
  4. Are there security deposits being held?
  5. Are the rents able to be subsidized by Government assistance?
  Reviewing the leases and occupancy for each unit can also help determine whether or not to sell the property while it's being occupied by tenants.  Selling a home with tenants can be tricky and it can also bring other potential issues into the equation. For example, if a multi-family home is being sold while tenant occupied and the leases are for an extended period of time, it potentially can eliminate a large number of potential buyers who're looking to buy a multi-family home and plan on, or need to, occupy one of the units.  One of the disadvantages of a VA home loan or FHA loan is that the property must be occupied by the buyer, so if a buyer is planning on utilizing one of these mortgage products, they wouldn't be able to purchase a tenant occupied multi-family home. Selling a multi-family home is easiest and most successful if it's unoccupied.  This eliminates potential issues with coordinating home showings or issues with occupancy requirements.  If this isn't a possibility, then it's important that the owner has full cooperation from all parties who'll be impacted during the sale of the multi-family property.

Preparation Is Key When Selling A Multi-Family Home

[caption id="attachment_10458" align="aligncenter" width="450"]Preparation Is Key When Selling A Multi-Family Home Preparation Is Key When Selling A Multi-Family Home[/caption] Preparing a home for sale is critical when selling any type of home, whether it's single family or multi-family.  Since many multi-family properties are purchased as investments, preparing for the sale becomes necessary. One of the most important factors for investors who're looking to buy multi-family homes is the amount of maintenance the home appears to have.  A home that isn't prepared for sale can appear to have more maintenance than it really does. For multi-family property owners who're attempting to prepare and sell a home on a budget, it can be done by tending to a few key areas of the property.  Below are a few of the areas and items that should be prepared prior to listing a multi-family for sale.
  1. Curb Appeal - Simply tending to the exterior curb appeal of a multi-family home can go a long way.  Trimming bushes/shrubs and making sure any flower beds are a couple tips for improving the curb appeal of the property.
  2. Clean Up Common Areas - Depending on the multi-unit, there maybe some common areas, such as laundry or a vestibule.  It's important that all common areas in the property are cleaned up and portray extra maintenance.
  3. Parking Areas - If the property has designated parking areas or garage spaces, making sure these are well defined and in good condition is critical.  If there is an off street parking area, a simple seal of the driveway can go a long way and doesn't cost a ton of extra money.
  4. Doors & Locks - All doors and locks within the multi-family property need to be working well.  It's not a good reflection of a property when the locks are difficult to use and a showing agent is struggling to access the units within the property.
  When selling a multi-family home, it's extremely important that it's prepared for the market.  Not doing so can make or break whether the property sells and also it can impact an owners bottom line.

Hire An Agent Who Has Experience Selling Multi-Family Homes

Hiring a top real estate agent, with experience, is extremely important when selling any type of property.  For example, when selling a waterfront property, hiring an agent who primarily sells mobile homes in a park wouldn't be the best idea. It's critical when selling a multi-family home that a Realtor® who has experience selling multi-family homes is hired.  To help ensure an agent who has experience selling multi-family homes is hired, there are certain questions to ask Realtors® during interviews.
  1. How do you handle showings when a property is tenant occupied?
  2. How much notice do you provide?
  3. In the past, how have you handled uncooperative tenants?
  4. Can you provide the contact information of the previous owner who you represented during a recent multi-family sale?
  Asking the right questions during an interview can greatly improve the chances an agent who has experience selling multi-family homes is hired. Not only is it important to make sure the agent has experience selling a multi-family home but it's equally as important to make sure they know how to effectively market a home.  Since the majority of home buyers are finding the home they eventually purchase on the internet, it's critical the agent knows how to reach potential buyers. This is done by using the best real estate marketing strategies.  Marketing strategies such as using social media, optimizing their website to be found in searches, and using high quality photography and videos are a few ways top real estate agents are marketing their clients homes to potential buyers.

Have Important Documents Ready

[caption id="attachment_10460" align="aligncenter" width="450"]Have Important Documents Ready When Selling A Multi-Family Home! Have Important Documents Ready When Selling A Multi-Family Home![/caption] There are certain things to know before selling a home, regardless if it's a single family or multi family home.  It's helpful that before listing a home for sale that important documents are readily accessible for potential buyers. Documents that should be readily accessible, whether selling a multi-family home or not, include documentation relating to roof age or warranties, the age of the homes HVAC systems, and any receipts of remodeling projects that have been completed. One of the most important features that today's home buyers are looking for in a home are updated and newer mechanics, such as roofs and HVAC systems.  Home sellers who have records and receipts showing the ages of these components give themselves a huge advantage. When selling a multi-family home, it's very important to have financial documents readily available for prospective buyers.  Since multi-family homes are often purchased as an investment, having the financial documents available can be extremely helpful for potential buyers. The most important financial document that should be readily available when selling a multi-family home is the yearly net operating figures.  This document shows a potential buyer the income from monthly rents and subtracts out the expenses of the property, such as yearly homeowners insurance, yearly refuse, yearly water usage, and any repairs that have been completed recently.

Complete Inspections Prior To Listing The Property

Many municipalities require that a certificate of occupancy, also known as a C of O, is renewed when a multi-family property is being sold to a new owner.  It's highly recommended that prior to listing a multi-family property that any inspections are completed beforehand. If your local municipality requires a new C of O prior to the property being transferred to a new owner, have the inspection completed prior to listing can reduce the chances that the real estate closing is delayed.  If you're unsure if a new C of O is required prior to the property being transferred, you can contact your local municipality to find out. Recently while selling a multi-family property in Rochester NY, the property owner decided to wait until after a contract was received to complete the required C of O inspection.  The City was backlogged on inspections and the inspection date had to be scheduled a month out, which ultimately delayed the closing of the property.  This could've been avoided if the C of O inspection was completed prior to listing the property. Another inspection to consider completing prior to listing a multi-family property is a general home inspection.  There are lots of reasons to have a pre-listing inspection when selling a home.  The number one reason having a pre-listing inspection prior to putting a home on the market is that it provides a homeowner the opportunity to rectify issues that a home inspector may find. Since the majority of home buyers elect to have a home inspection and some buyers can get scared away from a home because of the inspection results, having one completed prior to listing is a very good idea.  Homeowners who decide to not have a pre-listing inspection often end up regretting their decision if a buyer is scared away from their property.

Final Thoughts On Selling A Multi-Family Home

As you can see, selling a multi-family home is much different than selling a single family home.  Even though selling a multi-family home is generally more complex, that doesn't mean that it has to be impossible.  By following the 5 tips discussed above, multi-family property owners put themselves in a much better position to experience a smooth and successful sale.

Other Top Resources For Selling A Multi-Family Home

Do you own a multi-family property in Rochester?  If so and you're thinking about selling your multi-family property, the above 5 tips should be extremely helpful.  If you don't have a real estate agent in Rochester yet, call or text me at 585-704-7095, and I'd be happy to discuss the sale of your multi-family home!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "5 Important Tips For Selling A Multi-Family Home" was written by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group.  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> May 2023 Greater Rochester NY Area Real Estate Market Update https://www.rochesterrealestateblog.com/may-2023-rochester-ny-area-real-estate-market-update/ Tue, 24 Jan 2017 12:40:24 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19162 How To Sell A Multi-Family Property [caption id="attachment_10457" align="aligncenter" width="450"]5 Important Tips For Selling A Multi-Family Home 5 Important Tips For Selling A Multi-Family Home[/caption] Selling a multi-family home is substantially more complex than selling a single family home.  One of the top reasons why selling a multi-family is generally more complex is because it typically involves more people than just the one owner of a single family home. When selling a multi-family property the probability that you're involving 6-12 people is high.  Depending on the number of units in a multi-family property, you may only be dealing with a couple families or a dozen families. There are certain rules, regulations, and laws that multi-family property owners must be aware of and also abide by.  These rules, regulations, and laws will vary from city to city and state to state. It's highly recommended that prior to selling a multi-family home that you consult with an attorney to make sure you're not going to put yourself in a situation where you could be sued.  Not being aware of rules, regulations, and local laws is one of the top home selling mistakes made by multi-family property owners. Read on to find out what the top 5 tips for selling a multi-family home are.  Multi-family property owners who follow the below tips will put themselves in an excellent position to get their property sold, while avoiding potential issues or roadblocks.

Review Leases, Occupancy, & Tenant Rights

Before listing a multi-family home for sale, it's vital to review all leases and the occupancy for each unit.  As mentioned above, multi-family property owners can get themselves in trouble if they're not careful.  It's important to always keep in mind tenant rights when selling a multi-family home. There are a few frequently asked questions from home buyers that multi-family property owners will be asked during the sale process.  By reviewing the current leases and occupancy of each unit, multi-family property owners will be able to answer these questions accurately.  Below are a couple of the top questions asked by buyers who're looking to purchase a multi-family home.
  1. What are the terms of any/all leases?
  2. What are the rent amounts for each unit?
  3. What's included in the rent for each unit?
  4. Are there security deposits being held?
  5. Are the rents able to be subsidized by Government assistance?
  Reviewing the leases and occupancy for each unit can also help determine whether or not to sell the property while it's being occupied by tenants.  Selling a home with tenants can be tricky and it can also bring other potential issues into the equation. For example, if a multi-family home is being sold while tenant occupied and the leases are for an extended period of time, it potentially can eliminate a large number of potential buyers who're looking to buy a multi-family home and plan on, or need to, occupy one of the units.  One of the disadvantages of a VA home loan or FHA loan is that the property must be occupied by the buyer, so if a buyer is planning on utilizing one of these mortgage products, they wouldn't be able to purchase a tenant occupied multi-family home. Selling a multi-family home is easiest and most successful if it's unoccupied.  This eliminates potential issues with coordinating home showings or issues with occupancy requirements.  If this isn't a possibility, then it's important that the owner has full cooperation from all parties who'll be impacted during the sale of the multi-family property.

Preparation Is Key When Selling A Multi-Family Home

[caption id="attachment_10458" align="aligncenter" width="450"]Preparation Is Key When Selling A Multi-Family Home Preparation Is Key When Selling A Multi-Family Home[/caption] Preparing a home for sale is critical when selling any type of home, whether it's single family or multi-family.  Since many multi-family properties are purchased as investments, preparing for the sale becomes necessary. One of the most important factors for investors who're looking to buy multi-family homes is the amount of maintenance the home appears to have.  A home that isn't prepared for sale can appear to have more maintenance than it really does. For multi-family property owners who're attempting to prepare and sell a home on a budget, it can be done by tending to a few key areas of the property.  Below are a few of the areas and items that should be prepared prior to listing a multi-family for sale.
  1. Curb Appeal - Simply tending to the exterior curb appeal of a multi-family home can go a long way.  Trimming bushes/shrubs and making sure any flower beds are a couple tips for improving the curb appeal of the property.
  2. Clean Up Common Areas - Depending on the multi-unit, there maybe some common areas, such as laundry or a vestibule.  It's important that all common areas in the property are cleaned up and portray extra maintenance.
  3. Parking Areas - If the property has designated parking areas or garage spaces, making sure these are well defined and in good condition is critical.  If there is an off street parking area, a simple seal of the driveway can go a long way and doesn't cost a ton of extra money.
  4. Doors & Locks - All doors and locks within the multi-family property need to be working well.  It's not a good reflection of a property when the locks are difficult to use and a showing agent is struggling to access the units within the property.
  When selling a multi-family home, it's extremely important that it's prepared for the market.  Not doing so can make or break whether the property sells and also it can impact an owners bottom line.

Hire An Agent Who Has Experience Selling Multi-Family Homes

Hiring a top real estate agent, with experience, is extremely important when selling any type of property.  For example, when selling a waterfront property, hiring an agent who primarily sells mobile homes in a park wouldn't be the best idea. It's critical when selling a multi-family home that a Realtor® who has experience selling multi-family homes is hired.  To help ensure an agent who has experience selling multi-family homes is hired, there are certain questions to ask Realtors® during interviews.
  1. How do you handle showings when a property is tenant occupied?
  2. How much notice do you provide?
  3. In the past, how have you handled uncooperative tenants?
  4. Can you provide the contact information of the previous owner who you represented during a recent multi-family sale?
  Asking the right questions during an interview can greatly improve the chances an agent who has experience selling multi-family homes is hired. Not only is it important to make sure the agent has experience selling a multi-family home but it's equally as important to make sure they know how to effectively market a home.  Since the majority of home buyers are finding the home they eventually purchase on the internet, it's critical the agent knows how to reach potential buyers. This is done by using the best real estate marketing strategies.  Marketing strategies such as using social media, optimizing their website to be found in searches, and using high quality photography and videos are a few ways top real estate agents are marketing their clients homes to potential buyers.

Have Important Documents Ready

[caption id="attachment_10460" align="aligncenter" width="450"]Have Important Documents Ready When Selling A Multi-Family Home! Have Important Documents Ready When Selling A Multi-Family Home![/caption] There are certain things to know before selling a home, regardless if it's a single family or multi family home.  It's helpful that before listing a home for sale that important documents are readily accessible for potential buyers. Documents that should be readily accessible, whether selling a multi-family home or not, include documentation relating to roof age or warranties, the age of the homes HVAC systems, and any receipts of remodeling projects that have been completed. One of the most important features that today's home buyers are looking for in a home are updated and newer mechanics, such as roofs and HVAC systems.  Home sellers who have records and receipts showing the ages of these components give themselves a huge advantage. When selling a multi-family home, it's very important to have financial documents readily available for prospective buyers.  Since multi-family homes are often purchased as an investment, having the financial documents available can be extremely helpful for potential buyers. The most important financial document that should be readily available when selling a multi-family home is the yearly net operating figures.  This document shows a potential buyer the income from monthly rents and subtracts out the expenses of the property, such as yearly homeowners insurance, yearly refuse, yearly water usage, and any repairs that have been completed recently.

Complete Inspections Prior To Listing The Property

Many municipalities require that a certificate of occupancy, also known as a C of O, is renewed when a multi-family property is being sold to a new owner.  It's highly recommended that prior to listing a multi-family property that any inspections are completed beforehand. If your local municipality requires a new C of O prior to the property being transferred to a new owner, have the inspection completed prior to listing can reduce the chances that the real estate closing is delayed.  If you're unsure if a new C of O is required prior to the property being transferred, you can contact your local municipality to find out. Recently while selling a multi-family property in Rochester NY, the property owner decided to wait until after a contract was received to complete the required C of O inspection.  The City was backlogged on inspections and the inspection date had to be scheduled a month out, which ultimately delayed the closing of the property.  This could've been avoided if the C of O inspection was completed prior to listing the property. Another inspection to consider completing prior to listing a multi-family property is a general home inspection.  There are lots of reasons to have a pre-listing inspection when selling a home.  The number one reason having a pre-listing inspection prior to putting a home on the market is that it provides a homeowner the opportunity to rectify issues that a home inspector may find. Since the majority of home buyers elect to have a home inspection and some buyers can get scared away from a home because of the inspection results, having one completed prior to listing is a very good idea.  Homeowners who decide to not have a pre-listing inspection often end up regretting their decision if a buyer is scared away from their property.

Final Thoughts On Selling A Multi-Family Home

As you can see, selling a multi-family home is much different than selling a single family home.  Even though selling a multi-family home is generally more complex, that doesn't mean that it has to be impossible.  By following the 5 tips discussed above, multi-family property owners put themselves in a much better position to experience a smooth and successful sale.

Other Top Resources For Selling A Multi-Family Home

Do you own a multi-family property in Rochester?  If so and you're thinking about selling your multi-family property, the above 5 tips should be extremely helpful.  If you don't have a real estate agent in Rochester yet, call or text me at 585-704-7095, and I'd be happy to discuss the sale of your multi-family home!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "5 Important Tips For Selling A Multi-Family Home" was written by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group.  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> What to Know About Buying a Home For The First Time https://www.rochesterrealestateblog.com/buying-home-first-time/ Tue, 24 Jan 2017 12:40:24 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19058 How To Sell A Multi-Family Property [caption id="attachment_10457" align="aligncenter" width="450"]5 Important Tips For Selling A Multi-Family Home 5 Important Tips For Selling A Multi-Family Home[/caption] Selling a multi-family home is substantially more complex than selling a single family home.  One of the top reasons why selling a multi-family is generally more complex is because it typically involves more people than just the one owner of a single family home. When selling a multi-family property the probability that you're involving 6-12 people is high.  Depending on the number of units in a multi-family property, you may only be dealing with a couple families or a dozen families. There are certain rules, regulations, and laws that multi-family property owners must be aware of and also abide by.  These rules, regulations, and laws will vary from city to city and state to state. It's highly recommended that prior to selling a multi-family home that you consult with an attorney to make sure you're not going to put yourself in a situation where you could be sued.  Not being aware of rules, regulations, and local laws is one of the top home selling mistakes made by multi-family property owners. Read on to find out what the top 5 tips for selling a multi-family home are.  Multi-family property owners who follow the below tips will put themselves in an excellent position to get their property sold, while avoiding potential issues or roadblocks.

Review Leases, Occupancy, & Tenant Rights

Before listing a multi-family home for sale, it's vital to review all leases and the occupancy for each unit.  As mentioned above, multi-family property owners can get themselves in trouble if they're not careful.  It's important to always keep in mind tenant rights when selling a multi-family home. There are a few frequently asked questions from home buyers that multi-family property owners will be asked during the sale process.  By reviewing the current leases and occupancy of each unit, multi-family property owners will be able to answer these questions accurately.  Below are a couple of the top questions asked by buyers who're looking to purchase a multi-family home.
  1. What are the terms of any/all leases?
  2. What are the rent amounts for each unit?
  3. What's included in the rent for each unit?
  4. Are there security deposits being held?
  5. Are the rents able to be subsidized by Government assistance?
  Reviewing the leases and occupancy for each unit can also help determine whether or not to sell the property while it's being occupied by tenants.  Selling a home with tenants can be tricky and it can also bring other potential issues into the equation. For example, if a multi-family home is being sold while tenant occupied and the leases are for an extended period of time, it potentially can eliminate a large number of potential buyers who're looking to buy a multi-family home and plan on, or need to, occupy one of the units.  One of the disadvantages of a VA home loan or FHA loan is that the property must be occupied by the buyer, so if a buyer is planning on utilizing one of these mortgage products, they wouldn't be able to purchase a tenant occupied multi-family home. Selling a multi-family home is easiest and most successful if it's unoccupied.  This eliminates potential issues with coordinating home showings or issues with occupancy requirements.  If this isn't a possibility, then it's important that the owner has full cooperation from all parties who'll be impacted during the sale of the multi-family property.

Preparation Is Key When Selling A Multi-Family Home

[caption id="attachment_10458" align="aligncenter" width="450"]Preparation Is Key When Selling A Multi-Family Home Preparation Is Key When Selling A Multi-Family Home[/caption] Preparing a home for sale is critical when selling any type of home, whether it's single family or multi-family.  Since many multi-family properties are purchased as investments, preparing for the sale becomes necessary. One of the most important factors for investors who're looking to buy multi-family homes is the amount of maintenance the home appears to have.  A home that isn't prepared for sale can appear to have more maintenance than it really does. For multi-family property owners who're attempting to prepare and sell a home on a budget, it can be done by tending to a few key areas of the property.  Below are a few of the areas and items that should be prepared prior to listing a multi-family for sale.
  1. Curb Appeal - Simply tending to the exterior curb appeal of a multi-family home can go a long way.  Trimming bushes/shrubs and making sure any flower beds are a couple tips for improving the curb appeal of the property.
  2. Clean Up Common Areas - Depending on the multi-unit, there maybe some common areas, such as laundry or a vestibule.  It's important that all common areas in the property are cleaned up and portray extra maintenance.
  3. Parking Areas - If the property has designated parking areas or garage spaces, making sure these are well defined and in good condition is critical.  If there is an off street parking area, a simple seal of the driveway can go a long way and doesn't cost a ton of extra money.
  4. Doors & Locks - All doors and locks within the multi-family property need to be working well.  It's not a good reflection of a property when the locks are difficult to use and a showing agent is struggling to access the units within the property.
  When selling a multi-family home, it's extremely important that it's prepared for the market.  Not doing so can make or break whether the property sells and also it can impact an owners bottom line.

Hire An Agent Who Has Experience Selling Multi-Family Homes

Hiring a top real estate agent, with experience, is extremely important when selling any type of property.  For example, when selling a waterfront property, hiring an agent who primarily sells mobile homes in a park wouldn't be the best idea. It's critical when selling a multi-family home that a Realtor® who has experience selling multi-family homes is hired.  To help ensure an agent who has experience selling multi-family homes is hired, there are certain questions to ask Realtors® during interviews.
  1. How do you handle showings when a property is tenant occupied?
  2. How much notice do you provide?
  3. In the past, how have you handled uncooperative tenants?
  4. Can you provide the contact information of the previous owner who you represented during a recent multi-family sale?
  Asking the right questions during an interview can greatly improve the chances an agent who has experience selling multi-family homes is hired. Not only is it important to make sure the agent has experience selling a multi-family home but it's equally as important to make sure they know how to effectively market a home.  Since the majority of home buyers are finding the home they eventually purchase on the internet, it's critical the agent knows how to reach potential buyers. This is done by using the best real estate marketing strategies.  Marketing strategies such as using social media, optimizing their website to be found in searches, and using high quality photography and videos are a few ways top real estate agents are marketing their clients homes to potential buyers.

Have Important Documents Ready

[caption id="attachment_10460" align="aligncenter" width="450"]Have Important Documents Ready When Selling A Multi-Family Home! Have Important Documents Ready When Selling A Multi-Family Home![/caption] There are certain things to know before selling a home, regardless if it's a single family or multi family home.  It's helpful that before listing a home for sale that important documents are readily accessible for potential buyers. Documents that should be readily accessible, whether selling a multi-family home or not, include documentation relating to roof age or warranties, the age of the homes HVAC systems, and any receipts of remodeling projects that have been completed. One of the most important features that today's home buyers are looking for in a home are updated and newer mechanics, such as roofs and HVAC systems.  Home sellers who have records and receipts showing the ages of these components give themselves a huge advantage. When selling a multi-family home, it's very important to have financial documents readily available for prospective buyers.  Since multi-family homes are often purchased as an investment, having the financial documents available can be extremely helpful for potential buyers. The most important financial document that should be readily available when selling a multi-family home is the yearly net operating figures.  This document shows a potential buyer the income from monthly rents and subtracts out the expenses of the property, such as yearly homeowners insurance, yearly refuse, yearly water usage, and any repairs that have been completed recently.

Complete Inspections Prior To Listing The Property

Many municipalities require that a certificate of occupancy, also known as a C of O, is renewed when a multi-family property is being sold to a new owner.  It's highly recommended that prior to listing a multi-family property that any inspections are completed beforehand. If your local municipality requires a new C of O prior to the property being transferred to a new owner, have the inspection completed prior to listing can reduce the chances that the real estate closing is delayed.  If you're unsure if a new C of O is required prior to the property being transferred, you can contact your local municipality to find out. Recently while selling a multi-family property in Rochester NY, the property owner decided to wait until after a contract was received to complete the required C of O inspection.  The City was backlogged on inspections and the inspection date had to be scheduled a month out, which ultimately delayed the closing of the property.  This could've been avoided if the C of O inspection was completed prior to listing the property. Another inspection to consider completing prior to listing a multi-family property is a general home inspection.  There are lots of reasons to have a pre-listing inspection when selling a home.  The number one reason having a pre-listing inspection prior to putting a home on the market is that it provides a homeowner the opportunity to rectify issues that a home inspector may find. Since the majority of home buyers elect to have a home inspection and some buyers can get scared away from a home because of the inspection results, having one completed prior to listing is a very good idea.  Homeowners who decide to not have a pre-listing inspection often end up regretting their decision if a buyer is scared away from their property.

Final Thoughts On Selling A Multi-Family Home

As you can see, selling a multi-family home is much different than selling a single family home.  Even though selling a multi-family home is generally more complex, that doesn't mean that it has to be impossible.  By following the 5 tips discussed above, multi-family property owners put themselves in a much better position to experience a smooth and successful sale.

Other Top Resources For Selling A Multi-Family Home

Do you own a multi-family property in Rochester?  If so and you're thinking about selling your multi-family property, the above 5 tips should be extremely helpful.  If you don't have a real estate agent in Rochester yet, call or text me at 585-704-7095, and I'd be happy to discuss the sale of your multi-family home!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "5 Important Tips For Selling A Multi-Family Home" was written by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group.  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> <strong>What Should a Buyer Look For at a Home Inspection?</strong> https://www.rochesterrealestateblog.com/what-look-for-home-inspection/ Tue, 24 Jan 2017 12:40:24 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18983 How To Sell A Multi-Family Property [caption id="attachment_10457" align="aligncenter" width="450"]5 Important Tips For Selling A Multi-Family Home 5 Important Tips For Selling A Multi-Family Home[/caption] Selling a multi-family home is substantially more complex than selling a single family home.  One of the top reasons why selling a multi-family is generally more complex is because it typically involves more people than just the one owner of a single family home. When selling a multi-family property the probability that you're involving 6-12 people is high.  Depending on the number of units in a multi-family property, you may only be dealing with a couple families or a dozen families. There are certain rules, regulations, and laws that multi-family property owners must be aware of and also abide by.  These rules, regulations, and laws will vary from city to city and state to state. It's highly recommended that prior to selling a multi-family home that you consult with an attorney to make sure you're not going to put yourself in a situation where you could be sued.  Not being aware of rules, regulations, and local laws is one of the top home selling mistakes made by multi-family property owners. Read on to find out what the top 5 tips for selling a multi-family home are.  Multi-family property owners who follow the below tips will put themselves in an excellent position to get their property sold, while avoiding potential issues or roadblocks.

Review Leases, Occupancy, & Tenant Rights

Before listing a multi-family home for sale, it's vital to review all leases and the occupancy for each unit.  As mentioned above, multi-family property owners can get themselves in trouble if they're not careful.  It's important to always keep in mind tenant rights when selling a multi-family home. There are a few frequently asked questions from home buyers that multi-family property owners will be asked during the sale process.  By reviewing the current leases and occupancy of each unit, multi-family property owners will be able to answer these questions accurately.  Below are a couple of the top questions asked by buyers who're looking to purchase a multi-family home.
  1. What are the terms of any/all leases?
  2. What are the rent amounts for each unit?
  3. What's included in the rent for each unit?
  4. Are there security deposits being held?
  5. Are the rents able to be subsidized by Government assistance?
  Reviewing the leases and occupancy for each unit can also help determine whether or not to sell the property while it's being occupied by tenants.  Selling a home with tenants can be tricky and it can also bring other potential issues into the equation. For example, if a multi-family home is being sold while tenant occupied and the leases are for an extended period of time, it potentially can eliminate a large number of potential buyers who're looking to buy a multi-family home and plan on, or need to, occupy one of the units.  One of the disadvantages of a VA home loan or FHA loan is that the property must be occupied by the buyer, so if a buyer is planning on utilizing one of these mortgage products, they wouldn't be able to purchase a tenant occupied multi-family home. Selling a multi-family home is easiest and most successful if it's unoccupied.  This eliminates potential issues with coordinating home showings or issues with occupancy requirements.  If this isn't a possibility, then it's important that the owner has full cooperation from all parties who'll be impacted during the sale of the multi-family property.

Preparation Is Key When Selling A Multi-Family Home

[caption id="attachment_10458" align="aligncenter" width="450"]Preparation Is Key When Selling A Multi-Family Home Preparation Is Key When Selling A Multi-Family Home[/caption] Preparing a home for sale is critical when selling any type of home, whether it's single family or multi-family.  Since many multi-family properties are purchased as investments, preparing for the sale becomes necessary. One of the most important factors for investors who're looking to buy multi-family homes is the amount of maintenance the home appears to have.  A home that isn't prepared for sale can appear to have more maintenance than it really does. For multi-family property owners who're attempting to prepare and sell a home on a budget, it can be done by tending to a few key areas of the property.  Below are a few of the areas and items that should be prepared prior to listing a multi-family for sale.
  1. Curb Appeal - Simply tending to the exterior curb appeal of a multi-family home can go a long way.  Trimming bushes/shrubs and making sure any flower beds are a couple tips for improving the curb appeal of the property.
  2. Clean Up Common Areas - Depending on the multi-unit, there maybe some common areas, such as laundry or a vestibule.  It's important that all common areas in the property are cleaned up and portray extra maintenance.
  3. Parking Areas - If the property has designated parking areas or garage spaces, making sure these are well defined and in good condition is critical.  If there is an off street parking area, a simple seal of the driveway can go a long way and doesn't cost a ton of extra money.
  4. Doors & Locks - All doors and locks within the multi-family property need to be working well.  It's not a good reflection of a property when the locks are difficult to use and a showing agent is struggling to access the units within the property.
  When selling a multi-family home, it's extremely important that it's prepared for the market.  Not doing so can make or break whether the property sells and also it can impact an owners bottom line.

Hire An Agent Who Has Experience Selling Multi-Family Homes

Hiring a top real estate agent, with experience, is extremely important when selling any type of property.  For example, when selling a waterfront property, hiring an agent who primarily sells mobile homes in a park wouldn't be the best idea. It's critical when selling a multi-family home that a Realtor® who has experience selling multi-family homes is hired.  To help ensure an agent who has experience selling multi-family homes is hired, there are certain questions to ask Realtors® during interviews.
  1. How do you handle showings when a property is tenant occupied?
  2. How much notice do you provide?
  3. In the past, how have you handled uncooperative tenants?
  4. Can you provide the contact information of the previous owner who you represented during a recent multi-family sale?
  Asking the right questions during an interview can greatly improve the chances an agent who has experience selling multi-family homes is hired. Not only is it important to make sure the agent has experience selling a multi-family home but it's equally as important to make sure they know how to effectively market a home.  Since the majority of home buyers are finding the home they eventually purchase on the internet, it's critical the agent knows how to reach potential buyers. This is done by using the best real estate marketing strategies.  Marketing strategies such as using social media, optimizing their website to be found in searches, and using high quality photography and videos are a few ways top real estate agents are marketing their clients homes to potential buyers.

Have Important Documents Ready

[caption id="attachment_10460" align="aligncenter" width="450"]Have Important Documents Ready When Selling A Multi-Family Home! Have Important Documents Ready When Selling A Multi-Family Home![/caption] There are certain things to know before selling a home, regardless if it's a single family or multi family home.  It's helpful that before listing a home for sale that important documents are readily accessible for potential buyers. Documents that should be readily accessible, whether selling a multi-family home or not, include documentation relating to roof age or warranties, the age of the homes HVAC systems, and any receipts of remodeling projects that have been completed. One of the most important features that today's home buyers are looking for in a home are updated and newer mechanics, such as roofs and HVAC systems.  Home sellers who have records and receipts showing the ages of these components give themselves a huge advantage. When selling a multi-family home, it's very important to have financial documents readily available for prospective buyers.  Since multi-family homes are often purchased as an investment, having the financial documents available can be extremely helpful for potential buyers. The most important financial document that should be readily available when selling a multi-family home is the yearly net operating figures.  This document shows a potential buyer the income from monthly rents and subtracts out the expenses of the property, such as yearly homeowners insurance, yearly refuse, yearly water usage, and any repairs that have been completed recently.

Complete Inspections Prior To Listing The Property

Many municipalities require that a certificate of occupancy, also known as a C of O, is renewed when a multi-family property is being sold to a new owner.  It's highly recommended that prior to listing a multi-family property that any inspections are completed beforehand. If your local municipality requires a new C of O prior to the property being transferred to a new owner, have the inspection completed prior to listing can reduce the chances that the real estate closing is delayed.  If you're unsure if a new C of O is required prior to the property being transferred, you can contact your local municipality to find out. Recently while selling a multi-family property in Rochester NY, the property owner decided to wait until after a contract was received to complete the required C of O inspection.  The City was backlogged on inspections and the inspection date had to be scheduled a month out, which ultimately delayed the closing of the property.  This could've been avoided if the C of O inspection was completed prior to listing the property. Another inspection to consider completing prior to listing a multi-family property is a general home inspection.  There are lots of reasons to have a pre-listing inspection when selling a home.  The number one reason having a pre-listing inspection prior to putting a home on the market is that it provides a homeowner the opportunity to rectify issues that a home inspector may find. Since the majority of home buyers elect to have a home inspection and some buyers can get scared away from a home because of the inspection results, having one completed prior to listing is a very good idea.  Homeowners who decide to not have a pre-listing inspection often end up regretting their decision if a buyer is scared away from their property.

Final Thoughts On Selling A Multi-Family Home

As you can see, selling a multi-family home is much different than selling a single family home.  Even though selling a multi-family home is generally more complex, that doesn't mean that it has to be impossible.  By following the 5 tips discussed above, multi-family property owners put themselves in a much better position to experience a smooth and successful sale.

Other Top Resources For Selling A Multi-Family Home

Do you own a multi-family property in Rochester?  If so and you're thinking about selling your multi-family property, the above 5 tips should be extremely helpful.  If you don't have a real estate agent in Rochester yet, call or text me at 585-704-7095, and I'd be happy to discuss the sale of your multi-family home!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "5 Important Tips For Selling A Multi-Family Home" was written by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group.  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Companies That Buy Houses For Cash Reviewed https://www.rochesterrealestateblog.com/companies-buy-houses-for-cash/ Tue, 24 Jan 2017 12:40:24 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18889 How To Sell A Multi-Family Property [caption id="attachment_10457" align="aligncenter" width="450"]5 Important Tips For Selling A Multi-Family Home 5 Important Tips For Selling A Multi-Family Home[/caption] Selling a multi-family home is substantially more complex than selling a single family home.  One of the top reasons why selling a multi-family is generally more complex is because it typically involves more people than just the one owner of a single family home. When selling a multi-family property the probability that you're involving 6-12 people is high.  Depending on the number of units in a multi-family property, you may only be dealing with a couple families or a dozen families. There are certain rules, regulations, and laws that multi-family property owners must be aware of and also abide by.  These rules, regulations, and laws will vary from city to city and state to state. It's highly recommended that prior to selling a multi-family home that you consult with an attorney to make sure you're not going to put yourself in a situation where you could be sued.  Not being aware of rules, regulations, and local laws is one of the top home selling mistakes made by multi-family property owners. Read on to find out what the top 5 tips for selling a multi-family home are.  Multi-family property owners who follow the below tips will put themselves in an excellent position to get their property sold, while avoiding potential issues or roadblocks.

Review Leases, Occupancy, & Tenant Rights

Before listing a multi-family home for sale, it's vital to review all leases and the occupancy for each unit.  As mentioned above, multi-family property owners can get themselves in trouble if they're not careful.  It's important to always keep in mind tenant rights when selling a multi-family home. There are a few frequently asked questions from home buyers that multi-family property owners will be asked during the sale process.  By reviewing the current leases and occupancy of each unit, multi-family property owners will be able to answer these questions accurately.  Below are a couple of the top questions asked by buyers who're looking to purchase a multi-family home.
  1. What are the terms of any/all leases?
  2. What are the rent amounts for each unit?
  3. What's included in the rent for each unit?
  4. Are there security deposits being held?
  5. Are the rents able to be subsidized by Government assistance?
  Reviewing the leases and occupancy for each unit can also help determine whether or not to sell the property while it's being occupied by tenants.  Selling a home with tenants can be tricky and it can also bring other potential issues into the equation. For example, if a multi-family home is being sold while tenant occupied and the leases are for an extended period of time, it potentially can eliminate a large number of potential buyers who're looking to buy a multi-family home and plan on, or need to, occupy one of the units.  One of the disadvantages of a VA home loan or FHA loan is that the property must be occupied by the buyer, so if a buyer is planning on utilizing one of these mortgage products, they wouldn't be able to purchase a tenant occupied multi-family home. Selling a multi-family home is easiest and most successful if it's unoccupied.  This eliminates potential issues with coordinating home showings or issues with occupancy requirements.  If this isn't a possibility, then it's important that the owner has full cooperation from all parties who'll be impacted during the sale of the multi-family property.

Preparation Is Key When Selling A Multi-Family Home

[caption id="attachment_10458" align="aligncenter" width="450"]Preparation Is Key When Selling A Multi-Family Home Preparation Is Key When Selling A Multi-Family Home[/caption] Preparing a home for sale is critical when selling any type of home, whether it's single family or multi-family.  Since many multi-family properties are purchased as investments, preparing for the sale becomes necessary. One of the most important factors for investors who're looking to buy multi-family homes is the amount of maintenance the home appears to have.  A home that isn't prepared for sale can appear to have more maintenance than it really does. For multi-family property owners who're attempting to prepare and sell a home on a budget, it can be done by tending to a few key areas of the property.  Below are a few of the areas and items that should be prepared prior to listing a multi-family for sale.
  1. Curb Appeal - Simply tending to the exterior curb appeal of a multi-family home can go a long way.  Trimming bushes/shrubs and making sure any flower beds are a couple tips for improving the curb appeal of the property.
  2. Clean Up Common Areas - Depending on the multi-unit, there maybe some common areas, such as laundry or a vestibule.  It's important that all common areas in the property are cleaned up and portray extra maintenance.
  3. Parking Areas - If the property has designated parking areas or garage spaces, making sure these are well defined and in good condition is critical.  If there is an off street parking area, a simple seal of the driveway can go a long way and doesn't cost a ton of extra money.
  4. Doors & Locks - All doors and locks within the multi-family property need to be working well.  It's not a good reflection of a property when the locks are difficult to use and a showing agent is struggling to access the units within the property.
  When selling a multi-family home, it's extremely important that it's prepared for the market.  Not doing so can make or break whether the property sells and also it can impact an owners bottom line.

Hire An Agent Who Has Experience Selling Multi-Family Homes

Hiring a top real estate agent, with experience, is extremely important when selling any type of property.  For example, when selling a waterfront property, hiring an agent who primarily sells mobile homes in a park wouldn't be the best idea. It's critical when selling a multi-family home that a Realtor® who has experience selling multi-family homes is hired.  To help ensure an agent who has experience selling multi-family homes is hired, there are certain questions to ask Realtors® during interviews.
  1. How do you handle showings when a property is tenant occupied?
  2. How much notice do you provide?
  3. In the past, how have you handled uncooperative tenants?
  4. Can you provide the contact information of the previous owner who you represented during a recent multi-family sale?
  Asking the right questions during an interview can greatly improve the chances an agent who has experience selling multi-family homes is hired. Not only is it important to make sure the agent has experience selling a multi-family home but it's equally as important to make sure they know how to effectively market a home.  Since the majority of home buyers are finding the home they eventually purchase on the internet, it's critical the agent knows how to reach potential buyers. This is done by using the best real estate marketing strategies.  Marketing strategies such as using social media, optimizing their website to be found in searches, and using high quality photography and videos are a few ways top real estate agents are marketing their clients homes to potential buyers.

Have Important Documents Ready

[caption id="attachment_10460" align="aligncenter" width="450"]Have Important Documents Ready When Selling A Multi-Family Home! Have Important Documents Ready When Selling A Multi-Family Home![/caption] There are certain things to know before selling a home, regardless if it's a single family or multi family home.  It's helpful that before listing a home for sale that important documents are readily accessible for potential buyers. Documents that should be readily accessible, whether selling a multi-family home or not, include documentation relating to roof age or warranties, the age of the homes HVAC systems, and any receipts of remodeling projects that have been completed. One of the most important features that today's home buyers are looking for in a home are updated and newer mechanics, such as roofs and HVAC systems.  Home sellers who have records and receipts showing the ages of these components give themselves a huge advantage. When selling a multi-family home, it's very important to have financial documents readily available for prospective buyers.  Since multi-family homes are often purchased as an investment, having the financial documents available can be extremely helpful for potential buyers. The most important financial document that should be readily available when selling a multi-family home is the yearly net operating figures.  This document shows a potential buyer the income from monthly rents and subtracts out the expenses of the property, such as yearly homeowners insurance, yearly refuse, yearly water usage, and any repairs that have been completed recently.

Complete Inspections Prior To Listing The Property

Many municipalities require that a certificate of occupancy, also known as a C of O, is renewed when a multi-family property is being sold to a new owner.  It's highly recommended that prior to listing a multi-family property that any inspections are completed beforehand. If your local municipality requires a new C of O prior to the property being transferred to a new owner, have the inspection completed prior to listing can reduce the chances that the real estate closing is delayed.  If you're unsure if a new C of O is required prior to the property being transferred, you can contact your local municipality to find out. Recently while selling a multi-family property in Rochester NY, the property owner decided to wait until after a contract was received to complete the required C of O inspection.  The City was backlogged on inspections and the inspection date had to be scheduled a month out, which ultimately delayed the closing of the property.  This could've been avoided if the C of O inspection was completed prior to listing the property. Another inspection to consider completing prior to listing a multi-family property is a general home inspection.  There are lots of reasons to have a pre-listing inspection when selling a home.  The number one reason having a pre-listing inspection prior to putting a home on the market is that it provides a homeowner the opportunity to rectify issues that a home inspector may find. Since the majority of home buyers elect to have a home inspection and some buyers can get scared away from a home because of the inspection results, having one completed prior to listing is a very good idea.  Homeowners who decide to not have a pre-listing inspection often end up regretting their decision if a buyer is scared away from their property.

Final Thoughts On Selling A Multi-Family Home

As you can see, selling a multi-family home is much different than selling a single family home.  Even though selling a multi-family home is generally more complex, that doesn't mean that it has to be impossible.  By following the 5 tips discussed above, multi-family property owners put themselves in a much better position to experience a smooth and successful sale.

Other Top Resources For Selling A Multi-Family Home

Do you own a multi-family property in Rochester?  If so and you're thinking about selling your multi-family property, the above 5 tips should be extremely helpful.  If you don't have a real estate agent in Rochester yet, call or text me at 585-704-7095, and I'd be happy to discuss the sale of your multi-family home!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "5 Important Tips For Selling A Multi-Family Home" was written by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group.  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Does Home Staging Work and What is The Cost? https://www.rochesterrealestateblog.com/does-home-staging-work/ Tue, 24 Jan 2017 12:40:24 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18814 How To Sell A Multi-Family Property [caption id="attachment_10457" align="aligncenter" width="450"]5 Important Tips For Selling A Multi-Family Home 5 Important Tips For Selling A Multi-Family Home[/caption] Selling a multi-family home is substantially more complex than selling a single family home.  One of the top reasons why selling a multi-family is generally more complex is because it typically involves more people than just the one owner of a single family home. When selling a multi-family property the probability that you're involving 6-12 people is high.  Depending on the number of units in a multi-family property, you may only be dealing with a couple families or a dozen families. There are certain rules, regulations, and laws that multi-family property owners must be aware of and also abide by.  These rules, regulations, and laws will vary from city to city and state to state. It's highly recommended that prior to selling a multi-family home that you consult with an attorney to make sure you're not going to put yourself in a situation where you could be sued.  Not being aware of rules, regulations, and local laws is one of the top home selling mistakes made by multi-family property owners. Read on to find out what the top 5 tips for selling a multi-family home are.  Multi-family property owners who follow the below tips will put themselves in an excellent position to get their property sold, while avoiding potential issues or roadblocks.

Review Leases, Occupancy, & Tenant Rights

Before listing a multi-family home for sale, it's vital to review all leases and the occupancy for each unit.  As mentioned above, multi-family property owners can get themselves in trouble if they're not careful.  It's important to always keep in mind tenant rights when selling a multi-family home. There are a few frequently asked questions from home buyers that multi-family property owners will be asked during the sale process.  By reviewing the current leases and occupancy of each unit, multi-family property owners will be able to answer these questions accurately.  Below are a couple of the top questions asked by buyers who're looking to purchase a multi-family home.
  1. What are the terms of any/all leases?
  2. What are the rent amounts for each unit?
  3. What's included in the rent for each unit?
  4. Are there security deposits being held?
  5. Are the rents able to be subsidized by Government assistance?
  Reviewing the leases and occupancy for each unit can also help determine whether or not to sell the property while it's being occupied by tenants.  Selling a home with tenants can be tricky and it can also bring other potential issues into the equation. For example, if a multi-family home is being sold while tenant occupied and the leases are for an extended period of time, it potentially can eliminate a large number of potential buyers who're looking to buy a multi-family home and plan on, or need to, occupy one of the units.  One of the disadvantages of a VA home loan or FHA loan is that the property must be occupied by the buyer, so if a buyer is planning on utilizing one of these mortgage products, they wouldn't be able to purchase a tenant occupied multi-family home. Selling a multi-family home is easiest and most successful if it's unoccupied.  This eliminates potential issues with coordinating home showings or issues with occupancy requirements.  If this isn't a possibility, then it's important that the owner has full cooperation from all parties who'll be impacted during the sale of the multi-family property.

Preparation Is Key When Selling A Multi-Family Home

[caption id="attachment_10458" align="aligncenter" width="450"]Preparation Is Key When Selling A Multi-Family Home Preparation Is Key When Selling A Multi-Family Home[/caption] Preparing a home for sale is critical when selling any type of home, whether it's single family or multi-family.  Since many multi-family properties are purchased as investments, preparing for the sale becomes necessary. One of the most important factors for investors who're looking to buy multi-family homes is the amount of maintenance the home appears to have.  A home that isn't prepared for sale can appear to have more maintenance than it really does. For multi-family property owners who're attempting to prepare and sell a home on a budget, it can be done by tending to a few key areas of the property.  Below are a few of the areas and items that should be prepared prior to listing a multi-family for sale.
  1. Curb Appeal - Simply tending to the exterior curb appeal of a multi-family home can go a long way.  Trimming bushes/shrubs and making sure any flower beds are a couple tips for improving the curb appeal of the property.
  2. Clean Up Common Areas - Depending on the multi-unit, there maybe some common areas, such as laundry or a vestibule.  It's important that all common areas in the property are cleaned up and portray extra maintenance.
  3. Parking Areas - If the property has designated parking areas or garage spaces, making sure these are well defined and in good condition is critical.  If there is an off street parking area, a simple seal of the driveway can go a long way and doesn't cost a ton of extra money.
  4. Doors & Locks - All doors and locks within the multi-family property need to be working well.  It's not a good reflection of a property when the locks are difficult to use and a showing agent is struggling to access the units within the property.
  When selling a multi-family home, it's extremely important that it's prepared for the market.  Not doing so can make or break whether the property sells and also it can impact an owners bottom line.

Hire An Agent Who Has Experience Selling Multi-Family Homes

Hiring a top real estate agent, with experience, is extremely important when selling any type of property.  For example, when selling a waterfront property, hiring an agent who primarily sells mobile homes in a park wouldn't be the best idea. It's critical when selling a multi-family home that a Realtor® who has experience selling multi-family homes is hired.  To help ensure an agent who has experience selling multi-family homes is hired, there are certain questions to ask Realtors® during interviews.
  1. How do you handle showings when a property is tenant occupied?
  2. How much notice do you provide?
  3. In the past, how have you handled uncooperative tenants?
  4. Can you provide the contact information of the previous owner who you represented during a recent multi-family sale?
  Asking the right questions during an interview can greatly improve the chances an agent who has experience selling multi-family homes is hired. Not only is it important to make sure the agent has experience selling a multi-family home but it's equally as important to make sure they know how to effectively market a home.  Since the majority of home buyers are finding the home they eventually purchase on the internet, it's critical the agent knows how to reach potential buyers. This is done by using the best real estate marketing strategies.  Marketing strategies such as using social media, optimizing their website to be found in searches, and using high quality photography and videos are a few ways top real estate agents are marketing their clients homes to potential buyers.

Have Important Documents Ready

[caption id="attachment_10460" align="aligncenter" width="450"]Have Important Documents Ready When Selling A Multi-Family Home! Have Important Documents Ready When Selling A Multi-Family Home![/caption] There are certain things to know before selling a home, regardless if it's a single family or multi family home.  It's helpful that before listing a home for sale that important documents are readily accessible for potential buyers. Documents that should be readily accessible, whether selling a multi-family home or not, include documentation relating to roof age or warranties, the age of the homes HVAC systems, and any receipts of remodeling projects that have been completed. One of the most important features that today's home buyers are looking for in a home are updated and newer mechanics, such as roofs and HVAC systems.  Home sellers who have records and receipts showing the ages of these components give themselves a huge advantage. When selling a multi-family home, it's very important to have financial documents readily available for prospective buyers.  Since multi-family homes are often purchased as an investment, having the financial documents available can be extremely helpful for potential buyers. The most important financial document that should be readily available when selling a multi-family home is the yearly net operating figures.  This document shows a potential buyer the income from monthly rents and subtracts out the expenses of the property, such as yearly homeowners insurance, yearly refuse, yearly water usage, and any repairs that have been completed recently.

Complete Inspections Prior To Listing The Property

Many municipalities require that a certificate of occupancy, also known as a C of O, is renewed when a multi-family property is being sold to a new owner.  It's highly recommended that prior to listing a multi-family property that any inspections are completed beforehand. If your local municipality requires a new C of O prior to the property being transferred to a new owner, have the inspection completed prior to listing can reduce the chances that the real estate closing is delayed.  If you're unsure if a new C of O is required prior to the property being transferred, you can contact your local municipality to find out. Recently while selling a multi-family property in Rochester NY, the property owner decided to wait until after a contract was received to complete the required C of O inspection.  The City was backlogged on inspections and the inspection date had to be scheduled a month out, which ultimately delayed the closing of the property.  This could've been avoided if the C of O inspection was completed prior to listing the property. Another inspection to consider completing prior to listing a multi-family property is a general home inspection.  There are lots of reasons to have a pre-listing inspection when selling a home.  The number one reason having a pre-listing inspection prior to putting a home on the market is that it provides a homeowner the opportunity to rectify issues that a home inspector may find. Since the majority of home buyers elect to have a home inspection and some buyers can get scared away from a home because of the inspection results, having one completed prior to listing is a very good idea.  Homeowners who decide to not have a pre-listing inspection often end up regretting their decision if a buyer is scared away from their property.

Final Thoughts On Selling A Multi-Family Home

As you can see, selling a multi-family home is much different than selling a single family home.  Even though selling a multi-family home is generally more complex, that doesn't mean that it has to be impossible.  By following the 5 tips discussed above, multi-family property owners put themselves in a much better position to experience a smooth and successful sale.

Other Top Resources For Selling A Multi-Family Home

Do you own a multi-family property in Rochester?  If so and you're thinking about selling your multi-family property, the above 5 tips should be extremely helpful.  If you don't have a real estate agent in Rochester yet, call or text me at 585-704-7095, and I'd be happy to discuss the sale of your multi-family home!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "5 Important Tips For Selling A Multi-Family Home" was written by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group.  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> What to Avoid When Getting a Mortgage https://www.rochesterrealestateblog.com/avoid-when-getting-mortgage/ Tue, 24 Jan 2017 12:40:24 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18797 How To Sell A Multi-Family Property [caption id="attachment_10457" align="aligncenter" width="450"]5 Important Tips For Selling A Multi-Family Home 5 Important Tips For Selling A Multi-Family Home[/caption] Selling a multi-family home is substantially more complex than selling a single family home.  One of the top reasons why selling a multi-family is generally more complex is because it typically involves more people than just the one owner of a single family home. When selling a multi-family property the probability that you're involving 6-12 people is high.  Depending on the number of units in a multi-family property, you may only be dealing with a couple families or a dozen families. There are certain rules, regulations, and laws that multi-family property owners must be aware of and also abide by.  These rules, regulations, and laws will vary from city to city and state to state. It's highly recommended that prior to selling a multi-family home that you consult with an attorney to make sure you're not going to put yourself in a situation where you could be sued.  Not being aware of rules, regulations, and local laws is one of the top home selling mistakes made by multi-family property owners. Read on to find out what the top 5 tips for selling a multi-family home are.  Multi-family property owners who follow the below tips will put themselves in an excellent position to get their property sold, while avoiding potential issues or roadblocks.

Review Leases, Occupancy, & Tenant Rights

Before listing a multi-family home for sale, it's vital to review all leases and the occupancy for each unit.  As mentioned above, multi-family property owners can get themselves in trouble if they're not careful.  It's important to always keep in mind tenant rights when selling a multi-family home. There are a few frequently asked questions from home buyers that multi-family property owners will be asked during the sale process.  By reviewing the current leases and occupancy of each unit, multi-family property owners will be able to answer these questions accurately.  Below are a couple of the top questions asked by buyers who're looking to purchase a multi-family home.
  1. What are the terms of any/all leases?
  2. What are the rent amounts for each unit?
  3. What's included in the rent for each unit?
  4. Are there security deposits being held?
  5. Are the rents able to be subsidized by Government assistance?
  Reviewing the leases and occupancy for each unit can also help determine whether or not to sell the property while it's being occupied by tenants.  Selling a home with tenants can be tricky and it can also bring other potential issues into the equation. For example, if a multi-family home is being sold while tenant occupied and the leases are for an extended period of time, it potentially can eliminate a large number of potential buyers who're looking to buy a multi-family home and plan on, or need to, occupy one of the units.  One of the disadvantages of a VA home loan or FHA loan is that the property must be occupied by the buyer, so if a buyer is planning on utilizing one of these mortgage products, they wouldn't be able to purchase a tenant occupied multi-family home. Selling a multi-family home is easiest and most successful if it's unoccupied.  This eliminates potential issues with coordinating home showings or issues with occupancy requirements.  If this isn't a possibility, then it's important that the owner has full cooperation from all parties who'll be impacted during the sale of the multi-family property.

Preparation Is Key When Selling A Multi-Family Home

[caption id="attachment_10458" align="aligncenter" width="450"]Preparation Is Key When Selling A Multi-Family Home Preparation Is Key When Selling A Multi-Family Home[/caption] Preparing a home for sale is critical when selling any type of home, whether it's single family or multi-family.  Since many multi-family properties are purchased as investments, preparing for the sale becomes necessary. One of the most important factors for investors who're looking to buy multi-family homes is the amount of maintenance the home appears to have.  A home that isn't prepared for sale can appear to have more maintenance than it really does. For multi-family property owners who're attempting to prepare and sell a home on a budget, it can be done by tending to a few key areas of the property.  Below are a few of the areas and items that should be prepared prior to listing a multi-family for sale.
  1. Curb Appeal - Simply tending to the exterior curb appeal of a multi-family home can go a long way.  Trimming bushes/shrubs and making sure any flower beds are a couple tips for improving the curb appeal of the property.
  2. Clean Up Common Areas - Depending on the multi-unit, there maybe some common areas, such as laundry or a vestibule.  It's important that all common areas in the property are cleaned up and portray extra maintenance.
  3. Parking Areas - If the property has designated parking areas or garage spaces, making sure these are well defined and in good condition is critical.  If there is an off street parking area, a simple seal of the driveway can go a long way and doesn't cost a ton of extra money.
  4. Doors & Locks - All doors and locks within the multi-family property need to be working well.  It's not a good reflection of a property when the locks are difficult to use and a showing agent is struggling to access the units within the property.
  When selling a multi-family home, it's extremely important that it's prepared for the market.  Not doing so can make or break whether the property sells and also it can impact an owners bottom line.

Hire An Agent Who Has Experience Selling Multi-Family Homes

Hiring a top real estate agent, with experience, is extremely important when selling any type of property.  For example, when selling a waterfront property, hiring an agent who primarily sells mobile homes in a park wouldn't be the best idea. It's critical when selling a multi-family home that a Realtor® who has experience selling multi-family homes is hired.  To help ensure an agent who has experience selling multi-family homes is hired, there are certain questions to ask Realtors® during interviews.
  1. How do you handle showings when a property is tenant occupied?
  2. How much notice do you provide?
  3. In the past, how have you handled uncooperative tenants?
  4. Can you provide the contact information of the previous owner who you represented during a recent multi-family sale?
  Asking the right questions during an interview can greatly improve the chances an agent who has experience selling multi-family homes is hired. Not only is it important to make sure the agent has experience selling a multi-family home but it's equally as important to make sure they know how to effectively market a home.  Since the majority of home buyers are finding the home they eventually purchase on the internet, it's critical the agent knows how to reach potential buyers. This is done by using the best real estate marketing strategies.  Marketing strategies such as using social media, optimizing their website to be found in searches, and using high quality photography and videos are a few ways top real estate agents are marketing their clients homes to potential buyers.

Have Important Documents Ready

[caption id="attachment_10460" align="aligncenter" width="450"]Have Important Documents Ready When Selling A Multi-Family Home! Have Important Documents Ready When Selling A Multi-Family Home![/caption] There are certain things to know before selling a home, regardless if it's a single family or multi family home.  It's helpful that before listing a home for sale that important documents are readily accessible for potential buyers. Documents that should be readily accessible, whether selling a multi-family home or not, include documentation relating to roof age or warranties, the age of the homes HVAC systems, and any receipts of remodeling projects that have been completed. One of the most important features that today's home buyers are looking for in a home are updated and newer mechanics, such as roofs and HVAC systems.  Home sellers who have records and receipts showing the ages of these components give themselves a huge advantage. When selling a multi-family home, it's very important to have financial documents readily available for prospective buyers.  Since multi-family homes are often purchased as an investment, having the financial documents available can be extremely helpful for potential buyers. The most important financial document that should be readily available when selling a multi-family home is the yearly net operating figures.  This document shows a potential buyer the income from monthly rents and subtracts out the expenses of the property, such as yearly homeowners insurance, yearly refuse, yearly water usage, and any repairs that have been completed recently.

Complete Inspections Prior To Listing The Property

Many municipalities require that a certificate of occupancy, also known as a C of O, is renewed when a multi-family property is being sold to a new owner.  It's highly recommended that prior to listing a multi-family property that any inspections are completed beforehand. If your local municipality requires a new C of O prior to the property being transferred to a new owner, have the inspection completed prior to listing can reduce the chances that the real estate closing is delayed.  If you're unsure if a new C of O is required prior to the property being transferred, you can contact your local municipality to find out. Recently while selling a multi-family property in Rochester NY, the property owner decided to wait until after a contract was received to complete the required C of O inspection.  The City was backlogged on inspections and the inspection date had to be scheduled a month out, which ultimately delayed the closing of the property.  This could've been avoided if the C of O inspection was completed prior to listing the property. Another inspection to consider completing prior to listing a multi-family property is a general home inspection.  There are lots of reasons to have a pre-listing inspection when selling a home.  The number one reason having a pre-listing inspection prior to putting a home on the market is that it provides a homeowner the opportunity to rectify issues that a home inspector may find. Since the majority of home buyers elect to have a home inspection and some buyers can get scared away from a home because of the inspection results, having one completed prior to listing is a very good idea.  Homeowners who decide to not have a pre-listing inspection often end up regretting their decision if a buyer is scared away from their property.

Final Thoughts On Selling A Multi-Family Home

As you can see, selling a multi-family home is much different than selling a single family home.  Even though selling a multi-family home is generally more complex, that doesn't mean that it has to be impossible.  By following the 5 tips discussed above, multi-family property owners put themselves in a much better position to experience a smooth and successful sale.

Other Top Resources For Selling A Multi-Family Home

Do you own a multi-family property in Rochester?  If so and you're thinking about selling your multi-family property, the above 5 tips should be extremely helpful.  If you don't have a real estate agent in Rochester yet, call or text me at 585-704-7095, and I'd be happy to discuss the sale of your multi-family home!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "5 Important Tips For Selling A Multi-Family Home" was written by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group.  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> <strong>5 Options For Replacing a Roof Reviewed</strong> https://www.rochesterrealestateblog.com/replacing-roof/ Tue, 24 Jan 2017 12:40:24 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18771 How To Sell A Multi-Family Property [caption id="attachment_10457" align="aligncenter" width="450"]5 Important Tips For Selling A Multi-Family Home 5 Important Tips For Selling A Multi-Family Home[/caption] Selling a multi-family home is substantially more complex than selling a single family home.  One of the top reasons why selling a multi-family is generally more complex is because it typically involves more people than just the one owner of a single family home. When selling a multi-family property the probability that you're involving 6-12 people is high.  Depending on the number of units in a multi-family property, you may only be dealing with a couple families or a dozen families. There are certain rules, regulations, and laws that multi-family property owners must be aware of and also abide by.  These rules, regulations, and laws will vary from city to city and state to state. It's highly recommended that prior to selling a multi-family home that you consult with an attorney to make sure you're not going to put yourself in a situation where you could be sued.  Not being aware of rules, regulations, and local laws is one of the top home selling mistakes made by multi-family property owners. Read on to find out what the top 5 tips for selling a multi-family home are.  Multi-family property owners who follow the below tips will put themselves in an excellent position to get their property sold, while avoiding potential issues or roadblocks.

Review Leases, Occupancy, & Tenant Rights

Before listing a multi-family home for sale, it's vital to review all leases and the occupancy for each unit.  As mentioned above, multi-family property owners can get themselves in trouble if they're not careful.  It's important to always keep in mind tenant rights when selling a multi-family home. There are a few frequently asked questions from home buyers that multi-family property owners will be asked during the sale process.  By reviewing the current leases and occupancy of each unit, multi-family property owners will be able to answer these questions accurately.  Below are a couple of the top questions asked by buyers who're looking to purchase a multi-family home.
  1. What are the terms of any/all leases?
  2. What are the rent amounts for each unit?
  3. What's included in the rent for each unit?
  4. Are there security deposits being held?
  5. Are the rents able to be subsidized by Government assistance?
  Reviewing the leases and occupancy for each unit can also help determine whether or not to sell the property while it's being occupied by tenants.  Selling a home with tenants can be tricky and it can also bring other potential issues into the equation. For example, if a multi-family home is being sold while tenant occupied and the leases are for an extended period of time, it potentially can eliminate a large number of potential buyers who're looking to buy a multi-family home and plan on, or need to, occupy one of the units.  One of the disadvantages of a VA home loan or FHA loan is that the property must be occupied by the buyer, so if a buyer is planning on utilizing one of these mortgage products, they wouldn't be able to purchase a tenant occupied multi-family home. Selling a multi-family home is easiest and most successful if it's unoccupied.  This eliminates potential issues with coordinating home showings or issues with occupancy requirements.  If this isn't a possibility, then it's important that the owner has full cooperation from all parties who'll be impacted during the sale of the multi-family property.

Preparation Is Key When Selling A Multi-Family Home

[caption id="attachment_10458" align="aligncenter" width="450"]Preparation Is Key When Selling A Multi-Family Home Preparation Is Key When Selling A Multi-Family Home[/caption] Preparing a home for sale is critical when selling any type of home, whether it's single family or multi-family.  Since many multi-family properties are purchased as investments, preparing for the sale becomes necessary. One of the most important factors for investors who're looking to buy multi-family homes is the amount of maintenance the home appears to have.  A home that isn't prepared for sale can appear to have more maintenance than it really does. For multi-family property owners who're attempting to prepare and sell a home on a budget, it can be done by tending to a few key areas of the property.  Below are a few of the areas and items that should be prepared prior to listing a multi-family for sale.
  1. Curb Appeal - Simply tending to the exterior curb appeal of a multi-family home can go a long way.  Trimming bushes/shrubs and making sure any flower beds are a couple tips for improving the curb appeal of the property.
  2. Clean Up Common Areas - Depending on the multi-unit, there maybe some common areas, such as laundry or a vestibule.  It's important that all common areas in the property are cleaned up and portray extra maintenance.
  3. Parking Areas - If the property has designated parking areas or garage spaces, making sure these are well defined and in good condition is critical.  If there is an off street parking area, a simple seal of the driveway can go a long way and doesn't cost a ton of extra money.
  4. Doors & Locks - All doors and locks within the multi-family property need to be working well.  It's not a good reflection of a property when the locks are difficult to use and a showing agent is struggling to access the units within the property.
  When selling a multi-family home, it's extremely important that it's prepared for the market.  Not doing so can make or break whether the property sells and also it can impact an owners bottom line.

Hire An Agent Who Has Experience Selling Multi-Family Homes

Hiring a top real estate agent, with experience, is extremely important when selling any type of property.  For example, when selling a waterfront property, hiring an agent who primarily sells mobile homes in a park wouldn't be the best idea. It's critical when selling a multi-family home that a Realtor® who has experience selling multi-family homes is hired.  To help ensure an agent who has experience selling multi-family homes is hired, there are certain questions to ask Realtors® during interviews.
  1. How do you handle showings when a property is tenant occupied?
  2. How much notice do you provide?
  3. In the past, how have you handled uncooperative tenants?
  4. Can you provide the contact information of the previous owner who you represented during a recent multi-family sale?
  Asking the right questions during an interview can greatly improve the chances an agent who has experience selling multi-family homes is hired. Not only is it important to make sure the agent has experience selling a multi-family home but it's equally as important to make sure they know how to effectively market a home.  Since the majority of home buyers are finding the home they eventually purchase on the internet, it's critical the agent knows how to reach potential buyers. This is done by using the best real estate marketing strategies.  Marketing strategies such as using social media, optimizing their website to be found in searches, and using high quality photography and videos are a few ways top real estate agents are marketing their clients homes to potential buyers.

Have Important Documents Ready

[caption id="attachment_10460" align="aligncenter" width="450"]Have Important Documents Ready When Selling A Multi-Family Home! Have Important Documents Ready When Selling A Multi-Family Home![/caption] There are certain things to know before selling a home, regardless if it's a single family or multi family home.  It's helpful that before listing a home for sale that important documents are readily accessible for potential buyers. Documents that should be readily accessible, whether selling a multi-family home or not, include documentation relating to roof age or warranties, the age of the homes HVAC systems, and any receipts of remodeling projects that have been completed. One of the most important features that today's home buyers are looking for in a home are updated and newer mechanics, such as roofs and HVAC systems.  Home sellers who have records and receipts showing the ages of these components give themselves a huge advantage. When selling a multi-family home, it's very important to have financial documents readily available for prospective buyers.  Since multi-family homes are often purchased as an investment, having the financial documents available can be extremely helpful for potential buyers. The most important financial document that should be readily available when selling a multi-family home is the yearly net operating figures.  This document shows a potential buyer the income from monthly rents and subtracts out the expenses of the property, such as yearly homeowners insurance, yearly refuse, yearly water usage, and any repairs that have been completed recently.

Complete Inspections Prior To Listing The Property

Many municipalities require that a certificate of occupancy, also known as a C of O, is renewed when a multi-family property is being sold to a new owner.  It's highly recommended that prior to listing a multi-family property that any inspections are completed beforehand. If your local municipality requires a new C of O prior to the property being transferred to a new owner, have the inspection completed prior to listing can reduce the chances that the real estate closing is delayed.  If you're unsure if a new C of O is required prior to the property being transferred, you can contact your local municipality to find out. Recently while selling a multi-family property in Rochester NY, the property owner decided to wait until after a contract was received to complete the required C of O inspection.  The City was backlogged on inspections and the inspection date had to be scheduled a month out, which ultimately delayed the closing of the property.  This could've been avoided if the C of O inspection was completed prior to listing the property. Another inspection to consider completing prior to listing a multi-family property is a general home inspection.  There are lots of reasons to have a pre-listing inspection when selling a home.  The number one reason having a pre-listing inspection prior to putting a home on the market is that it provides a homeowner the opportunity to rectify issues that a home inspector may find. Since the majority of home buyers elect to have a home inspection and some buyers can get scared away from a home because of the inspection results, having one completed prior to listing is a very good idea.  Homeowners who decide to not have a pre-listing inspection often end up regretting their decision if a buyer is scared away from their property.

Final Thoughts On Selling A Multi-Family Home

As you can see, selling a multi-family home is much different than selling a single family home.  Even though selling a multi-family home is generally more complex, that doesn't mean that it has to be impossible.  By following the 5 tips discussed above, multi-family property owners put themselves in a much better position to experience a smooth and successful sale.

Other Top Resources For Selling A Multi-Family Home

Do you own a multi-family property in Rochester?  If so and you're thinking about selling your multi-family property, the above 5 tips should be extremely helpful.  If you don't have a real estate agent in Rochester yet, call or text me at 585-704-7095, and I'd be happy to discuss the sale of your multi-family home!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "5 Important Tips For Selling A Multi-Family Home" was written by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group.  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> What Are Restrictive Covenants in Real Estate? https://www.rochesterrealestateblog.com/restrictive-covenants/ Tue, 24 Jan 2017 12:40:24 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18714 How To Sell A Multi-Family Property [caption id="attachment_10457" align="aligncenter" width="450"]5 Important Tips For Selling A Multi-Family Home 5 Important Tips For Selling A Multi-Family Home[/caption] Selling a multi-family home is substantially more complex than selling a single family home.  One of the top reasons why selling a multi-family is generally more complex is because it typically involves more people than just the one owner of a single family home. When selling a multi-family property the probability that you're involving 6-12 people is high.  Depending on the number of units in a multi-family property, you may only be dealing with a couple families or a dozen families. There are certain rules, regulations, and laws that multi-family property owners must be aware of and also abide by.  These rules, regulations, and laws will vary from city to city and state to state. It's highly recommended that prior to selling a multi-family home that you consult with an attorney to make sure you're not going to put yourself in a situation where you could be sued.  Not being aware of rules, regulations, and local laws is one of the top home selling mistakes made by multi-family property owners. Read on to find out what the top 5 tips for selling a multi-family home are.  Multi-family property owners who follow the below tips will put themselves in an excellent position to get their property sold, while avoiding potential issues or roadblocks.

Review Leases, Occupancy, & Tenant Rights

Before listing a multi-family home for sale, it's vital to review all leases and the occupancy for each unit.  As mentioned above, multi-family property owners can get themselves in trouble if they're not careful.  It's important to always keep in mind tenant rights when selling a multi-family home. There are a few frequently asked questions from home buyers that multi-family property owners will be asked during the sale process.  By reviewing the current leases and occupancy of each unit, multi-family property owners will be able to answer these questions accurately.  Below are a couple of the top questions asked by buyers who're looking to purchase a multi-family home.
  1. What are the terms of any/all leases?
  2. What are the rent amounts for each unit?
  3. What's included in the rent for each unit?
  4. Are there security deposits being held?
  5. Are the rents able to be subsidized by Government assistance?
  Reviewing the leases and occupancy for each unit can also help determine whether or not to sell the property while it's being occupied by tenants.  Selling a home with tenants can be tricky and it can also bring other potential issues into the equation. For example, if a multi-family home is being sold while tenant occupied and the leases are for an extended period of time, it potentially can eliminate a large number of potential buyers who're looking to buy a multi-family home and plan on, or need to, occupy one of the units.  One of the disadvantages of a VA home loan or FHA loan is that the property must be occupied by the buyer, so if a buyer is planning on utilizing one of these mortgage products, they wouldn't be able to purchase a tenant occupied multi-family home. Selling a multi-family home is easiest and most successful if it's unoccupied.  This eliminates potential issues with coordinating home showings or issues with occupancy requirements.  If this isn't a possibility, then it's important that the owner has full cooperation from all parties who'll be impacted during the sale of the multi-family property.

Preparation Is Key When Selling A Multi-Family Home

[caption id="attachment_10458" align="aligncenter" width="450"]Preparation Is Key When Selling A Multi-Family Home Preparation Is Key When Selling A Multi-Family Home[/caption] Preparing a home for sale is critical when selling any type of home, whether it's single family or multi-family.  Since many multi-family properties are purchased as investments, preparing for the sale becomes necessary. One of the most important factors for investors who're looking to buy multi-family homes is the amount of maintenance the home appears to have.  A home that isn't prepared for sale can appear to have more maintenance than it really does. For multi-family property owners who're attempting to prepare and sell a home on a budget, it can be done by tending to a few key areas of the property.  Below are a few of the areas and items that should be prepared prior to listing a multi-family for sale.
  1. Curb Appeal - Simply tending to the exterior curb appeal of a multi-family home can go a long way.  Trimming bushes/shrubs and making sure any flower beds are a couple tips for improving the curb appeal of the property.
  2. Clean Up Common Areas - Depending on the multi-unit, there maybe some common areas, such as laundry or a vestibule.  It's important that all common areas in the property are cleaned up and portray extra maintenance.
  3. Parking Areas - If the property has designated parking areas or garage spaces, making sure these are well defined and in good condition is critical.  If there is an off street parking area, a simple seal of the driveway can go a long way and doesn't cost a ton of extra money.
  4. Doors & Locks - All doors and locks within the multi-family property need to be working well.  It's not a good reflection of a property when the locks are difficult to use and a showing agent is struggling to access the units within the property.
  When selling a multi-family home, it's extremely important that it's prepared for the market.  Not doing so can make or break whether the property sells and also it can impact an owners bottom line.

Hire An Agent Who Has Experience Selling Multi-Family Homes

Hiring a top real estate agent, with experience, is extremely important when selling any type of property.  For example, when selling a waterfront property, hiring an agent who primarily sells mobile homes in a park wouldn't be the best idea. It's critical when selling a multi-family home that a Realtor® who has experience selling multi-family homes is hired.  To help ensure an agent who has experience selling multi-family homes is hired, there are certain questions to ask Realtors® during interviews.
  1. How do you handle showings when a property is tenant occupied?
  2. How much notice do you provide?
  3. In the past, how have you handled uncooperative tenants?
  4. Can you provide the contact information of the previous owner who you represented during a recent multi-family sale?
  Asking the right questions during an interview can greatly improve the chances an agent who has experience selling multi-family homes is hired. Not only is it important to make sure the agent has experience selling a multi-family home but it's equally as important to make sure they know how to effectively market a home.  Since the majority of home buyers are finding the home they eventually purchase on the internet, it's critical the agent knows how to reach potential buyers. This is done by using the best real estate marketing strategies.  Marketing strategies such as using social media, optimizing their website to be found in searches, and using high quality photography and videos are a few ways top real estate agents are marketing their clients homes to potential buyers.

Have Important Documents Ready

[caption id="attachment_10460" align="aligncenter" width="450"]Have Important Documents Ready When Selling A Multi-Family Home! Have Important Documents Ready When Selling A Multi-Family Home![/caption] There are certain things to know before selling a home, regardless if it's a single family or multi family home.  It's helpful that before listing a home for sale that important documents are readily accessible for potential buyers. Documents that should be readily accessible, whether selling a multi-family home or not, include documentation relating to roof age or warranties, the age of the homes HVAC systems, and any receipts of remodeling projects that have been completed. One of the most important features that today's home buyers are looking for in a home are updated and newer mechanics, such as roofs and HVAC systems.  Home sellers who have records and receipts showing the ages of these components give themselves a huge advantage. When selling a multi-family home, it's very important to have financial documents readily available for prospective buyers.  Since multi-family homes are often purchased as an investment, having the financial documents available can be extremely helpful for potential buyers. The most important financial document that should be readily available when selling a multi-family home is the yearly net operating figures.  This document shows a potential buyer the income from monthly rents and subtracts out the expenses of the property, such as yearly homeowners insurance, yearly refuse, yearly water usage, and any repairs that have been completed recently.

Complete Inspections Prior To Listing The Property

Many municipalities require that a certificate of occupancy, also known as a C of O, is renewed when a multi-family property is being sold to a new owner.  It's highly recommended that prior to listing a multi-family property that any inspections are completed beforehand. If your local municipality requires a new C of O prior to the property being transferred to a new owner, have the inspection completed prior to listing can reduce the chances that the real estate closing is delayed.  If you're unsure if a new C of O is required prior to the property being transferred, you can contact your local municipality to find out. Recently while selling a multi-family property in Rochester NY, the property owner decided to wait until after a contract was received to complete the required C of O inspection.  The City was backlogged on inspections and the inspection date had to be scheduled a month out, which ultimately delayed the closing of the property.  This could've been avoided if the C of O inspection was completed prior to listing the property. Another inspection to consider completing prior to listing a multi-family property is a general home inspection.  There are lots of reasons to have a pre-listing inspection when selling a home.  The number one reason having a pre-listing inspection prior to putting a home on the market is that it provides a homeowner the opportunity to rectify issues that a home inspector may find. Since the majority of home buyers elect to have a home inspection and some buyers can get scared away from a home because of the inspection results, having one completed prior to listing is a very good idea.  Homeowners who decide to not have a pre-listing inspection often end up regretting their decision if a buyer is scared away from their property.

Final Thoughts On Selling A Multi-Family Home

As you can see, selling a multi-family home is much different than selling a single family home.  Even though selling a multi-family home is generally more complex, that doesn't mean that it has to be impossible.  By following the 5 tips discussed above, multi-family property owners put themselves in a much better position to experience a smooth and successful sale.

Other Top Resources For Selling A Multi-Family Home

Do you own a multi-family property in Rochester?  If so and you're thinking about selling your multi-family property, the above 5 tips should be extremely helpful.  If you don't have a real estate agent in Rochester yet, call or text me at 585-704-7095, and I'd be happy to discuss the sale of your multi-family home!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "5 Important Tips For Selling A Multi-Family Home" was written by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group.  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Can The Court Force The Sale of Your House in Divorce? https://www.rochesterrealestateblog.com/court-force-sale-divorce/ Tue, 24 Jan 2017 12:40:24 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18693 How To Sell A Multi-Family Property [caption id="attachment_10457" align="aligncenter" width="450"]5 Important Tips For Selling A Multi-Family Home 5 Important Tips For Selling A Multi-Family Home[/caption] Selling a multi-family home is substantially more complex than selling a single family home.  One of the top reasons why selling a multi-family is generally more complex is because it typically involves more people than just the one owner of a single family home. When selling a multi-family property the probability that you're involving 6-12 people is high.  Depending on the number of units in a multi-family property, you may only be dealing with a couple families or a dozen families. There are certain rules, regulations, and laws that multi-family property owners must be aware of and also abide by.  These rules, regulations, and laws will vary from city to city and state to state. It's highly recommended that prior to selling a multi-family home that you consult with an attorney to make sure you're not going to put yourself in a situation where you could be sued.  Not being aware of rules, regulations, and local laws is one of the top home selling mistakes made by multi-family property owners. Read on to find out what the top 5 tips for selling a multi-family home are.  Multi-family property owners who follow the below tips will put themselves in an excellent position to get their property sold, while avoiding potential issues or roadblocks.

Review Leases, Occupancy, & Tenant Rights

Before listing a multi-family home for sale, it's vital to review all leases and the occupancy for each unit.  As mentioned above, multi-family property owners can get themselves in trouble if they're not careful.  It's important to always keep in mind tenant rights when selling a multi-family home. There are a few frequently asked questions from home buyers that multi-family property owners will be asked during the sale process.  By reviewing the current leases and occupancy of each unit, multi-family property owners will be able to answer these questions accurately.  Below are a couple of the top questions asked by buyers who're looking to purchase a multi-family home.
  1. What are the terms of any/all leases?
  2. What are the rent amounts for each unit?
  3. What's included in the rent for each unit?
  4. Are there security deposits being held?
  5. Are the rents able to be subsidized by Government assistance?
  Reviewing the leases and occupancy for each unit can also help determine whether or not to sell the property while it's being occupied by tenants.  Selling a home with tenants can be tricky and it can also bring other potential issues into the equation. For example, if a multi-family home is being sold while tenant occupied and the leases are for an extended period of time, it potentially can eliminate a large number of potential buyers who're looking to buy a multi-family home and plan on, or need to, occupy one of the units.  One of the disadvantages of a VA home loan or FHA loan is that the property must be occupied by the buyer, so if a buyer is planning on utilizing one of these mortgage products, they wouldn't be able to purchase a tenant occupied multi-family home. Selling a multi-family home is easiest and most successful if it's unoccupied.  This eliminates potential issues with coordinating home showings or issues with occupancy requirements.  If this isn't a possibility, then it's important that the owner has full cooperation from all parties who'll be impacted during the sale of the multi-family property.

Preparation Is Key When Selling A Multi-Family Home

[caption id="attachment_10458" align="aligncenter" width="450"]Preparation Is Key When Selling A Multi-Family Home Preparation Is Key When Selling A Multi-Family Home[/caption] Preparing a home for sale is critical when selling any type of home, whether it's single family or multi-family.  Since many multi-family properties are purchased as investments, preparing for the sale becomes necessary. One of the most important factors for investors who're looking to buy multi-family homes is the amount of maintenance the home appears to have.  A home that isn't prepared for sale can appear to have more maintenance than it really does. For multi-family property owners who're attempting to prepare and sell a home on a budget, it can be done by tending to a few key areas of the property.  Below are a few of the areas and items that should be prepared prior to listing a multi-family for sale.
  1. Curb Appeal - Simply tending to the exterior curb appeal of a multi-family home can go a long way.  Trimming bushes/shrubs and making sure any flower beds are a couple tips for improving the curb appeal of the property.
  2. Clean Up Common Areas - Depending on the multi-unit, there maybe some common areas, such as laundry or a vestibule.  It's important that all common areas in the property are cleaned up and portray extra maintenance.
  3. Parking Areas - If the property has designated parking areas or garage spaces, making sure these are well defined and in good condition is critical.  If there is an off street parking area, a simple seal of the driveway can go a long way and doesn't cost a ton of extra money.
  4. Doors & Locks - All doors and locks within the multi-family property need to be working well.  It's not a good reflection of a property when the locks are difficult to use and a showing agent is struggling to access the units within the property.
  When selling a multi-family home, it's extremely important that it's prepared for the market.  Not doing so can make or break whether the property sells and also it can impact an owners bottom line.

Hire An Agent Who Has Experience Selling Multi-Family Homes

Hiring a top real estate agent, with experience, is extremely important when selling any type of property.  For example, when selling a waterfront property, hiring an agent who primarily sells mobile homes in a park wouldn't be the best idea. It's critical when selling a multi-family home that a Realtor® who has experience selling multi-family homes is hired.  To help ensure an agent who has experience selling multi-family homes is hired, there are certain questions to ask Realtors® during interviews.
  1. How do you handle showings when a property is tenant occupied?
  2. How much notice do you provide?
  3. In the past, how have you handled uncooperative tenants?
  4. Can you provide the contact information of the previous owner who you represented during a recent multi-family sale?
  Asking the right questions during an interview can greatly improve the chances an agent who has experience selling multi-family homes is hired. Not only is it important to make sure the agent has experience selling a multi-family home but it's equally as important to make sure they know how to effectively market a home.  Since the majority of home buyers are finding the home they eventually purchase on the internet, it's critical the agent knows how to reach potential buyers. This is done by using the best real estate marketing strategies.  Marketing strategies such as using social media, optimizing their website to be found in searches, and using high quality photography and videos are a few ways top real estate agents are marketing their clients homes to potential buyers.

Have Important Documents Ready

[caption id="attachment_10460" align="aligncenter" width="450"]Have Important Documents Ready When Selling A Multi-Family Home! Have Important Documents Ready When Selling A Multi-Family Home![/caption] There are certain things to know before selling a home, regardless if it's a single family or multi family home.  It's helpful that before listing a home for sale that important documents are readily accessible for potential buyers. Documents that should be readily accessible, whether selling a multi-family home or not, include documentation relating to roof age or warranties, the age of the homes HVAC systems, and any receipts of remodeling projects that have been completed. One of the most important features that today's home buyers are looking for in a home are updated and newer mechanics, such as roofs and HVAC systems.  Home sellers who have records and receipts showing the ages of these components give themselves a huge advantage. When selling a multi-family home, it's very important to have financial documents readily available for prospective buyers.  Since multi-family homes are often purchased as an investment, having the financial documents available can be extremely helpful for potential buyers. The most important financial document that should be readily available when selling a multi-family home is the yearly net operating figures.  This document shows a potential buyer the income from monthly rents and subtracts out the expenses of the property, such as yearly homeowners insurance, yearly refuse, yearly water usage, and any repairs that have been completed recently.

Complete Inspections Prior To Listing The Property

Many municipalities require that a certificate of occupancy, also known as a C of O, is renewed when a multi-family property is being sold to a new owner.  It's highly recommended that prior to listing a multi-family property that any inspections are completed beforehand. If your local municipality requires a new C of O prior to the property being transferred to a new owner, have the inspection completed prior to listing can reduce the chances that the real estate closing is delayed.  If you're unsure if a new C of O is required prior to the property being transferred, you can contact your local municipality to find out. Recently while selling a multi-family property in Rochester NY, the property owner decided to wait until after a contract was received to complete the required C of O inspection.  The City was backlogged on inspections and the inspection date had to be scheduled a month out, which ultimately delayed the closing of the property.  This could've been avoided if the C of O inspection was completed prior to listing the property. Another inspection to consider completing prior to listing a multi-family property is a general home inspection.  There are lots of reasons to have a pre-listing inspection when selling a home.  The number one reason having a pre-listing inspection prior to putting a home on the market is that it provides a homeowner the opportunity to rectify issues that a home inspector may find. Since the majority of home buyers elect to have a home inspection and some buyers can get scared away from a home because of the inspection results, having one completed prior to listing is a very good idea.  Homeowners who decide to not have a pre-listing inspection often end up regretting their decision if a buyer is scared away from their property.

Final Thoughts On Selling A Multi-Family Home

As you can see, selling a multi-family home is much different than selling a single family home.  Even though selling a multi-family home is generally more complex, that doesn't mean that it has to be impossible.  By following the 5 tips discussed above, multi-family property owners put themselves in a much better position to experience a smooth and successful sale.

Other Top Resources For Selling A Multi-Family Home

Do you own a multi-family property in Rochester?  If so and you're thinking about selling your multi-family property, the above 5 tips should be extremely helpful.  If you don't have a real estate agent in Rochester yet, call or text me at 585-704-7095, and I'd be happy to discuss the sale of your multi-family home!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "5 Important Tips For Selling A Multi-Family Home" was written by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group.  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Real Estate Agent vs. Broker: What&#8217;s The Difference? https://www.rochesterrealestateblog.com/real-estate-agent-vs-broker/ Tue, 24 Jan 2017 12:40:24 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18650 How To Sell A Multi-Family Property [caption id="attachment_10457" align="aligncenter" width="450"]5 Important Tips For Selling A Multi-Family Home 5 Important Tips For Selling A Multi-Family Home[/caption] Selling a multi-family home is substantially more complex than selling a single family home.  One of the top reasons why selling a multi-family is generally more complex is because it typically involves more people than just the one owner of a single family home. When selling a multi-family property the probability that you're involving 6-12 people is high.  Depending on the number of units in a multi-family property, you may only be dealing with a couple families or a dozen families. There are certain rules, regulations, and laws that multi-family property owners must be aware of and also abide by.  These rules, regulations, and laws will vary from city to city and state to state. It's highly recommended that prior to selling a multi-family home that you consult with an attorney to make sure you're not going to put yourself in a situation where you could be sued.  Not being aware of rules, regulations, and local laws is one of the top home selling mistakes made by multi-family property owners. Read on to find out what the top 5 tips for selling a multi-family home are.  Multi-family property owners who follow the below tips will put themselves in an excellent position to get their property sold, while avoiding potential issues or roadblocks.

Review Leases, Occupancy, & Tenant Rights

Before listing a multi-family home for sale, it's vital to review all leases and the occupancy for each unit.  As mentioned above, multi-family property owners can get themselves in trouble if they're not careful.  It's important to always keep in mind tenant rights when selling a multi-family home. There are a few frequently asked questions from home buyers that multi-family property owners will be asked during the sale process.  By reviewing the current leases and occupancy of each unit, multi-family property owners will be able to answer these questions accurately.  Below are a couple of the top questions asked by buyers who're looking to purchase a multi-family home.
  1. What are the terms of any/all leases?
  2. What are the rent amounts for each unit?
  3. What's included in the rent for each unit?
  4. Are there security deposits being held?
  5. Are the rents able to be subsidized by Government assistance?
  Reviewing the leases and occupancy for each unit can also help determine whether or not to sell the property while it's being occupied by tenants.  Selling a home with tenants can be tricky and it can also bring other potential issues into the equation. For example, if a multi-family home is being sold while tenant occupied and the leases are for an extended period of time, it potentially can eliminate a large number of potential buyers who're looking to buy a multi-family home and plan on, or need to, occupy one of the units.  One of the disadvantages of a VA home loan or FHA loan is that the property must be occupied by the buyer, so if a buyer is planning on utilizing one of these mortgage products, they wouldn't be able to purchase a tenant occupied multi-family home. Selling a multi-family home is easiest and most successful if it's unoccupied.  This eliminates potential issues with coordinating home showings or issues with occupancy requirements.  If this isn't a possibility, then it's important that the owner has full cooperation from all parties who'll be impacted during the sale of the multi-family property.

Preparation Is Key When Selling A Multi-Family Home

[caption id="attachment_10458" align="aligncenter" width="450"]Preparation Is Key When Selling A Multi-Family Home Preparation Is Key When Selling A Multi-Family Home[/caption] Preparing a home for sale is critical when selling any type of home, whether it's single family or multi-family.  Since many multi-family properties are purchased as investments, preparing for the sale becomes necessary. One of the most important factors for investors who're looking to buy multi-family homes is the amount of maintenance the home appears to have.  A home that isn't prepared for sale can appear to have more maintenance than it really does. For multi-family property owners who're attempting to prepare and sell a home on a budget, it can be done by tending to a few key areas of the property.  Below are a few of the areas and items that should be prepared prior to listing a multi-family for sale.
  1. Curb Appeal - Simply tending to the exterior curb appeal of a multi-family home can go a long way.  Trimming bushes/shrubs and making sure any flower beds are a couple tips for improving the curb appeal of the property.
  2. Clean Up Common Areas - Depending on the multi-unit, there maybe some common areas, such as laundry or a vestibule.  It's important that all common areas in the property are cleaned up and portray extra maintenance.
  3. Parking Areas - If the property has designated parking areas or garage spaces, making sure these are well defined and in good condition is critical.  If there is an off street parking area, a simple seal of the driveway can go a long way and doesn't cost a ton of extra money.
  4. Doors & Locks - All doors and locks within the multi-family property need to be working well.  It's not a good reflection of a property when the locks are difficult to use and a showing agent is struggling to access the units within the property.
  When selling a multi-family home, it's extremely important that it's prepared for the market.  Not doing so can make or break whether the property sells and also it can impact an owners bottom line.

Hire An Agent Who Has Experience Selling Multi-Family Homes

Hiring a top real estate agent, with experience, is extremely important when selling any type of property.  For example, when selling a waterfront property, hiring an agent who primarily sells mobile homes in a park wouldn't be the best idea. It's critical when selling a multi-family home that a Realtor® who has experience selling multi-family homes is hired.  To help ensure an agent who has experience selling multi-family homes is hired, there are certain questions to ask Realtors® during interviews.
  1. How do you handle showings when a property is tenant occupied?
  2. How much notice do you provide?
  3. In the past, how have you handled uncooperative tenants?
  4. Can you provide the contact information of the previous owner who you represented during a recent multi-family sale?
  Asking the right questions during an interview can greatly improve the chances an agent who has experience selling multi-family homes is hired. Not only is it important to make sure the agent has experience selling a multi-family home but it's equally as important to make sure they know how to effectively market a home.  Since the majority of home buyers are finding the home they eventually purchase on the internet, it's critical the agent knows how to reach potential buyers. This is done by using the best real estate marketing strategies.  Marketing strategies such as using social media, optimizing their website to be found in searches, and using high quality photography and videos are a few ways top real estate agents are marketing their clients homes to potential buyers.

Have Important Documents Ready

[caption id="attachment_10460" align="aligncenter" width="450"]Have Important Documents Ready When Selling A Multi-Family Home! Have Important Documents Ready When Selling A Multi-Family Home![/caption] There are certain things to know before selling a home, regardless if it's a single family or multi family home.  It's helpful that before listing a home for sale that important documents are readily accessible for potential buyers. Documents that should be readily accessible, whether selling a multi-family home or not, include documentation relating to roof age or warranties, the age of the homes HVAC systems, and any receipts of remodeling projects that have been completed. One of the most important features that today's home buyers are looking for in a home are updated and newer mechanics, such as roofs and HVAC systems.  Home sellers who have records and receipts showing the ages of these components give themselves a huge advantage. When selling a multi-family home, it's very important to have financial documents readily available for prospective buyers.  Since multi-family homes are often purchased as an investment, having the financial documents available can be extremely helpful for potential buyers. The most important financial document that should be readily available when selling a multi-family home is the yearly net operating figures.  This document shows a potential buyer the income from monthly rents and subtracts out the expenses of the property, such as yearly homeowners insurance, yearly refuse, yearly water usage, and any repairs that have been completed recently.

Complete Inspections Prior To Listing The Property

Many municipalities require that a certificate of occupancy, also known as a C of O, is renewed when a multi-family property is being sold to a new owner.  It's highly recommended that prior to listing a multi-family property that any inspections are completed beforehand. If your local municipality requires a new C of O prior to the property being transferred to a new owner, have the inspection completed prior to listing can reduce the chances that the real estate closing is delayed.  If you're unsure if a new C of O is required prior to the property being transferred, you can contact your local municipality to find out. Recently while selling a multi-family property in Rochester NY, the property owner decided to wait until after a contract was received to complete the required C of O inspection.  The City was backlogged on inspections and the inspection date had to be scheduled a month out, which ultimately delayed the closing of the property.  This could've been avoided if the C of O inspection was completed prior to listing the property. Another inspection to consider completing prior to listing a multi-family property is a general home inspection.  There are lots of reasons to have a pre-listing inspection when selling a home.  The number one reason having a pre-listing inspection prior to putting a home on the market is that it provides a homeowner the opportunity to rectify issues that a home inspector may find. Since the majority of home buyers elect to have a home inspection and some buyers can get scared away from a home because of the inspection results, having one completed prior to listing is a very good idea.  Homeowners who decide to not have a pre-listing inspection often end up regretting their decision if a buyer is scared away from their property.

Final Thoughts On Selling A Multi-Family Home

As you can see, selling a multi-family home is much different than selling a single family home.  Even though selling a multi-family home is generally more complex, that doesn't mean that it has to be impossible.  By following the 5 tips discussed above, multi-family property owners put themselves in a much better position to experience a smooth and successful sale.

Other Top Resources For Selling A Multi-Family Home

Do you own a multi-family property in Rochester?  If so and you're thinking about selling your multi-family property, the above 5 tips should be extremely helpful.  If you don't have a real estate agent in Rochester yet, call or text me at 585-704-7095, and I'd be happy to discuss the sale of your multi-family home!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "5 Important Tips For Selling A Multi-Family Home" was written by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group.  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> How To Determine Square Feet In Your House For More Accurate Property Estimates https://www.rochesterrealestateblog.com/determine-square-feet/ Tue, 24 Jan 2017 12:40:24 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18167 How To Sell A Multi-Family Property [caption id="attachment_10457" align="aligncenter" width="450"]5 Important Tips For Selling A Multi-Family Home 5 Important Tips For Selling A Multi-Family Home[/caption] Selling a multi-family home is substantially more complex than selling a single family home.  One of the top reasons why selling a multi-family is generally more complex is because it typically involves more people than just the one owner of a single family home. When selling a multi-family property the probability that you're involving 6-12 people is high.  Depending on the number of units in a multi-family property, you may only be dealing with a couple families or a dozen families. There are certain rules, regulations, and laws that multi-family property owners must be aware of and also abide by.  These rules, regulations, and laws will vary from city to city and state to state. It's highly recommended that prior to selling a multi-family home that you consult with an attorney to make sure you're not going to put yourself in a situation where you could be sued.  Not being aware of rules, regulations, and local laws is one of the top home selling mistakes made by multi-family property owners. Read on to find out what the top 5 tips for selling a multi-family home are.  Multi-family property owners who follow the below tips will put themselves in an excellent position to get their property sold, while avoiding potential issues or roadblocks.

Review Leases, Occupancy, & Tenant Rights

Before listing a multi-family home for sale, it's vital to review all leases and the occupancy for each unit.  As mentioned above, multi-family property owners can get themselves in trouble if they're not careful.  It's important to always keep in mind tenant rights when selling a multi-family home. There are a few frequently asked questions from home buyers that multi-family property owners will be asked during the sale process.  By reviewing the current leases and occupancy of each unit, multi-family property owners will be able to answer these questions accurately.  Below are a couple of the top questions asked by buyers who're looking to purchase a multi-family home.
  1. What are the terms of any/all leases?
  2. What are the rent amounts for each unit?
  3. What's included in the rent for each unit?
  4. Are there security deposits being held?
  5. Are the rents able to be subsidized by Government assistance?
  Reviewing the leases and occupancy for each unit can also help determine whether or not to sell the property while it's being occupied by tenants.  Selling a home with tenants can be tricky and it can also bring other potential issues into the equation. For example, if a multi-family home is being sold while tenant occupied and the leases are for an extended period of time, it potentially can eliminate a large number of potential buyers who're looking to buy a multi-family home and plan on, or need to, occupy one of the units.  One of the disadvantages of a VA home loan or FHA loan is that the property must be occupied by the buyer, so if a buyer is planning on utilizing one of these mortgage products, they wouldn't be able to purchase a tenant occupied multi-family home. Selling a multi-family home is easiest and most successful if it's unoccupied.  This eliminates potential issues with coordinating home showings or issues with occupancy requirements.  If this isn't a possibility, then it's important that the owner has full cooperation from all parties who'll be impacted during the sale of the multi-family property.

Preparation Is Key When Selling A Multi-Family Home

[caption id="attachment_10458" align="aligncenter" width="450"]Preparation Is Key When Selling A Multi-Family Home Preparation Is Key When Selling A Multi-Family Home[/caption] Preparing a home for sale is critical when selling any type of home, whether it's single family or multi-family.  Since many multi-family properties are purchased as investments, preparing for the sale becomes necessary. One of the most important factors for investors who're looking to buy multi-family homes is the amount of maintenance the home appears to have.  A home that isn't prepared for sale can appear to have more maintenance than it really does. For multi-family property owners who're attempting to prepare and sell a home on a budget, it can be done by tending to a few key areas of the property.  Below are a few of the areas and items that should be prepared prior to listing a multi-family for sale.
  1. Curb Appeal - Simply tending to the exterior curb appeal of a multi-family home can go a long way.  Trimming bushes/shrubs and making sure any flower beds are a couple tips for improving the curb appeal of the property.
  2. Clean Up Common Areas - Depending on the multi-unit, there maybe some common areas, such as laundry or a vestibule.  It's important that all common areas in the property are cleaned up and portray extra maintenance.
  3. Parking Areas - If the property has designated parking areas or garage spaces, making sure these are well defined and in good condition is critical.  If there is an off street parking area, a simple seal of the driveway can go a long way and doesn't cost a ton of extra money.
  4. Doors & Locks - All doors and locks within the multi-family property need to be working well.  It's not a good reflection of a property when the locks are difficult to use and a showing agent is struggling to access the units within the property.
  When selling a multi-family home, it's extremely important that it's prepared for the market.  Not doing so can make or break whether the property sells and also it can impact an owners bottom line.

Hire An Agent Who Has Experience Selling Multi-Family Homes

Hiring a top real estate agent, with experience, is extremely important when selling any type of property.  For example, when selling a waterfront property, hiring an agent who primarily sells mobile homes in a park wouldn't be the best idea. It's critical when selling a multi-family home that a Realtor® who has experience selling multi-family homes is hired.  To help ensure an agent who has experience selling multi-family homes is hired, there are certain questions to ask Realtors® during interviews.
  1. How do you handle showings when a property is tenant occupied?
  2. How much notice do you provide?
  3. In the past, how have you handled uncooperative tenants?
  4. Can you provide the contact information of the previous owner who you represented during a recent multi-family sale?
  Asking the right questions during an interview can greatly improve the chances an agent who has experience selling multi-family homes is hired. Not only is it important to make sure the agent has experience selling a multi-family home but it's equally as important to make sure they know how to effectively market a home.  Since the majority of home buyers are finding the home they eventually purchase on the internet, it's critical the agent knows how to reach potential buyers. This is done by using the best real estate marketing strategies.  Marketing strategies such as using social media, optimizing their website to be found in searches, and using high quality photography and videos are a few ways top real estate agents are marketing their clients homes to potential buyers.

Have Important Documents Ready

[caption id="attachment_10460" align="aligncenter" width="450"]Have Important Documents Ready When Selling A Multi-Family Home! Have Important Documents Ready When Selling A Multi-Family Home![/caption] There are certain things to know before selling a home, regardless if it's a single family or multi family home.  It's helpful that before listing a home for sale that important documents are readily accessible for potential buyers. Documents that should be readily accessible, whether selling a multi-family home or not, include documentation relating to roof age or warranties, the age of the homes HVAC systems, and any receipts of remodeling projects that have been completed. One of the most important features that today's home buyers are looking for in a home are updated and newer mechanics, such as roofs and HVAC systems.  Home sellers who have records and receipts showing the ages of these components give themselves a huge advantage. When selling a multi-family home, it's very important to have financial documents readily available for prospective buyers.  Since multi-family homes are often purchased as an investment, having the financial documents available can be extremely helpful for potential buyers. The most important financial document that should be readily available when selling a multi-family home is the yearly net operating figures.  This document shows a potential buyer the income from monthly rents and subtracts out the expenses of the property, such as yearly homeowners insurance, yearly refuse, yearly water usage, and any repairs that have been completed recently.

Complete Inspections Prior To Listing The Property

Many municipalities require that a certificate of occupancy, also known as a C of O, is renewed when a multi-family property is being sold to a new owner.  It's highly recommended that prior to listing a multi-family property that any inspections are completed beforehand. If your local municipality requires a new C of O prior to the property being transferred to a new owner, have the inspection completed prior to listing can reduce the chances that the real estate closing is delayed.  If you're unsure if a new C of O is required prior to the property being transferred, you can contact your local municipality to find out. Recently while selling a multi-family property in Rochester NY, the property owner decided to wait until after a contract was received to complete the required C of O inspection.  The City was backlogged on inspections and the inspection date had to be scheduled a month out, which ultimately delayed the closing of the property.  This could've been avoided if the C of O inspection was completed prior to listing the property. Another inspection to consider completing prior to listing a multi-family property is a general home inspection.  There are lots of reasons to have a pre-listing inspection when selling a home.  The number one reason having a pre-listing inspection prior to putting a home on the market is that it provides a homeowner the opportunity to rectify issues that a home inspector may find. Since the majority of home buyers elect to have a home inspection and some buyers can get scared away from a home because of the inspection results, having one completed prior to listing is a very good idea.  Homeowners who decide to not have a pre-listing inspection often end up regretting their decision if a buyer is scared away from their property.

Final Thoughts On Selling A Multi-Family Home

As you can see, selling a multi-family home is much different than selling a single family home.  Even though selling a multi-family home is generally more complex, that doesn't mean that it has to be impossible.  By following the 5 tips discussed above, multi-family property owners put themselves in a much better position to experience a smooth and successful sale.

Other Top Resources For Selling A Multi-Family Home

Do you own a multi-family property in Rochester?  If so and you're thinking about selling your multi-family property, the above 5 tips should be extremely helpful.  If you don't have a real estate agent in Rochester yet, call or text me at 585-704-7095, and I'd be happy to discuss the sale of your multi-family home!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "5 Important Tips For Selling A Multi-Family Home" was written by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group.  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> 3 Things That Often Results in a Real Estate Agent Getting Sued https://www.rochesterrealestateblog.com/real-estate-agent-sued/ Tue, 24 Jan 2017 12:40:24 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18133 How To Sell A Multi-Family Property [caption id="attachment_10457" align="aligncenter" width="450"]5 Important Tips For Selling A Multi-Family Home 5 Important Tips For Selling A Multi-Family Home[/caption] Selling a multi-family home is substantially more complex than selling a single family home.  One of the top reasons why selling a multi-family is generally more complex is because it typically involves more people than just the one owner of a single family home. When selling a multi-family property the probability that you're involving 6-12 people is high.  Depending on the number of units in a multi-family property, you may only be dealing with a couple families or a dozen families. There are certain rules, regulations, and laws that multi-family property owners must be aware of and also abide by.  These rules, regulations, and laws will vary from city to city and state to state. It's highly recommended that prior to selling a multi-family home that you consult with an attorney to make sure you're not going to put yourself in a situation where you could be sued.  Not being aware of rules, regulations, and local laws is one of the top home selling mistakes made by multi-family property owners. Read on to find out what the top 5 tips for selling a multi-family home are.  Multi-family property owners who follow the below tips will put themselves in an excellent position to get their property sold, while avoiding potential issues or roadblocks.

Review Leases, Occupancy, & Tenant Rights

Before listing a multi-family home for sale, it's vital to review all leases and the occupancy for each unit.  As mentioned above, multi-family property owners can get themselves in trouble if they're not careful.  It's important to always keep in mind tenant rights when selling a multi-family home. There are a few frequently asked questions from home buyers that multi-family property owners will be asked during the sale process.  By reviewing the current leases and occupancy of each unit, multi-family property owners will be able to answer these questions accurately.  Below are a couple of the top questions asked by buyers who're looking to purchase a multi-family home.
  1. What are the terms of any/all leases?
  2. What are the rent amounts for each unit?
  3. What's included in the rent for each unit?
  4. Are there security deposits being held?
  5. Are the rents able to be subsidized by Government assistance?
  Reviewing the leases and occupancy for each unit can also help determine whether or not to sell the property while it's being occupied by tenants.  Selling a home with tenants can be tricky and it can also bring other potential issues into the equation. For example, if a multi-family home is being sold while tenant occupied and the leases are for an extended period of time, it potentially can eliminate a large number of potential buyers who're looking to buy a multi-family home and plan on, or need to, occupy one of the units.  One of the disadvantages of a VA home loan or FHA loan is that the property must be occupied by the buyer, so if a buyer is planning on utilizing one of these mortgage products, they wouldn't be able to purchase a tenant occupied multi-family home. Selling a multi-family home is easiest and most successful if it's unoccupied.  This eliminates potential issues with coordinating home showings or issues with occupancy requirements.  If this isn't a possibility, then it's important that the owner has full cooperation from all parties who'll be impacted during the sale of the multi-family property.

Preparation Is Key When Selling A Multi-Family Home

[caption id="attachment_10458" align="aligncenter" width="450"]Preparation Is Key When Selling A Multi-Family Home Preparation Is Key When Selling A Multi-Family Home[/caption] Preparing a home for sale is critical when selling any type of home, whether it's single family or multi-family.  Since many multi-family properties are purchased as investments, preparing for the sale becomes necessary. One of the most important factors for investors who're looking to buy multi-family homes is the amount of maintenance the home appears to have.  A home that isn't prepared for sale can appear to have more maintenance than it really does. For multi-family property owners who're attempting to prepare and sell a home on a budget, it can be done by tending to a few key areas of the property.  Below are a few of the areas and items that should be prepared prior to listing a multi-family for sale.
  1. Curb Appeal - Simply tending to the exterior curb appeal of a multi-family home can go a long way.  Trimming bushes/shrubs and making sure any flower beds are a couple tips for improving the curb appeal of the property.
  2. Clean Up Common Areas - Depending on the multi-unit, there maybe some common areas, such as laundry or a vestibule.  It's important that all common areas in the property are cleaned up and portray extra maintenance.
  3. Parking Areas - If the property has designated parking areas or garage spaces, making sure these are well defined and in good condition is critical.  If there is an off street parking area, a simple seal of the driveway can go a long way and doesn't cost a ton of extra money.
  4. Doors & Locks - All doors and locks within the multi-family property need to be working well.  It's not a good reflection of a property when the locks are difficult to use and a showing agent is struggling to access the units within the property.
  When selling a multi-family home, it's extremely important that it's prepared for the market.  Not doing so can make or break whether the property sells and also it can impact an owners bottom line.

Hire An Agent Who Has Experience Selling Multi-Family Homes

Hiring a top real estate agent, with experience, is extremely important when selling any type of property.  For example, when selling a waterfront property, hiring an agent who primarily sells mobile homes in a park wouldn't be the best idea. It's critical when selling a multi-family home that a Realtor® who has experience selling multi-family homes is hired.  To help ensure an agent who has experience selling multi-family homes is hired, there are certain questions to ask Realtors® during interviews.
  1. How do you handle showings when a property is tenant occupied?
  2. How much notice do you provide?
  3. In the past, how have you handled uncooperative tenants?
  4. Can you provide the contact information of the previous owner who you represented during a recent multi-family sale?
  Asking the right questions during an interview can greatly improve the chances an agent who has experience selling multi-family homes is hired. Not only is it important to make sure the agent has experience selling a multi-family home but it's equally as important to make sure they know how to effectively market a home.  Since the majority of home buyers are finding the home they eventually purchase on the internet, it's critical the agent knows how to reach potential buyers. This is done by using the best real estate marketing strategies.  Marketing strategies such as using social media, optimizing their website to be found in searches, and using high quality photography and videos are a few ways top real estate agents are marketing their clients homes to potential buyers.

Have Important Documents Ready

[caption id="attachment_10460" align="aligncenter" width="450"]Have Important Documents Ready When Selling A Multi-Family Home! Have Important Documents Ready When Selling A Multi-Family Home![/caption] There are certain things to know before selling a home, regardless if it's a single family or multi family home.  It's helpful that before listing a home for sale that important documents are readily accessible for potential buyers. Documents that should be readily accessible, whether selling a multi-family home or not, include documentation relating to roof age or warranties, the age of the homes HVAC systems, and any receipts of remodeling projects that have been completed. One of the most important features that today's home buyers are looking for in a home are updated and newer mechanics, such as roofs and HVAC systems.  Home sellers who have records and receipts showing the ages of these components give themselves a huge advantage. When selling a multi-family home, it's very important to have financial documents readily available for prospective buyers.  Since multi-family homes are often purchased as an investment, having the financial documents available can be extremely helpful for potential buyers. The most important financial document that should be readily available when selling a multi-family home is the yearly net operating figures.  This document shows a potential buyer the income from monthly rents and subtracts out the expenses of the property, such as yearly homeowners insurance, yearly refuse, yearly water usage, and any repairs that have been completed recently.

Complete Inspections Prior To Listing The Property

Many municipalities require that a certificate of occupancy, also known as a C of O, is renewed when a multi-family property is being sold to a new owner.  It's highly recommended that prior to listing a multi-family property that any inspections are completed beforehand. If your local municipality requires a new C of O prior to the property being transferred to a new owner, have the inspection completed prior to listing can reduce the chances that the real estate closing is delayed.  If you're unsure if a new C of O is required prior to the property being transferred, you can contact your local municipality to find out. Recently while selling a multi-family property in Rochester NY, the property owner decided to wait until after a contract was received to complete the required C of O inspection.  The City was backlogged on inspections and the inspection date had to be scheduled a month out, which ultimately delayed the closing of the property.  This could've been avoided if the C of O inspection was completed prior to listing the property. Another inspection to consider completing prior to listing a multi-family property is a general home inspection.  There are lots of reasons to have a pre-listing inspection when selling a home.  The number one reason having a pre-listing inspection prior to putting a home on the market is that it provides a homeowner the opportunity to rectify issues that a home inspector may find. Since the majority of home buyers elect to have a home inspection and some buyers can get scared away from a home because of the inspection results, having one completed prior to listing is a very good idea.  Homeowners who decide to not have a pre-listing inspection often end up regretting their decision if a buyer is scared away from their property.

Final Thoughts On Selling A Multi-Family Home

As you can see, selling a multi-family home is much different than selling a single family home.  Even though selling a multi-family home is generally more complex, that doesn't mean that it has to be impossible.  By following the 5 tips discussed above, multi-family property owners put themselves in a much better position to experience a smooth and successful sale.

Other Top Resources For Selling A Multi-Family Home

Do you own a multi-family property in Rochester?  If so and you're thinking about selling your multi-family property, the above 5 tips should be extremely helpful.  If you don't have a real estate agent in Rochester yet, call or text me at 585-704-7095, and I'd be happy to discuss the sale of your multi-family home!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "5 Important Tips For Selling A Multi-Family Home" was written by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group.  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> The Top 5 Types Of Home Inspections Buyers Should Consider https://www.rochesterrealestateblog.com/5-types-home-inspections/ Tue, 24 Jan 2017 12:40:24 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18119 How To Sell A Multi-Family Property [caption id="attachment_10457" align="aligncenter" width="450"]5 Important Tips For Selling A Multi-Family Home 5 Important Tips For Selling A Multi-Family Home[/caption] Selling a multi-family home is substantially more complex than selling a single family home.  One of the top reasons why selling a multi-family is generally more complex is because it typically involves more people than just the one owner of a single family home. When selling a multi-family property the probability that you're involving 6-12 people is high.  Depending on the number of units in a multi-family property, you may only be dealing with a couple families or a dozen families. There are certain rules, regulations, and laws that multi-family property owners must be aware of and also abide by.  These rules, regulations, and laws will vary from city to city and state to state. It's highly recommended that prior to selling a multi-family home that you consult with an attorney to make sure you're not going to put yourself in a situation where you could be sued.  Not being aware of rules, regulations, and local laws is one of the top home selling mistakes made by multi-family property owners. Read on to find out what the top 5 tips for selling a multi-family home are.  Multi-family property owners who follow the below tips will put themselves in an excellent position to get their property sold, while avoiding potential issues or roadblocks.

Review Leases, Occupancy, & Tenant Rights

Before listing a multi-family home for sale, it's vital to review all leases and the occupancy for each unit.  As mentioned above, multi-family property owners can get themselves in trouble if they're not careful.  It's important to always keep in mind tenant rights when selling a multi-family home. There are a few frequently asked questions from home buyers that multi-family property owners will be asked during the sale process.  By reviewing the current leases and occupancy of each unit, multi-family property owners will be able to answer these questions accurately.  Below are a couple of the top questions asked by buyers who're looking to purchase a multi-family home.
  1. What are the terms of any/all leases?
  2. What are the rent amounts for each unit?
  3. What's included in the rent for each unit?
  4. Are there security deposits being held?
  5. Are the rents able to be subsidized by Government assistance?
  Reviewing the leases and occupancy for each unit can also help determine whether or not to sell the property while it's being occupied by tenants.  Selling a home with tenants can be tricky and it can also bring other potential issues into the equation. For example, if a multi-family home is being sold while tenant occupied and the leases are for an extended period of time, it potentially can eliminate a large number of potential buyers who're looking to buy a multi-family home and plan on, or need to, occupy one of the units.  One of the disadvantages of a VA home loan or FHA loan is that the property must be occupied by the buyer, so if a buyer is planning on utilizing one of these mortgage products, they wouldn't be able to purchase a tenant occupied multi-family home. Selling a multi-family home is easiest and most successful if it's unoccupied.  This eliminates potential issues with coordinating home showings or issues with occupancy requirements.  If this isn't a possibility, then it's important that the owner has full cooperation from all parties who'll be impacted during the sale of the multi-family property.

Preparation Is Key When Selling A Multi-Family Home

[caption id="attachment_10458" align="aligncenter" width="450"]Preparation Is Key When Selling A Multi-Family Home Preparation Is Key When Selling A Multi-Family Home[/caption] Preparing a home for sale is critical when selling any type of home, whether it's single family or multi-family.  Since many multi-family properties are purchased as investments, preparing for the sale becomes necessary. One of the most important factors for investors who're looking to buy multi-family homes is the amount of maintenance the home appears to have.  A home that isn't prepared for sale can appear to have more maintenance than it really does. For multi-family property owners who're attempting to prepare and sell a home on a budget, it can be done by tending to a few key areas of the property.  Below are a few of the areas and items that should be prepared prior to listing a multi-family for sale.
  1. Curb Appeal - Simply tending to the exterior curb appeal of a multi-family home can go a long way.  Trimming bushes/shrubs and making sure any flower beds are a couple tips for improving the curb appeal of the property.
  2. Clean Up Common Areas - Depending on the multi-unit, there maybe some common areas, such as laundry or a vestibule.  It's important that all common areas in the property are cleaned up and portray extra maintenance.
  3. Parking Areas - If the property has designated parking areas or garage spaces, making sure these are well defined and in good condition is critical.  If there is an off street parking area, a simple seal of the driveway can go a long way and doesn't cost a ton of extra money.
  4. Doors & Locks - All doors and locks within the multi-family property need to be working well.  It's not a good reflection of a property when the locks are difficult to use and a showing agent is struggling to access the units within the property.
  When selling a multi-family home, it's extremely important that it's prepared for the market.  Not doing so can make or break whether the property sells and also it can impact an owners bottom line.

Hire An Agent Who Has Experience Selling Multi-Family Homes

Hiring a top real estate agent, with experience, is extremely important when selling any type of property.  For example, when selling a waterfront property, hiring an agent who primarily sells mobile homes in a park wouldn't be the best idea. It's critical when selling a multi-family home that a Realtor® who has experience selling multi-family homes is hired.  To help ensure an agent who has experience selling multi-family homes is hired, there are certain questions to ask Realtors® during interviews.
  1. How do you handle showings when a property is tenant occupied?
  2. How much notice do you provide?
  3. In the past, how have you handled uncooperative tenants?
  4. Can you provide the contact information of the previous owner who you represented during a recent multi-family sale?
  Asking the right questions during an interview can greatly improve the chances an agent who has experience selling multi-family homes is hired. Not only is it important to make sure the agent has experience selling a multi-family home but it's equally as important to make sure they know how to effectively market a home.  Since the majority of home buyers are finding the home they eventually purchase on the internet, it's critical the agent knows how to reach potential buyers. This is done by using the best real estate marketing strategies.  Marketing strategies such as using social media, optimizing their website to be found in searches, and using high quality photography and videos are a few ways top real estate agents are marketing their clients homes to potential buyers.

Have Important Documents Ready

[caption id="attachment_10460" align="aligncenter" width="450"]Have Important Documents Ready When Selling A Multi-Family Home! Have Important Documents Ready When Selling A Multi-Family Home![/caption] There are certain things to know before selling a home, regardless if it's a single family or multi family home.  It's helpful that before listing a home for sale that important documents are readily accessible for potential buyers. Documents that should be readily accessible, whether selling a multi-family home or not, include documentation relating to roof age or warranties, the age of the homes HVAC systems, and any receipts of remodeling projects that have been completed. One of the most important features that today's home buyers are looking for in a home are updated and newer mechanics, such as roofs and HVAC systems.  Home sellers who have records and receipts showing the ages of these components give themselves a huge advantage. When selling a multi-family home, it's very important to have financial documents readily available for prospective buyers.  Since multi-family homes are often purchased as an investment, having the financial documents available can be extremely helpful for potential buyers. The most important financial document that should be readily available when selling a multi-family home is the yearly net operating figures.  This document shows a potential buyer the income from monthly rents and subtracts out the expenses of the property, such as yearly homeowners insurance, yearly refuse, yearly water usage, and any repairs that have been completed recently.

Complete Inspections Prior To Listing The Property

Many municipalities require that a certificate of occupancy, also known as a C of O, is renewed when a multi-family property is being sold to a new owner.  It's highly recommended that prior to listing a multi-family property that any inspections are completed beforehand. If your local municipality requires a new C of O prior to the property being transferred to a new owner, have the inspection completed prior to listing can reduce the chances that the real estate closing is delayed.  If you're unsure if a new C of O is required prior to the property being transferred, you can contact your local municipality to find out. Recently while selling a multi-family property in Rochester NY, the property owner decided to wait until after a contract was received to complete the required C of O inspection.  The City was backlogged on inspections and the inspection date had to be scheduled a month out, which ultimately delayed the closing of the property.  This could've been avoided if the C of O inspection was completed prior to listing the property. Another inspection to consider completing prior to listing a multi-family property is a general home inspection.  There are lots of reasons to have a pre-listing inspection when selling a home.  The number one reason having a pre-listing inspection prior to putting a home on the market is that it provides a homeowner the opportunity to rectify issues that a home inspector may find. Since the majority of home buyers elect to have a home inspection and some buyers can get scared away from a home because of the inspection results, having one completed prior to listing is a very good idea.  Homeowners who decide to not have a pre-listing inspection often end up regretting their decision if a buyer is scared away from their property.

Final Thoughts On Selling A Multi-Family Home

As you can see, selling a multi-family home is much different than selling a single family home.  Even though selling a multi-family home is generally more complex, that doesn't mean that it has to be impossible.  By following the 5 tips discussed above, multi-family property owners put themselves in a much better position to experience a smooth and successful sale.

Other Top Resources For Selling A Multi-Family Home

Do you own a multi-family property in Rochester?  If so and you're thinking about selling your multi-family property, the above 5 tips should be extremely helpful.  If you don't have a real estate agent in Rochester yet, call or text me at 585-704-7095, and I'd be happy to discuss the sale of your multi-family home!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "5 Important Tips For Selling A Multi-Family Home" was written by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group.  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> The Pros And Cons Of Rent To Own Homes: What You Need To Know https://www.rochesterrealestateblog.com/pros-cons-rent-own-homes/ Tue, 24 Jan 2017 12:40:24 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18104 How To Sell A Multi-Family Property [caption id="attachment_10457" align="aligncenter" width="450"]5 Important Tips For Selling A Multi-Family Home 5 Important Tips For Selling A Multi-Family Home[/caption] Selling a multi-family home is substantially more complex than selling a single family home.  One of the top reasons why selling a multi-family is generally more complex is because it typically involves more people than just the one owner of a single family home. When selling a multi-family property the probability that you're involving 6-12 people is high.  Depending on the number of units in a multi-family property, you may only be dealing with a couple families or a dozen families. There are certain rules, regulations, and laws that multi-family property owners must be aware of and also abide by.  These rules, regulations, and laws will vary from city to city and state to state. It's highly recommended that prior to selling a multi-family home that you consult with an attorney to make sure you're not going to put yourself in a situation where you could be sued.  Not being aware of rules, regulations, and local laws is one of the top home selling mistakes made by multi-family property owners. Read on to find out what the top 5 tips for selling a multi-family home are.  Multi-family property owners who follow the below tips will put themselves in an excellent position to get their property sold, while avoiding potential issues or roadblocks.

Review Leases, Occupancy, & Tenant Rights

Before listing a multi-family home for sale, it's vital to review all leases and the occupancy for each unit.  As mentioned above, multi-family property owners can get themselves in trouble if they're not careful.  It's important to always keep in mind tenant rights when selling a multi-family home. There are a few frequently asked questions from home buyers that multi-family property owners will be asked during the sale process.  By reviewing the current leases and occupancy of each unit, multi-family property owners will be able to answer these questions accurately.  Below are a couple of the top questions asked by buyers who're looking to purchase a multi-family home.
  1. What are the terms of any/all leases?
  2. What are the rent amounts for each unit?
  3. What's included in the rent for each unit?
  4. Are there security deposits being held?
  5. Are the rents able to be subsidized by Government assistance?
  Reviewing the leases and occupancy for each unit can also help determine whether or not to sell the property while it's being occupied by tenants.  Selling a home with tenants can be tricky and it can also bring other potential issues into the equation. For example, if a multi-family home is being sold while tenant occupied and the leases are for an extended period of time, it potentially can eliminate a large number of potential buyers who're looking to buy a multi-family home and plan on, or need to, occupy one of the units.  One of the disadvantages of a VA home loan or FHA loan is that the property must be occupied by the buyer, so if a buyer is planning on utilizing one of these mortgage products, they wouldn't be able to purchase a tenant occupied multi-family home. Selling a multi-family home is easiest and most successful if it's unoccupied.  This eliminates potential issues with coordinating home showings or issues with occupancy requirements.  If this isn't a possibility, then it's important that the owner has full cooperation from all parties who'll be impacted during the sale of the multi-family property.

Preparation Is Key When Selling A Multi-Family Home

[caption id="attachment_10458" align="aligncenter" width="450"]Preparation Is Key When Selling A Multi-Family Home Preparation Is Key When Selling A Multi-Family Home[/caption] Preparing a home for sale is critical when selling any type of home, whether it's single family or multi-family.  Since many multi-family properties are purchased as investments, preparing for the sale becomes necessary. One of the most important factors for investors who're looking to buy multi-family homes is the amount of maintenance the home appears to have.  A home that isn't prepared for sale can appear to have more maintenance than it really does. For multi-family property owners who're attempting to prepare and sell a home on a budget, it can be done by tending to a few key areas of the property.  Below are a few of the areas and items that should be prepared prior to listing a multi-family for sale.
  1. Curb Appeal - Simply tending to the exterior curb appeal of a multi-family home can go a long way.  Trimming bushes/shrubs and making sure any flower beds are a couple tips for improving the curb appeal of the property.
  2. Clean Up Common Areas - Depending on the multi-unit, there maybe some common areas, such as laundry or a vestibule.  It's important that all common areas in the property are cleaned up and portray extra maintenance.
  3. Parking Areas - If the property has designated parking areas or garage spaces, making sure these are well defined and in good condition is critical.  If there is an off street parking area, a simple seal of the driveway can go a long way and doesn't cost a ton of extra money.
  4. Doors & Locks - All doors and locks within the multi-family property need to be working well.  It's not a good reflection of a property when the locks are difficult to use and a showing agent is struggling to access the units within the property.
  When selling a multi-family home, it's extremely important that it's prepared for the market.  Not doing so can make or break whether the property sells and also it can impact an owners bottom line.

Hire An Agent Who Has Experience Selling Multi-Family Homes

Hiring a top real estate agent, with experience, is extremely important when selling any type of property.  For example, when selling a waterfront property, hiring an agent who primarily sells mobile homes in a park wouldn't be the best idea. It's critical when selling a multi-family home that a Realtor® who has experience selling multi-family homes is hired.  To help ensure an agent who has experience selling multi-family homes is hired, there are certain questions to ask Realtors® during interviews.
  1. How do you handle showings when a property is tenant occupied?
  2. How much notice do you provide?
  3. In the past, how have you handled uncooperative tenants?
  4. Can you provide the contact information of the previous owner who you represented during a recent multi-family sale?
  Asking the right questions during an interview can greatly improve the chances an agent who has experience selling multi-family homes is hired. Not only is it important to make sure the agent has experience selling a multi-family home but it's equally as important to make sure they know how to effectively market a home.  Since the majority of home buyers are finding the home they eventually purchase on the internet, it's critical the agent knows how to reach potential buyers. This is done by using the best real estate marketing strategies.  Marketing strategies such as using social media, optimizing their website to be found in searches, and using high quality photography and videos are a few ways top real estate agents are marketing their clients homes to potential buyers.

Have Important Documents Ready

[caption id="attachment_10460" align="aligncenter" width="450"]Have Important Documents Ready When Selling A Multi-Family Home! Have Important Documents Ready When Selling A Multi-Family Home![/caption] There are certain things to know before selling a home, regardless if it's a single family or multi family home.  It's helpful that before listing a home for sale that important documents are readily accessible for potential buyers. Documents that should be readily accessible, whether selling a multi-family home or not, include documentation relating to roof age or warranties, the age of the homes HVAC systems, and any receipts of remodeling projects that have been completed. One of the most important features that today's home buyers are looking for in a home are updated and newer mechanics, such as roofs and HVAC systems.  Home sellers who have records and receipts showing the ages of these components give themselves a huge advantage. When selling a multi-family home, it's very important to have financial documents readily available for prospective buyers.  Since multi-family homes are often purchased as an investment, having the financial documents available can be extremely helpful for potential buyers. The most important financial document that should be readily available when selling a multi-family home is the yearly net operating figures.  This document shows a potential buyer the income from monthly rents and subtracts out the expenses of the property, such as yearly homeowners insurance, yearly refuse, yearly water usage, and any repairs that have been completed recently.

Complete Inspections Prior To Listing The Property

Many municipalities require that a certificate of occupancy, also known as a C of O, is renewed when a multi-family property is being sold to a new owner.  It's highly recommended that prior to listing a multi-family property that any inspections are completed beforehand. If your local municipality requires a new C of O prior to the property being transferred to a new owner, have the inspection completed prior to listing can reduce the chances that the real estate closing is delayed.  If you're unsure if a new C of O is required prior to the property being transferred, you can contact your local municipality to find out. Recently while selling a multi-family property in Rochester NY, the property owner decided to wait until after a contract was received to complete the required C of O inspection.  The City was backlogged on inspections and the inspection date had to be scheduled a month out, which ultimately delayed the closing of the property.  This could've been avoided if the C of O inspection was completed prior to listing the property. Another inspection to consider completing prior to listing a multi-family property is a general home inspection.  There are lots of reasons to have a pre-listing inspection when selling a home.  The number one reason having a pre-listing inspection prior to putting a home on the market is that it provides a homeowner the opportunity to rectify issues that a home inspector may find. Since the majority of home buyers elect to have a home inspection and some buyers can get scared away from a home because of the inspection results, having one completed prior to listing is a very good idea.  Homeowners who decide to not have a pre-listing inspection often end up regretting their decision if a buyer is scared away from their property.

Final Thoughts On Selling A Multi-Family Home

As you can see, selling a multi-family home is much different than selling a single family home.  Even though selling a multi-family home is generally more complex, that doesn't mean that it has to be impossible.  By following the 5 tips discussed above, multi-family property owners put themselves in a much better position to experience a smooth and successful sale.

Other Top Resources For Selling A Multi-Family Home

Do you own a multi-family property in Rochester?  If so and you're thinking about selling your multi-family property, the above 5 tips should be extremely helpful.  If you don't have a real estate agent in Rochester yet, call or text me at 585-704-7095, and I'd be happy to discuss the sale of your multi-family home!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "5 Important Tips For Selling A Multi-Family Home" was written by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group.  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> 5 Smart Things To Do Before Moving That Will Help Ease Your Transition https://www.rochesterrealestateblog.com/things-before-moving/ Tue, 24 Jan 2017 12:40:24 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18084 How To Sell A Multi-Family Property [caption id="attachment_10457" align="aligncenter" width="450"]5 Important Tips For Selling A Multi-Family Home 5 Important Tips For Selling A Multi-Family Home[/caption] Selling a multi-family home is substantially more complex than selling a single family home.  One of the top reasons why selling a multi-family is generally more complex is because it typically involves more people than just the one owner of a single family home. When selling a multi-family property the probability that you're involving 6-12 people is high.  Depending on the number of units in a multi-family property, you may only be dealing with a couple families or a dozen families. There are certain rules, regulations, and laws that multi-family property owners must be aware of and also abide by.  These rules, regulations, and laws will vary from city to city and state to state. It's highly recommended that prior to selling a multi-family home that you consult with an attorney to make sure you're not going to put yourself in a situation where you could be sued.  Not being aware of rules, regulations, and local laws is one of the top home selling mistakes made by multi-family property owners. Read on to find out what the top 5 tips for selling a multi-family home are.  Multi-family property owners who follow the below tips will put themselves in an excellent position to get their property sold, while avoiding potential issues or roadblocks.

Review Leases, Occupancy, & Tenant Rights

Before listing a multi-family home for sale, it's vital to review all leases and the occupancy for each unit.  As mentioned above, multi-family property owners can get themselves in trouble if they're not careful.  It's important to always keep in mind tenant rights when selling a multi-family home. There are a few frequently asked questions from home buyers that multi-family property owners will be asked during the sale process.  By reviewing the current leases and occupancy of each unit, multi-family property owners will be able to answer these questions accurately.  Below are a couple of the top questions asked by buyers who're looking to purchase a multi-family home.
  1. What are the terms of any/all leases?
  2. What are the rent amounts for each unit?
  3. What's included in the rent for each unit?
  4. Are there security deposits being held?
  5. Are the rents able to be subsidized by Government assistance?
  Reviewing the leases and occupancy for each unit can also help determine whether or not to sell the property while it's being occupied by tenants.  Selling a home with tenants can be tricky and it can also bring other potential issues into the equation. For example, if a multi-family home is being sold while tenant occupied and the leases are for an extended period of time, it potentially can eliminate a large number of potential buyers who're looking to buy a multi-family home and plan on, or need to, occupy one of the units.  One of the disadvantages of a VA home loan or FHA loan is that the property must be occupied by the buyer, so if a buyer is planning on utilizing one of these mortgage products, they wouldn't be able to purchase a tenant occupied multi-family home. Selling a multi-family home is easiest and most successful if it's unoccupied.  This eliminates potential issues with coordinating home showings or issues with occupancy requirements.  If this isn't a possibility, then it's important that the owner has full cooperation from all parties who'll be impacted during the sale of the multi-family property.

Preparation Is Key When Selling A Multi-Family Home

[caption id="attachment_10458" align="aligncenter" width="450"]Preparation Is Key When Selling A Multi-Family Home Preparation Is Key When Selling A Multi-Family Home[/caption] Preparing a home for sale is critical when selling any type of home, whether it's single family or multi-family.  Since many multi-family properties are purchased as investments, preparing for the sale becomes necessary. One of the most important factors for investors who're looking to buy multi-family homes is the amount of maintenance the home appears to have.  A home that isn't prepared for sale can appear to have more maintenance than it really does. For multi-family property owners who're attempting to prepare and sell a home on a budget, it can be done by tending to a few key areas of the property.  Below are a few of the areas and items that should be prepared prior to listing a multi-family for sale.
  1. Curb Appeal - Simply tending to the exterior curb appeal of a multi-family home can go a long way.  Trimming bushes/shrubs and making sure any flower beds are a couple tips for improving the curb appeal of the property.
  2. Clean Up Common Areas - Depending on the multi-unit, there maybe some common areas, such as laundry or a vestibule.  It's important that all common areas in the property are cleaned up and portray extra maintenance.
  3. Parking Areas - If the property has designated parking areas or garage spaces, making sure these are well defined and in good condition is critical.  If there is an off street parking area, a simple seal of the driveway can go a long way and doesn't cost a ton of extra money.
  4. Doors & Locks - All doors and locks within the multi-family property need to be working well.  It's not a good reflection of a property when the locks are difficult to use and a showing agent is struggling to access the units within the property.
  When selling a multi-family home, it's extremely important that it's prepared for the market.  Not doing so can make or break whether the property sells and also it can impact an owners bottom line.

Hire An Agent Who Has Experience Selling Multi-Family Homes

Hiring a top real estate agent, with experience, is extremely important when selling any type of property.  For example, when selling a waterfront property, hiring an agent who primarily sells mobile homes in a park wouldn't be the best idea. It's critical when selling a multi-family home that a Realtor® who has experience selling multi-family homes is hired.  To help ensure an agent who has experience selling multi-family homes is hired, there are certain questions to ask Realtors® during interviews.
  1. How do you handle showings when a property is tenant occupied?
  2. How much notice do you provide?
  3. In the past, how have you handled uncooperative tenants?
  4. Can you provide the contact information of the previous owner who you represented during a recent multi-family sale?
  Asking the right questions during an interview can greatly improve the chances an agent who has experience selling multi-family homes is hired. Not only is it important to make sure the agent has experience selling a multi-family home but it's equally as important to make sure they know how to effectively market a home.  Since the majority of home buyers are finding the home they eventually purchase on the internet, it's critical the agent knows how to reach potential buyers. This is done by using the best real estate marketing strategies.  Marketing strategies such as using social media, optimizing their website to be found in searches, and using high quality photography and videos are a few ways top real estate agents are marketing their clients homes to potential buyers.

Have Important Documents Ready

[caption id="attachment_10460" align="aligncenter" width="450"]Have Important Documents Ready When Selling A Multi-Family Home! Have Important Documents Ready When Selling A Multi-Family Home![/caption] There are certain things to know before selling a home, regardless if it's a single family or multi family home.  It's helpful that before listing a home for sale that important documents are readily accessible for potential buyers. Documents that should be readily accessible, whether selling a multi-family home or not, include documentation relating to roof age or warranties, the age of the homes HVAC systems, and any receipts of remodeling projects that have been completed. One of the most important features that today's home buyers are looking for in a home are updated and newer mechanics, such as roofs and HVAC systems.  Home sellers who have records and receipts showing the ages of these components give themselves a huge advantage. When selling a multi-family home, it's very important to have financial documents readily available for prospective buyers.  Since multi-family homes are often purchased as an investment, having the financial documents available can be extremely helpful for potential buyers. The most important financial document that should be readily available when selling a multi-family home is the yearly net operating figures.  This document shows a potential buyer the income from monthly rents and subtracts out the expenses of the property, such as yearly homeowners insurance, yearly refuse, yearly water usage, and any repairs that have been completed recently.

Complete Inspections Prior To Listing The Property

Many municipalities require that a certificate of occupancy, also known as a C of O, is renewed when a multi-family property is being sold to a new owner.  It's highly recommended that prior to listing a multi-family property that any inspections are completed beforehand. If your local municipality requires a new C of O prior to the property being transferred to a new owner, have the inspection completed prior to listing can reduce the chances that the real estate closing is delayed.  If you're unsure if a new C of O is required prior to the property being transferred, you can contact your local municipality to find out. Recently while selling a multi-family property in Rochester NY, the property owner decided to wait until after a contract was received to complete the required C of O inspection.  The City was backlogged on inspections and the inspection date had to be scheduled a month out, which ultimately delayed the closing of the property.  This could've been avoided if the C of O inspection was completed prior to listing the property. Another inspection to consider completing prior to listing a multi-family property is a general home inspection.  There are lots of reasons to have a pre-listing inspection when selling a home.  The number one reason having a pre-listing inspection prior to putting a home on the market is that it provides a homeowner the opportunity to rectify issues that a home inspector may find. Since the majority of home buyers elect to have a home inspection and some buyers can get scared away from a home because of the inspection results, having one completed prior to listing is a very good idea.  Homeowners who decide to not have a pre-listing inspection often end up regretting their decision if a buyer is scared away from their property.

Final Thoughts On Selling A Multi-Family Home

As you can see, selling a multi-family home is much different than selling a single family home.  Even though selling a multi-family home is generally more complex, that doesn't mean that it has to be impossible.  By following the 5 tips discussed above, multi-family property owners put themselves in a much better position to experience a smooth and successful sale.

Other Top Resources For Selling A Multi-Family Home

Do you own a multi-family property in Rochester?  If so and you're thinking about selling your multi-family property, the above 5 tips should be extremely helpful.  If you don't have a real estate agent in Rochester yet, call or text me at 585-704-7095, and I'd be happy to discuss the sale of your multi-family home!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "5 Important Tips For Selling A Multi-Family Home" was written by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group.  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> How to Become a Real Estate Agent https://www.rochesterrealestateblog.com/become-real-estate-agent/ Tue, 24 Jan 2017 12:40:24 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18071 How To Sell A Multi-Family Property [caption id="attachment_10457" align="aligncenter" width="450"]5 Important Tips For Selling A Multi-Family Home 5 Important Tips For Selling A Multi-Family Home[/caption] Selling a multi-family home is substantially more complex than selling a single family home.  One of the top reasons why selling a multi-family is generally more complex is because it typically involves more people than just the one owner of a single family home. When selling a multi-family property the probability that you're involving 6-12 people is high.  Depending on the number of units in a multi-family property, you may only be dealing with a couple families or a dozen families. There are certain rules, regulations, and laws that multi-family property owners must be aware of and also abide by.  These rules, regulations, and laws will vary from city to city and state to state. It's highly recommended that prior to selling a multi-family home that you consult with an attorney to make sure you're not going to put yourself in a situation where you could be sued.  Not being aware of rules, regulations, and local laws is one of the top home selling mistakes made by multi-family property owners. Read on to find out what the top 5 tips for selling a multi-family home are.  Multi-family property owners who follow the below tips will put themselves in an excellent position to get their property sold, while avoiding potential issues or roadblocks.

Review Leases, Occupancy, & Tenant Rights

Before listing a multi-family home for sale, it's vital to review all leases and the occupancy for each unit.  As mentioned above, multi-family property owners can get themselves in trouble if they're not careful.  It's important to always keep in mind tenant rights when selling a multi-family home. There are a few frequently asked questions from home buyers that multi-family property owners will be asked during the sale process.  By reviewing the current leases and occupancy of each unit, multi-family property owners will be able to answer these questions accurately.  Below are a couple of the top questions asked by buyers who're looking to purchase a multi-family home.
  1. What are the terms of any/all leases?
  2. What are the rent amounts for each unit?
  3. What's included in the rent for each unit?
  4. Are there security deposits being held?
  5. Are the rents able to be subsidized by Government assistance?
  Reviewing the leases and occupancy for each unit can also help determine whether or not to sell the property while it's being occupied by tenants.  Selling a home with tenants can be tricky and it can also bring other potential issues into the equation. For example, if a multi-family home is being sold while tenant occupied and the leases are for an extended period of time, it potentially can eliminate a large number of potential buyers who're looking to buy a multi-family home and plan on, or need to, occupy one of the units.  One of the disadvantages of a VA home loan or FHA loan is that the property must be occupied by the buyer, so if a buyer is planning on utilizing one of these mortgage products, they wouldn't be able to purchase a tenant occupied multi-family home. Selling a multi-family home is easiest and most successful if it's unoccupied.  This eliminates potential issues with coordinating home showings or issues with occupancy requirements.  If this isn't a possibility, then it's important that the owner has full cooperation from all parties who'll be impacted during the sale of the multi-family property.

Preparation Is Key When Selling A Multi-Family Home

[caption id="attachment_10458" align="aligncenter" width="450"]Preparation Is Key When Selling A Multi-Family Home Preparation Is Key When Selling A Multi-Family Home[/caption] Preparing a home for sale is critical when selling any type of home, whether it's single family or multi-family.  Since many multi-family properties are purchased as investments, preparing for the sale becomes necessary. One of the most important factors for investors who're looking to buy multi-family homes is the amount of maintenance the home appears to have.  A home that isn't prepared for sale can appear to have more maintenance than it really does. For multi-family property owners who're attempting to prepare and sell a home on a budget, it can be done by tending to a few key areas of the property.  Below are a few of the areas and items that should be prepared prior to listing a multi-family for sale.
  1. Curb Appeal - Simply tending to the exterior curb appeal of a multi-family home can go a long way.  Trimming bushes/shrubs and making sure any flower beds are a couple tips for improving the curb appeal of the property.
  2. Clean Up Common Areas - Depending on the multi-unit, there maybe some common areas, such as laundry or a vestibule.  It's important that all common areas in the property are cleaned up and portray extra maintenance.
  3. Parking Areas - If the property has designated parking areas or garage spaces, making sure these are well defined and in good condition is critical.  If there is an off street parking area, a simple seal of the driveway can go a long way and doesn't cost a ton of extra money.
  4. Doors & Locks - All doors and locks within the multi-family property need to be working well.  It's not a good reflection of a property when the locks are difficult to use and a showing agent is struggling to access the units within the property.
  When selling a multi-family home, it's extremely important that it's prepared for the market.  Not doing so can make or break whether the property sells and also it can impact an owners bottom line.

Hire An Agent Who Has Experience Selling Multi-Family Homes

Hiring a top real estate agent, with experience, is extremely important when selling any type of property.  For example, when selling a waterfront property, hiring an agent who primarily sells mobile homes in a park wouldn't be the best idea. It's critical when selling a multi-family home that a Realtor® who has experience selling multi-family homes is hired.  To help ensure an agent who has experience selling multi-family homes is hired, there are certain questions to ask Realtors® during interviews.
  1. How do you handle showings when a property is tenant occupied?
  2. How much notice do you provide?
  3. In the past, how have you handled uncooperative tenants?
  4. Can you provide the contact information of the previous owner who you represented during a recent multi-family sale?
  Asking the right questions during an interview can greatly improve the chances an agent who has experience selling multi-family homes is hired. Not only is it important to make sure the agent has experience selling a multi-family home but it's equally as important to make sure they know how to effectively market a home.  Since the majority of home buyers are finding the home they eventually purchase on the internet, it's critical the agent knows how to reach potential buyers. This is done by using the best real estate marketing strategies.  Marketing strategies such as using social media, optimizing their website to be found in searches, and using high quality photography and videos are a few ways top real estate agents are marketing their clients homes to potential buyers.

Have Important Documents Ready

[caption id="attachment_10460" align="aligncenter" width="450"]Have Important Documents Ready When Selling A Multi-Family Home! Have Important Documents Ready When Selling A Multi-Family Home![/caption] There are certain things to know before selling a home, regardless if it's a single family or multi family home.  It's helpful that before listing a home for sale that important documents are readily accessible for potential buyers. Documents that should be readily accessible, whether selling a multi-family home or not, include documentation relating to roof age or warranties, the age of the homes HVAC systems, and any receipts of remodeling projects that have been completed. One of the most important features that today's home buyers are looking for in a home are updated and newer mechanics, such as roofs and HVAC systems.  Home sellers who have records and receipts showing the ages of these components give themselves a huge advantage. When selling a multi-family home, it's very important to have financial documents readily available for prospective buyers.  Since multi-family homes are often purchased as an investment, having the financial documents available can be extremely helpful for potential buyers. The most important financial document that should be readily available when selling a multi-family home is the yearly net operating figures.  This document shows a potential buyer the income from monthly rents and subtracts out the expenses of the property, such as yearly homeowners insurance, yearly refuse, yearly water usage, and any repairs that have been completed recently.

Complete Inspections Prior To Listing The Property

Many municipalities require that a certificate of occupancy, also known as a C of O, is renewed when a multi-family property is being sold to a new owner.  It's highly recommended that prior to listing a multi-family property that any inspections are completed beforehand. If your local municipality requires a new C of O prior to the property being transferred to a new owner, have the inspection completed prior to listing can reduce the chances that the real estate closing is delayed.  If you're unsure if a new C of O is required prior to the property being transferred, you can contact your local municipality to find out. Recently while selling a multi-family property in Rochester NY, the property owner decided to wait until after a contract was received to complete the required C of O inspection.  The City was backlogged on inspections and the inspection date had to be scheduled a month out, which ultimately delayed the closing of the property.  This could've been avoided if the C of O inspection was completed prior to listing the property. Another inspection to consider completing prior to listing a multi-family property is a general home inspection.  There are lots of reasons to have a pre-listing inspection when selling a home.  The number one reason having a pre-listing inspection prior to putting a home on the market is that it provides a homeowner the opportunity to rectify issues that a home inspector may find. Since the majority of home buyers elect to have a home inspection and some buyers can get scared away from a home because of the inspection results, having one completed prior to listing is a very good idea.  Homeowners who decide to not have a pre-listing inspection often end up regretting their decision if a buyer is scared away from their property.

Final Thoughts On Selling A Multi-Family Home

As you can see, selling a multi-family home is much different than selling a single family home.  Even though selling a multi-family home is generally more complex, that doesn't mean that it has to be impossible.  By following the 5 tips discussed above, multi-family property owners put themselves in a much better position to experience a smooth and successful sale.

Other Top Resources For Selling A Multi-Family Home

Do you own a multi-family property in Rochester?  If so and you're thinking about selling your multi-family property, the above 5 tips should be extremely helpful.  If you don't have a real estate agent in Rochester yet, call or text me at 585-704-7095, and I'd be happy to discuss the sale of your multi-family home!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "5 Important Tips For Selling A Multi-Family Home" was written by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group.  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Renting A House Or An Apartment: Which Is The Better Option https://www.rochesterrealestateblog.com/renting-house-apartment/ Tue, 24 Jan 2017 12:40:24 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=17871 How To Sell A Multi-Family Property [caption id="attachment_10457" align="aligncenter" width="450"]5 Important Tips For Selling A Multi-Family Home 5 Important Tips For Selling A Multi-Family Home[/caption] Selling a multi-family home is substantially more complex than selling a single family home.  One of the top reasons why selling a multi-family is generally more complex is because it typically involves more people than just the one owner of a single family home. When selling a multi-family property the probability that you're involving 6-12 people is high.  Depending on the number of units in a multi-family property, you may only be dealing with a couple families or a dozen families. There are certain rules, regulations, and laws that multi-family property owners must be aware of and also abide by.  These rules, regulations, and laws will vary from city to city and state to state. It's highly recommended that prior to selling a multi-family home that you consult with an attorney to make sure you're not going to put yourself in a situation where you could be sued.  Not being aware of rules, regulations, and local laws is one of the top home selling mistakes made by multi-family property owners. Read on to find out what the top 5 tips for selling a multi-family home are.  Multi-family property owners who follow the below tips will put themselves in an excellent position to get their property sold, while avoiding potential issues or roadblocks.

Review Leases, Occupancy, & Tenant Rights

Before listing a multi-family home for sale, it's vital to review all leases and the occupancy for each unit.  As mentioned above, multi-family property owners can get themselves in trouble if they're not careful.  It's important to always keep in mind tenant rights when selling a multi-family home. There are a few frequently asked questions from home buyers that multi-family property owners will be asked during the sale process.  By reviewing the current leases and occupancy of each unit, multi-family property owners will be able to answer these questions accurately.  Below are a couple of the top questions asked by buyers who're looking to purchase a multi-family home.
  1. What are the terms of any/all leases?
  2. What are the rent amounts for each unit?
  3. What's included in the rent for each unit?
  4. Are there security deposits being held?
  5. Are the rents able to be subsidized by Government assistance?
  Reviewing the leases and occupancy for each unit can also help determine whether or not to sell the property while it's being occupied by tenants.  Selling a home with tenants can be tricky and it can also bring other potential issues into the equation. For example, if a multi-family home is being sold while tenant occupied and the leases are for an extended period of time, it potentially can eliminate a large number of potential buyers who're looking to buy a multi-family home and plan on, or need to, occupy one of the units.  One of the disadvantages of a VA home loan or FHA loan is that the property must be occupied by the buyer, so if a buyer is planning on utilizing one of these mortgage products, they wouldn't be able to purchase a tenant occupied multi-family home. Selling a multi-family home is easiest and most successful if it's unoccupied.  This eliminates potential issues with coordinating home showings or issues with occupancy requirements.  If this isn't a possibility, then it's important that the owner has full cooperation from all parties who'll be impacted during the sale of the multi-family property.

Preparation Is Key When Selling A Multi-Family Home

[caption id="attachment_10458" align="aligncenter" width="450"]Preparation Is Key When Selling A Multi-Family Home Preparation Is Key When Selling A Multi-Family Home[/caption] Preparing a home for sale is critical when selling any type of home, whether it's single family or multi-family.  Since many multi-family properties are purchased as investments, preparing for the sale becomes necessary. One of the most important factors for investors who're looking to buy multi-family homes is the amount of maintenance the home appears to have.  A home that isn't prepared for sale can appear to have more maintenance than it really does. For multi-family property owners who're attempting to prepare and sell a home on a budget, it can be done by tending to a few key areas of the property.  Below are a few of the areas and items that should be prepared prior to listing a multi-family for sale.
  1. Curb Appeal - Simply tending to the exterior curb appeal of a multi-family home can go a long way.  Trimming bushes/shrubs and making sure any flower beds are a couple tips for improving the curb appeal of the property.
  2. Clean Up Common Areas - Depending on the multi-unit, there maybe some common areas, such as laundry or a vestibule.  It's important that all common areas in the property are cleaned up and portray extra maintenance.
  3. Parking Areas - If the property has designated parking areas or garage spaces, making sure these are well defined and in good condition is critical.  If there is an off street parking area, a simple seal of the driveway can go a long way and doesn't cost a ton of extra money.
  4. Doors & Locks - All doors and locks within the multi-family property need to be working well.  It's not a good reflection of a property when the locks are difficult to use and a showing agent is struggling to access the units within the property.
  When selling a multi-family home, it's extremely important that it's prepared for the market.  Not doing so can make or break whether the property sells and also it can impact an owners bottom line.

Hire An Agent Who Has Experience Selling Multi-Family Homes

Hiring a top real estate agent, with experience, is extremely important when selling any type of property.  For example, when selling a waterfront property, hiring an agent who primarily sells mobile homes in a park wouldn't be the best idea. It's critical when selling a multi-family home that a Realtor® who has experience selling multi-family homes is hired.  To help ensure an agent who has experience selling multi-family homes is hired, there are certain questions to ask Realtors® during interviews.
  1. How do you handle showings when a property is tenant occupied?
  2. How much notice do you provide?
  3. In the past, how have you handled uncooperative tenants?
  4. Can you provide the contact information of the previous owner who you represented during a recent multi-family sale?
  Asking the right questions during an interview can greatly improve the chances an agent who has experience selling multi-family homes is hired. Not only is it important to make sure the agent has experience selling a multi-family home but it's equally as important to make sure they know how to effectively market a home.  Since the majority of home buyers are finding the home they eventually purchase on the internet, it's critical the agent knows how to reach potential buyers. This is done by using the best real estate marketing strategies.  Marketing strategies such as using social media, optimizing their website to be found in searches, and using high quality photography and videos are a few ways top real estate agents are marketing their clients homes to potential buyers.

Have Important Documents Ready

[caption id="attachment_10460" align="aligncenter" width="450"]Have Important Documents Ready When Selling A Multi-Family Home! Have Important Documents Ready When Selling A Multi-Family Home![/caption] There are certain things to know before selling a home, regardless if it's a single family or multi family home.  It's helpful that before listing a home for sale that important documents are readily accessible for potential buyers. Documents that should be readily accessible, whether selling a multi-family home or not, include documentation relating to roof age or warranties, the age of the homes HVAC systems, and any receipts of remodeling projects that have been completed. One of the most important features that today's home buyers are looking for in a home are updated and newer mechanics, such as roofs and HVAC systems.  Home sellers who have records and receipts showing the ages of these components give themselves a huge advantage. When selling a multi-family home, it's very important to have financial documents readily available for prospective buyers.  Since multi-family homes are often purchased as an investment, having the financial documents available can be extremely helpful for potential buyers. The most important financial document that should be readily available when selling a multi-family home is the yearly net operating figures.  This document shows a potential buyer the income from monthly rents and subtracts out the expenses of the property, such as yearly homeowners insurance, yearly refuse, yearly water usage, and any repairs that have been completed recently.

Complete Inspections Prior To Listing The Property

Many municipalities require that a certificate of occupancy, also known as a C of O, is renewed when a multi-family property is being sold to a new owner.  It's highly recommended that prior to listing a multi-family property that any inspections are completed beforehand. If your local municipality requires a new C of O prior to the property being transferred to a new owner, have the inspection completed prior to listing can reduce the chances that the real estate closing is delayed.  If you're unsure if a new C of O is required prior to the property being transferred, you can contact your local municipality to find out. Recently while selling a multi-family property in Rochester NY, the property owner decided to wait until after a contract was received to complete the required C of O inspection.  The City was backlogged on inspections and the inspection date had to be scheduled a month out, which ultimately delayed the closing of the property.  This could've been avoided if the C of O inspection was completed prior to listing the property. Another inspection to consider completing prior to listing a multi-family property is a general home inspection.  There are lots of reasons to have a pre-listing inspection when selling a home.  The number one reason having a pre-listing inspection prior to putting a home on the market is that it provides a homeowner the opportunity to rectify issues that a home inspector may find. Since the majority of home buyers elect to have a home inspection and some buyers can get scared away from a home because of the inspection results, having one completed prior to listing is a very good idea.  Homeowners who decide to not have a pre-listing inspection often end up regretting their decision if a buyer is scared away from their property.

Final Thoughts On Selling A Multi-Family Home

As you can see, selling a multi-family home is much different than selling a single family home.  Even though selling a multi-family home is generally more complex, that doesn't mean that it has to be impossible.  By following the 5 tips discussed above, multi-family property owners put themselves in a much better position to experience a smooth and successful sale.

Other Top Resources For Selling A Multi-Family Home

Do you own a multi-family property in Rochester?  If so and you're thinking about selling your multi-family property, the above 5 tips should be extremely helpful.  If you don't have a real estate agent in Rochester yet, call or text me at 585-704-7095, and I'd be happy to discuss the sale of your multi-family home!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "5 Important Tips For Selling A Multi-Family Home" was written by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group.  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> The 5 Most Important Factors To Consider When Buying A House https://www.rochesterrealestateblog.com/5-factors-buying-house/ Tue, 24 Jan 2017 12:40:24 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=17851 How To Sell A Multi-Family Property [caption id="attachment_10457" align="aligncenter" width="450"]5 Important Tips For Selling A Multi-Family Home 5 Important Tips For Selling A Multi-Family Home[/caption] Selling a multi-family home is substantially more complex than selling a single family home.  One of the top reasons why selling a multi-family is generally more complex is because it typically involves more people than just the one owner of a single family home. When selling a multi-family property the probability that you're involving 6-12 people is high.  Depending on the number of units in a multi-family property, you may only be dealing with a couple families or a dozen families. There are certain rules, regulations, and laws that multi-family property owners must be aware of and also abide by.  These rules, regulations, and laws will vary from city to city and state to state. It's highly recommended that prior to selling a multi-family home that you consult with an attorney to make sure you're not going to put yourself in a situation where you could be sued.  Not being aware of rules, regulations, and local laws is one of the top home selling mistakes made by multi-family property owners. Read on to find out what the top 5 tips for selling a multi-family home are.  Multi-family property owners who follow the below tips will put themselves in an excellent position to get their property sold, while avoiding potential issues or roadblocks.

Review Leases, Occupancy, & Tenant Rights

Before listing a multi-family home for sale, it's vital to review all leases and the occupancy for each unit.  As mentioned above, multi-family property owners can get themselves in trouble if they're not careful.  It's important to always keep in mind tenant rights when selling a multi-family home. There are a few frequently asked questions from home buyers that multi-family property owners will be asked during the sale process.  By reviewing the current leases and occupancy of each unit, multi-family property owners will be able to answer these questions accurately.  Below are a couple of the top questions asked by buyers who're looking to purchase a multi-family home.
  1. What are the terms of any/all leases?
  2. What are the rent amounts for each unit?
  3. What's included in the rent for each unit?
  4. Are there security deposits being held?
  5. Are the rents able to be subsidized by Government assistance?
  Reviewing the leases and occupancy for each unit can also help determine whether or not to sell the property while it's being occupied by tenants.  Selling a home with tenants can be tricky and it can also bring other potential issues into the equation. For example, if a multi-family home is being sold while tenant occupied and the leases are for an extended period of time, it potentially can eliminate a large number of potential buyers who're looking to buy a multi-family home and plan on, or need to, occupy one of the units.  One of the disadvantages of a VA home loan or FHA loan is that the property must be occupied by the buyer, so if a buyer is planning on utilizing one of these mortgage products, they wouldn't be able to purchase a tenant occupied multi-family home. Selling a multi-family home is easiest and most successful if it's unoccupied.  This eliminates potential issues with coordinating home showings or issues with occupancy requirements.  If this isn't a possibility, then it's important that the owner has full cooperation from all parties who'll be impacted during the sale of the multi-family property.

Preparation Is Key When Selling A Multi-Family Home

[caption id="attachment_10458" align="aligncenter" width="450"]Preparation Is Key When Selling A Multi-Family Home Preparation Is Key When Selling A Multi-Family Home[/caption] Preparing a home for sale is critical when selling any type of home, whether it's single family or multi-family.  Since many multi-family properties are purchased as investments, preparing for the sale becomes necessary. One of the most important factors for investors who're looking to buy multi-family homes is the amount of maintenance the home appears to have.  A home that isn't prepared for sale can appear to have more maintenance than it really does. For multi-family property owners who're attempting to prepare and sell a home on a budget, it can be done by tending to a few key areas of the property.  Below are a few of the areas and items that should be prepared prior to listing a multi-family for sale.
  1. Curb Appeal - Simply tending to the exterior curb appeal of a multi-family home can go a long way.  Trimming bushes/shrubs and making sure any flower beds are a couple tips for improving the curb appeal of the property.
  2. Clean Up Common Areas - Depending on the multi-unit, there maybe some common areas, such as laundry or a vestibule.  It's important that all common areas in the property are cleaned up and portray extra maintenance.
  3. Parking Areas - If the property has designated parking areas or garage spaces, making sure these are well defined and in good condition is critical.  If there is an off street parking area, a simple seal of the driveway can go a long way and doesn't cost a ton of extra money.
  4. Doors & Locks - All doors and locks within the multi-family property need to be working well.  It's not a good reflection of a property when the locks are difficult to use and a showing agent is struggling to access the units within the property.
  When selling a multi-family home, it's extremely important that it's prepared for the market.  Not doing so can make or break whether the property sells and also it can impact an owners bottom line.

Hire An Agent Who Has Experience Selling Multi-Family Homes

Hiring a top real estate agent, with experience, is extremely important when selling any type of property.  For example, when selling a waterfront property, hiring an agent who primarily sells mobile homes in a park wouldn't be the best idea. It's critical when selling a multi-family home that a Realtor® who has experience selling multi-family homes is hired.  To help ensure an agent who has experience selling multi-family homes is hired, there are certain questions to ask Realtors® during interviews.
  1. How do you handle showings when a property is tenant occupied?
  2. How much notice do you provide?
  3. In the past, how have you handled uncooperative tenants?
  4. Can you provide the contact information of the previous owner who you represented during a recent multi-family sale?
  Asking the right questions during an interview can greatly improve the chances an agent who has experience selling multi-family homes is hired. Not only is it important to make sure the agent has experience selling a multi-family home but it's equally as important to make sure they know how to effectively market a home.  Since the majority of home buyers are finding the home they eventually purchase on the internet, it's critical the agent knows how to reach potential buyers. This is done by using the best real estate marketing strategies.  Marketing strategies such as using social media, optimizing their website to be found in searches, and using high quality photography and videos are a few ways top real estate agents are marketing their clients homes to potential buyers.

Have Important Documents Ready

[caption id="attachment_10460" align="aligncenter" width="450"]Have Important Documents Ready When Selling A Multi-Family Home! Have Important Documents Ready When Selling A Multi-Family Home![/caption] There are certain things to know before selling a home, regardless if it's a single family or multi family home.  It's helpful that before listing a home for sale that important documents are readily accessible for potential buyers. Documents that should be readily accessible, whether selling a multi-family home or not, include documentation relating to roof age or warranties, the age of the homes HVAC systems, and any receipts of remodeling projects that have been completed. One of the most important features that today's home buyers are looking for in a home are updated and newer mechanics, such as roofs and HVAC systems.  Home sellers who have records and receipts showing the ages of these components give themselves a huge advantage. When selling a multi-family home, it's very important to have financial documents readily available for prospective buyers.  Since multi-family homes are often purchased as an investment, having the financial documents available can be extremely helpful for potential buyers. The most important financial document that should be readily available when selling a multi-family home is the yearly net operating figures.  This document shows a potential buyer the income from monthly rents and subtracts out the expenses of the property, such as yearly homeowners insurance, yearly refuse, yearly water usage, and any repairs that have been completed recently.

Complete Inspections Prior To Listing The Property

Many municipalities require that a certificate of occupancy, also known as a C of O, is renewed when a multi-family property is being sold to a new owner.  It's highly recommended that prior to listing a multi-family property that any inspections are completed beforehand. If your local municipality requires a new C of O prior to the property being transferred to a new owner, have the inspection completed prior to listing can reduce the chances that the real estate closing is delayed.  If you're unsure if a new C of O is required prior to the property being transferred, you can contact your local municipality to find out. Recently while selling a multi-family property in Rochester NY, the property owner decided to wait until after a contract was received to complete the required C of O inspection.  The City was backlogged on inspections and the inspection date had to be scheduled a month out, which ultimately delayed the closing of the property.  This could've been avoided if the C of O inspection was completed prior to listing the property. Another inspection to consider completing prior to listing a multi-family property is a general home inspection.  There are lots of reasons to have a pre-listing inspection when selling a home.  The number one reason having a pre-listing inspection prior to putting a home on the market is that it provides a homeowner the opportunity to rectify issues that a home inspector may find. Since the majority of home buyers elect to have a home inspection and some buyers can get scared away from a home because of the inspection results, having one completed prior to listing is a very good idea.  Homeowners who decide to not have a pre-listing inspection often end up regretting their decision if a buyer is scared away from their property.

Final Thoughts On Selling A Multi-Family Home

As you can see, selling a multi-family home is much different than selling a single family home.  Even though selling a multi-family home is generally more complex, that doesn't mean that it has to be impossible.  By following the 5 tips discussed above, multi-family property owners put themselves in a much better position to experience a smooth and successful sale.

Other Top Resources For Selling A Multi-Family Home

Do you own a multi-family property in Rochester?  If so and you're thinking about selling your multi-family property, the above 5 tips should be extremely helpful.  If you don't have a real estate agent in Rochester yet, call or text me at 585-704-7095, and I'd be happy to discuss the sale of your multi-family home!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "5 Important Tips For Selling A Multi-Family Home" was written by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group.  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> What Buyers And Sellers Need To Know About An Appraisal Gap https://www.rochesterrealestateblog.com/appraisal-gap/ Tue, 24 Jan 2017 12:40:24 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=17827 How To Sell A Multi-Family Property [caption id="attachment_10457" align="aligncenter" width="450"]5 Important Tips For Selling A Multi-Family Home 5 Important Tips For Selling A Multi-Family Home[/caption] Selling a multi-family home is substantially more complex than selling a single family home.  One of the top reasons why selling a multi-family is generally more complex is because it typically involves more people than just the one owner of a single family home. When selling a multi-family property the probability that you're involving 6-12 people is high.  Depending on the number of units in a multi-family property, you may only be dealing with a couple families or a dozen families. There are certain rules, regulations, and laws that multi-family property owners must be aware of and also abide by.  These rules, regulations, and laws will vary from city to city and state to state. It's highly recommended that prior to selling a multi-family home that you consult with an attorney to make sure you're not going to put yourself in a situation where you could be sued.  Not being aware of rules, regulations, and local laws is one of the top home selling mistakes made by multi-family property owners. Read on to find out what the top 5 tips for selling a multi-family home are.  Multi-family property owners who follow the below tips will put themselves in an excellent position to get their property sold, while avoiding potential issues or roadblocks.

Review Leases, Occupancy, & Tenant Rights

Before listing a multi-family home for sale, it's vital to review all leases and the occupancy for each unit.  As mentioned above, multi-family property owners can get themselves in trouble if they're not careful.  It's important to always keep in mind tenant rights when selling a multi-family home. There are a few frequently asked questions from home buyers that multi-family property owners will be asked during the sale process.  By reviewing the current leases and occupancy of each unit, multi-family property owners will be able to answer these questions accurately.  Below are a couple of the top questions asked by buyers who're looking to purchase a multi-family home.
  1. What are the terms of any/all leases?
  2. What are the rent amounts for each unit?
  3. What's included in the rent for each unit?
  4. Are there security deposits being held?
  5. Are the rents able to be subsidized by Government assistance?
  Reviewing the leases and occupancy for each unit can also help determine whether or not to sell the property while it's being occupied by tenants.  Selling a home with tenants can be tricky and it can also bring other potential issues into the equation. For example, if a multi-family home is being sold while tenant occupied and the leases are for an extended period of time, it potentially can eliminate a large number of potential buyers who're looking to buy a multi-family home and plan on, or need to, occupy one of the units.  One of the disadvantages of a VA home loan or FHA loan is that the property must be occupied by the buyer, so if a buyer is planning on utilizing one of these mortgage products, they wouldn't be able to purchase a tenant occupied multi-family home. Selling a multi-family home is easiest and most successful if it's unoccupied.  This eliminates potential issues with coordinating home showings or issues with occupancy requirements.  If this isn't a possibility, then it's important that the owner has full cooperation from all parties who'll be impacted during the sale of the multi-family property.

Preparation Is Key When Selling A Multi-Family Home

[caption id="attachment_10458" align="aligncenter" width="450"]Preparation Is Key When Selling A Multi-Family Home Preparation Is Key When Selling A Multi-Family Home[/caption] Preparing a home for sale is critical when selling any type of home, whether it's single family or multi-family.  Since many multi-family properties are purchased as investments, preparing for the sale becomes necessary. One of the most important factors for investors who're looking to buy multi-family homes is the amount of maintenance the home appears to have.  A home that isn't prepared for sale can appear to have more maintenance than it really does. For multi-family property owners who're attempting to prepare and sell a home on a budget, it can be done by tending to a few key areas of the property.  Below are a few of the areas and items that should be prepared prior to listing a multi-family for sale.
  1. Curb Appeal - Simply tending to the exterior curb appeal of a multi-family home can go a long way.  Trimming bushes/shrubs and making sure any flower beds are a couple tips for improving the curb appeal of the property.
  2. Clean Up Common Areas - Depending on the multi-unit, there maybe some common areas, such as laundry or a vestibule.  It's important that all common areas in the property are cleaned up and portray extra maintenance.
  3. Parking Areas - If the property has designated parking areas or garage spaces, making sure these are well defined and in good condition is critical.  If there is an off street parking area, a simple seal of the driveway can go a long way and doesn't cost a ton of extra money.
  4. Doors & Locks - All doors and locks within the multi-family property need to be working well.  It's not a good reflection of a property when the locks are difficult to use and a showing agent is struggling to access the units within the property.
  When selling a multi-family home, it's extremely important that it's prepared for the market.  Not doing so can make or break whether the property sells and also it can impact an owners bottom line.

Hire An Agent Who Has Experience Selling Multi-Family Homes

Hiring a top real estate agent, with experience, is extremely important when selling any type of property.  For example, when selling a waterfront property, hiring an agent who primarily sells mobile homes in a park wouldn't be the best idea. It's critical when selling a multi-family home that a Realtor® who has experience selling multi-family homes is hired.  To help ensure an agent who has experience selling multi-family homes is hired, there are certain questions to ask Realtors® during interviews.
  1. How do you handle showings when a property is tenant occupied?
  2. How much notice do you provide?
  3. In the past, how have you handled uncooperative tenants?
  4. Can you provide the contact information of the previous owner who you represented during a recent multi-family sale?
  Asking the right questions during an interview can greatly improve the chances an agent who has experience selling multi-family homes is hired. Not only is it important to make sure the agent has experience selling a multi-family home but it's equally as important to make sure they know how to effectively market a home.  Since the majority of home buyers are finding the home they eventually purchase on the internet, it's critical the agent knows how to reach potential buyers. This is done by using the best real estate marketing strategies.  Marketing strategies such as using social media, optimizing their website to be found in searches, and using high quality photography and videos are a few ways top real estate agents are marketing their clients homes to potential buyers.

Have Important Documents Ready

[caption id="attachment_10460" align="aligncenter" width="450"]Have Important Documents Ready When Selling A Multi-Family Home! Have Important Documents Ready When Selling A Multi-Family Home![/caption] There are certain things to know before selling a home, regardless if it's a single family or multi family home.  It's helpful that before listing a home for sale that important documents are readily accessible for potential buyers. Documents that should be readily accessible, whether selling a multi-family home or not, include documentation relating to roof age or warranties, the age of the homes HVAC systems, and any receipts of remodeling projects that have been completed. One of the most important features that today's home buyers are looking for in a home are updated and newer mechanics, such as roofs and HVAC systems.  Home sellers who have records and receipts showing the ages of these components give themselves a huge advantage. When selling a multi-family home, it's very important to have financial documents readily available for prospective buyers.  Since multi-family homes are often purchased as an investment, having the financial documents available can be extremely helpful for potential buyers. The most important financial document that should be readily available when selling a multi-family home is the yearly net operating figures.  This document shows a potential buyer the income from monthly rents and subtracts out the expenses of the property, such as yearly homeowners insurance, yearly refuse, yearly water usage, and any repairs that have been completed recently.

Complete Inspections Prior To Listing The Property

Many municipalities require that a certificate of occupancy, also known as a C of O, is renewed when a multi-family property is being sold to a new owner.  It's highly recommended that prior to listing a multi-family property that any inspections are completed beforehand. If your local municipality requires a new C of O prior to the property being transferred to a new owner, have the inspection completed prior to listing can reduce the chances that the real estate closing is delayed.  If you're unsure if a new C of O is required prior to the property being transferred, you can contact your local municipality to find out. Recently while selling a multi-family property in Rochester NY, the property owner decided to wait until after a contract was received to complete the required C of O inspection.  The City was backlogged on inspections and the inspection date had to be scheduled a month out, which ultimately delayed the closing of the property.  This could've been avoided if the C of O inspection was completed prior to listing the property. Another inspection to consider completing prior to listing a multi-family property is a general home inspection.  There are lots of reasons to have a pre-listing inspection when selling a home.  The number one reason having a pre-listing inspection prior to putting a home on the market is that it provides a homeowner the opportunity to rectify issues that a home inspector may find. Since the majority of home buyers elect to have a home inspection and some buyers can get scared away from a home because of the inspection results, having one completed prior to listing is a very good idea.  Homeowners who decide to not have a pre-listing inspection often end up regretting their decision if a buyer is scared away from their property.

Final Thoughts On Selling A Multi-Family Home

As you can see, selling a multi-family home is much different than selling a single family home.  Even though selling a multi-family home is generally more complex, that doesn't mean that it has to be impossible.  By following the 5 tips discussed above, multi-family property owners put themselves in a much better position to experience a smooth and successful sale.

Other Top Resources For Selling A Multi-Family Home

Do you own a multi-family property in Rochester?  If so and you're thinking about selling your multi-family property, the above 5 tips should be extremely helpful.  If you don't have a real estate agent in Rochester yet, call or text me at 585-704-7095, and I'd be happy to discuss the sale of your multi-family home!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "5 Important Tips For Selling A Multi-Family Home" was written by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group.  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Pros And Cons Of Renting With Roommates – What You Need To Know https://www.rochesterrealestateblog.com/renting-with-roommates/ Tue, 24 Jan 2017 12:40:24 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=17794 How To Sell A Multi-Family Property [caption id="attachment_10457" align="aligncenter" width="450"]5 Important Tips For Selling A Multi-Family Home 5 Important Tips For Selling A Multi-Family Home[/caption] Selling a multi-family home is substantially more complex than selling a single family home.  One of the top reasons why selling a multi-family is generally more complex is because it typically involves more people than just the one owner of a single family home. When selling a multi-family property the probability that you're involving 6-12 people is high.  Depending on the number of units in a multi-family property, you may only be dealing with a couple families or a dozen families. There are certain rules, regulations, and laws that multi-family property owners must be aware of and also abide by.  These rules, regulations, and laws will vary from city to city and state to state. It's highly recommended that prior to selling a multi-family home that you consult with an attorney to make sure you're not going to put yourself in a situation where you could be sued.  Not being aware of rules, regulations, and local laws is one of the top home selling mistakes made by multi-family property owners. Read on to find out what the top 5 tips for selling a multi-family home are.  Multi-family property owners who follow the below tips will put themselves in an excellent position to get their property sold, while avoiding potential issues or roadblocks.

Review Leases, Occupancy, & Tenant Rights

Before listing a multi-family home for sale, it's vital to review all leases and the occupancy for each unit.  As mentioned above, multi-family property owners can get themselves in trouble if they're not careful.  It's important to always keep in mind tenant rights when selling a multi-family home. There are a few frequently asked questions from home buyers that multi-family property owners will be asked during the sale process.  By reviewing the current leases and occupancy of each unit, multi-family property owners will be able to answer these questions accurately.  Below are a couple of the top questions asked by buyers who're looking to purchase a multi-family home.
  1. What are the terms of any/all leases?
  2. What are the rent amounts for each unit?
  3. What's included in the rent for each unit?
  4. Are there security deposits being held?
  5. Are the rents able to be subsidized by Government assistance?
  Reviewing the leases and occupancy for each unit can also help determine whether or not to sell the property while it's being occupied by tenants.  Selling a home with tenants can be tricky and it can also bring other potential issues into the equation. For example, if a multi-family home is being sold while tenant occupied and the leases are for an extended period of time, it potentially can eliminate a large number of potential buyers who're looking to buy a multi-family home and plan on, or need to, occupy one of the units.  One of the disadvantages of a VA home loan or FHA loan is that the property must be occupied by the buyer, so if a buyer is planning on utilizing one of these mortgage products, they wouldn't be able to purchase a tenant occupied multi-family home. Selling a multi-family home is easiest and most successful if it's unoccupied.  This eliminates potential issues with coordinating home showings or issues with occupancy requirements.  If this isn't a possibility, then it's important that the owner has full cooperation from all parties who'll be impacted during the sale of the multi-family property.

Preparation Is Key When Selling A Multi-Family Home

[caption id="attachment_10458" align="aligncenter" width="450"]Preparation Is Key When Selling A Multi-Family Home Preparation Is Key When Selling A Multi-Family Home[/caption] Preparing a home for sale is critical when selling any type of home, whether it's single family or multi-family.  Since many multi-family properties are purchased as investments, preparing for the sale becomes necessary. One of the most important factors for investors who're looking to buy multi-family homes is the amount of maintenance the home appears to have.  A home that isn't prepared for sale can appear to have more maintenance than it really does. For multi-family property owners who're attempting to prepare and sell a home on a budget, it can be done by tending to a few key areas of the property.  Below are a few of the areas and items that should be prepared prior to listing a multi-family for sale.
  1. Curb Appeal - Simply tending to the exterior curb appeal of a multi-family home can go a long way.  Trimming bushes/shrubs and making sure any flower beds are a couple tips for improving the curb appeal of the property.
  2. Clean Up Common Areas - Depending on the multi-unit, there maybe some common areas, such as laundry or a vestibule.  It's important that all common areas in the property are cleaned up and portray extra maintenance.
  3. Parking Areas - If the property has designated parking areas or garage spaces, making sure these are well defined and in good condition is critical.  If there is an off street parking area, a simple seal of the driveway can go a long way and doesn't cost a ton of extra money.
  4. Doors & Locks - All doors and locks within the multi-family property need to be working well.  It's not a good reflection of a property when the locks are difficult to use and a showing agent is struggling to access the units within the property.
  When selling a multi-family home, it's extremely important that it's prepared for the market.  Not doing so can make or break whether the property sells and also it can impact an owners bottom line.

Hire An Agent Who Has Experience Selling Multi-Family Homes

Hiring a top real estate agent, with experience, is extremely important when selling any type of property.  For example, when selling a waterfront property, hiring an agent who primarily sells mobile homes in a park wouldn't be the best idea. It's critical when selling a multi-family home that a Realtor® who has experience selling multi-family homes is hired.  To help ensure an agent who has experience selling multi-family homes is hired, there are certain questions to ask Realtors® during interviews.
  1. How do you handle showings when a property is tenant occupied?
  2. How much notice do you provide?
  3. In the past, how have you handled uncooperative tenants?
  4. Can you provide the contact information of the previous owner who you represented during a recent multi-family sale?
  Asking the right questions during an interview can greatly improve the chances an agent who has experience selling multi-family homes is hired. Not only is it important to make sure the agent has experience selling a multi-family home but it's equally as important to make sure they know how to effectively market a home.  Since the majority of home buyers are finding the home they eventually purchase on the internet, it's critical the agent knows how to reach potential buyers. This is done by using the best real estate marketing strategies.  Marketing strategies such as using social media, optimizing their website to be found in searches, and using high quality photography and videos are a few ways top real estate agents are marketing their clients homes to potential buyers.

Have Important Documents Ready

[caption id="attachment_10460" align="aligncenter" width="450"]Have Important Documents Ready When Selling A Multi-Family Home! Have Important Documents Ready When Selling A Multi-Family Home![/caption] There are certain things to know before selling a home, regardless if it's a single family or multi family home.  It's helpful that before listing a home for sale that important documents are readily accessible for potential buyers. Documents that should be readily accessible, whether selling a multi-family home or not, include documentation relating to roof age or warranties, the age of the homes HVAC systems, and any receipts of remodeling projects that have been completed. One of the most important features that today's home buyers are looking for in a home are updated and newer mechanics, such as roofs and HVAC systems.  Home sellers who have records and receipts showing the ages of these components give themselves a huge advantage. When selling a multi-family home, it's very important to have financial documents readily available for prospective buyers.  Since multi-family homes are often purchased as an investment, having the financial documents available can be extremely helpful for potential buyers. The most important financial document that should be readily available when selling a multi-family home is the yearly net operating figures.  This document shows a potential buyer the income from monthly rents and subtracts out the expenses of the property, such as yearly homeowners insurance, yearly refuse, yearly water usage, and any repairs that have been completed recently.

Complete Inspections Prior To Listing The Property

Many municipalities require that a certificate of occupancy, also known as a C of O, is renewed when a multi-family property is being sold to a new owner.  It's highly recommended that prior to listing a multi-family property that any inspections are completed beforehand. If your local municipality requires a new C of O prior to the property being transferred to a new owner, have the inspection completed prior to listing can reduce the chances that the real estate closing is delayed.  If you're unsure if a new C of O is required prior to the property being transferred, you can contact your local municipality to find out. Recently while selling a multi-family property in Rochester NY, the property owner decided to wait until after a contract was received to complete the required C of O inspection.  The City was backlogged on inspections and the inspection date had to be scheduled a month out, which ultimately delayed the closing of the property.  This could've been avoided if the C of O inspection was completed prior to listing the property. Another inspection to consider completing prior to listing a multi-family property is a general home inspection.  There are lots of reasons to have a pre-listing inspection when selling a home.  The number one reason having a pre-listing inspection prior to putting a home on the market is that it provides a homeowner the opportunity to rectify issues that a home inspector may find. Since the majority of home buyers elect to have a home inspection and some buyers can get scared away from a home because of the inspection results, having one completed prior to listing is a very good idea.  Homeowners who decide to not have a pre-listing inspection often end up regretting their decision if a buyer is scared away from their property.

Final Thoughts On Selling A Multi-Family Home

As you can see, selling a multi-family home is much different than selling a single family home.  Even though selling a multi-family home is generally more complex, that doesn't mean that it has to be impossible.  By following the 5 tips discussed above, multi-family property owners put themselves in a much better position to experience a smooth and successful sale.

Other Top Resources For Selling A Multi-Family Home

Do you own a multi-family property in Rochester?  If so and you're thinking about selling your multi-family property, the above 5 tips should be extremely helpful.  If you don't have a real estate agent in Rochester yet, call or text me at 585-704-7095, and I'd be happy to discuss the sale of your multi-family home!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "5 Important Tips For Selling A Multi-Family Home" was written by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group.  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> 6 Things You Should Know About Buying Land https://www.rochesterrealestateblog.com/things-know-buying-land/ Tue, 24 Jan 2017 12:40:24 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=17773 How To Sell A Multi-Family Property [caption id="attachment_10457" align="aligncenter" width="450"]5 Important Tips For Selling A Multi-Family Home 5 Important Tips For Selling A Multi-Family Home[/caption] Selling a multi-family home is substantially more complex than selling a single family home.  One of the top reasons why selling a multi-family is generally more complex is because it typically involves more people than just the one owner of a single family home. When selling a multi-family property the probability that you're involving 6-12 people is high.  Depending on the number of units in a multi-family property, you may only be dealing with a couple families or a dozen families. There are certain rules, regulations, and laws that multi-family property owners must be aware of and also abide by.  These rules, regulations, and laws will vary from city to city and state to state. It's highly recommended that prior to selling a multi-family home that you consult with an attorney to make sure you're not going to put yourself in a situation where you could be sued.  Not being aware of rules, regulations, and local laws is one of the top home selling mistakes made by multi-family property owners. Read on to find out what the top 5 tips for selling a multi-family home are.  Multi-family property owners who follow the below tips will put themselves in an excellent position to get their property sold, while avoiding potential issues or roadblocks.

Review Leases, Occupancy, & Tenant Rights

Before listing a multi-family home for sale, it's vital to review all leases and the occupancy for each unit.  As mentioned above, multi-family property owners can get themselves in trouble if they're not careful.  It's important to always keep in mind tenant rights when selling a multi-family home. There are a few frequently asked questions from home buyers that multi-family property owners will be asked during the sale process.  By reviewing the current leases and occupancy of each unit, multi-family property owners will be able to answer these questions accurately.  Below are a couple of the top questions asked by buyers who're looking to purchase a multi-family home.
  1. What are the terms of any/all leases?
  2. What are the rent amounts for each unit?
  3. What's included in the rent for each unit?
  4. Are there security deposits being held?
  5. Are the rents able to be subsidized by Government assistance?
  Reviewing the leases and occupancy for each unit can also help determine whether or not to sell the property while it's being occupied by tenants.  Selling a home with tenants can be tricky and it can also bring other potential issues into the equation. For example, if a multi-family home is being sold while tenant occupied and the leases are for an extended period of time, it potentially can eliminate a large number of potential buyers who're looking to buy a multi-family home and plan on, or need to, occupy one of the units.  One of the disadvantages of a VA home loan or FHA loan is that the property must be occupied by the buyer, so if a buyer is planning on utilizing one of these mortgage products, they wouldn't be able to purchase a tenant occupied multi-family home. Selling a multi-family home is easiest and most successful if it's unoccupied.  This eliminates potential issues with coordinating home showings or issues with occupancy requirements.  If this isn't a possibility, then it's important that the owner has full cooperation from all parties who'll be impacted during the sale of the multi-family property.

Preparation Is Key When Selling A Multi-Family Home

[caption id="attachment_10458" align="aligncenter" width="450"]Preparation Is Key When Selling A Multi-Family Home Preparation Is Key When Selling A Multi-Family Home[/caption] Preparing a home for sale is critical when selling any type of home, whether it's single family or multi-family.  Since many multi-family properties are purchased as investments, preparing for the sale becomes necessary. One of the most important factors for investors who're looking to buy multi-family homes is the amount of maintenance the home appears to have.  A home that isn't prepared for sale can appear to have more maintenance than it really does. For multi-family property owners who're attempting to prepare and sell a home on a budget, it can be done by tending to a few key areas of the property.  Below are a few of the areas and items that should be prepared prior to listing a multi-family for sale.
  1. Curb Appeal - Simply tending to the exterior curb appeal of a multi-family home can go a long way.  Trimming bushes/shrubs and making sure any flower beds are a couple tips for improving the curb appeal of the property.
  2. Clean Up Common Areas - Depending on the multi-unit, there maybe some common areas, such as laundry or a vestibule.  It's important that all common areas in the property are cleaned up and portray extra maintenance.
  3. Parking Areas - If the property has designated parking areas or garage spaces, making sure these are well defined and in good condition is critical.  If there is an off street parking area, a simple seal of the driveway can go a long way and doesn't cost a ton of extra money.
  4. Doors & Locks - All doors and locks within the multi-family property need to be working well.  It's not a good reflection of a property when the locks are difficult to use and a showing agent is struggling to access the units within the property.
  When selling a multi-family home, it's extremely important that it's prepared for the market.  Not doing so can make or break whether the property sells and also it can impact an owners bottom line.

Hire An Agent Who Has Experience Selling Multi-Family Homes

Hiring a top real estate agent, with experience, is extremely important when selling any type of property.  For example, when selling a waterfront property, hiring an agent who primarily sells mobile homes in a park wouldn't be the best idea. It's critical when selling a multi-family home that a Realtor® who has experience selling multi-family homes is hired.  To help ensure an agent who has experience selling multi-family homes is hired, there are certain questions to ask Realtors® during interviews.
  1. How do you handle showings when a property is tenant occupied?
  2. How much notice do you provide?
  3. In the past, how have you handled uncooperative tenants?
  4. Can you provide the contact information of the previous owner who you represented during a recent multi-family sale?
  Asking the right questions during an interview can greatly improve the chances an agent who has experience selling multi-family homes is hired. Not only is it important to make sure the agent has experience selling a multi-family home but it's equally as important to make sure they know how to effectively market a home.  Since the majority of home buyers are finding the home they eventually purchase on the internet, it's critical the agent knows how to reach potential buyers. This is done by using the best real estate marketing strategies.  Marketing strategies such as using social media, optimizing their website to be found in searches, and using high quality photography and videos are a few ways top real estate agents are marketing their clients homes to potential buyers.

Have Important Documents Ready

[caption id="attachment_10460" align="aligncenter" width="450"]Have Important Documents Ready When Selling A Multi-Family Home! Have Important Documents Ready When Selling A Multi-Family Home![/caption] There are certain things to know before selling a home, regardless if it's a single family or multi family home.  It's helpful that before listing a home for sale that important documents are readily accessible for potential buyers. Documents that should be readily accessible, whether selling a multi-family home or not, include documentation relating to roof age or warranties, the age of the homes HVAC systems, and any receipts of remodeling projects that have been completed. One of the most important features that today's home buyers are looking for in a home are updated and newer mechanics, such as roofs and HVAC systems.  Home sellers who have records and receipts showing the ages of these components give themselves a huge advantage. When selling a multi-family home, it's very important to have financial documents readily available for prospective buyers.  Since multi-family homes are often purchased as an investment, having the financial documents available can be extremely helpful for potential buyers. The most important financial document that should be readily available when selling a multi-family home is the yearly net operating figures.  This document shows a potential buyer the income from monthly rents and subtracts out the expenses of the property, such as yearly homeowners insurance, yearly refuse, yearly water usage, and any repairs that have been completed recently.

Complete Inspections Prior To Listing The Property

Many municipalities require that a certificate of occupancy, also known as a C of O, is renewed when a multi-family property is being sold to a new owner.  It's highly recommended that prior to listing a multi-family property that any inspections are completed beforehand. If your local municipality requires a new C of O prior to the property being transferred to a new owner, have the inspection completed prior to listing can reduce the chances that the real estate closing is delayed.  If you're unsure if a new C of O is required prior to the property being transferred, you can contact your local municipality to find out. Recently while selling a multi-family property in Rochester NY, the property owner decided to wait until after a contract was received to complete the required C of O inspection.  The City was backlogged on inspections and the inspection date had to be scheduled a month out, which ultimately delayed the closing of the property.  This could've been avoided if the C of O inspection was completed prior to listing the property. Another inspection to consider completing prior to listing a multi-family property is a general home inspection.  There are lots of reasons to have a pre-listing inspection when selling a home.  The number one reason having a pre-listing inspection prior to putting a home on the market is that it provides a homeowner the opportunity to rectify issues that a home inspector may find. Since the majority of home buyers elect to have a home inspection and some buyers can get scared away from a home because of the inspection results, having one completed prior to listing is a very good idea.  Homeowners who decide to not have a pre-listing inspection often end up regretting their decision if a buyer is scared away from their property.

Final Thoughts On Selling A Multi-Family Home

As you can see, selling a multi-family home is much different than selling a single family home.  Even though selling a multi-family home is generally more complex, that doesn't mean that it has to be impossible.  By following the 5 tips discussed above, multi-family property owners put themselves in a much better position to experience a smooth and successful sale.

Other Top Resources For Selling A Multi-Family Home

Do you own a multi-family property in Rochester?  If so and you're thinking about selling your multi-family property, the above 5 tips should be extremely helpful.  If you don't have a real estate agent in Rochester yet, call or text me at 585-704-7095, and I'd be happy to discuss the sale of your multi-family home!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "5 Important Tips For Selling A Multi-Family Home" was written by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group.  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> How Long Should Home Sellers Wait To Respond To An Offer On Their Home? https://www.rochesterrealestateblog.com/home-sellers-wait-respond-offer/ Tue, 24 Jan 2017 12:40:24 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=17745 How To Sell A Multi-Family Property [caption id="attachment_10457" align="aligncenter" width="450"]5 Important Tips For Selling A Multi-Family Home 5 Important Tips For Selling A Multi-Family Home[/caption] Selling a multi-family home is substantially more complex than selling a single family home.  One of the top reasons why selling a multi-family is generally more complex is because it typically involves more people than just the one owner of a single family home. When selling a multi-family property the probability that you're involving 6-12 people is high.  Depending on the number of units in a multi-family property, you may only be dealing with a couple families or a dozen families. There are certain rules, regulations, and laws that multi-family property owners must be aware of and also abide by.  These rules, regulations, and laws will vary from city to city and state to state. It's highly recommended that prior to selling a multi-family home that you consult with an attorney to make sure you're not going to put yourself in a situation where you could be sued.  Not being aware of rules, regulations, and local laws is one of the top home selling mistakes made by multi-family property owners. Read on to find out what the top 5 tips for selling a multi-family home are.  Multi-family property owners who follow the below tips will put themselves in an excellent position to get their property sold, while avoiding potential issues or roadblocks.

Review Leases, Occupancy, & Tenant Rights

Before listing a multi-family home for sale, it's vital to review all leases and the occupancy for each unit.  As mentioned above, multi-family property owners can get themselves in trouble if they're not careful.  It's important to always keep in mind tenant rights when selling a multi-family home. There are a few frequently asked questions from home buyers that multi-family property owners will be asked during the sale process.  By reviewing the current leases and occupancy of each unit, multi-family property owners will be able to answer these questions accurately.  Below are a couple of the top questions asked by buyers who're looking to purchase a multi-family home.
  1. What are the terms of any/all leases?
  2. What are the rent amounts for each unit?
  3. What's included in the rent for each unit?
  4. Are there security deposits being held?
  5. Are the rents able to be subsidized by Government assistance?
  Reviewing the leases and occupancy for each unit can also help determine whether or not to sell the property while it's being occupied by tenants.  Selling a home with tenants can be tricky and it can also bring other potential issues into the equation. For example, if a multi-family home is being sold while tenant occupied and the leases are for an extended period of time, it potentially can eliminate a large number of potential buyers who're looking to buy a multi-family home and plan on, or need to, occupy one of the units.  One of the disadvantages of a VA home loan or FHA loan is that the property must be occupied by the buyer, so if a buyer is planning on utilizing one of these mortgage products, they wouldn't be able to purchase a tenant occupied multi-family home. Selling a multi-family home is easiest and most successful if it's unoccupied.  This eliminates potential issues with coordinating home showings or issues with occupancy requirements.  If this isn't a possibility, then it's important that the owner has full cooperation from all parties who'll be impacted during the sale of the multi-family property.

Preparation Is Key When Selling A Multi-Family Home

[caption id="attachment_10458" align="aligncenter" width="450"]Preparation Is Key When Selling A Multi-Family Home Preparation Is Key When Selling A Multi-Family Home[/caption] Preparing a home for sale is critical when selling any type of home, whether it's single family or multi-family.  Since many multi-family properties are purchased as investments, preparing for the sale becomes necessary. One of the most important factors for investors who're looking to buy multi-family homes is the amount of maintenance the home appears to have.  A home that isn't prepared for sale can appear to have more maintenance than it really does. For multi-family property owners who're attempting to prepare and sell a home on a budget, it can be done by tending to a few key areas of the property.  Below are a few of the areas and items that should be prepared prior to listing a multi-family for sale.
  1. Curb Appeal - Simply tending to the exterior curb appeal of a multi-family home can go a long way.  Trimming bushes/shrubs and making sure any flower beds are a couple tips for improving the curb appeal of the property.
  2. Clean Up Common Areas - Depending on the multi-unit, there maybe some common areas, such as laundry or a vestibule.  It's important that all common areas in the property are cleaned up and portray extra maintenance.
  3. Parking Areas - If the property has designated parking areas or garage spaces, making sure these are well defined and in good condition is critical.  If there is an off street parking area, a simple seal of the driveway can go a long way and doesn't cost a ton of extra money.
  4. Doors & Locks - All doors and locks within the multi-family property need to be working well.  It's not a good reflection of a property when the locks are difficult to use and a showing agent is struggling to access the units within the property.
  When selling a multi-family home, it's extremely important that it's prepared for the market.  Not doing so can make or break whether the property sells and also it can impact an owners bottom line.

Hire An Agent Who Has Experience Selling Multi-Family Homes

Hiring a top real estate agent, with experience, is extremely important when selling any type of property.  For example, when selling a waterfront property, hiring an agent who primarily sells mobile homes in a park wouldn't be the best idea. It's critical when selling a multi-family home that a Realtor® who has experience selling multi-family homes is hired.  To help ensure an agent who has experience selling multi-family homes is hired, there are certain questions to ask Realtors® during interviews.
  1. How do you handle showings when a property is tenant occupied?
  2. How much notice do you provide?
  3. In the past, how have you handled uncooperative tenants?
  4. Can you provide the contact information of the previous owner who you represented during a recent multi-family sale?
  Asking the right questions during an interview can greatly improve the chances an agent who has experience selling multi-family homes is hired. Not only is it important to make sure the agent has experience selling a multi-family home but it's equally as important to make sure they know how to effectively market a home.  Since the majority of home buyers are finding the home they eventually purchase on the internet, it's critical the agent knows how to reach potential buyers. This is done by using the best real estate marketing strategies.  Marketing strategies such as using social media, optimizing their website to be found in searches, and using high quality photography and videos are a few ways top real estate agents are marketing their clients homes to potential buyers.

Have Important Documents Ready

[caption id="attachment_10460" align="aligncenter" width="450"]Have Important Documents Ready When Selling A Multi-Family Home! Have Important Documents Ready When Selling A Multi-Family Home![/caption] There are certain things to know before selling a home, regardless if it's a single family or multi family home.  It's helpful that before listing a home for sale that important documents are readily accessible for potential buyers. Documents that should be readily accessible, whether selling a multi-family home or not, include documentation relating to roof age or warranties, the age of the homes HVAC systems, and any receipts of remodeling projects that have been completed. One of the most important features that today's home buyers are looking for in a home are updated and newer mechanics, such as roofs and HVAC systems.  Home sellers who have records and receipts showing the ages of these components give themselves a huge advantage. When selling a multi-family home, it's very important to have financial documents readily available for prospective buyers.  Since multi-family homes are often purchased as an investment, having the financial documents available can be extremely helpful for potential buyers. The most important financial document that should be readily available when selling a multi-family home is the yearly net operating figures.  This document shows a potential buyer the income from monthly rents and subtracts out the expenses of the property, such as yearly homeowners insurance, yearly refuse, yearly water usage, and any repairs that have been completed recently.

Complete Inspections Prior To Listing The Property

Many municipalities require that a certificate of occupancy, also known as a C of O, is renewed when a multi-family property is being sold to a new owner.  It's highly recommended that prior to listing a multi-family property that any inspections are completed beforehand. If your local municipality requires a new C of O prior to the property being transferred to a new owner, have the inspection completed prior to listing can reduce the chances that the real estate closing is delayed.  If you're unsure if a new C of O is required prior to the property being transferred, you can contact your local municipality to find out. Recently while selling a multi-family property in Rochester NY, the property owner decided to wait until after a contract was received to complete the required C of O inspection.  The City was backlogged on inspections and the inspection date had to be scheduled a month out, which ultimately delayed the closing of the property.  This could've been avoided if the C of O inspection was completed prior to listing the property. Another inspection to consider completing prior to listing a multi-family property is a general home inspection.  There are lots of reasons to have a pre-listing inspection when selling a home.  The number one reason having a pre-listing inspection prior to putting a home on the market is that it provides a homeowner the opportunity to rectify issues that a home inspector may find. Since the majority of home buyers elect to have a home inspection and some buyers can get scared away from a home because of the inspection results, having one completed prior to listing is a very good idea.  Homeowners who decide to not have a pre-listing inspection often end up regretting their decision if a buyer is scared away from their property.

Final Thoughts On Selling A Multi-Family Home

As you can see, selling a multi-family home is much different than selling a single family home.  Even though selling a multi-family home is generally more complex, that doesn't mean that it has to be impossible.  By following the 5 tips discussed above, multi-family property owners put themselves in a much better position to experience a smooth and successful sale.

Other Top Resources For Selling A Multi-Family Home

Do you own a multi-family property in Rochester?  If so and you're thinking about selling your multi-family property, the above 5 tips should be extremely helpful.  If you don't have a real estate agent in Rochester yet, call or text me at 585-704-7095, and I'd be happy to discuss the sale of your multi-family home!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "5 Important Tips For Selling A Multi-Family Home" was written by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group.  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> How To Buy A House With A Low Credit Score https://www.rochesterrealestateblog.com/how-to-buy-a-house-with-a-low-credit-score/ Tue, 24 Jan 2017 12:40:24 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=16819 How To Sell A Multi-Family Property [caption id="attachment_10457" align="aligncenter" width="450"]5 Important Tips For Selling A Multi-Family Home 5 Important Tips For Selling A Multi-Family Home[/caption] Selling a multi-family home is substantially more complex than selling a single family home.  One of the top reasons why selling a multi-family is generally more complex is because it typically involves more people than just the one owner of a single family home. When selling a multi-family property the probability that you're involving 6-12 people is high.  Depending on the number of units in a multi-family property, you may only be dealing with a couple families or a dozen families. There are certain rules, regulations, and laws that multi-family property owners must be aware of and also abide by.  These rules, regulations, and laws will vary from city to city and state to state. It's highly recommended that prior to selling a multi-family home that you consult with an attorney to make sure you're not going to put yourself in a situation where you could be sued.  Not being aware of rules, regulations, and local laws is one of the top home selling mistakes made by multi-family property owners. Read on to find out what the top 5 tips for selling a multi-family home are.  Multi-family property owners who follow the below tips will put themselves in an excellent position to get their property sold, while avoiding potential issues or roadblocks.

Review Leases, Occupancy, & Tenant Rights

Before listing a multi-family home for sale, it's vital to review all leases and the occupancy for each unit.  As mentioned above, multi-family property owners can get themselves in trouble if they're not careful.  It's important to always keep in mind tenant rights when selling a multi-family home. There are a few frequently asked questions from home buyers that multi-family property owners will be asked during the sale process.  By reviewing the current leases and occupancy of each unit, multi-family property owners will be able to answer these questions accurately.  Below are a couple of the top questions asked by buyers who're looking to purchase a multi-family home.
  1. What are the terms of any/all leases?
  2. What are the rent amounts for each unit?
  3. What's included in the rent for each unit?
  4. Are there security deposits being held?
  5. Are the rents able to be subsidized by Government assistance?
  Reviewing the leases and occupancy for each unit can also help determine whether or not to sell the property while it's being occupied by tenants.  Selling a home with tenants can be tricky and it can also bring other potential issues into the equation. For example, if a multi-family home is being sold while tenant occupied and the leases are for an extended period of time, it potentially can eliminate a large number of potential buyers who're looking to buy a multi-family home and plan on, or need to, occupy one of the units.  One of the disadvantages of a VA home loan or FHA loan is that the property must be occupied by the buyer, so if a buyer is planning on utilizing one of these mortgage products, they wouldn't be able to purchase a tenant occupied multi-family home. Selling a multi-family home is easiest and most successful if it's unoccupied.  This eliminates potential issues with coordinating home showings or issues with occupancy requirements.  If this isn't a possibility, then it's important that the owner has full cooperation from all parties who'll be impacted during the sale of the multi-family property.

Preparation Is Key When Selling A Multi-Family Home

[caption id="attachment_10458" align="aligncenter" width="450"]Preparation Is Key When Selling A Multi-Family Home Preparation Is Key When Selling A Multi-Family Home[/caption] Preparing a home for sale is critical when selling any type of home, whether it's single family or multi-family.  Since many multi-family properties are purchased as investments, preparing for the sale becomes necessary. One of the most important factors for investors who're looking to buy multi-family homes is the amount of maintenance the home appears to have.  A home that isn't prepared for sale can appear to have more maintenance than it really does. For multi-family property owners who're attempting to prepare and sell a home on a budget, it can be done by tending to a few key areas of the property.  Below are a few of the areas and items that should be prepared prior to listing a multi-family for sale.
  1. Curb Appeal - Simply tending to the exterior curb appeal of a multi-family home can go a long way.  Trimming bushes/shrubs and making sure any flower beds are a couple tips for improving the curb appeal of the property.
  2. Clean Up Common Areas - Depending on the multi-unit, there maybe some common areas, such as laundry or a vestibule.  It's important that all common areas in the property are cleaned up and portray extra maintenance.
  3. Parking Areas - If the property has designated parking areas or garage spaces, making sure these are well defined and in good condition is critical.  If there is an off street parking area, a simple seal of the driveway can go a long way and doesn't cost a ton of extra money.
  4. Doors & Locks - All doors and locks within the multi-family property need to be working well.  It's not a good reflection of a property when the locks are difficult to use and a showing agent is struggling to access the units within the property.
  When selling a multi-family home, it's extremely important that it's prepared for the market.  Not doing so can make or break whether the property sells and also it can impact an owners bottom line.

Hire An Agent Who Has Experience Selling Multi-Family Homes

Hiring a top real estate agent, with experience, is extremely important when selling any type of property.  For example, when selling a waterfront property, hiring an agent who primarily sells mobile homes in a park wouldn't be the best idea. It's critical when selling a multi-family home that a Realtor® who has experience selling multi-family homes is hired.  To help ensure an agent who has experience selling multi-family homes is hired, there are certain questions to ask Realtors® during interviews.
  1. How do you handle showings when a property is tenant occupied?
  2. How much notice do you provide?
  3. In the past, how have you handled uncooperative tenants?
  4. Can you provide the contact information of the previous owner who you represented during a recent multi-family sale?
  Asking the right questions during an interview can greatly improve the chances an agent who has experience selling multi-family homes is hired. Not only is it important to make sure the agent has experience selling a multi-family home but it's equally as important to make sure they know how to effectively market a home.  Since the majority of home buyers are finding the home they eventually purchase on the internet, it's critical the agent knows how to reach potential buyers. This is done by using the best real estate marketing strategies.  Marketing strategies such as using social media, optimizing their website to be found in searches, and using high quality photography and videos are a few ways top real estate agents are marketing their clients homes to potential buyers.

Have Important Documents Ready

[caption id="attachment_10460" align="aligncenter" width="450"]Have Important Documents Ready When Selling A Multi-Family Home! Have Important Documents Ready When Selling A Multi-Family Home![/caption] There are certain things to know before selling a home, regardless if it's a single family or multi family home.  It's helpful that before listing a home for sale that important documents are readily accessible for potential buyers. Documents that should be readily accessible, whether selling a multi-family home or not, include documentation relating to roof age or warranties, the age of the homes HVAC systems, and any receipts of remodeling projects that have been completed. One of the most important features that today's home buyers are looking for in a home are updated and newer mechanics, such as roofs and HVAC systems.  Home sellers who have records and receipts showing the ages of these components give themselves a huge advantage. When selling a multi-family home, it's very important to have financial documents readily available for prospective buyers.  Since multi-family homes are often purchased as an investment, having the financial documents available can be extremely helpful for potential buyers. The most important financial document that should be readily available when selling a multi-family home is the yearly net operating figures.  This document shows a potential buyer the income from monthly rents and subtracts out the expenses of the property, such as yearly homeowners insurance, yearly refuse, yearly water usage, and any repairs that have been completed recently.

Complete Inspections Prior To Listing The Property

Many municipalities require that a certificate of occupancy, also known as a C of O, is renewed when a multi-family property is being sold to a new owner.  It's highly recommended that prior to listing a multi-family property that any inspections are completed beforehand. If your local municipality requires a new C of O prior to the property being transferred to a new owner, have the inspection completed prior to listing can reduce the chances that the real estate closing is delayed.  If you're unsure if a new C of O is required prior to the property being transferred, you can contact your local municipality to find out. Recently while selling a multi-family property in Rochester NY, the property owner decided to wait until after a contract was received to complete the required C of O inspection.  The City was backlogged on inspections and the inspection date had to be scheduled a month out, which ultimately delayed the closing of the property.  This could've been avoided if the C of O inspection was completed prior to listing the property. Another inspection to consider completing prior to listing a multi-family property is a general home inspection.  There are lots of reasons to have a pre-listing inspection when selling a home.  The number one reason having a pre-listing inspection prior to putting a home on the market is that it provides a homeowner the opportunity to rectify issues that a home inspector may find. Since the majority of home buyers elect to have a home inspection and some buyers can get scared away from a home because of the inspection results, having one completed prior to listing is a very good idea.  Homeowners who decide to not have a pre-listing inspection often end up regretting their decision if a buyer is scared away from their property.

Final Thoughts On Selling A Multi-Family Home

As you can see, selling a multi-family home is much different than selling a single family home.  Even though selling a multi-family home is generally more complex, that doesn't mean that it has to be impossible.  By following the 5 tips discussed above, multi-family property owners put themselves in a much better position to experience a smooth and successful sale.

Other Top Resources For Selling A Multi-Family Home

Do you own a multi-family property in Rochester?  If so and you're thinking about selling your multi-family property, the above 5 tips should be extremely helpful.  If you don't have a real estate agent in Rochester yet, call or text me at 585-704-7095, and I'd be happy to discuss the sale of your multi-family home!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "5 Important Tips For Selling A Multi-Family Home" was written by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group.  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Things To Consider When Shipping A Car https://www.rochesterrealestateblog.com/things-to-consider-when-shipping-a-car/ Tue, 24 Jan 2017 12:40:24 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=16248 How To Sell A Multi-Family Property [caption id="attachment_10457" align="aligncenter" width="450"]5 Important Tips For Selling A Multi-Family Home 5 Important Tips For Selling A Multi-Family Home[/caption] Selling a multi-family home is substantially more complex than selling a single family home.  One of the top reasons why selling a multi-family is generally more complex is because it typically involves more people than just the one owner of a single family home. When selling a multi-family property the probability that you're involving 6-12 people is high.  Depending on the number of units in a multi-family property, you may only be dealing with a couple families or a dozen families. There are certain rules, regulations, and laws that multi-family property owners must be aware of and also abide by.  These rules, regulations, and laws will vary from city to city and state to state. It's highly recommended that prior to selling a multi-family home that you consult with an attorney to make sure you're not going to put yourself in a situation where you could be sued.  Not being aware of rules, regulations, and local laws is one of the top home selling mistakes made by multi-family property owners. Read on to find out what the top 5 tips for selling a multi-family home are.  Multi-family property owners who follow the below tips will put themselves in an excellent position to get their property sold, while avoiding potential issues or roadblocks.

Review Leases, Occupancy, & Tenant Rights

Before listing a multi-family home for sale, it's vital to review all leases and the occupancy for each unit.  As mentioned above, multi-family property owners can get themselves in trouble if they're not careful.  It's important to always keep in mind tenant rights when selling a multi-family home. There are a few frequently asked questions from home buyers that multi-family property owners will be asked during the sale process.  By reviewing the current leases and occupancy of each unit, multi-family property owners will be able to answer these questions accurately.  Below are a couple of the top questions asked by buyers who're looking to purchase a multi-family home.
  1. What are the terms of any/all leases?
  2. What are the rent amounts for each unit?
  3. What's included in the rent for each unit?
  4. Are there security deposits being held?
  5. Are the rents able to be subsidized by Government assistance?
  Reviewing the leases and occupancy for each unit can also help determine whether or not to sell the property while it's being occupied by tenants.  Selling a home with tenants can be tricky and it can also bring other potential issues into the equation. For example, if a multi-family home is being sold while tenant occupied and the leases are for an extended period of time, it potentially can eliminate a large number of potential buyers who're looking to buy a multi-family home and plan on, or need to, occupy one of the units.  One of the disadvantages of a VA home loan or FHA loan is that the property must be occupied by the buyer, so if a buyer is planning on utilizing one of these mortgage products, they wouldn't be able to purchase a tenant occupied multi-family home. Selling a multi-family home is easiest and most successful if it's unoccupied.  This eliminates potential issues with coordinating home showings or issues with occupancy requirements.  If this isn't a possibility, then it's important that the owner has full cooperation from all parties who'll be impacted during the sale of the multi-family property.

Preparation Is Key When Selling A Multi-Family Home

[caption id="attachment_10458" align="aligncenter" width="450"]Preparation Is Key When Selling A Multi-Family Home Preparation Is Key When Selling A Multi-Family Home[/caption] Preparing a home for sale is critical when selling any type of home, whether it's single family or multi-family.  Since many multi-family properties are purchased as investments, preparing for the sale becomes necessary. One of the most important factors for investors who're looking to buy multi-family homes is the amount of maintenance the home appears to have.  A home that isn't prepared for sale can appear to have more maintenance than it really does. For multi-family property owners who're attempting to prepare and sell a home on a budget, it can be done by tending to a few key areas of the property.  Below are a few of the areas and items that should be prepared prior to listing a multi-family for sale.
  1. Curb Appeal - Simply tending to the exterior curb appeal of a multi-family home can go a long way.  Trimming bushes/shrubs and making sure any flower beds are a couple tips for improving the curb appeal of the property.
  2. Clean Up Common Areas - Depending on the multi-unit, there maybe some common areas, such as laundry or a vestibule.  It's important that all common areas in the property are cleaned up and portray extra maintenance.
  3. Parking Areas - If the property has designated parking areas or garage spaces, making sure these are well defined and in good condition is critical.  If there is an off street parking area, a simple seal of the driveway can go a long way and doesn't cost a ton of extra money.
  4. Doors & Locks - All doors and locks within the multi-family property need to be working well.  It's not a good reflection of a property when the locks are difficult to use and a showing agent is struggling to access the units within the property.
  When selling a multi-family home, it's extremely important that it's prepared for the market.  Not doing so can make or break whether the property sells and also it can impact an owners bottom line.

Hire An Agent Who Has Experience Selling Multi-Family Homes

Hiring a top real estate agent, with experience, is extremely important when selling any type of property.  For example, when selling a waterfront property, hiring an agent who primarily sells mobile homes in a park wouldn't be the best idea. It's critical when selling a multi-family home that a Realtor® who has experience selling multi-family homes is hired.  To help ensure an agent who has experience selling multi-family homes is hired, there are certain questions to ask Realtors® during interviews.
  1. How do you handle showings when a property is tenant occupied?
  2. How much notice do you provide?
  3. In the past, how have you handled uncooperative tenants?
  4. Can you provide the contact information of the previous owner who you represented during a recent multi-family sale?
  Asking the right questions during an interview can greatly improve the chances an agent who has experience selling multi-family homes is hired. Not only is it important to make sure the agent has experience selling a multi-family home but it's equally as important to make sure they know how to effectively market a home.  Since the majority of home buyers are finding the home they eventually purchase on the internet, it's critical the agent knows how to reach potential buyers. This is done by using the best real estate marketing strategies.  Marketing strategies such as using social media, optimizing their website to be found in searches, and using high quality photography and videos are a few ways top real estate agents are marketing their clients homes to potential buyers.

Have Important Documents Ready

[caption id="attachment_10460" align="aligncenter" width="450"]Have Important Documents Ready When Selling A Multi-Family Home! Have Important Documents Ready When Selling A Multi-Family Home![/caption] There are certain things to know before selling a home, regardless if it's a single family or multi family home.  It's helpful that before listing a home for sale that important documents are readily accessible for potential buyers. Documents that should be readily accessible, whether selling a multi-family home or not, include documentation relating to roof age or warranties, the age of the homes HVAC systems, and any receipts of remodeling projects that have been completed. One of the most important features that today's home buyers are looking for in a home are updated and newer mechanics, such as roofs and HVAC systems.  Home sellers who have records and receipts showing the ages of these components give themselves a huge advantage. When selling a multi-family home, it's very important to have financial documents readily available for prospective buyers.  Since multi-family homes are often purchased as an investment, having the financial documents available can be extremely helpful for potential buyers. The most important financial document that should be readily available when selling a multi-family home is the yearly net operating figures.  This document shows a potential buyer the income from monthly rents and subtracts out the expenses of the property, such as yearly homeowners insurance, yearly refuse, yearly water usage, and any repairs that have been completed recently.

Complete Inspections Prior To Listing The Property

Many municipalities require that a certificate of occupancy, also known as a C of O, is renewed when a multi-family property is being sold to a new owner.  It's highly recommended that prior to listing a multi-family property that any inspections are completed beforehand. If your local municipality requires a new C of O prior to the property being transferred to a new owner, have the inspection completed prior to listing can reduce the chances that the real estate closing is delayed.  If you're unsure if a new C of O is required prior to the property being transferred, you can contact your local municipality to find out. Recently while selling a multi-family property in Rochester NY, the property owner decided to wait until after a contract was received to complete the required C of O inspection.  The City was backlogged on inspections and the inspection date had to be scheduled a month out, which ultimately delayed the closing of the property.  This could've been avoided if the C of O inspection was completed prior to listing the property. Another inspection to consider completing prior to listing a multi-family property is a general home inspection.  There are lots of reasons to have a pre-listing inspection when selling a home.  The number one reason having a pre-listing inspection prior to putting a home on the market is that it provides a homeowner the opportunity to rectify issues that a home inspector may find. Since the majority of home buyers elect to have a home inspection and some buyers can get scared away from a home because of the inspection results, having one completed prior to listing is a very good idea.  Homeowners who decide to not have a pre-listing inspection often end up regretting their decision if a buyer is scared away from their property.

Final Thoughts On Selling A Multi-Family Home

As you can see, selling a multi-family home is much different than selling a single family home.  Even though selling a multi-family home is generally more complex, that doesn't mean that it has to be impossible.  By following the 5 tips discussed above, multi-family property owners put themselves in a much better position to experience a smooth and successful sale.

Other Top Resources For Selling A Multi-Family Home

Do you own a multi-family property in Rochester?  If so and you're thinking about selling your multi-family property, the above 5 tips should be extremely helpful.  If you don't have a real estate agent in Rochester yet, call or text me at 585-704-7095, and I'd be happy to discuss the sale of your multi-family home!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "5 Important Tips For Selling A Multi-Family Home" was written by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group.  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Home Depot Truck Rentals: What to Know Including Pricing https://www.rochesterrealestateblog.com/home-depot-truck-rentals-what-to-know-including-pricing/ Tue, 24 Jan 2017 12:40:24 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=16156 How To Sell A Multi-Family Property [caption id="attachment_10457" align="aligncenter" width="450"]5 Important Tips For Selling A Multi-Family Home 5 Important Tips For Selling A Multi-Family Home[/caption] Selling a multi-family home is substantially more complex than selling a single family home.  One of the top reasons why selling a multi-family is generally more complex is because it typically involves more people than just the one owner of a single family home. When selling a multi-family property the probability that you're involving 6-12 people is high.  Depending on the number of units in a multi-family property, you may only be dealing with a couple families or a dozen families. There are certain rules, regulations, and laws that multi-family property owners must be aware of and also abide by.  These rules, regulations, and laws will vary from city to city and state to state. It's highly recommended that prior to selling a multi-family home that you consult with an attorney to make sure you're not going to put yourself in a situation where you could be sued.  Not being aware of rules, regulations, and local laws is one of the top home selling mistakes made by multi-family property owners. Read on to find out what the top 5 tips for selling a multi-family home are.  Multi-family property owners who follow the below tips will put themselves in an excellent position to get their property sold, while avoiding potential issues or roadblocks.

Review Leases, Occupancy, & Tenant Rights

Before listing a multi-family home for sale, it's vital to review all leases and the occupancy for each unit.  As mentioned above, multi-family property owners can get themselves in trouble if they're not careful.  It's important to always keep in mind tenant rights when selling a multi-family home. There are a few frequently asked questions from home buyers that multi-family property owners will be asked during the sale process.  By reviewing the current leases and occupancy of each unit, multi-family property owners will be able to answer these questions accurately.  Below are a couple of the top questions asked by buyers who're looking to purchase a multi-family home.
  1. What are the terms of any/all leases?
  2. What are the rent amounts for each unit?
  3. What's included in the rent for each unit?
  4. Are there security deposits being held?
  5. Are the rents able to be subsidized by Government assistance?
  Reviewing the leases and occupancy for each unit can also help determine whether or not to sell the property while it's being occupied by tenants.  Selling a home with tenants can be tricky and it can also bring other potential issues into the equation. For example, if a multi-family home is being sold while tenant occupied and the leases are for an extended period of time, it potentially can eliminate a large number of potential buyers who're looking to buy a multi-family home and plan on, or need to, occupy one of the units.  One of the disadvantages of a VA home loan or FHA loan is that the property must be occupied by the buyer, so if a buyer is planning on utilizing one of these mortgage products, they wouldn't be able to purchase a tenant occupied multi-family home. Selling a multi-family home is easiest and most successful if it's unoccupied.  This eliminates potential issues with coordinating home showings or issues with occupancy requirements.  If this isn't a possibility, then it's important that the owner has full cooperation from all parties who'll be impacted during the sale of the multi-family property.

Preparation Is Key When Selling A Multi-Family Home

[caption id="attachment_10458" align="aligncenter" width="450"]Preparation Is Key When Selling A Multi-Family Home Preparation Is Key When Selling A Multi-Family Home[/caption] Preparing a home for sale is critical when selling any type of home, whether it's single family or multi-family.  Since many multi-family properties are purchased as investments, preparing for the sale becomes necessary. One of the most important factors for investors who're looking to buy multi-family homes is the amount of maintenance the home appears to have.  A home that isn't prepared for sale can appear to have more maintenance than it really does. For multi-family property owners who're attempting to prepare and sell a home on a budget, it can be done by tending to a few key areas of the property.  Below are a few of the areas and items that should be prepared prior to listing a multi-family for sale.
  1. Curb Appeal - Simply tending to the exterior curb appeal of a multi-family home can go a long way.  Trimming bushes/shrubs and making sure any flower beds are a couple tips for improving the curb appeal of the property.
  2. Clean Up Common Areas - Depending on the multi-unit, there maybe some common areas, such as laundry or a vestibule.  It's important that all common areas in the property are cleaned up and portray extra maintenance.
  3. Parking Areas - If the property has designated parking areas or garage spaces, making sure these are well defined and in good condition is critical.  If there is an off street parking area, a simple seal of the driveway can go a long way and doesn't cost a ton of extra money.
  4. Doors & Locks - All doors and locks within the multi-family property need to be working well.  It's not a good reflection of a property when the locks are difficult to use and a showing agent is struggling to access the units within the property.
  When selling a multi-family home, it's extremely important that it's prepared for the market.  Not doing so can make or break whether the property sells and also it can impact an owners bottom line.

Hire An Agent Who Has Experience Selling Multi-Family Homes

Hiring a top real estate agent, with experience, is extremely important when selling any type of property.  For example, when selling a waterfront property, hiring an agent who primarily sells mobile homes in a park wouldn't be the best idea. It's critical when selling a multi-family home that a Realtor® who has experience selling multi-family homes is hired.  To help ensure an agent who has experience selling multi-family homes is hired, there are certain questions to ask Realtors® during interviews.
  1. How do you handle showings when a property is tenant occupied?
  2. How much notice do you provide?
  3. In the past, how have you handled uncooperative tenants?
  4. Can you provide the contact information of the previous owner who you represented during a recent multi-family sale?
  Asking the right questions during an interview can greatly improve the chances an agent who has experience selling multi-family homes is hired. Not only is it important to make sure the agent has experience selling a multi-family home but it's equally as important to make sure they know how to effectively market a home.  Since the majority of home buyers are finding the home they eventually purchase on the internet, it's critical the agent knows how to reach potential buyers. This is done by using the best real estate marketing strategies.  Marketing strategies such as using social media, optimizing their website to be found in searches, and using high quality photography and videos are a few ways top real estate agents are marketing their clients homes to potential buyers.

Have Important Documents Ready

[caption id="attachment_10460" align="aligncenter" width="450"]Have Important Documents Ready When Selling A Multi-Family Home! Have Important Documents Ready When Selling A Multi-Family Home![/caption] There are certain things to know before selling a home, regardless if it's a single family or multi family home.  It's helpful that before listing a home for sale that important documents are readily accessible for potential buyers. Documents that should be readily accessible, whether selling a multi-family home or not, include documentation relating to roof age or warranties, the age of the homes HVAC systems, and any receipts of remodeling projects that have been completed. One of the most important features that today's home buyers are looking for in a home are updated and newer mechanics, such as roofs and HVAC systems.  Home sellers who have records and receipts showing the ages of these components give themselves a huge advantage. When selling a multi-family home, it's very important to have financial documents readily available for prospective buyers.  Since multi-family homes are often purchased as an investment, having the financial documents available can be extremely helpful for potential buyers. The most important financial document that should be readily available when selling a multi-family home is the yearly net operating figures.  This document shows a potential buyer the income from monthly rents and subtracts out the expenses of the property, such as yearly homeowners insurance, yearly refuse, yearly water usage, and any repairs that have been completed recently.

Complete Inspections Prior To Listing The Property

Many municipalities require that a certificate of occupancy, also known as a C of O, is renewed when a multi-family property is being sold to a new owner.  It's highly recommended that prior to listing a multi-family property that any inspections are completed beforehand. If your local municipality requires a new C of O prior to the property being transferred to a new owner, have the inspection completed prior to listing can reduce the chances that the real estate closing is delayed.  If you're unsure if a new C of O is required prior to the property being transferred, you can contact your local municipality to find out. Recently while selling a multi-family property in Rochester NY, the property owner decided to wait until after a contract was received to complete the required C of O inspection.  The City was backlogged on inspections and the inspection date had to be scheduled a month out, which ultimately delayed the closing of the property.  This could've been avoided if the C of O inspection was completed prior to listing the property. Another inspection to consider completing prior to listing a multi-family property is a general home inspection.  There are lots of reasons to have a pre-listing inspection when selling a home.  The number one reason having a pre-listing inspection prior to putting a home on the market is that it provides a homeowner the opportunity to rectify issues that a home inspector may find. Since the majority of home buyers elect to have a home inspection and some buyers can get scared away from a home because of the inspection results, having one completed prior to listing is a very good idea.  Homeowners who decide to not have a pre-listing inspection often end up regretting their decision if a buyer is scared away from their property.

Final Thoughts On Selling A Multi-Family Home

As you can see, selling a multi-family home is much different than selling a single family home.  Even though selling a multi-family home is generally more complex, that doesn't mean that it has to be impossible.  By following the 5 tips discussed above, multi-family property owners put themselves in a much better position to experience a smooth and successful sale.

Other Top Resources For Selling A Multi-Family Home

Do you own a multi-family property in Rochester?  If so and you're thinking about selling your multi-family property, the above 5 tips should be extremely helpful.  If you don't have a real estate agent in Rochester yet, call or text me at 585-704-7095, and I'd be happy to discuss the sale of your multi-family home!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "5 Important Tips For Selling A Multi-Family Home" was written by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group.  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> 16 Things To Do Before Listing Your Home For Sale https://www.rochesterrealestateblog.com/16-things-to-do-before-listing-your-home-for-sale/ Tue, 24 Jan 2017 12:40:24 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=16138 How To Sell A Multi-Family Property [caption id="attachment_10457" align="aligncenter" width="450"]5 Important Tips For Selling A Multi-Family Home 5 Important Tips For Selling A Multi-Family Home[/caption] Selling a multi-family home is substantially more complex than selling a single family home.  One of the top reasons why selling a multi-family is generally more complex is because it typically involves more people than just the one owner of a single family home. When selling a multi-family property the probability that you're involving 6-12 people is high.  Depending on the number of units in a multi-family property, you may only be dealing with a couple families or a dozen families. There are certain rules, regulations, and laws that multi-family property owners must be aware of and also abide by.  These rules, regulations, and laws will vary from city to city and state to state. It's highly recommended that prior to selling a multi-family home that you consult with an attorney to make sure you're not going to put yourself in a situation where you could be sued.  Not being aware of rules, regulations, and local laws is one of the top home selling mistakes made by multi-family property owners. Read on to find out what the top 5 tips for selling a multi-family home are.  Multi-family property owners who follow the below tips will put themselves in an excellent position to get their property sold, while avoiding potential issues or roadblocks.

Review Leases, Occupancy, & Tenant Rights

Before listing a multi-family home for sale, it's vital to review all leases and the occupancy for each unit.  As mentioned above, multi-family property owners can get themselves in trouble if they're not careful.  It's important to always keep in mind tenant rights when selling a multi-family home. There are a few frequently asked questions from home buyers that multi-family property owners will be asked during the sale process.  By reviewing the current leases and occupancy of each unit, multi-family property owners will be able to answer these questions accurately.  Below are a couple of the top questions asked by buyers who're looking to purchase a multi-family home.
  1. What are the terms of any/all leases?
  2. What are the rent amounts for each unit?
  3. What's included in the rent for each unit?
  4. Are there security deposits being held?
  5. Are the rents able to be subsidized by Government assistance?
  Reviewing the leases and occupancy for each unit can also help determine whether or not to sell the property while it's being occupied by tenants.  Selling a home with tenants can be tricky and it can also bring other potential issues into the equation. For example, if a multi-family home is being sold while tenant occupied and the leases are for an extended period of time, it potentially can eliminate a large number of potential buyers who're looking to buy a multi-family home and plan on, or need to, occupy one of the units.  One of the disadvantages of a VA home loan or FHA loan is that the property must be occupied by the buyer, so if a buyer is planning on utilizing one of these mortgage products, they wouldn't be able to purchase a tenant occupied multi-family home. Selling a multi-family home is easiest and most successful if it's unoccupied.  This eliminates potential issues with coordinating home showings or issues with occupancy requirements.  If this isn't a possibility, then it's important that the owner has full cooperation from all parties who'll be impacted during the sale of the multi-family property.

Preparation Is Key When Selling A Multi-Family Home

[caption id="attachment_10458" align="aligncenter" width="450"]Preparation Is Key When Selling A Multi-Family Home Preparation Is Key When Selling A Multi-Family Home[/caption] Preparing a home for sale is critical when selling any type of home, whether it's single family or multi-family.  Since many multi-family properties are purchased as investments, preparing for the sale becomes necessary. One of the most important factors for investors who're looking to buy multi-family homes is the amount of maintenance the home appears to have.  A home that isn't prepared for sale can appear to have more maintenance than it really does. For multi-family property owners who're attempting to prepare and sell a home on a budget, it can be done by tending to a few key areas of the property.  Below are a few of the areas and items that should be prepared prior to listing a multi-family for sale.
  1. Curb Appeal - Simply tending to the exterior curb appeal of a multi-family home can go a long way.  Trimming bushes/shrubs and making sure any flower beds are a couple tips for improving the curb appeal of the property.
  2. Clean Up Common Areas - Depending on the multi-unit, there maybe some common areas, such as laundry or a vestibule.  It's important that all common areas in the property are cleaned up and portray extra maintenance.
  3. Parking Areas - If the property has designated parking areas or garage spaces, making sure these are well defined and in good condition is critical.  If there is an off street parking area, a simple seal of the driveway can go a long way and doesn't cost a ton of extra money.
  4. Doors & Locks - All doors and locks within the multi-family property need to be working well.  It's not a good reflection of a property when the locks are difficult to use and a showing agent is struggling to access the units within the property.
  When selling a multi-family home, it's extremely important that it's prepared for the market.  Not doing so can make or break whether the property sells and also it can impact an owners bottom line.

Hire An Agent Who Has Experience Selling Multi-Family Homes

Hiring a top real estate agent, with experience, is extremely important when selling any type of property.  For example, when selling a waterfront property, hiring an agent who primarily sells mobile homes in a park wouldn't be the best idea. It's critical when selling a multi-family home that a Realtor® who has experience selling multi-family homes is hired.  To help ensure an agent who has experience selling multi-family homes is hired, there are certain questions to ask Realtors® during interviews.
  1. How do you handle showings when a property is tenant occupied?
  2. How much notice do you provide?
  3. In the past, how have you handled uncooperative tenants?
  4. Can you provide the contact information of the previous owner who you represented during a recent multi-family sale?
  Asking the right questions during an interview can greatly improve the chances an agent who has experience selling multi-family homes is hired. Not only is it important to make sure the agent has experience selling a multi-family home but it's equally as important to make sure they know how to effectively market a home.  Since the majority of home buyers are finding the home they eventually purchase on the internet, it's critical the agent knows how to reach potential buyers. This is done by using the best real estate marketing strategies.  Marketing strategies such as using social media, optimizing their website to be found in searches, and using high quality photography and videos are a few ways top real estate agents are marketing their clients homes to potential buyers.

Have Important Documents Ready

[caption id="attachment_10460" align="aligncenter" width="450"]Have Important Documents Ready When Selling A Multi-Family Home! Have Important Documents Ready When Selling A Multi-Family Home![/caption] There are certain things to know before selling a home, regardless if it's a single family or multi family home.  It's helpful that before listing a home for sale that important documents are readily accessible for potential buyers. Documents that should be readily accessible, whether selling a multi-family home or not, include documentation relating to roof age or warranties, the age of the homes HVAC systems, and any receipts of remodeling projects that have been completed. One of the most important features that today's home buyers are looking for in a home are updated and newer mechanics, such as roofs and HVAC systems.  Home sellers who have records and receipts showing the ages of these components give themselves a huge advantage. When selling a multi-family home, it's very important to have financial documents readily available for prospective buyers.  Since multi-family homes are often purchased as an investment, having the financial documents available can be extremely helpful for potential buyers. The most important financial document that should be readily available when selling a multi-family home is the yearly net operating figures.  This document shows a potential buyer the income from monthly rents and subtracts out the expenses of the property, such as yearly homeowners insurance, yearly refuse, yearly water usage, and any repairs that have been completed recently.

Complete Inspections Prior To Listing The Property

Many municipalities require that a certificate of occupancy, also known as a C of O, is renewed when a multi-family property is being sold to a new owner.  It's highly recommended that prior to listing a multi-family property that any inspections are completed beforehand. If your local municipality requires a new C of O prior to the property being transferred to a new owner, have the inspection completed prior to listing can reduce the chances that the real estate closing is delayed.  If you're unsure if a new C of O is required prior to the property being transferred, you can contact your local municipality to find out. Recently while selling a multi-family property in Rochester NY, the property owner decided to wait until after a contract was received to complete the required C of O inspection.  The City was backlogged on inspections and the inspection date had to be scheduled a month out, which ultimately delayed the closing of the property.  This could've been avoided if the C of O inspection was completed prior to listing the property. Another inspection to consider completing prior to listing a multi-family property is a general home inspection.  There are lots of reasons to have a pre-listing inspection when selling a home.  The number one reason having a pre-listing inspection prior to putting a home on the market is that it provides a homeowner the opportunity to rectify issues that a home inspector may find. Since the majority of home buyers elect to have a home inspection and some buyers can get scared away from a home because of the inspection results, having one completed prior to listing is a very good idea.  Homeowners who decide to not have a pre-listing inspection often end up regretting their decision if a buyer is scared away from their property.

Final Thoughts On Selling A Multi-Family Home

As you can see, selling a multi-family home is much different than selling a single family home.  Even though selling a multi-family home is generally more complex, that doesn't mean that it has to be impossible.  By following the 5 tips discussed above, multi-family property owners put themselves in a much better position to experience a smooth and successful sale.

Other Top Resources For Selling A Multi-Family Home

Do you own a multi-family property in Rochester?  If so and you're thinking about selling your multi-family property, the above 5 tips should be extremely helpful.  If you don't have a real estate agent in Rochester yet, call or text me at 585-704-7095, and I'd be happy to discuss the sale of your multi-family home!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "5 Important Tips For Selling A Multi-Family Home" was written by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group.  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> The Biggest Home Inspection Mistakes to Avoid https://www.rochesterrealestateblog.com/biggest-home-inspection-mistakes-to-avoid/ Tue, 24 Jan 2017 12:40:24 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=16112 How To Sell A Multi-Family Property [caption id="attachment_10457" align="aligncenter" width="450"]5 Important Tips For Selling A Multi-Family Home 5 Important Tips For Selling A Multi-Family Home[/caption] Selling a multi-family home is substantially more complex than selling a single family home.  One of the top reasons why selling a multi-family is generally more complex is because it typically involves more people than just the one owner of a single family home. When selling a multi-family property the probability that you're involving 6-12 people is high.  Depending on the number of units in a multi-family property, you may only be dealing with a couple families or a dozen families. There are certain rules, regulations, and laws that multi-family property owners must be aware of and also abide by.  These rules, regulations, and laws will vary from city to city and state to state. It's highly recommended that prior to selling a multi-family home that you consult with an attorney to make sure you're not going to put yourself in a situation where you could be sued.  Not being aware of rules, regulations, and local laws is one of the top home selling mistakes made by multi-family property owners. Read on to find out what the top 5 tips for selling a multi-family home are.  Multi-family property owners who follow the below tips will put themselves in an excellent position to get their property sold, while avoiding potential issues or roadblocks.

Review Leases, Occupancy, & Tenant Rights

Before listing a multi-family home for sale, it's vital to review all leases and the occupancy for each unit.  As mentioned above, multi-family property owners can get themselves in trouble if they're not careful.  It's important to always keep in mind tenant rights when selling a multi-family home. There are a few frequently asked questions from home buyers that multi-family property owners will be asked during the sale process.  By reviewing the current leases and occupancy of each unit, multi-family property owners will be able to answer these questions accurately.  Below are a couple of the top questions asked by buyers who're looking to purchase a multi-family home.
  1. What are the terms of any/all leases?
  2. What are the rent amounts for each unit?
  3. What's included in the rent for each unit?
  4. Are there security deposits being held?
  5. Are the rents able to be subsidized by Government assistance?
  Reviewing the leases and occupancy for each unit can also help determine whether or not to sell the property while it's being occupied by tenants.  Selling a home with tenants can be tricky and it can also bring other potential issues into the equation. For example, if a multi-family home is being sold while tenant occupied and the leases are for an extended period of time, it potentially can eliminate a large number of potential buyers who're looking to buy a multi-family home and plan on, or need to, occupy one of the units.  One of the disadvantages of a VA home loan or FHA loan is that the property must be occupied by the buyer, so if a buyer is planning on utilizing one of these mortgage products, they wouldn't be able to purchase a tenant occupied multi-family home. Selling a multi-family home is easiest and most successful if it's unoccupied.  This eliminates potential issues with coordinating home showings or issues with occupancy requirements.  If this isn't a possibility, then it's important that the owner has full cooperation from all parties who'll be impacted during the sale of the multi-family property.

Preparation Is Key When Selling A Multi-Family Home

[caption id="attachment_10458" align="aligncenter" width="450"]Preparation Is Key When Selling A Multi-Family Home Preparation Is Key When Selling A Multi-Family Home[/caption] Preparing a home for sale is critical when selling any type of home, whether it's single family or multi-family.  Since many multi-family properties are purchased as investments, preparing for the sale becomes necessary. One of the most important factors for investors who're looking to buy multi-family homes is the amount of maintenance the home appears to have.  A home that isn't prepared for sale can appear to have more maintenance than it really does. For multi-family property owners who're attempting to prepare and sell a home on a budget, it can be done by tending to a few key areas of the property.  Below are a few of the areas and items that should be prepared prior to listing a multi-family for sale.
  1. Curb Appeal - Simply tending to the exterior curb appeal of a multi-family home can go a long way.  Trimming bushes/shrubs and making sure any flower beds are a couple tips for improving the curb appeal of the property.
  2. Clean Up Common Areas - Depending on the multi-unit, there maybe some common areas, such as laundry or a vestibule.  It's important that all common areas in the property are cleaned up and portray extra maintenance.
  3. Parking Areas - If the property has designated parking areas or garage spaces, making sure these are well defined and in good condition is critical.  If there is an off street parking area, a simple seal of the driveway can go a long way and doesn't cost a ton of extra money.
  4. Doors & Locks - All doors and locks within the multi-family property need to be working well.  It's not a good reflection of a property when the locks are difficult to use and a showing agent is struggling to access the units within the property.
  When selling a multi-family home, it's extremely important that it's prepared for the market.  Not doing so can make or break whether the property sells and also it can impact an owners bottom line.

Hire An Agent Who Has Experience Selling Multi-Family Homes

Hiring a top real estate agent, with experience, is extremely important when selling any type of property.  For example, when selling a waterfront property, hiring an agent who primarily sells mobile homes in a park wouldn't be the best idea. It's critical when selling a multi-family home that a Realtor® who has experience selling multi-family homes is hired.  To help ensure an agent who has experience selling multi-family homes is hired, there are certain questions to ask Realtors® during interviews.
  1. How do you handle showings when a property is tenant occupied?
  2. How much notice do you provide?
  3. In the past, how have you handled uncooperative tenants?
  4. Can you provide the contact information of the previous owner who you represented during a recent multi-family sale?
  Asking the right questions during an interview can greatly improve the chances an agent who has experience selling multi-family homes is hired. Not only is it important to make sure the agent has experience selling a multi-family home but it's equally as important to make sure they know how to effectively market a home.  Since the majority of home buyers are finding the home they eventually purchase on the internet, it's critical the agent knows how to reach potential buyers. This is done by using the best real estate marketing strategies.  Marketing strategies such as using social media, optimizing their website to be found in searches, and using high quality photography and videos are a few ways top real estate agents are marketing their clients homes to potential buyers.

Have Important Documents Ready

[caption id="attachment_10460" align="aligncenter" width="450"]Have Important Documents Ready When Selling A Multi-Family Home! Have Important Documents Ready When Selling A Multi-Family Home![/caption] There are certain things to know before selling a home, regardless if it's a single family or multi family home.  It's helpful that before listing a home for sale that important documents are readily accessible for potential buyers. Documents that should be readily accessible, whether selling a multi-family home or not, include documentation relating to roof age or warranties, the age of the homes HVAC systems, and any receipts of remodeling projects that have been completed. One of the most important features that today's home buyers are looking for in a home are updated and newer mechanics, such as roofs and HVAC systems.  Home sellers who have records and receipts showing the ages of these components give themselves a huge advantage. When selling a multi-family home, it's very important to have financial documents readily available for prospective buyers.  Since multi-family homes are often purchased as an investment, having the financial documents available can be extremely helpful for potential buyers. The most important financial document that should be readily available when selling a multi-family home is the yearly net operating figures.  This document shows a potential buyer the income from monthly rents and subtracts out the expenses of the property, such as yearly homeowners insurance, yearly refuse, yearly water usage, and any repairs that have been completed recently.

Complete Inspections Prior To Listing The Property

Many municipalities require that a certificate of occupancy, also known as a C of O, is renewed when a multi-family property is being sold to a new owner.  It's highly recommended that prior to listing a multi-family property that any inspections are completed beforehand. If your local municipality requires a new C of O prior to the property being transferred to a new owner, have the inspection completed prior to listing can reduce the chances that the real estate closing is delayed.  If you're unsure if a new C of O is required prior to the property being transferred, you can contact your local municipality to find out. Recently while selling a multi-family property in Rochester NY, the property owner decided to wait until after a contract was received to complete the required C of O inspection.  The City was backlogged on inspections and the inspection date had to be scheduled a month out, which ultimately delayed the closing of the property.  This could've been avoided if the C of O inspection was completed prior to listing the property. Another inspection to consider completing prior to listing a multi-family property is a general home inspection.  There are lots of reasons to have a pre-listing inspection when selling a home.  The number one reason having a pre-listing inspection prior to putting a home on the market is that it provides a homeowner the opportunity to rectify issues that a home inspector may find. Since the majority of home buyers elect to have a home inspection and some buyers can get scared away from a home because of the inspection results, having one completed prior to listing is a very good idea.  Homeowners who decide to not have a pre-listing inspection often end up regretting their decision if a buyer is scared away from their property.

Final Thoughts On Selling A Multi-Family Home

As you can see, selling a multi-family home is much different than selling a single family home.  Even though selling a multi-family home is generally more complex, that doesn't mean that it has to be impossible.  By following the 5 tips discussed above, multi-family property owners put themselves in a much better position to experience a smooth and successful sale.

Other Top Resources For Selling A Multi-Family Home

Do you own a multi-family property in Rochester?  If so and you're thinking about selling your multi-family property, the above 5 tips should be extremely helpful.  If you don't have a real estate agent in Rochester yet, call or text me at 585-704-7095, and I'd be happy to discuss the sale of your multi-family home!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "5 Important Tips For Selling A Multi-Family Home" was written by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group.  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> How Your Credit Score Impacts Your Ability To Buy A House https://www.rochesterrealestateblog.com/how-credit-score-impacts-buying-house/ Tue, 24 Jan 2017 12:40:24 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=16086 How To Sell A Multi-Family Property [caption id="attachment_10457" align="aligncenter" width="450"]5 Important Tips For Selling A Multi-Family Home 5 Important Tips For Selling A Multi-Family Home[/caption] Selling a multi-family home is substantially more complex than selling a single family home.  One of the top reasons why selling a multi-family is generally more complex is because it typically involves more people than just the one owner of a single family home. When selling a multi-family property the probability that you're involving 6-12 people is high.  Depending on the number of units in a multi-family property, you may only be dealing with a couple families or a dozen families. There are certain rules, regulations, and laws that multi-family property owners must be aware of and also abide by.  These rules, regulations, and laws will vary from city to city and state to state. It's highly recommended that prior to selling a multi-family home that you consult with an attorney to make sure you're not going to put yourself in a situation where you could be sued.  Not being aware of rules, regulations, and local laws is one of the top home selling mistakes made by multi-family property owners. Read on to find out what the top 5 tips for selling a multi-family home are.  Multi-family property owners who follow the below tips will put themselves in an excellent position to get their property sold, while avoiding potential issues or roadblocks.

Review Leases, Occupancy, & Tenant Rights

Before listing a multi-family home for sale, it's vital to review all leases and the occupancy for each unit.  As mentioned above, multi-family property owners can get themselves in trouble if they're not careful.  It's important to always keep in mind tenant rights when selling a multi-family home. There are a few frequently asked questions from home buyers that multi-family property owners will be asked during the sale process.  By reviewing the current leases and occupancy of each unit, multi-family property owners will be able to answer these questions accurately.  Below are a couple of the top questions asked by buyers who're looking to purchase a multi-family home.
  1. What are the terms of any/all leases?
  2. What are the rent amounts for each unit?
  3. What's included in the rent for each unit?
  4. Are there security deposits being held?
  5. Are the rents able to be subsidized by Government assistance?
  Reviewing the leases and occupancy for each unit can also help determine whether or not to sell the property while it's being occupied by tenants.  Selling a home with tenants can be tricky and it can also bring other potential issues into the equation. For example, if a multi-family home is being sold while tenant occupied and the leases are for an extended period of time, it potentially can eliminate a large number of potential buyers who're looking to buy a multi-family home and plan on, or need to, occupy one of the units.  One of the disadvantages of a VA home loan or FHA loan is that the property must be occupied by the buyer, so if a buyer is planning on utilizing one of these mortgage products, they wouldn't be able to purchase a tenant occupied multi-family home. Selling a multi-family home is easiest and most successful if it's unoccupied.  This eliminates potential issues with coordinating home showings or issues with occupancy requirements.  If this isn't a possibility, then it's important that the owner has full cooperation from all parties who'll be impacted during the sale of the multi-family property.

Preparation Is Key When Selling A Multi-Family Home

[caption id="attachment_10458" align="aligncenter" width="450"]Preparation Is Key When Selling A Multi-Family Home Preparation Is Key When Selling A Multi-Family Home[/caption] Preparing a home for sale is critical when selling any type of home, whether it's single family or multi-family.  Since many multi-family properties are purchased as investments, preparing for the sale becomes necessary. One of the most important factors for investors who're looking to buy multi-family homes is the amount of maintenance the home appears to have.  A home that isn't prepared for sale can appear to have more maintenance than it really does. For multi-family property owners who're attempting to prepare and sell a home on a budget, it can be done by tending to a few key areas of the property.  Below are a few of the areas and items that should be prepared prior to listing a multi-family for sale.
  1. Curb Appeal - Simply tending to the exterior curb appeal of a multi-family home can go a long way.  Trimming bushes/shrubs and making sure any flower beds are a couple tips for improving the curb appeal of the property.
  2. Clean Up Common Areas - Depending on the multi-unit, there maybe some common areas, such as laundry or a vestibule.  It's important that all common areas in the property are cleaned up and portray extra maintenance.
  3. Parking Areas - If the property has designated parking areas or garage spaces, making sure these are well defined and in good condition is critical.  If there is an off street parking area, a simple seal of the driveway can go a long way and doesn't cost a ton of extra money.
  4. Doors & Locks - All doors and locks within the multi-family property need to be working well.  It's not a good reflection of a property when the locks are difficult to use and a showing agent is struggling to access the units within the property.
  When selling a multi-family home, it's extremely important that it's prepared for the market.  Not doing so can make or break whether the property sells and also it can impact an owners bottom line.

Hire An Agent Who Has Experience Selling Multi-Family Homes

Hiring a top real estate agent, with experience, is extremely important when selling any type of property.  For example, when selling a waterfront property, hiring an agent who primarily sells mobile homes in a park wouldn't be the best idea. It's critical when selling a multi-family home that a Realtor® who has experience selling multi-family homes is hired.  To help ensure an agent who has experience selling multi-family homes is hired, there are certain questions to ask Realtors® during interviews.
  1. How do you handle showings when a property is tenant occupied?
  2. How much notice do you provide?
  3. In the past, how have you handled uncooperative tenants?
  4. Can you provide the contact information of the previous owner who you represented during a recent multi-family sale?
  Asking the right questions during an interview can greatly improve the chances an agent who has experience selling multi-family homes is hired. Not only is it important to make sure the agent has experience selling a multi-family home but it's equally as important to make sure they know how to effectively market a home.  Since the majority of home buyers are finding the home they eventually purchase on the internet, it's critical the agent knows how to reach potential buyers. This is done by using the best real estate marketing strategies.  Marketing strategies such as using social media, optimizing their website to be found in searches, and using high quality photography and videos are a few ways top real estate agents are marketing their clients homes to potential buyers.

Have Important Documents Ready

[caption id="attachment_10460" align="aligncenter" width="450"]Have Important Documents Ready When Selling A Multi-Family Home! Have Important Documents Ready When Selling A Multi-Family Home![/caption] There are certain things to know before selling a home, regardless if it's a single family or multi family home.  It's helpful that before listing a home for sale that important documents are readily accessible for potential buyers. Documents that should be readily accessible, whether selling a multi-family home or not, include documentation relating to roof age or warranties, the age of the homes HVAC systems, and any receipts of remodeling projects that have been completed. One of the most important features that today's home buyers are looking for in a home are updated and newer mechanics, such as roofs and HVAC systems.  Home sellers who have records and receipts showing the ages of these components give themselves a huge advantage. When selling a multi-family home, it's very important to have financial documents readily available for prospective buyers.  Since multi-family homes are often purchased as an investment, having the financial documents available can be extremely helpful for potential buyers. The most important financial document that should be readily available when selling a multi-family home is the yearly net operating figures.  This document shows a potential buyer the income from monthly rents and subtracts out the expenses of the property, such as yearly homeowners insurance, yearly refuse, yearly water usage, and any repairs that have been completed recently.

Complete Inspections Prior To Listing The Property

Many municipalities require that a certificate of occupancy, also known as a C of O, is renewed when a multi-family property is being sold to a new owner.  It's highly recommended that prior to listing a multi-family property that any inspections are completed beforehand. If your local municipality requires a new C of O prior to the property being transferred to a new owner, have the inspection completed prior to listing can reduce the chances that the real estate closing is delayed.  If you're unsure if a new C of O is required prior to the property being transferred, you can contact your local municipality to find out. Recently while selling a multi-family property in Rochester NY, the property owner decided to wait until after a contract was received to complete the required C of O inspection.  The City was backlogged on inspections and the inspection date had to be scheduled a month out, which ultimately delayed the closing of the property.  This could've been avoided if the C of O inspection was completed prior to listing the property. Another inspection to consider completing prior to listing a multi-family property is a general home inspection.  There are lots of reasons to have a pre-listing inspection when selling a home.  The number one reason having a pre-listing inspection prior to putting a home on the market is that it provides a homeowner the opportunity to rectify issues that a home inspector may find. Since the majority of home buyers elect to have a home inspection and some buyers can get scared away from a home because of the inspection results, having one completed prior to listing is a very good idea.  Homeowners who decide to not have a pre-listing inspection often end up regretting their decision if a buyer is scared away from their property.

Final Thoughts On Selling A Multi-Family Home

As you can see, selling a multi-family home is much different than selling a single family home.  Even though selling a multi-family home is generally more complex, that doesn't mean that it has to be impossible.  By following the 5 tips discussed above, multi-family property owners put themselves in a much better position to experience a smooth and successful sale.

Other Top Resources For Selling A Multi-Family Home

Do you own a multi-family property in Rochester?  If so and you're thinking about selling your multi-family property, the above 5 tips should be extremely helpful.  If you don't have a real estate agent in Rochester yet, call or text me at 585-704-7095, and I'd be happy to discuss the sale of your multi-family home!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "5 Important Tips For Selling A Multi-Family Home" was written by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group.  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Top Winter Home Selling Mistakes | 7 Errors Made While Selling A House During The Winter https://www.rochesterrealestateblog.com/top-winter-home-selling-mistakes/ Tue, 24 Jan 2017 12:40:24 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=16051 How To Sell A Multi-Family Property [caption id="attachment_10457" align="aligncenter" width="450"]5 Important Tips For Selling A Multi-Family Home 5 Important Tips For Selling A Multi-Family Home[/caption] Selling a multi-family home is substantially more complex than selling a single family home.  One of the top reasons why selling a multi-family is generally more complex is because it typically involves more people than just the one owner of a single family home. When selling a multi-family property the probability that you're involving 6-12 people is high.  Depending on the number of units in a multi-family property, you may only be dealing with a couple families or a dozen families. There are certain rules, regulations, and laws that multi-family property owners must be aware of and also abide by.  These rules, regulations, and laws will vary from city to city and state to state. It's highly recommended that prior to selling a multi-family home that you consult with an attorney to make sure you're not going to put yourself in a situation where you could be sued.  Not being aware of rules, regulations, and local laws is one of the top home selling mistakes made by multi-family property owners. Read on to find out what the top 5 tips for selling a multi-family home are.  Multi-family property owners who follow the below tips will put themselves in an excellent position to get their property sold, while avoiding potential issues or roadblocks.

Review Leases, Occupancy, & Tenant Rights

Before listing a multi-family home for sale, it's vital to review all leases and the occupancy for each unit.  As mentioned above, multi-family property owners can get themselves in trouble if they're not careful.  It's important to always keep in mind tenant rights when selling a multi-family home. There are a few frequently asked questions from home buyers that multi-family property owners will be asked during the sale process.  By reviewing the current leases and occupancy of each unit, multi-family property owners will be able to answer these questions accurately.  Below are a couple of the top questions asked by buyers who're looking to purchase a multi-family home.
  1. What are the terms of any/all leases?
  2. What are the rent amounts for each unit?
  3. What's included in the rent for each unit?
  4. Are there security deposits being held?
  5. Are the rents able to be subsidized by Government assistance?
  Reviewing the leases and occupancy for each unit can also help determine whether or not to sell the property while it's being occupied by tenants.  Selling a home with tenants can be tricky and it can also bring other potential issues into the equation. For example, if a multi-family home is being sold while tenant occupied and the leases are for an extended period of time, it potentially can eliminate a large number of potential buyers who're looking to buy a multi-family home and plan on, or need to, occupy one of the units.  One of the disadvantages of a VA home loan or FHA loan is that the property must be occupied by the buyer, so if a buyer is planning on utilizing one of these mortgage products, they wouldn't be able to purchase a tenant occupied multi-family home. Selling a multi-family home is easiest and most successful if it's unoccupied.  This eliminates potential issues with coordinating home showings or issues with occupancy requirements.  If this isn't a possibility, then it's important that the owner has full cooperation from all parties who'll be impacted during the sale of the multi-family property.

Preparation Is Key When Selling A Multi-Family Home

[caption id="attachment_10458" align="aligncenter" width="450"]Preparation Is Key When Selling A Multi-Family Home Preparation Is Key When Selling A Multi-Family Home[/caption] Preparing a home for sale is critical when selling any type of home, whether it's single family or multi-family.  Since many multi-family properties are purchased as investments, preparing for the sale becomes necessary. One of the most important factors for investors who're looking to buy multi-family homes is the amount of maintenance the home appears to have.  A home that isn't prepared for sale can appear to have more maintenance than it really does. For multi-family property owners who're attempting to prepare and sell a home on a budget, it can be done by tending to a few key areas of the property.  Below are a few of the areas and items that should be prepared prior to listing a multi-family for sale.
  1. Curb Appeal - Simply tending to the exterior curb appeal of a multi-family home can go a long way.  Trimming bushes/shrubs and making sure any flower beds are a couple tips for improving the curb appeal of the property.
  2. Clean Up Common Areas - Depending on the multi-unit, there maybe some common areas, such as laundry or a vestibule.  It's important that all common areas in the property are cleaned up and portray extra maintenance.
  3. Parking Areas - If the property has designated parking areas or garage spaces, making sure these are well defined and in good condition is critical.  If there is an off street parking area, a simple seal of the driveway can go a long way and doesn't cost a ton of extra money.
  4. Doors & Locks - All doors and locks within the multi-family property need to be working well.  It's not a good reflection of a property when the locks are difficult to use and a showing agent is struggling to access the units within the property.
  When selling a multi-family home, it's extremely important that it's prepared for the market.  Not doing so can make or break whether the property sells and also it can impact an owners bottom line.

Hire An Agent Who Has Experience Selling Multi-Family Homes

Hiring a top real estate agent, with experience, is extremely important when selling any type of property.  For example, when selling a waterfront property, hiring an agent who primarily sells mobile homes in a park wouldn't be the best idea. It's critical when selling a multi-family home that a Realtor® who has experience selling multi-family homes is hired.  To help ensure an agent who has experience selling multi-family homes is hired, there are certain questions to ask Realtors® during interviews.
  1. How do you handle showings when a property is tenant occupied?
  2. How much notice do you provide?
  3. In the past, how have you handled uncooperative tenants?
  4. Can you provide the contact information of the previous owner who you represented during a recent multi-family sale?
  Asking the right questions during an interview can greatly improve the chances an agent who has experience selling multi-family homes is hired. Not only is it important to make sure the agent has experience selling a multi-family home but it's equally as important to make sure they know how to effectively market a home.  Since the majority of home buyers are finding the home they eventually purchase on the internet, it's critical the agent knows how to reach potential buyers. This is done by using the best real estate marketing strategies.  Marketing strategies such as using social media, optimizing their website to be found in searches, and using high quality photography and videos are a few ways top real estate agents are marketing their clients homes to potential buyers.

Have Important Documents Ready

[caption id="attachment_10460" align="aligncenter" width="450"]Have Important Documents Ready When Selling A Multi-Family Home! Have Important Documents Ready When Selling A Multi-Family Home![/caption] There are certain things to know before selling a home, regardless if it's a single family or multi family home.  It's helpful that before listing a home for sale that important documents are readily accessible for potential buyers. Documents that should be readily accessible, whether selling a multi-family home or not, include documentation relating to roof age or warranties, the age of the homes HVAC systems, and any receipts of remodeling projects that have been completed. One of the most important features that today's home buyers are looking for in a home are updated and newer mechanics, such as roofs and HVAC systems.  Home sellers who have records and receipts showing the ages of these components give themselves a huge advantage. When selling a multi-family home, it's very important to have financial documents readily available for prospective buyers.  Since multi-family homes are often purchased as an investment, having the financial documents available can be extremely helpful for potential buyers. The most important financial document that should be readily available when selling a multi-family home is the yearly net operating figures.  This document shows a potential buyer the income from monthly rents and subtracts out the expenses of the property, such as yearly homeowners insurance, yearly refuse, yearly water usage, and any repairs that have been completed recently.

Complete Inspections Prior To Listing The Property

Many municipalities require that a certificate of occupancy, also known as a C of O, is renewed when a multi-family property is being sold to a new owner.  It's highly recommended that prior to listing a multi-family property that any inspections are completed beforehand. If your local municipality requires a new C of O prior to the property being transferred to a new owner, have the inspection completed prior to listing can reduce the chances that the real estate closing is delayed.  If you're unsure if a new C of O is required prior to the property being transferred, you can contact your local municipality to find out. Recently while selling a multi-family property in Rochester NY, the property owner decided to wait until after a contract was received to complete the required C of O inspection.  The City was backlogged on inspections and the inspection date had to be scheduled a month out, which ultimately delayed the closing of the property.  This could've been avoided if the C of O inspection was completed prior to listing the property. Another inspection to consider completing prior to listing a multi-family property is a general home inspection.  There are lots of reasons to have a pre-listing inspection when selling a home.  The number one reason having a pre-listing inspection prior to putting a home on the market is that it provides a homeowner the opportunity to rectify issues that a home inspector may find. Since the majority of home buyers elect to have a home inspection and some buyers can get scared away from a home because of the inspection results, having one completed prior to listing is a very good idea.  Homeowners who decide to not have a pre-listing inspection often end up regretting their decision if a buyer is scared away from their property.

Final Thoughts On Selling A Multi-Family Home

As you can see, selling a multi-family home is much different than selling a single family home.  Even though selling a multi-family home is generally more complex, that doesn't mean that it has to be impossible.  By following the 5 tips discussed above, multi-family property owners put themselves in a much better position to experience a smooth and successful sale.

Other Top Resources For Selling A Multi-Family Home

Do you own a multi-family property in Rochester?  If so and you're thinking about selling your multi-family property, the above 5 tips should be extremely helpful.  If you don't have a real estate agent in Rochester yet, call or text me at 585-704-7095, and I'd be happy to discuss the sale of your multi-family home!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "5 Important Tips For Selling A Multi-Family Home" was written by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group.  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Top Winter Home Buying Mistakes | 11 Errors Made While Buying A House During The Winter https://www.rochesterrealestateblog.com/winter-home-buying-mistakes/ Tue, 24 Jan 2017 12:40:24 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=16013 How To Sell A Multi-Family Property [caption id="attachment_10457" align="aligncenter" width="450"]5 Important Tips For Selling A Multi-Family Home 5 Important Tips For Selling A Multi-Family Home[/caption] Selling a multi-family home is substantially more complex than selling a single family home.  One of the top reasons why selling a multi-family is generally more complex is because it typically involves more people than just the one owner of a single family home. When selling a multi-family property the probability that you're involving 6-12 people is high.  Depending on the number of units in a multi-family property, you may only be dealing with a couple families or a dozen families. There are certain rules, regulations, and laws that multi-family property owners must be aware of and also abide by.  These rules, regulations, and laws will vary from city to city and state to state. It's highly recommended that prior to selling a multi-family home that you consult with an attorney to make sure you're not going to put yourself in a situation where you could be sued.  Not being aware of rules, regulations, and local laws is one of the top home selling mistakes made by multi-family property owners. Read on to find out what the top 5 tips for selling a multi-family home are.  Multi-family property owners who follow the below tips will put themselves in an excellent position to get their property sold, while avoiding potential issues or roadblocks.

Review Leases, Occupancy, & Tenant Rights

Before listing a multi-family home for sale, it's vital to review all leases and the occupancy for each unit.  As mentioned above, multi-family property owners can get themselves in trouble if they're not careful.  It's important to always keep in mind tenant rights when selling a multi-family home. There are a few frequently asked questions from home buyers that multi-family property owners will be asked during the sale process.  By reviewing the current leases and occupancy of each unit, multi-family property owners will be able to answer these questions accurately.  Below are a couple of the top questions asked by buyers who're looking to purchase a multi-family home.
  1. What are the terms of any/all leases?
  2. What are the rent amounts for each unit?
  3. What's included in the rent for each unit?
  4. Are there security deposits being held?
  5. Are the rents able to be subsidized by Government assistance?
  Reviewing the leases and occupancy for each unit can also help determine whether or not to sell the property while it's being occupied by tenants.  Selling a home with tenants can be tricky and it can also bring other potential issues into the equation. For example, if a multi-family home is being sold while tenant occupied and the leases are for an extended period of time, it potentially can eliminate a large number of potential buyers who're looking to buy a multi-family home and plan on, or need to, occupy one of the units.  One of the disadvantages of a VA home loan or FHA loan is that the property must be occupied by the buyer, so if a buyer is planning on utilizing one of these mortgage products, they wouldn't be able to purchase a tenant occupied multi-family home. Selling a multi-family home is easiest and most successful if it's unoccupied.  This eliminates potential issues with coordinating home showings or issues with occupancy requirements.  If this isn't a possibility, then it's important that the owner has full cooperation from all parties who'll be impacted during the sale of the multi-family property.

Preparation Is Key When Selling A Multi-Family Home

[caption id="attachment_10458" align="aligncenter" width="450"]Preparation Is Key When Selling A Multi-Family Home Preparation Is Key When Selling A Multi-Family Home[/caption] Preparing a home for sale is critical when selling any type of home, whether it's single family or multi-family.  Since many multi-family properties are purchased as investments, preparing for the sale becomes necessary. One of the most important factors for investors who're looking to buy multi-family homes is the amount of maintenance the home appears to have.  A home that isn't prepared for sale can appear to have more maintenance than it really does. For multi-family property owners who're attempting to prepare and sell a home on a budget, it can be done by tending to a few key areas of the property.  Below are a few of the areas and items that should be prepared prior to listing a multi-family for sale.
  1. Curb Appeal - Simply tending to the exterior curb appeal of a multi-family home can go a long way.  Trimming bushes/shrubs and making sure any flower beds are a couple tips for improving the curb appeal of the property.
  2. Clean Up Common Areas - Depending on the multi-unit, there maybe some common areas, such as laundry or a vestibule.  It's important that all common areas in the property are cleaned up and portray extra maintenance.
  3. Parking Areas - If the property has designated parking areas or garage spaces, making sure these are well defined and in good condition is critical.  If there is an off street parking area, a simple seal of the driveway can go a long way and doesn't cost a ton of extra money.
  4. Doors & Locks - All doors and locks within the multi-family property need to be working well.  It's not a good reflection of a property when the locks are difficult to use and a showing agent is struggling to access the units within the property.
  When selling a multi-family home, it's extremely important that it's prepared for the market.  Not doing so can make or break whether the property sells and also it can impact an owners bottom line.

Hire An Agent Who Has Experience Selling Multi-Family Homes

Hiring a top real estate agent, with experience, is extremely important when selling any type of property.  For example, when selling a waterfront property, hiring an agent who primarily sells mobile homes in a park wouldn't be the best idea. It's critical when selling a multi-family home that a Realtor® who has experience selling multi-family homes is hired.  To help ensure an agent who has experience selling multi-family homes is hired, there are certain questions to ask Realtors® during interviews.
  1. How do you handle showings when a property is tenant occupied?
  2. How much notice do you provide?
  3. In the past, how have you handled uncooperative tenants?
  4. Can you provide the contact information of the previous owner who you represented during a recent multi-family sale?
  Asking the right questions during an interview can greatly improve the chances an agent who has experience selling multi-family homes is hired. Not only is it important to make sure the agent has experience selling a multi-family home but it's equally as important to make sure they know how to effectively market a home.  Since the majority of home buyers are finding the home they eventually purchase on the internet, it's critical the agent knows how to reach potential buyers. This is done by using the best real estate marketing strategies.  Marketing strategies such as using social media, optimizing their website to be found in searches, and using high quality photography and videos are a few ways top real estate agents are marketing their clients homes to potential buyers.

Have Important Documents Ready

[caption id="attachment_10460" align="aligncenter" width="450"]Have Important Documents Ready When Selling A Multi-Family Home! Have Important Documents Ready When Selling A Multi-Family Home![/caption] There are certain things to know before selling a home, regardless if it's a single family or multi family home.  It's helpful that before listing a home for sale that important documents are readily accessible for potential buyers. Documents that should be readily accessible, whether selling a multi-family home or not, include documentation relating to roof age or warranties, the age of the homes HVAC systems, and any receipts of remodeling projects that have been completed. One of the most important features that today's home buyers are looking for in a home are updated and newer mechanics, such as roofs and HVAC systems.  Home sellers who have records and receipts showing the ages of these components give themselves a huge advantage. When selling a multi-family home, it's very important to have financial documents readily available for prospective buyers.  Since multi-family homes are often purchased as an investment, having the financial documents available can be extremely helpful for potential buyers. The most important financial document that should be readily available when selling a multi-family home is the yearly net operating figures.  This document shows a potential buyer the income from monthly rents and subtracts out the expenses of the property, such as yearly homeowners insurance, yearly refuse, yearly water usage, and any repairs that have been completed recently.

Complete Inspections Prior To Listing The Property

Many municipalities require that a certificate of occupancy, also known as a C of O, is renewed when a multi-family property is being sold to a new owner.  It's highly recommended that prior to listing a multi-family property that any inspections are completed beforehand. If your local municipality requires a new C of O prior to the property being transferred to a new owner, have the inspection completed prior to listing can reduce the chances that the real estate closing is delayed.  If you're unsure if a new C of O is required prior to the property being transferred, you can contact your local municipality to find out. Recently while selling a multi-family property in Rochester NY, the property owner decided to wait until after a contract was received to complete the required C of O inspection.  The City was backlogged on inspections and the inspection date had to be scheduled a month out, which ultimately delayed the closing of the property.  This could've been avoided if the C of O inspection was completed prior to listing the property. Another inspection to consider completing prior to listing a multi-family property is a general home inspection.  There are lots of reasons to have a pre-listing inspection when selling a home.  The number one reason having a pre-listing inspection prior to putting a home on the market is that it provides a homeowner the opportunity to rectify issues that a home inspector may find. Since the majority of home buyers elect to have a home inspection and some buyers can get scared away from a home because of the inspection results, having one completed prior to listing is a very good idea.  Homeowners who decide to not have a pre-listing inspection often end up regretting their decision if a buyer is scared away from their property.

Final Thoughts On Selling A Multi-Family Home

As you can see, selling a multi-family home is much different than selling a single family home.  Even though selling a multi-family home is generally more complex, that doesn't mean that it has to be impossible.  By following the 5 tips discussed above, multi-family property owners put themselves in a much better position to experience a smooth and successful sale.

Other Top Resources For Selling A Multi-Family Home

Do you own a multi-family property in Rochester?  If so and you're thinking about selling your multi-family property, the above 5 tips should be extremely helpful.  If you don't have a real estate agent in Rochester yet, call or text me at 585-704-7095, and I'd be happy to discuss the sale of your multi-family home!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "5 Important Tips For Selling A Multi-Family Home" was written by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group.  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> What Address Change Form Should I Use At The Post Office? https://www.rochesterrealestateblog.com/address-change-form-post-office/ Tue, 24 Jan 2017 12:40:24 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15981 How To Sell A Multi-Family Property [caption id="attachment_10457" align="aligncenter" width="450"]5 Important Tips For Selling A Multi-Family Home 5 Important Tips For Selling A Multi-Family Home[/caption] Selling a multi-family home is substantially more complex than selling a single family home.  One of the top reasons why selling a multi-family is generally more complex is because it typically involves more people than just the one owner of a single family home. When selling a multi-family property the probability that you're involving 6-12 people is high.  Depending on the number of units in a multi-family property, you may only be dealing with a couple families or a dozen families. There are certain rules, regulations, and laws that multi-family property owners must be aware of and also abide by.  These rules, regulations, and laws will vary from city to city and state to state. It's highly recommended that prior to selling a multi-family home that you consult with an attorney to make sure you're not going to put yourself in a situation where you could be sued.  Not being aware of rules, regulations, and local laws is one of the top home selling mistakes made by multi-family property owners. Read on to find out what the top 5 tips for selling a multi-family home are.  Multi-family property owners who follow the below tips will put themselves in an excellent position to get their property sold, while avoiding potential issues or roadblocks.

Review Leases, Occupancy, & Tenant Rights

Before listing a multi-family home for sale, it's vital to review all leases and the occupancy for each unit.  As mentioned above, multi-family property owners can get themselves in trouble if they're not careful.  It's important to always keep in mind tenant rights when selling a multi-family home. There are a few frequently asked questions from home buyers that multi-family property owners will be asked during the sale process.  By reviewing the current leases and occupancy of each unit, multi-family property owners will be able to answer these questions accurately.  Below are a couple of the top questions asked by buyers who're looking to purchase a multi-family home.
  1. What are the terms of any/all leases?
  2. What are the rent amounts for each unit?
  3. What's included in the rent for each unit?
  4. Are there security deposits being held?
  5. Are the rents able to be subsidized by Government assistance?
  Reviewing the leases and occupancy for each unit can also help determine whether or not to sell the property while it's being occupied by tenants.  Selling a home with tenants can be tricky and it can also bring other potential issues into the equation. For example, if a multi-family home is being sold while tenant occupied and the leases are for an extended period of time, it potentially can eliminate a large number of potential buyers who're looking to buy a multi-family home and plan on, or need to, occupy one of the units.  One of the disadvantages of a VA home loan or FHA loan is that the property must be occupied by the buyer, so if a buyer is planning on utilizing one of these mortgage products, they wouldn't be able to purchase a tenant occupied multi-family home. Selling a multi-family home is easiest and most successful if it's unoccupied.  This eliminates potential issues with coordinating home showings or issues with occupancy requirements.  If this isn't a possibility, then it's important that the owner has full cooperation from all parties who'll be impacted during the sale of the multi-family property.

Preparation Is Key When Selling A Multi-Family Home

[caption id="attachment_10458" align="aligncenter" width="450"]Preparation Is Key When Selling A Multi-Family Home Preparation Is Key When Selling A Multi-Family Home[/caption] Preparing a home for sale is critical when selling any type of home, whether it's single family or multi-family.  Since many multi-family properties are purchased as investments, preparing for the sale becomes necessary. One of the most important factors for investors who're looking to buy multi-family homes is the amount of maintenance the home appears to have.  A home that isn't prepared for sale can appear to have more maintenance than it really does. For multi-family property owners who're attempting to prepare and sell a home on a budget, it can be done by tending to a few key areas of the property.  Below are a few of the areas and items that should be prepared prior to listing a multi-family for sale.
  1. Curb Appeal - Simply tending to the exterior curb appeal of a multi-family home can go a long way.  Trimming bushes/shrubs and making sure any flower beds are a couple tips for improving the curb appeal of the property.
  2. Clean Up Common Areas - Depending on the multi-unit, there maybe some common areas, such as laundry or a vestibule.  It's important that all common areas in the property are cleaned up and portray extra maintenance.
  3. Parking Areas - If the property has designated parking areas or garage spaces, making sure these are well defined and in good condition is critical.  If there is an off street parking area, a simple seal of the driveway can go a long way and doesn't cost a ton of extra money.
  4. Doors & Locks - All doors and locks within the multi-family property need to be working well.  It's not a good reflection of a property when the locks are difficult to use and a showing agent is struggling to access the units within the property.
  When selling a multi-family home, it's extremely important that it's prepared for the market.  Not doing so can make or break whether the property sells and also it can impact an owners bottom line.

Hire An Agent Who Has Experience Selling Multi-Family Homes

Hiring a top real estate agent, with experience, is extremely important when selling any type of property.  For example, when selling a waterfront property, hiring an agent who primarily sells mobile homes in a park wouldn't be the best idea. It's critical when selling a multi-family home that a Realtor® who has experience selling multi-family homes is hired.  To help ensure an agent who has experience selling multi-family homes is hired, there are certain questions to ask Realtors® during interviews.
  1. How do you handle showings when a property is tenant occupied?
  2. How much notice do you provide?
  3. In the past, how have you handled uncooperative tenants?
  4. Can you provide the contact information of the previous owner who you represented during a recent multi-family sale?
  Asking the right questions during an interview can greatly improve the chances an agent who has experience selling multi-family homes is hired. Not only is it important to make sure the agent has experience selling a multi-family home but it's equally as important to make sure they know how to effectively market a home.  Since the majority of home buyers are finding the home they eventually purchase on the internet, it's critical the agent knows how to reach potential buyers. This is done by using the best real estate marketing strategies.  Marketing strategies such as using social media, optimizing their website to be found in searches, and using high quality photography and videos are a few ways top real estate agents are marketing their clients homes to potential buyers.

Have Important Documents Ready

[caption id="attachment_10460" align="aligncenter" width="450"]Have Important Documents Ready When Selling A Multi-Family Home! Have Important Documents Ready When Selling A Multi-Family Home![/caption] There are certain things to know before selling a home, regardless if it's a single family or multi family home.  It's helpful that before listing a home for sale that important documents are readily accessible for potential buyers. Documents that should be readily accessible, whether selling a multi-family home or not, include documentation relating to roof age or warranties, the age of the homes HVAC systems, and any receipts of remodeling projects that have been completed. One of the most important features that today's home buyers are looking for in a home are updated and newer mechanics, such as roofs and HVAC systems.  Home sellers who have records and receipts showing the ages of these components give themselves a huge advantage. When selling a multi-family home, it's very important to have financial documents readily available for prospective buyers.  Since multi-family homes are often purchased as an investment, having the financial documents available can be extremely helpful for potential buyers. The most important financial document that should be readily available when selling a multi-family home is the yearly net operating figures.  This document shows a potential buyer the income from monthly rents and subtracts out the expenses of the property, such as yearly homeowners insurance, yearly refuse, yearly water usage, and any repairs that have been completed recently.

Complete Inspections Prior To Listing The Property

Many municipalities require that a certificate of occupancy, also known as a C of O, is renewed when a multi-family property is being sold to a new owner.  It's highly recommended that prior to listing a multi-family property that any inspections are completed beforehand. If your local municipality requires a new C of O prior to the property being transferred to a new owner, have the inspection completed prior to listing can reduce the chances that the real estate closing is delayed.  If you're unsure if a new C of O is required prior to the property being transferred, you can contact your local municipality to find out. Recently while selling a multi-family property in Rochester NY, the property owner decided to wait until after a contract was received to complete the required C of O inspection.  The City was backlogged on inspections and the inspection date had to be scheduled a month out, which ultimately delayed the closing of the property.  This could've been avoided if the C of O inspection was completed prior to listing the property. Another inspection to consider completing prior to listing a multi-family property is a general home inspection.  There are lots of reasons to have a pre-listing inspection when selling a home.  The number one reason having a pre-listing inspection prior to putting a home on the market is that it provides a homeowner the opportunity to rectify issues that a home inspector may find. Since the majority of home buyers elect to have a home inspection and some buyers can get scared away from a home because of the inspection results, having one completed prior to listing is a very good idea.  Homeowners who decide to not have a pre-listing inspection often end up regretting their decision if a buyer is scared away from their property.

Final Thoughts On Selling A Multi-Family Home

As you can see, selling a multi-family home is much different than selling a single family home.  Even though selling a multi-family home is generally more complex, that doesn't mean that it has to be impossible.  By following the 5 tips discussed above, multi-family property owners put themselves in a much better position to experience a smooth and successful sale.

Other Top Resources For Selling A Multi-Family Home

Do you own a multi-family property in Rochester?  If so and you're thinking about selling your multi-family property, the above 5 tips should be extremely helpful.  If you don't have a real estate agent in Rochester yet, call or text me at 585-704-7095, and I'd be happy to discuss the sale of your multi-family home!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "5 Important Tips For Selling A Multi-Family Home" was written by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group.  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> What Does Contingent Status Mean in Real Estate? https://www.rochesterrealestateblog.com/what-does-contingent-status-mean-real-estate/ Tue, 24 Jan 2017 12:40:24 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15956 How To Sell A Multi-Family Property [caption id="attachment_10457" align="aligncenter" width="450"]5 Important Tips For Selling A Multi-Family Home 5 Important Tips For Selling A Multi-Family Home[/caption] Selling a multi-family home is substantially more complex than selling a single family home.  One of the top reasons why selling a multi-family is generally more complex is because it typically involves more people than just the one owner of a single family home. When selling a multi-family property the probability that you're involving 6-12 people is high.  Depending on the number of units in a multi-family property, you may only be dealing with a couple families or a dozen families. There are certain rules, regulations, and laws that multi-family property owners must be aware of and also abide by.  These rules, regulations, and laws will vary from city to city and state to state. It's highly recommended that prior to selling a multi-family home that you consult with an attorney to make sure you're not going to put yourself in a situation where you could be sued.  Not being aware of rules, regulations, and local laws is one of the top home selling mistakes made by multi-family property owners. Read on to find out what the top 5 tips for selling a multi-family home are.  Multi-family property owners who follow the below tips will put themselves in an excellent position to get their property sold, while avoiding potential issues or roadblocks.

Review Leases, Occupancy, & Tenant Rights

Before listing a multi-family home for sale, it's vital to review all leases and the occupancy for each unit.  As mentioned above, multi-family property owners can get themselves in trouble if they're not careful.  It's important to always keep in mind tenant rights when selling a multi-family home. There are a few frequently asked questions from home buyers that multi-family property owners will be asked during the sale process.  By reviewing the current leases and occupancy of each unit, multi-family property owners will be able to answer these questions accurately.  Below are a couple of the top questions asked by buyers who're looking to purchase a multi-family home.
  1. What are the terms of any/all leases?
  2. What are the rent amounts for each unit?
  3. What's included in the rent for each unit?
  4. Are there security deposits being held?
  5. Are the rents able to be subsidized by Government assistance?
  Reviewing the leases and occupancy for each unit can also help determine whether or not to sell the property while it's being occupied by tenants.  Selling a home with tenants can be tricky and it can also bring other potential issues into the equation. For example, if a multi-family home is being sold while tenant occupied and the leases are for an extended period of time, it potentially can eliminate a large number of potential buyers who're looking to buy a multi-family home and plan on, or need to, occupy one of the units.  One of the disadvantages of a VA home loan or FHA loan is that the property must be occupied by the buyer, so if a buyer is planning on utilizing one of these mortgage products, they wouldn't be able to purchase a tenant occupied multi-family home. Selling a multi-family home is easiest and most successful if it's unoccupied.  This eliminates potential issues with coordinating home showings or issues with occupancy requirements.  If this isn't a possibility, then it's important that the owner has full cooperation from all parties who'll be impacted during the sale of the multi-family property.

Preparation Is Key When Selling A Multi-Family Home

[caption id="attachment_10458" align="aligncenter" width="450"]Preparation Is Key When Selling A Multi-Family Home Preparation Is Key When Selling A Multi-Family Home[/caption] Preparing a home for sale is critical when selling any type of home, whether it's single family or multi-family.  Since many multi-family properties are purchased as investments, preparing for the sale becomes necessary. One of the most important factors for investors who're looking to buy multi-family homes is the amount of maintenance the home appears to have.  A home that isn't prepared for sale can appear to have more maintenance than it really does. For multi-family property owners who're attempting to prepare and sell a home on a budget, it can be done by tending to a few key areas of the property.  Below are a few of the areas and items that should be prepared prior to listing a multi-family for sale.
  1. Curb Appeal - Simply tending to the exterior curb appeal of a multi-family home can go a long way.  Trimming bushes/shrubs and making sure any flower beds are a couple tips for improving the curb appeal of the property.
  2. Clean Up Common Areas - Depending on the multi-unit, there maybe some common areas, such as laundry or a vestibule.  It's important that all common areas in the property are cleaned up and portray extra maintenance.
  3. Parking Areas - If the property has designated parking areas or garage spaces, making sure these are well defined and in good condition is critical.  If there is an off street parking area, a simple seal of the driveway can go a long way and doesn't cost a ton of extra money.
  4. Doors & Locks - All doors and locks within the multi-family property need to be working well.  It's not a good reflection of a property when the locks are difficult to use and a showing agent is struggling to access the units within the property.
  When selling a multi-family home, it's extremely important that it's prepared for the market.  Not doing so can make or break whether the property sells and also it can impact an owners bottom line.

Hire An Agent Who Has Experience Selling Multi-Family Homes

Hiring a top real estate agent, with experience, is extremely important when selling any type of property.  For example, when selling a waterfront property, hiring an agent who primarily sells mobile homes in a park wouldn't be the best idea. It's critical when selling a multi-family home that a Realtor® who has experience selling multi-family homes is hired.  To help ensure an agent who has experience selling multi-family homes is hired, there are certain questions to ask Realtors® during interviews.
  1. How do you handle showings when a property is tenant occupied?
  2. How much notice do you provide?
  3. In the past, how have you handled uncooperative tenants?
  4. Can you provide the contact information of the previous owner who you represented during a recent multi-family sale?
  Asking the right questions during an interview can greatly improve the chances an agent who has experience selling multi-family homes is hired. Not only is it important to make sure the agent has experience selling a multi-family home but it's equally as important to make sure they know how to effectively market a home.  Since the majority of home buyers are finding the home they eventually purchase on the internet, it's critical the agent knows how to reach potential buyers. This is done by using the best real estate marketing strategies.  Marketing strategies such as using social media, optimizing their website to be found in searches, and using high quality photography and videos are a few ways top real estate agents are marketing their clients homes to potential buyers.

Have Important Documents Ready

[caption id="attachment_10460" align="aligncenter" width="450"]Have Important Documents Ready When Selling A Multi-Family Home! Have Important Documents Ready When Selling A Multi-Family Home![/caption] There are certain things to know before selling a home, regardless if it's a single family or multi family home.  It's helpful that before listing a home for sale that important documents are readily accessible for potential buyers. Documents that should be readily accessible, whether selling a multi-family home or not, include documentation relating to roof age or warranties, the age of the homes HVAC systems, and any receipts of remodeling projects that have been completed. One of the most important features that today's home buyers are looking for in a home are updated and newer mechanics, such as roofs and HVAC systems.  Home sellers who have records and receipts showing the ages of these components give themselves a huge advantage. When selling a multi-family home, it's very important to have financial documents readily available for prospective buyers.  Since multi-family homes are often purchased as an investment, having the financial documents available can be extremely helpful for potential buyers. The most important financial document that should be readily available when selling a multi-family home is the yearly net operating figures.  This document shows a potential buyer the income from monthly rents and subtracts out the expenses of the property, such as yearly homeowners insurance, yearly refuse, yearly water usage, and any repairs that have been completed recently.

Complete Inspections Prior To Listing The Property

Many municipalities require that a certificate of occupancy, also known as a C of O, is renewed when a multi-family property is being sold to a new owner.  It's highly recommended that prior to listing a multi-family property that any inspections are completed beforehand. If your local municipality requires a new C of O prior to the property being transferred to a new owner, have the inspection completed prior to listing can reduce the chances that the real estate closing is delayed.  If you're unsure if a new C of O is required prior to the property being transferred, you can contact your local municipality to find out. Recently while selling a multi-family property in Rochester NY, the property owner decided to wait until after a contract was received to complete the required C of O inspection.  The City was backlogged on inspections and the inspection date had to be scheduled a month out, which ultimately delayed the closing of the property.  This could've been avoided if the C of O inspection was completed prior to listing the property. Another inspection to consider completing prior to listing a multi-family property is a general home inspection.  There are lots of reasons to have a pre-listing inspection when selling a home.  The number one reason having a pre-listing inspection prior to putting a home on the market is that it provides a homeowner the opportunity to rectify issues that a home inspector may find. Since the majority of home buyers elect to have a home inspection and some buyers can get scared away from a home because of the inspection results, having one completed prior to listing is a very good idea.  Homeowners who decide to not have a pre-listing inspection often end up regretting their decision if a buyer is scared away from their property.

Final Thoughts On Selling A Multi-Family Home

As you can see, selling a multi-family home is much different than selling a single family home.  Even though selling a multi-family home is generally more complex, that doesn't mean that it has to be impossible.  By following the 5 tips discussed above, multi-family property owners put themselves in a much better position to experience a smooth and successful sale.

Other Top Resources For Selling A Multi-Family Home

Do you own a multi-family property in Rochester?  If so and you're thinking about selling your multi-family property, the above 5 tips should be extremely helpful.  If you don't have a real estate agent in Rochester yet, call or text me at 585-704-7095, and I'd be happy to discuss the sale of your multi-family home!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "5 Important Tips For Selling A Multi-Family Home" was written by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group.  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> DIY Renovation Ideas For Your Backyard https://www.rochesterrealestateblog.com/diy-renovation-ideas-backyard/ Tue, 24 Jan 2017 12:40:24 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15937 How To Sell A Multi-Family Property [caption id="attachment_10457" align="aligncenter" width="450"]5 Important Tips For Selling A Multi-Family Home 5 Important Tips For Selling A Multi-Family Home[/caption] Selling a multi-family home is substantially more complex than selling a single family home.  One of the top reasons why selling a multi-family is generally more complex is because it typically involves more people than just the one owner of a single family home. When selling a multi-family property the probability that you're involving 6-12 people is high.  Depending on the number of units in a multi-family property, you may only be dealing with a couple families or a dozen families. There are certain rules, regulations, and laws that multi-family property owners must be aware of and also abide by.  These rules, regulations, and laws will vary from city to city and state to state. It's highly recommended that prior to selling a multi-family home that you consult with an attorney to make sure you're not going to put yourself in a situation where you could be sued.  Not being aware of rules, regulations, and local laws is one of the top home selling mistakes made by multi-family property owners. Read on to find out what the top 5 tips for selling a multi-family home are.  Multi-family property owners who follow the below tips will put themselves in an excellent position to get their property sold, while avoiding potential issues or roadblocks.

Review Leases, Occupancy, & Tenant Rights

Before listing a multi-family home for sale, it's vital to review all leases and the occupancy for each unit.  As mentioned above, multi-family property owners can get themselves in trouble if they're not careful.  It's important to always keep in mind tenant rights when selling a multi-family home. There are a few frequently asked questions from home buyers that multi-family property owners will be asked during the sale process.  By reviewing the current leases and occupancy of each unit, multi-family property owners will be able to answer these questions accurately.  Below are a couple of the top questions asked by buyers who're looking to purchase a multi-family home.
  1. What are the terms of any/all leases?
  2. What are the rent amounts for each unit?
  3. What's included in the rent for each unit?
  4. Are there security deposits being held?
  5. Are the rents able to be subsidized by Government assistance?
  Reviewing the leases and occupancy for each unit can also help determine whether or not to sell the property while it's being occupied by tenants.  Selling a home with tenants can be tricky and it can also bring other potential issues into the equation. For example, if a multi-family home is being sold while tenant occupied and the leases are for an extended period of time, it potentially can eliminate a large number of potential buyers who're looking to buy a multi-family home and plan on, or need to, occupy one of the units.  One of the disadvantages of a VA home loan or FHA loan is that the property must be occupied by the buyer, so if a buyer is planning on utilizing one of these mortgage products, they wouldn't be able to purchase a tenant occupied multi-family home. Selling a multi-family home is easiest and most successful if it's unoccupied.  This eliminates potential issues with coordinating home showings or issues with occupancy requirements.  If this isn't a possibility, then it's important that the owner has full cooperation from all parties who'll be impacted during the sale of the multi-family property.

Preparation Is Key When Selling A Multi-Family Home

[caption id="attachment_10458" align="aligncenter" width="450"]Preparation Is Key When Selling A Multi-Family Home Preparation Is Key When Selling A Multi-Family Home[/caption] Preparing a home for sale is critical when selling any type of home, whether it's single family or multi-family.  Since many multi-family properties are purchased as investments, preparing for the sale becomes necessary. One of the most important factors for investors who're looking to buy multi-family homes is the amount of maintenance the home appears to have.  A home that isn't prepared for sale can appear to have more maintenance than it really does. For multi-family property owners who're attempting to prepare and sell a home on a budget, it can be done by tending to a few key areas of the property.  Below are a few of the areas and items that should be prepared prior to listing a multi-family for sale.
  1. Curb Appeal - Simply tending to the exterior curb appeal of a multi-family home can go a long way.  Trimming bushes/shrubs and making sure any flower beds are a couple tips for improving the curb appeal of the property.
  2. Clean Up Common Areas - Depending on the multi-unit, there maybe some common areas, such as laundry or a vestibule.  It's important that all common areas in the property are cleaned up and portray extra maintenance.
  3. Parking Areas - If the property has designated parking areas or garage spaces, making sure these are well defined and in good condition is critical.  If there is an off street parking area, a simple seal of the driveway can go a long way and doesn't cost a ton of extra money.
  4. Doors & Locks - All doors and locks within the multi-family property need to be working well.  It's not a good reflection of a property when the locks are difficult to use and a showing agent is struggling to access the units within the property.
  When selling a multi-family home, it's extremely important that it's prepared for the market.  Not doing so can make or break whether the property sells and also it can impact an owners bottom line.

Hire An Agent Who Has Experience Selling Multi-Family Homes

Hiring a top real estate agent, with experience, is extremely important when selling any type of property.  For example, when selling a waterfront property, hiring an agent who primarily sells mobile homes in a park wouldn't be the best idea. It's critical when selling a multi-family home that a Realtor® who has experience selling multi-family homes is hired.  To help ensure an agent who has experience selling multi-family homes is hired, there are certain questions to ask Realtors® during interviews.
  1. How do you handle showings when a property is tenant occupied?
  2. How much notice do you provide?
  3. In the past, how have you handled uncooperative tenants?
  4. Can you provide the contact information of the previous owner who you represented during a recent multi-family sale?
  Asking the right questions during an interview can greatly improve the chances an agent who has experience selling multi-family homes is hired. Not only is it important to make sure the agent has experience selling a multi-family home but it's equally as important to make sure they know how to effectively market a home.  Since the majority of home buyers are finding the home they eventually purchase on the internet, it's critical the agent knows how to reach potential buyers. This is done by using the best real estate marketing strategies.  Marketing strategies such as using social media, optimizing their website to be found in searches, and using high quality photography and videos are a few ways top real estate agents are marketing their clients homes to potential buyers.

Have Important Documents Ready

[caption id="attachment_10460" align="aligncenter" width="450"]Have Important Documents Ready When Selling A Multi-Family Home! Have Important Documents Ready When Selling A Multi-Family Home![/caption] There are certain things to know before selling a home, regardless if it's a single family or multi family home.  It's helpful that before listing a home for sale that important documents are readily accessible for potential buyers. Documents that should be readily accessible, whether selling a multi-family home or not, include documentation relating to roof age or warranties, the age of the homes HVAC systems, and any receipts of remodeling projects that have been completed. One of the most important features that today's home buyers are looking for in a home are updated and newer mechanics, such as roofs and HVAC systems.  Home sellers who have records and receipts showing the ages of these components give themselves a huge advantage. When selling a multi-family home, it's very important to have financial documents readily available for prospective buyers.  Since multi-family homes are often purchased as an investment, having the financial documents available can be extremely helpful for potential buyers. The most important financial document that should be readily available when selling a multi-family home is the yearly net operating figures.  This document shows a potential buyer the income from monthly rents and subtracts out the expenses of the property, such as yearly homeowners insurance, yearly refuse, yearly water usage, and any repairs that have been completed recently.

Complete Inspections Prior To Listing The Property

Many municipalities require that a certificate of occupancy, also known as a C of O, is renewed when a multi-family property is being sold to a new owner.  It's highly recommended that prior to listing a multi-family property that any inspections are completed beforehand. If your local municipality requires a new C of O prior to the property being transferred to a new owner, have the inspection completed prior to listing can reduce the chances that the real estate closing is delayed.  If you're unsure if a new C of O is required prior to the property being transferred, you can contact your local municipality to find out. Recently while selling a multi-family property in Rochester NY, the property owner decided to wait until after a contract was received to complete the required C of O inspection.  The City was backlogged on inspections and the inspection date had to be scheduled a month out, which ultimately delayed the closing of the property.  This could've been avoided if the C of O inspection was completed prior to listing the property. Another inspection to consider completing prior to listing a multi-family property is a general home inspection.  There are lots of reasons to have a pre-listing inspection when selling a home.  The number one reason having a pre-listing inspection prior to putting a home on the market is that it provides a homeowner the opportunity to rectify issues that a home inspector may find. Since the majority of home buyers elect to have a home inspection and some buyers can get scared away from a home because of the inspection results, having one completed prior to listing is a very good idea.  Homeowners who decide to not have a pre-listing inspection often end up regretting their decision if a buyer is scared away from their property.

Final Thoughts On Selling A Multi-Family Home

As you can see, selling a multi-family home is much different than selling a single family home.  Even though selling a multi-family home is generally more complex, that doesn't mean that it has to be impossible.  By following the 5 tips discussed above, multi-family property owners put themselves in a much better position to experience a smooth and successful sale.

Other Top Resources For Selling A Multi-Family Home

Do you own a multi-family property in Rochester?  If so and you're thinking about selling your multi-family property, the above 5 tips should be extremely helpful.  If you don't have a real estate agent in Rochester yet, call or text me at 585-704-7095, and I'd be happy to discuss the sale of your multi-family home!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "5 Important Tips For Selling A Multi-Family Home" was written by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group.  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> How to Rent Your First Apartment Guide https://www.rochesterrealestateblog.com/how-to-rent-an-apartment/ Tue, 24 Jan 2017 12:40:24 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15931 How To Sell A Multi-Family Property [caption id="attachment_10457" align="aligncenter" width="450"]5 Important Tips For Selling A Multi-Family Home 5 Important Tips For Selling A Multi-Family Home[/caption] Selling a multi-family home is substantially more complex than selling a single family home.  One of the top reasons why selling a multi-family is generally more complex is because it typically involves more people than just the one owner of a single family home. When selling a multi-family property the probability that you're involving 6-12 people is high.  Depending on the number of units in a multi-family property, you may only be dealing with a couple families or a dozen families. There are certain rules, regulations, and laws that multi-family property owners must be aware of and also abide by.  These rules, regulations, and laws will vary from city to city and state to state. It's highly recommended that prior to selling a multi-family home that you consult with an attorney to make sure you're not going to put yourself in a situation where you could be sued.  Not being aware of rules, regulations, and local laws is one of the top home selling mistakes made by multi-family property owners. Read on to find out what the top 5 tips for selling a multi-family home are.  Multi-family property owners who follow the below tips will put themselves in an excellent position to get their property sold, while avoiding potential issues or roadblocks.

Review Leases, Occupancy, & Tenant Rights

Before listing a multi-family home for sale, it's vital to review all leases and the occupancy for each unit.  As mentioned above, multi-family property owners can get themselves in trouble if they're not careful.  It's important to always keep in mind tenant rights when selling a multi-family home. There are a few frequently asked questions from home buyers that multi-family property owners will be asked during the sale process.  By reviewing the current leases and occupancy of each unit, multi-family property owners will be able to answer these questions accurately.  Below are a couple of the top questions asked by buyers who're looking to purchase a multi-family home.
  1. What are the terms of any/all leases?
  2. What are the rent amounts for each unit?
  3. What's included in the rent for each unit?
  4. Are there security deposits being held?
  5. Are the rents able to be subsidized by Government assistance?
  Reviewing the leases and occupancy for each unit can also help determine whether or not to sell the property while it's being occupied by tenants.  Selling a home with tenants can be tricky and it can also bring other potential issues into the equation. For example, if a multi-family home is being sold while tenant occupied and the leases are for an extended period of time, it potentially can eliminate a large number of potential buyers who're looking to buy a multi-family home and plan on, or need to, occupy one of the units.  One of the disadvantages of a VA home loan or FHA loan is that the property must be occupied by the buyer, so if a buyer is planning on utilizing one of these mortgage products, they wouldn't be able to purchase a tenant occupied multi-family home. Selling a multi-family home is easiest and most successful if it's unoccupied.  This eliminates potential issues with coordinating home showings or issues with occupancy requirements.  If this isn't a possibility, then it's important that the owner has full cooperation from all parties who'll be impacted during the sale of the multi-family property.

Preparation Is Key When Selling A Multi-Family Home

[caption id="attachment_10458" align="aligncenter" width="450"]Preparation Is Key When Selling A Multi-Family Home Preparation Is Key When Selling A Multi-Family Home[/caption] Preparing a home for sale is critical when selling any type of home, whether it's single family or multi-family.  Since many multi-family properties are purchased as investments, preparing for the sale becomes necessary. One of the most important factors for investors who're looking to buy multi-family homes is the amount of maintenance the home appears to have.  A home that isn't prepared for sale can appear to have more maintenance than it really does. For multi-family property owners who're attempting to prepare and sell a home on a budget, it can be done by tending to a few key areas of the property.  Below are a few of the areas and items that should be prepared prior to listing a multi-family for sale.
  1. Curb Appeal - Simply tending to the exterior curb appeal of a multi-family home can go a long way.  Trimming bushes/shrubs and making sure any flower beds are a couple tips for improving the curb appeal of the property.
  2. Clean Up Common Areas - Depending on the multi-unit, there maybe some common areas, such as laundry or a vestibule.  It's important that all common areas in the property are cleaned up and portray extra maintenance.
  3. Parking Areas - If the property has designated parking areas or garage spaces, making sure these are well defined and in good condition is critical.  If there is an off street parking area, a simple seal of the driveway can go a long way and doesn't cost a ton of extra money.
  4. Doors & Locks - All doors and locks within the multi-family property need to be working well.  It's not a good reflection of a property when the locks are difficult to use and a showing agent is struggling to access the units within the property.
  When selling a multi-family home, it's extremely important that it's prepared for the market.  Not doing so can make or break whether the property sells and also it can impact an owners bottom line.

Hire An Agent Who Has Experience Selling Multi-Family Homes

Hiring a top real estate agent, with experience, is extremely important when selling any type of property.  For example, when selling a waterfront property, hiring an agent who primarily sells mobile homes in a park wouldn't be the best idea. It's critical when selling a multi-family home that a Realtor® who has experience selling multi-family homes is hired.  To help ensure an agent who has experience selling multi-family homes is hired, there are certain questions to ask Realtors® during interviews.
  1. How do you handle showings when a property is tenant occupied?
  2. How much notice do you provide?
  3. In the past, how have you handled uncooperative tenants?
  4. Can you provide the contact information of the previous owner who you represented during a recent multi-family sale?
  Asking the right questions during an interview can greatly improve the chances an agent who has experience selling multi-family homes is hired. Not only is it important to make sure the agent has experience selling a multi-family home but it's equally as important to make sure they know how to effectively market a home.  Since the majority of home buyers are finding the home they eventually purchase on the internet, it's critical the agent knows how to reach potential buyers. This is done by using the best real estate marketing strategies.  Marketing strategies such as using social media, optimizing their website to be found in searches, and using high quality photography and videos are a few ways top real estate agents are marketing their clients homes to potential buyers.

Have Important Documents Ready

[caption id="attachment_10460" align="aligncenter" width="450"]Have Important Documents Ready When Selling A Multi-Family Home! Have Important Documents Ready When Selling A Multi-Family Home![/caption] There are certain things to know before selling a home, regardless if it's a single family or multi family home.  It's helpful that before listing a home for sale that important documents are readily accessible for potential buyers. Documents that should be readily accessible, whether selling a multi-family home or not, include documentation relating to roof age or warranties, the age of the homes HVAC systems, and any receipts of remodeling projects that have been completed. One of the most important features that today's home buyers are looking for in a home are updated and newer mechanics, such as roofs and HVAC systems.  Home sellers who have records and receipts showing the ages of these components give themselves a huge advantage. When selling a multi-family home, it's very important to have financial documents readily available for prospective buyers.  Since multi-family homes are often purchased as an investment, having the financial documents available can be extremely helpful for potential buyers. The most important financial document that should be readily available when selling a multi-family home is the yearly net operating figures.  This document shows a potential buyer the income from monthly rents and subtracts out the expenses of the property, such as yearly homeowners insurance, yearly refuse, yearly water usage, and any repairs that have been completed recently.

Complete Inspections Prior To Listing The Property

Many municipalities require that a certificate of occupancy, also known as a C of O, is renewed when a multi-family property is being sold to a new owner.  It's highly recommended that prior to listing a multi-family property that any inspections are completed beforehand. If your local municipality requires a new C of O prior to the property being transferred to a new owner, have the inspection completed prior to listing can reduce the chances that the real estate closing is delayed.  If you're unsure if a new C of O is required prior to the property being transferred, you can contact your local municipality to find out. Recently while selling a multi-family property in Rochester NY, the property owner decided to wait until after a contract was received to complete the required C of O inspection.  The City was backlogged on inspections and the inspection date had to be scheduled a month out, which ultimately delayed the closing of the property.  This could've been avoided if the C of O inspection was completed prior to listing the property. Another inspection to consider completing prior to listing a multi-family property is a general home inspection.  There are lots of reasons to have a pre-listing inspection when selling a home.  The number one reason having a pre-listing inspection prior to putting a home on the market is that it provides a homeowner the opportunity to rectify issues that a home inspector may find. Since the majority of home buyers elect to have a home inspection and some buyers can get scared away from a home because of the inspection results, having one completed prior to listing is a very good idea.  Homeowners who decide to not have a pre-listing inspection often end up regretting their decision if a buyer is scared away from their property.

Final Thoughts On Selling A Multi-Family Home

As you can see, selling a multi-family home is much different than selling a single family home.  Even though selling a multi-family home is generally more complex, that doesn't mean that it has to be impossible.  By following the 5 tips discussed above, multi-family property owners put themselves in a much better position to experience a smooth and successful sale.

Other Top Resources For Selling A Multi-Family Home

Do you own a multi-family property in Rochester?  If so and you're thinking about selling your multi-family property, the above 5 tips should be extremely helpful.  If you don't have a real estate agent in Rochester yet, call or text me at 585-704-7095, and I'd be happy to discuss the sale of your multi-family home!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "5 Important Tips For Selling A Multi-Family Home" was written by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group.  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Tips For Selling A Home Virtually https://www.rochesterrealestateblog.com/tips-selling-a-home-virtually/ Tue, 24 Jan 2017 12:40:24 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15907 How To Sell A Multi-Family Property [caption id="attachment_10457" align="aligncenter" width="450"]5 Important Tips For Selling A Multi-Family Home 5 Important Tips For Selling A Multi-Family Home[/caption] Selling a multi-family home is substantially more complex than selling a single family home.  One of the top reasons why selling a multi-family is generally more complex is because it typically involves more people than just the one owner of a single family home. When selling a multi-family property the probability that you're involving 6-12 people is high.  Depending on the number of units in a multi-family property, you may only be dealing with a couple families or a dozen families. There are certain rules, regulations, and laws that multi-family property owners must be aware of and also abide by.  These rules, regulations, and laws will vary from city to city and state to state. It's highly recommended that prior to selling a multi-family home that you consult with an attorney to make sure you're not going to put yourself in a situation where you could be sued.  Not being aware of rules, regulations, and local laws is one of the top home selling mistakes made by multi-family property owners. Read on to find out what the top 5 tips for selling a multi-family home are.  Multi-family property owners who follow the below tips will put themselves in an excellent position to get their property sold, while avoiding potential issues or roadblocks.

Review Leases, Occupancy, & Tenant Rights

Before listing a multi-family home for sale, it's vital to review all leases and the occupancy for each unit.  As mentioned above, multi-family property owners can get themselves in trouble if they're not careful.  It's important to always keep in mind tenant rights when selling a multi-family home. There are a few frequently asked questions from home buyers that multi-family property owners will be asked during the sale process.  By reviewing the current leases and occupancy of each unit, multi-family property owners will be able to answer these questions accurately.  Below are a couple of the top questions asked by buyers who're looking to purchase a multi-family home.
  1. What are the terms of any/all leases?
  2. What are the rent amounts for each unit?
  3. What's included in the rent for each unit?
  4. Are there security deposits being held?
  5. Are the rents able to be subsidized by Government assistance?
  Reviewing the leases and occupancy for each unit can also help determine whether or not to sell the property while it's being occupied by tenants.  Selling a home with tenants can be tricky and it can also bring other potential issues into the equation. For example, if a multi-family home is being sold while tenant occupied and the leases are for an extended period of time, it potentially can eliminate a large number of potential buyers who're looking to buy a multi-family home and plan on, or need to, occupy one of the units.  One of the disadvantages of a VA home loan or FHA loan is that the property must be occupied by the buyer, so if a buyer is planning on utilizing one of these mortgage products, they wouldn't be able to purchase a tenant occupied multi-family home. Selling a multi-family home is easiest and most successful if it's unoccupied.  This eliminates potential issues with coordinating home showings or issues with occupancy requirements.  If this isn't a possibility, then it's important that the owner has full cooperation from all parties who'll be impacted during the sale of the multi-family property.

Preparation Is Key When Selling A Multi-Family Home

[caption id="attachment_10458" align="aligncenter" width="450"]Preparation Is Key When Selling A Multi-Family Home Preparation Is Key When Selling A Multi-Family Home[/caption] Preparing a home for sale is critical when selling any type of home, whether it's single family or multi-family.  Since many multi-family properties are purchased as investments, preparing for the sale becomes necessary. One of the most important factors for investors who're looking to buy multi-family homes is the amount of maintenance the home appears to have.  A home that isn't prepared for sale can appear to have more maintenance than it really does. For multi-family property owners who're attempting to prepare and sell a home on a budget, it can be done by tending to a few key areas of the property.  Below are a few of the areas and items that should be prepared prior to listing a multi-family for sale.
  1. Curb Appeal - Simply tending to the exterior curb appeal of a multi-family home can go a long way.  Trimming bushes/shrubs and making sure any flower beds are a couple tips for improving the curb appeal of the property.
  2. Clean Up Common Areas - Depending on the multi-unit, there maybe some common areas, such as laundry or a vestibule.  It's important that all common areas in the property are cleaned up and portray extra maintenance.
  3. Parking Areas - If the property has designated parking areas or garage spaces, making sure these are well defined and in good condition is critical.  If there is an off street parking area, a simple seal of the driveway can go a long way and doesn't cost a ton of extra money.
  4. Doors & Locks - All doors and locks within the multi-family property need to be working well.  It's not a good reflection of a property when the locks are difficult to use and a showing agent is struggling to access the units within the property.
  When selling a multi-family home, it's extremely important that it's prepared for the market.  Not doing so can make or break whether the property sells and also it can impact an owners bottom line.

Hire An Agent Who Has Experience Selling Multi-Family Homes

Hiring a top real estate agent, with experience, is extremely important when selling any type of property.  For example, when selling a waterfront property, hiring an agent who primarily sells mobile homes in a park wouldn't be the best idea. It's critical when selling a multi-family home that a Realtor® who has experience selling multi-family homes is hired.  To help ensure an agent who has experience selling multi-family homes is hired, there are certain questions to ask Realtors® during interviews.
  1. How do you handle showings when a property is tenant occupied?
  2. How much notice do you provide?
  3. In the past, how have you handled uncooperative tenants?
  4. Can you provide the contact information of the previous owner who you represented during a recent multi-family sale?
  Asking the right questions during an interview can greatly improve the chances an agent who has experience selling multi-family homes is hired. Not only is it important to make sure the agent has experience selling a multi-family home but it's equally as important to make sure they know how to effectively market a home.  Since the majority of home buyers are finding the home they eventually purchase on the internet, it's critical the agent knows how to reach potential buyers. This is done by using the best real estate marketing strategies.  Marketing strategies such as using social media, optimizing their website to be found in searches, and using high quality photography and videos are a few ways top real estate agents are marketing their clients homes to potential buyers.

Have Important Documents Ready

[caption id="attachment_10460" align="aligncenter" width="450"]Have Important Documents Ready When Selling A Multi-Family Home! Have Important Documents Ready When Selling A Multi-Family Home![/caption] There are certain things to know before selling a home, regardless if it's a single family or multi family home.  It's helpful that before listing a home for sale that important documents are readily accessible for potential buyers. Documents that should be readily accessible, whether selling a multi-family home or not, include documentation relating to roof age or warranties, the age of the homes HVAC systems, and any receipts of remodeling projects that have been completed. One of the most important features that today's home buyers are looking for in a home are updated and newer mechanics, such as roofs and HVAC systems.  Home sellers who have records and receipts showing the ages of these components give themselves a huge advantage. When selling a multi-family home, it's very important to have financial documents readily available for prospective buyers.  Since multi-family homes are often purchased as an investment, having the financial documents available can be extremely helpful for potential buyers. The most important financial document that should be readily available when selling a multi-family home is the yearly net operating figures.  This document shows a potential buyer the income from monthly rents and subtracts out the expenses of the property, such as yearly homeowners insurance, yearly refuse, yearly water usage, and any repairs that have been completed recently.

Complete Inspections Prior To Listing The Property

Many municipalities require that a certificate of occupancy, also known as a C of O, is renewed when a multi-family property is being sold to a new owner.  It's highly recommended that prior to listing a multi-family property that any inspections are completed beforehand. If your local municipality requires a new C of O prior to the property being transferred to a new owner, have the inspection completed prior to listing can reduce the chances that the real estate closing is delayed.  If you're unsure if a new C of O is required prior to the property being transferred, you can contact your local municipality to find out. Recently while selling a multi-family property in Rochester NY, the property owner decided to wait until after a contract was received to complete the required C of O inspection.  The City was backlogged on inspections and the inspection date had to be scheduled a month out, which ultimately delayed the closing of the property.  This could've been avoided if the C of O inspection was completed prior to listing the property. Another inspection to consider completing prior to listing a multi-family property is a general home inspection.  There are lots of reasons to have a pre-listing inspection when selling a home.  The number one reason having a pre-listing inspection prior to putting a home on the market is that it provides a homeowner the opportunity to rectify issues that a home inspector may find. Since the majority of home buyers elect to have a home inspection and some buyers can get scared away from a home because of the inspection results, having one completed prior to listing is a very good idea.  Homeowners who decide to not have a pre-listing inspection often end up regretting their decision if a buyer is scared away from their property.

Final Thoughts On Selling A Multi-Family Home

As you can see, selling a multi-family home is much different than selling a single family home.  Even though selling a multi-family home is generally more complex, that doesn't mean that it has to be impossible.  By following the 5 tips discussed above, multi-family property owners put themselves in a much better position to experience a smooth and successful sale.

Other Top Resources For Selling A Multi-Family Home

Do you own a multi-family property in Rochester?  If so and you're thinking about selling your multi-family property, the above 5 tips should be extremely helpful.  If you don't have a real estate agent in Rochester yet, call or text me at 585-704-7095, and I'd be happy to discuss the sale of your multi-family home!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "5 Important Tips For Selling A Multi-Family Home" was written by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group.  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> The Complete Winter Storage Checklist For Your Belongings https://www.rochesterrealestateblog.com/winter-storage-checklist/ Tue, 24 Jan 2017 12:40:24 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15885 How To Sell A Multi-Family Property [caption id="attachment_10457" align="aligncenter" width="450"]5 Important Tips For Selling A Multi-Family Home 5 Important Tips For Selling A Multi-Family Home[/caption] Selling a multi-family home is substantially more complex than selling a single family home.  One of the top reasons why selling a multi-family is generally more complex is because it typically involves more people than just the one owner of a single family home. When selling a multi-family property the probability that you're involving 6-12 people is high.  Depending on the number of units in a multi-family property, you may only be dealing with a couple families or a dozen families. There are certain rules, regulations, and laws that multi-family property owners must be aware of and also abide by.  These rules, regulations, and laws will vary from city to city and state to state. It's highly recommended that prior to selling a multi-family home that you consult with an attorney to make sure you're not going to put yourself in a situation where you could be sued.  Not being aware of rules, regulations, and local laws is one of the top home selling mistakes made by multi-family property owners. Read on to find out what the top 5 tips for selling a multi-family home are.  Multi-family property owners who follow the below tips will put themselves in an excellent position to get their property sold, while avoiding potential issues or roadblocks.

Review Leases, Occupancy, & Tenant Rights

Before listing a multi-family home for sale, it's vital to review all leases and the occupancy for each unit.  As mentioned above, multi-family property owners can get themselves in trouble if they're not careful.  It's important to always keep in mind tenant rights when selling a multi-family home. There are a few frequently asked questions from home buyers that multi-family property owners will be asked during the sale process.  By reviewing the current leases and occupancy of each unit, multi-family property owners will be able to answer these questions accurately.  Below are a couple of the top questions asked by buyers who're looking to purchase a multi-family home.
  1. What are the terms of any/all leases?
  2. What are the rent amounts for each unit?
  3. What's included in the rent for each unit?
  4. Are there security deposits being held?
  5. Are the rents able to be subsidized by Government assistance?
  Reviewing the leases and occupancy for each unit can also help determine whether or not to sell the property while it's being occupied by tenants.  Selling a home with tenants can be tricky and it can also bring other potential issues into the equation. For example, if a multi-family home is being sold while tenant occupied and the leases are for an extended period of time, it potentially can eliminate a large number of potential buyers who're looking to buy a multi-family home and plan on, or need to, occupy one of the units.  One of the disadvantages of a VA home loan or FHA loan is that the property must be occupied by the buyer, so if a buyer is planning on utilizing one of these mortgage products, they wouldn't be able to purchase a tenant occupied multi-family home. Selling a multi-family home is easiest and most successful if it's unoccupied.  This eliminates potential issues with coordinating home showings or issues with occupancy requirements.  If this isn't a possibility, then it's important that the owner has full cooperation from all parties who'll be impacted during the sale of the multi-family property.

Preparation Is Key When Selling A Multi-Family Home

[caption id="attachment_10458" align="aligncenter" width="450"]Preparation Is Key When Selling A Multi-Family Home Preparation Is Key When Selling A Multi-Family Home[/caption] Preparing a home for sale is critical when selling any type of home, whether it's single family or multi-family.  Since many multi-family properties are purchased as investments, preparing for the sale becomes necessary. One of the most important factors for investors who're looking to buy multi-family homes is the amount of maintenance the home appears to have.  A home that isn't prepared for sale can appear to have more maintenance than it really does. For multi-family property owners who're attempting to prepare and sell a home on a budget, it can be done by tending to a few key areas of the property.  Below are a few of the areas and items that should be prepared prior to listing a multi-family for sale.
  1. Curb Appeal - Simply tending to the exterior curb appeal of a multi-family home can go a long way.  Trimming bushes/shrubs and making sure any flower beds are a couple tips for improving the curb appeal of the property.
  2. Clean Up Common Areas - Depending on the multi-unit, there maybe some common areas, such as laundry or a vestibule.  It's important that all common areas in the property are cleaned up and portray extra maintenance.
  3. Parking Areas - If the property has designated parking areas or garage spaces, making sure these are well defined and in good condition is critical.  If there is an off street parking area, a simple seal of the driveway can go a long way and doesn't cost a ton of extra money.
  4. Doors & Locks - All doors and locks within the multi-family property need to be working well.  It's not a good reflection of a property when the locks are difficult to use and a showing agent is struggling to access the units within the property.
  When selling a multi-family home, it's extremely important that it's prepared for the market.  Not doing so can make or break whether the property sells and also it can impact an owners bottom line.

Hire An Agent Who Has Experience Selling Multi-Family Homes

Hiring a top real estate agent, with experience, is extremely important when selling any type of property.  For example, when selling a waterfront property, hiring an agent who primarily sells mobile homes in a park wouldn't be the best idea. It's critical when selling a multi-family home that a Realtor® who has experience selling multi-family homes is hired.  To help ensure an agent who has experience selling multi-family homes is hired, there are certain questions to ask Realtors® during interviews.
  1. How do you handle showings when a property is tenant occupied?
  2. How much notice do you provide?
  3. In the past, how have you handled uncooperative tenants?
  4. Can you provide the contact information of the previous owner who you represented during a recent multi-family sale?
  Asking the right questions during an interview can greatly improve the chances an agent who has experience selling multi-family homes is hired. Not only is it important to make sure the agent has experience selling a multi-family home but it's equally as important to make sure they know how to effectively market a home.  Since the majority of home buyers are finding the home they eventually purchase on the internet, it's critical the agent knows how to reach potential buyers. This is done by using the best real estate marketing strategies.  Marketing strategies such as using social media, optimizing their website to be found in searches, and using high quality photography and videos are a few ways top real estate agents are marketing their clients homes to potential buyers.

Have Important Documents Ready

[caption id="attachment_10460" align="aligncenter" width="450"]Have Important Documents Ready When Selling A Multi-Family Home! Have Important Documents Ready When Selling A Multi-Family Home![/caption] There are certain things to know before selling a home, regardless if it's a single family or multi family home.  It's helpful that before listing a home for sale that important documents are readily accessible for potential buyers. Documents that should be readily accessible, whether selling a multi-family home or not, include documentation relating to roof age or warranties, the age of the homes HVAC systems, and any receipts of remodeling projects that have been completed. One of the most important features that today's home buyers are looking for in a home are updated and newer mechanics, such as roofs and HVAC systems.  Home sellers who have records and receipts showing the ages of these components give themselves a huge advantage. When selling a multi-family home, it's very important to have financial documents readily available for prospective buyers.  Since multi-family homes are often purchased as an investment, having the financial documents available can be extremely helpful for potential buyers. The most important financial document that should be readily available when selling a multi-family home is the yearly net operating figures.  This document shows a potential buyer the income from monthly rents and subtracts out the expenses of the property, such as yearly homeowners insurance, yearly refuse, yearly water usage, and any repairs that have been completed recently.

Complete Inspections Prior To Listing The Property

Many municipalities require that a certificate of occupancy, also known as a C of O, is renewed when a multi-family property is being sold to a new owner.  It's highly recommended that prior to listing a multi-family property that any inspections are completed beforehand. If your local municipality requires a new C of O prior to the property being transferred to a new owner, have the inspection completed prior to listing can reduce the chances that the real estate closing is delayed.  If you're unsure if a new C of O is required prior to the property being transferred, you can contact your local municipality to find out. Recently while selling a multi-family property in Rochester NY, the property owner decided to wait until after a contract was received to complete the required C of O inspection.  The City was backlogged on inspections and the inspection date had to be scheduled a month out, which ultimately delayed the closing of the property.  This could've been avoided if the C of O inspection was completed prior to listing the property. Another inspection to consider completing prior to listing a multi-family property is a general home inspection.  There are lots of reasons to have a pre-listing inspection when selling a home.  The number one reason having a pre-listing inspection prior to putting a home on the market is that it provides a homeowner the opportunity to rectify issues that a home inspector may find. Since the majority of home buyers elect to have a home inspection and some buyers can get scared away from a home because of the inspection results, having one completed prior to listing is a very good idea.  Homeowners who decide to not have a pre-listing inspection often end up regretting their decision if a buyer is scared away from their property.

Final Thoughts On Selling A Multi-Family Home

As you can see, selling a multi-family home is much different than selling a single family home.  Even though selling a multi-family home is generally more complex, that doesn't mean that it has to be impossible.  By following the 5 tips discussed above, multi-family property owners put themselves in a much better position to experience a smooth and successful sale.

Other Top Resources For Selling A Multi-Family Home

Do you own a multi-family property in Rochester?  If so and you're thinking about selling your multi-family property, the above 5 tips should be extremely helpful.  If you don't have a real estate agent in Rochester yet, call or text me at 585-704-7095, and I'd be happy to discuss the sale of your multi-family home!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "5 Important Tips For Selling A Multi-Family Home" was written by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group.  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Should I Waive My Home Inspection When Buying A House? https://www.rochesterrealestateblog.com/should-i-waive-my-home-inspection/ Tue, 24 Jan 2017 12:40:24 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15870 How To Sell A Multi-Family Property [caption id="attachment_10457" align="aligncenter" width="450"]5 Important Tips For Selling A Multi-Family Home 5 Important Tips For Selling A Multi-Family Home[/caption] Selling a multi-family home is substantially more complex than selling a single family home.  One of the top reasons why selling a multi-family is generally more complex is because it typically involves more people than just the one owner of a single family home. When selling a multi-family property the probability that you're involving 6-12 people is high.  Depending on the number of units in a multi-family property, you may only be dealing with a couple families or a dozen families. There are certain rules, regulations, and laws that multi-family property owners must be aware of and also abide by.  These rules, regulations, and laws will vary from city to city and state to state. It's highly recommended that prior to selling a multi-family home that you consult with an attorney to make sure you're not going to put yourself in a situation where you could be sued.  Not being aware of rules, regulations, and local laws is one of the top home selling mistakes made by multi-family property owners. Read on to find out what the top 5 tips for selling a multi-family home are.  Multi-family property owners who follow the below tips will put themselves in an excellent position to get their property sold, while avoiding potential issues or roadblocks.

Review Leases, Occupancy, & Tenant Rights

Before listing a multi-family home for sale, it's vital to review all leases and the occupancy for each unit.  As mentioned above, multi-family property owners can get themselves in trouble if they're not careful.  It's important to always keep in mind tenant rights when selling a multi-family home. There are a few frequently asked questions from home buyers that multi-family property owners will be asked during the sale process.  By reviewing the current leases and occupancy of each unit, multi-family property owners will be able to answer these questions accurately.  Below are a couple of the top questions asked by buyers who're looking to purchase a multi-family home.
  1. What are the terms of any/all leases?
  2. What are the rent amounts for each unit?
  3. What's included in the rent for each unit?
  4. Are there security deposits being held?
  5. Are the rents able to be subsidized by Government assistance?
  Reviewing the leases and occupancy for each unit can also help determine whether or not to sell the property while it's being occupied by tenants.  Selling a home with tenants can be tricky and it can also bring other potential issues into the equation. For example, if a multi-family home is being sold while tenant occupied and the leases are for an extended period of time, it potentially can eliminate a large number of potential buyers who're looking to buy a multi-family home and plan on, or need to, occupy one of the units.  One of the disadvantages of a VA home loan or FHA loan is that the property must be occupied by the buyer, so if a buyer is planning on utilizing one of these mortgage products, they wouldn't be able to purchase a tenant occupied multi-family home. Selling a multi-family home is easiest and most successful if it's unoccupied.  This eliminates potential issues with coordinating home showings or issues with occupancy requirements.  If this isn't a possibility, then it's important that the owner has full cooperation from all parties who'll be impacted during the sale of the multi-family property.

Preparation Is Key When Selling A Multi-Family Home

[caption id="attachment_10458" align="aligncenter" width="450"]Preparation Is Key When Selling A Multi-Family Home Preparation Is Key When Selling A Multi-Family Home[/caption] Preparing a home for sale is critical when selling any type of home, whether it's single family or multi-family.  Since many multi-family properties are purchased as investments, preparing for the sale becomes necessary. One of the most important factors for investors who're looking to buy multi-family homes is the amount of maintenance the home appears to have.  A home that isn't prepared for sale can appear to have more maintenance than it really does. For multi-family property owners who're attempting to prepare and sell a home on a budget, it can be done by tending to a few key areas of the property.  Below are a few of the areas and items that should be prepared prior to listing a multi-family for sale.
  1. Curb Appeal - Simply tending to the exterior curb appeal of a multi-family home can go a long way.  Trimming bushes/shrubs and making sure any flower beds are a couple tips for improving the curb appeal of the property.
  2. Clean Up Common Areas - Depending on the multi-unit, there maybe some common areas, such as laundry or a vestibule.  It's important that all common areas in the property are cleaned up and portray extra maintenance.
  3. Parking Areas - If the property has designated parking areas or garage spaces, making sure these are well defined and in good condition is critical.  If there is an off street parking area, a simple seal of the driveway can go a long way and doesn't cost a ton of extra money.
  4. Doors & Locks - All doors and locks within the multi-family property need to be working well.  It's not a good reflection of a property when the locks are difficult to use and a showing agent is struggling to access the units within the property.
  When selling a multi-family home, it's extremely important that it's prepared for the market.  Not doing so can make or break whether the property sells and also it can impact an owners bottom line.

Hire An Agent Who Has Experience Selling Multi-Family Homes

Hiring a top real estate agent, with experience, is extremely important when selling any type of property.  For example, when selling a waterfront property, hiring an agent who primarily sells mobile homes in a park wouldn't be the best idea. It's critical when selling a multi-family home that a Realtor® who has experience selling multi-family homes is hired.  To help ensure an agent who has experience selling multi-family homes is hired, there are certain questions to ask Realtors® during interviews.
  1. How do you handle showings when a property is tenant occupied?
  2. How much notice do you provide?
  3. In the past, how have you handled uncooperative tenants?
  4. Can you provide the contact information of the previous owner who you represented during a recent multi-family sale?
  Asking the right questions during an interview can greatly improve the chances an agent who has experience selling multi-family homes is hired. Not only is it important to make sure the agent has experience selling a multi-family home but it's equally as important to make sure they know how to effectively market a home.  Since the majority of home buyers are finding the home they eventually purchase on the internet, it's critical the agent knows how to reach potential buyers. This is done by using the best real estate marketing strategies.  Marketing strategies such as using social media, optimizing their website to be found in searches, and using high quality photography and videos are a few ways top real estate agents are marketing their clients homes to potential buyers.

Have Important Documents Ready

[caption id="attachment_10460" align="aligncenter" width="450"]Have Important Documents Ready When Selling A Multi-Family Home! Have Important Documents Ready When Selling A Multi-Family Home![/caption] There are certain things to know before selling a home, regardless if it's a single family or multi family home.  It's helpful that before listing a home for sale that important documents are readily accessible for potential buyers. Documents that should be readily accessible, whether selling a multi-family home or not, include documentation relating to roof age or warranties, the age of the homes HVAC systems, and any receipts of remodeling projects that have been completed. One of the most important features that today's home buyers are looking for in a home are updated and newer mechanics, such as roofs and HVAC systems.  Home sellers who have records and receipts showing the ages of these components give themselves a huge advantage. When selling a multi-family home, it's very important to have financial documents readily available for prospective buyers.  Since multi-family homes are often purchased as an investment, having the financial documents available can be extremely helpful for potential buyers. The most important financial document that should be readily available when selling a multi-family home is the yearly net operating figures.  This document shows a potential buyer the income from monthly rents and subtracts out the expenses of the property, such as yearly homeowners insurance, yearly refuse, yearly water usage, and any repairs that have been completed recently.

Complete Inspections Prior To Listing The Property

Many municipalities require that a certificate of occupancy, also known as a C of O, is renewed when a multi-family property is being sold to a new owner.  It's highly recommended that prior to listing a multi-family property that any inspections are completed beforehand. If your local municipality requires a new C of O prior to the property being transferred to a new owner, have the inspection completed prior to listing can reduce the chances that the real estate closing is delayed.  If you're unsure if a new C of O is required prior to the property being transferred, you can contact your local municipality to find out. Recently while selling a multi-family property in Rochester NY, the property owner decided to wait until after a contract was received to complete the required C of O inspection.  The City was backlogged on inspections and the inspection date had to be scheduled a month out, which ultimately delayed the closing of the property.  This could've been avoided if the C of O inspection was completed prior to listing the property. Another inspection to consider completing prior to listing a multi-family property is a general home inspection.  There are lots of reasons to have a pre-listing inspection when selling a home.  The number one reason having a pre-listing inspection prior to putting a home on the market is that it provides a homeowner the opportunity to rectify issues that a home inspector may find. Since the majority of home buyers elect to have a home inspection and some buyers can get scared away from a home because of the inspection results, having one completed prior to listing is a very good idea.  Homeowners who decide to not have a pre-listing inspection often end up regretting their decision if a buyer is scared away from their property.

Final Thoughts On Selling A Multi-Family Home

As you can see, selling a multi-family home is much different than selling a single family home.  Even though selling a multi-family home is generally more complex, that doesn't mean that it has to be impossible.  By following the 5 tips discussed above, multi-family property owners put themselves in a much better position to experience a smooth and successful sale.

Other Top Resources For Selling A Multi-Family Home

Do you own a multi-family property in Rochester?  If so and you're thinking about selling your multi-family property, the above 5 tips should be extremely helpful.  If you don't have a real estate agent in Rochester yet, call or text me at 585-704-7095, and I'd be happy to discuss the sale of your multi-family home!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "5 Important Tips For Selling A Multi-Family Home" was written by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group.  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> The Biggest Self Storage Companies Reviewed https://www.rochesterrealestateblog.com/biggest-self-storage-companies/ Tue, 24 Jan 2017 12:40:24 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15836 How To Sell A Multi-Family Property [caption id="attachment_10457" align="aligncenter" width="450"]5 Important Tips For Selling A Multi-Family Home 5 Important Tips For Selling A Multi-Family Home[/caption] Selling a multi-family home is substantially more complex than selling a single family home.  One of the top reasons why selling a multi-family is generally more complex is because it typically involves more people than just the one owner of a single family home. When selling a multi-family property the probability that you're involving 6-12 people is high.  Depending on the number of units in a multi-family property, you may only be dealing with a couple families or a dozen families. There are certain rules, regulations, and laws that multi-family property owners must be aware of and also abide by.  These rules, regulations, and laws will vary from city to city and state to state. It's highly recommended that prior to selling a multi-family home that you consult with an attorney to make sure you're not going to put yourself in a situation where you could be sued.  Not being aware of rules, regulations, and local laws is one of the top home selling mistakes made by multi-family property owners. Read on to find out what the top 5 tips for selling a multi-family home are.  Multi-family property owners who follow the below tips will put themselves in an excellent position to get their property sold, while avoiding potential issues or roadblocks.

Review Leases, Occupancy, & Tenant Rights

Before listing a multi-family home for sale, it's vital to review all leases and the occupancy for each unit.  As mentioned above, multi-family property owners can get themselves in trouble if they're not careful.  It's important to always keep in mind tenant rights when selling a multi-family home. There are a few frequently asked questions from home buyers that multi-family property owners will be asked during the sale process.  By reviewing the current leases and occupancy of each unit, multi-family property owners will be able to answer these questions accurately.  Below are a couple of the top questions asked by buyers who're looking to purchase a multi-family home.
  1. What are the terms of any/all leases?
  2. What are the rent amounts for each unit?
  3. What's included in the rent for each unit?
  4. Are there security deposits being held?
  5. Are the rents able to be subsidized by Government assistance?
  Reviewing the leases and occupancy for each unit can also help determine whether or not to sell the property while it's being occupied by tenants.  Selling a home with tenants can be tricky and it can also bring other potential issues into the equation. For example, if a multi-family home is being sold while tenant occupied and the leases are for an extended period of time, it potentially can eliminate a large number of potential buyers who're looking to buy a multi-family home and plan on, or need to, occupy one of the units.  One of the disadvantages of a VA home loan or FHA loan is that the property must be occupied by the buyer, so if a buyer is planning on utilizing one of these mortgage products, they wouldn't be able to purchase a tenant occupied multi-family home. Selling a multi-family home is easiest and most successful if it's unoccupied.  This eliminates potential issues with coordinating home showings or issues with occupancy requirements.  If this isn't a possibility, then it's important that the owner has full cooperation from all parties who'll be impacted during the sale of the multi-family property.

Preparation Is Key When Selling A Multi-Family Home

[caption id="attachment_10458" align="aligncenter" width="450"]Preparation Is Key When Selling A Multi-Family Home Preparation Is Key When Selling A Multi-Family Home[/caption] Preparing a home for sale is critical when selling any type of home, whether it's single family or multi-family.  Since many multi-family properties are purchased as investments, preparing for the sale becomes necessary. One of the most important factors for investors who're looking to buy multi-family homes is the amount of maintenance the home appears to have.  A home that isn't prepared for sale can appear to have more maintenance than it really does. For multi-family property owners who're attempting to prepare and sell a home on a budget, it can be done by tending to a few key areas of the property.  Below are a few of the areas and items that should be prepared prior to listing a multi-family for sale.
  1. Curb Appeal - Simply tending to the exterior curb appeal of a multi-family home can go a long way.  Trimming bushes/shrubs and making sure any flower beds are a couple tips for improving the curb appeal of the property.
  2. Clean Up Common Areas - Depending on the multi-unit, there maybe some common areas, such as laundry or a vestibule.  It's important that all common areas in the property are cleaned up and portray extra maintenance.
  3. Parking Areas - If the property has designated parking areas or garage spaces, making sure these are well defined and in good condition is critical.  If there is an off street parking area, a simple seal of the driveway can go a long way and doesn't cost a ton of extra money.
  4. Doors & Locks - All doors and locks within the multi-family property need to be working well.  It's not a good reflection of a property when the locks are difficult to use and a showing agent is struggling to access the units within the property.
  When selling a multi-family home, it's extremely important that it's prepared for the market.  Not doing so can make or break whether the property sells and also it can impact an owners bottom line.

Hire An Agent Who Has Experience Selling Multi-Family Homes

Hiring a top real estate agent, with experience, is extremely important when selling any type of property.  For example, when selling a waterfront property, hiring an agent who primarily sells mobile homes in a park wouldn't be the best idea. It's critical when selling a multi-family home that a Realtor® who has experience selling multi-family homes is hired.  To help ensure an agent who has experience selling multi-family homes is hired, there are certain questions to ask Realtors® during interviews.
  1. How do you handle showings when a property is tenant occupied?
  2. How much notice do you provide?
  3. In the past, how have you handled uncooperative tenants?
  4. Can you provide the contact information of the previous owner who you represented during a recent multi-family sale?
  Asking the right questions during an interview can greatly improve the chances an agent who has experience selling multi-family homes is hired. Not only is it important to make sure the agent has experience selling a multi-family home but it's equally as important to make sure they know how to effectively market a home.  Since the majority of home buyers are finding the home they eventually purchase on the internet, it's critical the agent knows how to reach potential buyers. This is done by using the best real estate marketing strategies.  Marketing strategies such as using social media, optimizing their website to be found in searches, and using high quality photography and videos are a few ways top real estate agents are marketing their clients homes to potential buyers.

Have Important Documents Ready

[caption id="attachment_10460" align="aligncenter" width="450"]Have Important Documents Ready When Selling A Multi-Family Home! Have Important Documents Ready When Selling A Multi-Family Home![/caption] There are certain things to know before selling a home, regardless if it's a single family or multi family home.  It's helpful that before listing a home for sale that important documents are readily accessible for potential buyers. Documents that should be readily accessible, whether selling a multi-family home or not, include documentation relating to roof age or warranties, the age of the homes HVAC systems, and any receipts of remodeling projects that have been completed. One of the most important features that today's home buyers are looking for in a home are updated and newer mechanics, such as roofs and HVAC systems.  Home sellers who have records and receipts showing the ages of these components give themselves a huge advantage. When selling a multi-family home, it's very important to have financial documents readily available for prospective buyers.  Since multi-family homes are often purchased as an investment, having the financial documents available can be extremely helpful for potential buyers. The most important financial document that should be readily available when selling a multi-family home is the yearly net operating figures.  This document shows a potential buyer the income from monthly rents and subtracts out the expenses of the property, such as yearly homeowners insurance, yearly refuse, yearly water usage, and any repairs that have been completed recently.

Complete Inspections Prior To Listing The Property

Many municipalities require that a certificate of occupancy, also known as a C of O, is renewed when a multi-family property is being sold to a new owner.  It's highly recommended that prior to listing a multi-family property that any inspections are completed beforehand. If your local municipality requires a new C of O prior to the property being transferred to a new owner, have the inspection completed prior to listing can reduce the chances that the real estate closing is delayed.  If you're unsure if a new C of O is required prior to the property being transferred, you can contact your local municipality to find out. Recently while selling a multi-family property in Rochester NY, the property owner decided to wait until after a contract was received to complete the required C of O inspection.  The City was backlogged on inspections and the inspection date had to be scheduled a month out, which ultimately delayed the closing of the property.  This could've been avoided if the C of O inspection was completed prior to listing the property. Another inspection to consider completing prior to listing a multi-family property is a general home inspection.  There are lots of reasons to have a pre-listing inspection when selling a home.  The number one reason having a pre-listing inspection prior to putting a home on the market is that it provides a homeowner the opportunity to rectify issues that a home inspector may find. Since the majority of home buyers elect to have a home inspection and some buyers can get scared away from a home because of the inspection results, having one completed prior to listing is a very good idea.  Homeowners who decide to not have a pre-listing inspection often end up regretting their decision if a buyer is scared away from their property.

Final Thoughts On Selling A Multi-Family Home

As you can see, selling a multi-family home is much different than selling a single family home.  Even though selling a multi-family home is generally more complex, that doesn't mean that it has to be impossible.  By following the 5 tips discussed above, multi-family property owners put themselves in a much better position to experience a smooth and successful sale.

Other Top Resources For Selling A Multi-Family Home

Do you own a multi-family property in Rochester?  If so and you're thinking about selling your multi-family property, the above 5 tips should be extremely helpful.  If you don't have a real estate agent in Rochester yet, call or text me at 585-704-7095, and I'd be happy to discuss the sale of your multi-family home!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "5 Important Tips For Selling A Multi-Family Home" was written by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group.  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Earnest Money and House Deposits Explained https://www.rochesterrealestateblog.com/earnest-money-house-deposits-explained/ Tue, 24 Jan 2017 12:40:24 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15760 How To Sell A Multi-Family Property [caption id="attachment_10457" align="aligncenter" width="450"]5 Important Tips For Selling A Multi-Family Home 5 Important Tips For Selling A Multi-Family Home[/caption] Selling a multi-family home is substantially more complex than selling a single family home.  One of the top reasons why selling a multi-family is generally more complex is because it typically involves more people than just the one owner of a single family home. When selling a multi-family property the probability that you're involving 6-12 people is high.  Depending on the number of units in a multi-family property, you may only be dealing with a couple families or a dozen families. There are certain rules, regulations, and laws that multi-family property owners must be aware of and also abide by.  These rules, regulations, and laws will vary from city to city and state to state. It's highly recommended that prior to selling a multi-family home that you consult with an attorney to make sure you're not going to put yourself in a situation where you could be sued.  Not being aware of rules, regulations, and local laws is one of the top home selling mistakes made by multi-family property owners. Read on to find out what the top 5 tips for selling a multi-family home are.  Multi-family property owners who follow the below tips will put themselves in an excellent position to get their property sold, while avoiding potential issues or roadblocks.

Review Leases, Occupancy, & Tenant Rights

Before listing a multi-family home for sale, it's vital to review all leases and the occupancy for each unit.  As mentioned above, multi-family property owners can get themselves in trouble if they're not careful.  It's important to always keep in mind tenant rights when selling a multi-family home. There are a few frequently asked questions from home buyers that multi-family property owners will be asked during the sale process.  By reviewing the current leases and occupancy of each unit, multi-family property owners will be able to answer these questions accurately.  Below are a couple of the top questions asked by buyers who're looking to purchase a multi-family home.
  1. What are the terms of any/all leases?
  2. What are the rent amounts for each unit?
  3. What's included in the rent for each unit?
  4. Are there security deposits being held?
  5. Are the rents able to be subsidized by Government assistance?
  Reviewing the leases and occupancy for each unit can also help determine whether or not to sell the property while it's being occupied by tenants.  Selling a home with tenants can be tricky and it can also bring other potential issues into the equation. For example, if a multi-family home is being sold while tenant occupied and the leases are for an extended period of time, it potentially can eliminate a large number of potential buyers who're looking to buy a multi-family home and plan on, or need to, occupy one of the units.  One of the disadvantages of a VA home loan or FHA loan is that the property must be occupied by the buyer, so if a buyer is planning on utilizing one of these mortgage products, they wouldn't be able to purchase a tenant occupied multi-family home. Selling a multi-family home is easiest and most successful if it's unoccupied.  This eliminates potential issues with coordinating home showings or issues with occupancy requirements.  If this isn't a possibility, then it's important that the owner has full cooperation from all parties who'll be impacted during the sale of the multi-family property.

Preparation Is Key When Selling A Multi-Family Home

[caption id="attachment_10458" align="aligncenter" width="450"]Preparation Is Key When Selling A Multi-Family Home Preparation Is Key When Selling A Multi-Family Home[/caption] Preparing a home for sale is critical when selling any type of home, whether it's single family or multi-family.  Since many multi-family properties are purchased as investments, preparing for the sale becomes necessary. One of the most important factors for investors who're looking to buy multi-family homes is the amount of maintenance the home appears to have.  A home that isn't prepared for sale can appear to have more maintenance than it really does. For multi-family property owners who're attempting to prepare and sell a home on a budget, it can be done by tending to a few key areas of the property.  Below are a few of the areas and items that should be prepared prior to listing a multi-family for sale.
  1. Curb Appeal - Simply tending to the exterior curb appeal of a multi-family home can go a long way.  Trimming bushes/shrubs and making sure any flower beds are a couple tips for improving the curb appeal of the property.
  2. Clean Up Common Areas - Depending on the multi-unit, there maybe some common areas, such as laundry or a vestibule.  It's important that all common areas in the property are cleaned up and portray extra maintenance.
  3. Parking Areas - If the property has designated parking areas or garage spaces, making sure these are well defined and in good condition is critical.  If there is an off street parking area, a simple seal of the driveway can go a long way and doesn't cost a ton of extra money.
  4. Doors & Locks - All doors and locks within the multi-family property need to be working well.  It's not a good reflection of a property when the locks are difficult to use and a showing agent is struggling to access the units within the property.
  When selling a multi-family home, it's extremely important that it's prepared for the market.  Not doing so can make or break whether the property sells and also it can impact an owners bottom line.

Hire An Agent Who Has Experience Selling Multi-Family Homes

Hiring a top real estate agent, with experience, is extremely important when selling any type of property.  For example, when selling a waterfront property, hiring an agent who primarily sells mobile homes in a park wouldn't be the best idea. It's critical when selling a multi-family home that a Realtor® who has experience selling multi-family homes is hired.  To help ensure an agent who has experience selling multi-family homes is hired, there are certain questions to ask Realtors® during interviews.
  1. How do you handle showings when a property is tenant occupied?
  2. How much notice do you provide?
  3. In the past, how have you handled uncooperative tenants?
  4. Can you provide the contact information of the previous owner who you represented during a recent multi-family sale?
  Asking the right questions during an interview can greatly improve the chances an agent who has experience selling multi-family homes is hired. Not only is it important to make sure the agent has experience selling a multi-family home but it's equally as important to make sure they know how to effectively market a home.  Since the majority of home buyers are finding the home they eventually purchase on the internet, it's critical the agent knows how to reach potential buyers. This is done by using the best real estate marketing strategies.  Marketing strategies such as using social media, optimizing their website to be found in searches, and using high quality photography and videos are a few ways top real estate agents are marketing their clients homes to potential buyers.

Have Important Documents Ready

[caption id="attachment_10460" align="aligncenter" width="450"]Have Important Documents Ready When Selling A Multi-Family Home! Have Important Documents Ready When Selling A Multi-Family Home![/caption] There are certain things to know before selling a home, regardless if it's a single family or multi family home.  It's helpful that before listing a home for sale that important documents are readily accessible for potential buyers. Documents that should be readily accessible, whether selling a multi-family home or not, include documentation relating to roof age or warranties, the age of the homes HVAC systems, and any receipts of remodeling projects that have been completed. One of the most important features that today's home buyers are looking for in a home are updated and newer mechanics, such as roofs and HVAC systems.  Home sellers who have records and receipts showing the ages of these components give themselves a huge advantage. When selling a multi-family home, it's very important to have financial documents readily available for prospective buyers.  Since multi-family homes are often purchased as an investment, having the financial documents available can be extremely helpful for potential buyers. The most important financial document that should be readily available when selling a multi-family home is the yearly net operating figures.  This document shows a potential buyer the income from monthly rents and subtracts out the expenses of the property, such as yearly homeowners insurance, yearly refuse, yearly water usage, and any repairs that have been completed recently.

Complete Inspections Prior To Listing The Property

Many municipalities require that a certificate of occupancy, also known as a C of O, is renewed when a multi-family property is being sold to a new owner.  It's highly recommended that prior to listing a multi-family property that any inspections are completed beforehand. If your local municipality requires a new C of O prior to the property being transferred to a new owner, have the inspection completed prior to listing can reduce the chances that the real estate closing is delayed.  If you're unsure if a new C of O is required prior to the property being transferred, you can contact your local municipality to find out. Recently while selling a multi-family property in Rochester NY, the property owner decided to wait until after a contract was received to complete the required C of O inspection.  The City was backlogged on inspections and the inspection date had to be scheduled a month out, which ultimately delayed the closing of the property.  This could've been avoided if the C of O inspection was completed prior to listing the property. Another inspection to consider completing prior to listing a multi-family property is a general home inspection.  There are lots of reasons to have a pre-listing inspection when selling a home.  The number one reason having a pre-listing inspection prior to putting a home on the market is that it provides a homeowner the opportunity to rectify issues that a home inspector may find. Since the majority of home buyers elect to have a home inspection and some buyers can get scared away from a home because of the inspection results, having one completed prior to listing is a very good idea.  Homeowners who decide to not have a pre-listing inspection often end up regretting their decision if a buyer is scared away from their property.

Final Thoughts On Selling A Multi-Family Home

As you can see, selling a multi-family home is much different than selling a single family home.  Even though selling a multi-family home is generally more complex, that doesn't mean that it has to be impossible.  By following the 5 tips discussed above, multi-family property owners put themselves in a much better position to experience a smooth and successful sale.

Other Top Resources For Selling A Multi-Family Home

Do you own a multi-family property in Rochester?  If so and you're thinking about selling your multi-family property, the above 5 tips should be extremely helpful.  If you don't have a real estate agent in Rochester yet, call or text me at 585-704-7095, and I'd be happy to discuss the sale of your multi-family home!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "5 Important Tips For Selling A Multi-Family Home" was written by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group.  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Moving Mistakes To Avoid https://www.rochesterrealestateblog.com/moving-mistakes-to-avoid/ Tue, 24 Jan 2017 12:40:24 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15568 How To Sell A Multi-Family Property [caption id="attachment_10457" align="aligncenter" width="450"]5 Important Tips For Selling A Multi-Family Home 5 Important Tips For Selling A Multi-Family Home[/caption] Selling a multi-family home is substantially more complex than selling a single family home.  One of the top reasons why selling a multi-family is generally more complex is because it typically involves more people than just the one owner of a single family home. When selling a multi-family property the probability that you're involving 6-12 people is high.  Depending on the number of units in a multi-family property, you may only be dealing with a couple families or a dozen families. There are certain rules, regulations, and laws that multi-family property owners must be aware of and also abide by.  These rules, regulations, and laws will vary from city to city and state to state. It's highly recommended that prior to selling a multi-family home that you consult with an attorney to make sure you're not going to put yourself in a situation where you could be sued.  Not being aware of rules, regulations, and local laws is one of the top home selling mistakes made by multi-family property owners. Read on to find out what the top 5 tips for selling a multi-family home are.  Multi-family property owners who follow the below tips will put themselves in an excellent position to get their property sold, while avoiding potential issues or roadblocks.

Review Leases, Occupancy, & Tenant Rights

Before listing a multi-family home for sale, it's vital to review all leases and the occupancy for each unit.  As mentioned above, multi-family property owners can get themselves in trouble if they're not careful.  It's important to always keep in mind tenant rights when selling a multi-family home. There are a few frequently asked questions from home buyers that multi-family property owners will be asked during the sale process.  By reviewing the current leases and occupancy of each unit, multi-family property owners will be able to answer these questions accurately.  Below are a couple of the top questions asked by buyers who're looking to purchase a multi-family home.
  1. What are the terms of any/all leases?
  2. What are the rent amounts for each unit?
  3. What's included in the rent for each unit?
  4. Are there security deposits being held?
  5. Are the rents able to be subsidized by Government assistance?
  Reviewing the leases and occupancy for each unit can also help determine whether or not to sell the property while it's being occupied by tenants.  Selling a home with tenants can be tricky and it can also bring other potential issues into the equation. For example, if a multi-family home is being sold while tenant occupied and the leases are for an extended period of time, it potentially can eliminate a large number of potential buyers who're looking to buy a multi-family home and plan on, or need to, occupy one of the units.  One of the disadvantages of a VA home loan or FHA loan is that the property must be occupied by the buyer, so if a buyer is planning on utilizing one of these mortgage products, they wouldn't be able to purchase a tenant occupied multi-family home. Selling a multi-family home is easiest and most successful if it's unoccupied.  This eliminates potential issues with coordinating home showings or issues with occupancy requirements.  If this isn't a possibility, then it's important that the owner has full cooperation from all parties who'll be impacted during the sale of the multi-family property.

Preparation Is Key When Selling A Multi-Family Home

[caption id="attachment_10458" align="aligncenter" width="450"]Preparation Is Key When Selling A Multi-Family Home Preparation Is Key When Selling A Multi-Family Home[/caption] Preparing a home for sale is critical when selling any type of home, whether it's single family or multi-family.  Since many multi-family properties are purchased as investments, preparing for the sale becomes necessary. One of the most important factors for investors who're looking to buy multi-family homes is the amount of maintenance the home appears to have.  A home that isn't prepared for sale can appear to have more maintenance than it really does. For multi-family property owners who're attempting to prepare and sell a home on a budget, it can be done by tending to a few key areas of the property.  Below are a few of the areas and items that should be prepared prior to listing a multi-family for sale.
  1. Curb Appeal - Simply tending to the exterior curb appeal of a multi-family home can go a long way.  Trimming bushes/shrubs and making sure any flower beds are a couple tips for improving the curb appeal of the property.
  2. Clean Up Common Areas - Depending on the multi-unit, there maybe some common areas, such as laundry or a vestibule.  It's important that all common areas in the property are cleaned up and portray extra maintenance.
  3. Parking Areas - If the property has designated parking areas or garage spaces, making sure these are well defined and in good condition is critical.  If there is an off street parking area, a simple seal of the driveway can go a long way and doesn't cost a ton of extra money.
  4. Doors & Locks - All doors and locks within the multi-family property need to be working well.  It's not a good reflection of a property when the locks are difficult to use and a showing agent is struggling to access the units within the property.
  When selling a multi-family home, it's extremely important that it's prepared for the market.  Not doing so can make or break whether the property sells and also it can impact an owners bottom line.

Hire An Agent Who Has Experience Selling Multi-Family Homes

Hiring a top real estate agent, with experience, is extremely important when selling any type of property.  For example, when selling a waterfront property, hiring an agent who primarily sells mobile homes in a park wouldn't be the best idea. It's critical when selling a multi-family home that a Realtor® who has experience selling multi-family homes is hired.  To help ensure an agent who has experience selling multi-family homes is hired, there are certain questions to ask Realtors® during interviews.
  1. How do you handle showings when a property is tenant occupied?
  2. How much notice do you provide?
  3. In the past, how have you handled uncooperative tenants?
  4. Can you provide the contact information of the previous owner who you represented during a recent multi-family sale?
  Asking the right questions during an interview can greatly improve the chances an agent who has experience selling multi-family homes is hired. Not only is it important to make sure the agent has experience selling a multi-family home but it's equally as important to make sure they know how to effectively market a home.  Since the majority of home buyers are finding the home they eventually purchase on the internet, it's critical the agent knows how to reach potential buyers. This is done by using the best real estate marketing strategies.  Marketing strategies such as using social media, optimizing their website to be found in searches, and using high quality photography and videos are a few ways top real estate agents are marketing their clients homes to potential buyers.

Have Important Documents Ready

[caption id="attachment_10460" align="aligncenter" width="450"]Have Important Documents Ready When Selling A Multi-Family Home! Have Important Documents Ready When Selling A Multi-Family Home![/caption] There are certain things to know before selling a home, regardless if it's a single family or multi family home.  It's helpful that before listing a home for sale that important documents are readily accessible for potential buyers. Documents that should be readily accessible, whether selling a multi-family home or not, include documentation relating to roof age or warranties, the age of the homes HVAC systems, and any receipts of remodeling projects that have been completed. One of the most important features that today's home buyers are looking for in a home are updated and newer mechanics, such as roofs and HVAC systems.  Home sellers who have records and receipts showing the ages of these components give themselves a huge advantage. When selling a multi-family home, it's very important to have financial documents readily available for prospective buyers.  Since multi-family homes are often purchased as an investment, having the financial documents available can be extremely helpful for potential buyers. The most important financial document that should be readily available when selling a multi-family home is the yearly net operating figures.  This document shows a potential buyer the income from monthly rents and subtracts out the expenses of the property, such as yearly homeowners insurance, yearly refuse, yearly water usage, and any repairs that have been completed recently.

Complete Inspections Prior To Listing The Property

Many municipalities require that a certificate of occupancy, also known as a C of O, is renewed when a multi-family property is being sold to a new owner.  It's highly recommended that prior to listing a multi-family property that any inspections are completed beforehand. If your local municipality requires a new C of O prior to the property being transferred to a new owner, have the inspection completed prior to listing can reduce the chances that the real estate closing is delayed.  If you're unsure if a new C of O is required prior to the property being transferred, you can contact your local municipality to find out. Recently while selling a multi-family property in Rochester NY, the property owner decided to wait until after a contract was received to complete the required C of O inspection.  The City was backlogged on inspections and the inspection date had to be scheduled a month out, which ultimately delayed the closing of the property.  This could've been avoided if the C of O inspection was completed prior to listing the property. Another inspection to consider completing prior to listing a multi-family property is a general home inspection.  There are lots of reasons to have a pre-listing inspection when selling a home.  The number one reason having a pre-listing inspection prior to putting a home on the market is that it provides a homeowner the opportunity to rectify issues that a home inspector may find. Since the majority of home buyers elect to have a home inspection and some buyers can get scared away from a home because of the inspection results, having one completed prior to listing is a very good idea.  Homeowners who decide to not have a pre-listing inspection often end up regretting their decision if a buyer is scared away from their property.

Final Thoughts On Selling A Multi-Family Home

As you can see, selling a multi-family home is much different than selling a single family home.  Even though selling a multi-family home is generally more complex, that doesn't mean that it has to be impossible.  By following the 5 tips discussed above, multi-family property owners put themselves in a much better position to experience a smooth and successful sale.

Other Top Resources For Selling A Multi-Family Home

Do you own a multi-family property in Rochester?  If so and you're thinking about selling your multi-family property, the above 5 tips should be extremely helpful.  If you don't have a real estate agent in Rochester yet, call or text me at 585-704-7095, and I'd be happy to discuss the sale of your multi-family home!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "5 Important Tips For Selling A Multi-Family Home" was written by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group.  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Top Mortgage Myths | Demystifying Common Home Loan Misconceptions https://www.rochesterrealestateblog.com/top-mortgage-myths/ Tue, 24 Jan 2017 12:40:24 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15102 How To Sell A Multi-Family Property [caption id="attachment_10457" align="aligncenter" width="450"]5 Important Tips For Selling A Multi-Family Home 5 Important Tips For Selling A Multi-Family Home[/caption] Selling a multi-family home is substantially more complex than selling a single family home.  One of the top reasons why selling a multi-family is generally more complex is because it typically involves more people than just the one owner of a single family home. When selling a multi-family property the probability that you're involving 6-12 people is high.  Depending on the number of units in a multi-family property, you may only be dealing with a couple families or a dozen families. There are certain rules, regulations, and laws that multi-family property owners must be aware of and also abide by.  These rules, regulations, and laws will vary from city to city and state to state. It's highly recommended that prior to selling a multi-family home that you consult with an attorney to make sure you're not going to put yourself in a situation where you could be sued.  Not being aware of rules, regulations, and local laws is one of the top home selling mistakes made by multi-family property owners. Read on to find out what the top 5 tips for selling a multi-family home are.  Multi-family property owners who follow the below tips will put themselves in an excellent position to get their property sold, while avoiding potential issues or roadblocks.

Review Leases, Occupancy, & Tenant Rights

Before listing a multi-family home for sale, it's vital to review all leases and the occupancy for each unit.  As mentioned above, multi-family property owners can get themselves in trouble if they're not careful.  It's important to always keep in mind tenant rights when selling a multi-family home. There are a few frequently asked questions from home buyers that multi-family property owners will be asked during the sale process.  By reviewing the current leases and occupancy of each unit, multi-family property owners will be able to answer these questions accurately.  Below are a couple of the top questions asked by buyers who're looking to purchase a multi-family home.
  1. What are the terms of any/all leases?
  2. What are the rent amounts for each unit?
  3. What's included in the rent for each unit?
  4. Are there security deposits being held?
  5. Are the rents able to be subsidized by Government assistance?
  Reviewing the leases and occupancy for each unit can also help determine whether or not to sell the property while it's being occupied by tenants.  Selling a home with tenants can be tricky and it can also bring other potential issues into the equation. For example, if a multi-family home is being sold while tenant occupied and the leases are for an extended period of time, it potentially can eliminate a large number of potential buyers who're looking to buy a multi-family home and plan on, or need to, occupy one of the units.  One of the disadvantages of a VA home loan or FHA loan is that the property must be occupied by the buyer, so if a buyer is planning on utilizing one of these mortgage products, they wouldn't be able to purchase a tenant occupied multi-family home. Selling a multi-family home is easiest and most successful if it's unoccupied.  This eliminates potential issues with coordinating home showings or issues with occupancy requirements.  If this isn't a possibility, then it's important that the owner has full cooperation from all parties who'll be impacted during the sale of the multi-family property.

Preparation Is Key When Selling A Multi-Family Home

[caption id="attachment_10458" align="aligncenter" width="450"]Preparation Is Key When Selling A Multi-Family Home Preparation Is Key When Selling A Multi-Family Home[/caption] Preparing a home for sale is critical when selling any type of home, whether it's single family or multi-family.  Since many multi-family properties are purchased as investments, preparing for the sale becomes necessary. One of the most important factors for investors who're looking to buy multi-family homes is the amount of maintenance the home appears to have.  A home that isn't prepared for sale can appear to have more maintenance than it really does. For multi-family property owners who're attempting to prepare and sell a home on a budget, it can be done by tending to a few key areas of the property.  Below are a few of the areas and items that should be prepared prior to listing a multi-family for sale.
  1. Curb Appeal - Simply tending to the exterior curb appeal of a multi-family home can go a long way.  Trimming bushes/shrubs and making sure any flower beds are a couple tips for improving the curb appeal of the property.
  2. Clean Up Common Areas - Depending on the multi-unit, there maybe some common areas, such as laundry or a vestibule.  It's important that all common areas in the property are cleaned up and portray extra maintenance.
  3. Parking Areas - If the property has designated parking areas or garage spaces, making sure these are well defined and in good condition is critical.  If there is an off street parking area, a simple seal of the driveway can go a long way and doesn't cost a ton of extra money.
  4. Doors & Locks - All doors and locks within the multi-family property need to be working well.  It's not a good reflection of a property when the locks are difficult to use and a showing agent is struggling to access the units within the property.
  When selling a multi-family home, it's extremely important that it's prepared for the market.  Not doing so can make or break whether the property sells and also it can impact an owners bottom line.

Hire An Agent Who Has Experience Selling Multi-Family Homes

Hiring a top real estate agent, with experience, is extremely important when selling any type of property.  For example, when selling a waterfront property, hiring an agent who primarily sells mobile homes in a park wouldn't be the best idea. It's critical when selling a multi-family home that a Realtor® who has experience selling multi-family homes is hired.  To help ensure an agent who has experience selling multi-family homes is hired, there are certain questions to ask Realtors® during interviews.
  1. How do you handle showings when a property is tenant occupied?
  2. How much notice do you provide?
  3. In the past, how have you handled uncooperative tenants?
  4. Can you provide the contact information of the previous owner who you represented during a recent multi-family sale?
  Asking the right questions during an interview can greatly improve the chances an agent who has experience selling multi-family homes is hired. Not only is it important to make sure the agent has experience selling a multi-family home but it's equally as important to make sure they know how to effectively market a home.  Since the majority of home buyers are finding the home they eventually purchase on the internet, it's critical the agent knows how to reach potential buyers. This is done by using the best real estate marketing strategies.  Marketing strategies such as using social media, optimizing their website to be found in searches, and using high quality photography and videos are a few ways top real estate agents are marketing their clients homes to potential buyers.

Have Important Documents Ready

[caption id="attachment_10460" align="aligncenter" width="450"]Have Important Documents Ready When Selling A Multi-Family Home! Have Important Documents Ready When Selling A Multi-Family Home![/caption] There are certain things to know before selling a home, regardless if it's a single family or multi family home.  It's helpful that before listing a home for sale that important documents are readily accessible for potential buyers. Documents that should be readily accessible, whether selling a multi-family home or not, include documentation relating to roof age or warranties, the age of the homes HVAC systems, and any receipts of remodeling projects that have been completed. One of the most important features that today's home buyers are looking for in a home are updated and newer mechanics, such as roofs and HVAC systems.  Home sellers who have records and receipts showing the ages of these components give themselves a huge advantage. When selling a multi-family home, it's very important to have financial documents readily available for prospective buyers.  Since multi-family homes are often purchased as an investment, having the financial documents available can be extremely helpful for potential buyers. The most important financial document that should be readily available when selling a multi-family home is the yearly net operating figures.  This document shows a potential buyer the income from monthly rents and subtracts out the expenses of the property, such as yearly homeowners insurance, yearly refuse, yearly water usage, and any repairs that have been completed recently.

Complete Inspections Prior To Listing The Property

Many municipalities require that a certificate of occupancy, also known as a C of O, is renewed when a multi-family property is being sold to a new owner.  It's highly recommended that prior to listing a multi-family property that any inspections are completed beforehand. If your local municipality requires a new C of O prior to the property being transferred to a new owner, have the inspection completed prior to listing can reduce the chances that the real estate closing is delayed.  If you're unsure if a new C of O is required prior to the property being transferred, you can contact your local municipality to find out. Recently while selling a multi-family property in Rochester NY, the property owner decided to wait until after a contract was received to complete the required C of O inspection.  The City was backlogged on inspections and the inspection date had to be scheduled a month out, which ultimately delayed the closing of the property.  This could've been avoided if the C of O inspection was completed prior to listing the property. Another inspection to consider completing prior to listing a multi-family property is a general home inspection.  There are lots of reasons to have a pre-listing inspection when selling a home.  The number one reason having a pre-listing inspection prior to putting a home on the market is that it provides a homeowner the opportunity to rectify issues that a home inspector may find. Since the majority of home buyers elect to have a home inspection and some buyers can get scared away from a home because of the inspection results, having one completed prior to listing is a very good idea.  Homeowners who decide to not have a pre-listing inspection often end up regretting their decision if a buyer is scared away from their property.

Final Thoughts On Selling A Multi-Family Home

As you can see, selling a multi-family home is much different than selling a single family home.  Even though selling a multi-family home is generally more complex, that doesn't mean that it has to be impossible.  By following the 5 tips discussed above, multi-family property owners put themselves in a much better position to experience a smooth and successful sale.

Other Top Resources For Selling A Multi-Family Home

Do you own a multi-family property in Rochester?  If so and you're thinking about selling your multi-family property, the above 5 tips should be extremely helpful.  If you don't have a real estate agent in Rochester yet, call or text me at 585-704-7095, and I'd be happy to discuss the sale of your multi-family home!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "5 Important Tips For Selling A Multi-Family Home" was written by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group.  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> First-Time Home Buyer Mistakes to Avoid https://www.rochesterrealestateblog.com/first-time-home-buyer-mistakes/ Tue, 24 Jan 2017 12:40:24 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=14815 How To Sell A Multi-Family Property [caption id="attachment_10457" align="aligncenter" width="450"]5 Important Tips For Selling A Multi-Family Home 5 Important Tips For Selling A Multi-Family Home[/caption] Selling a multi-family home is substantially more complex than selling a single family home.  One of the top reasons why selling a multi-family is generally more complex is because it typically involves more people than just the one owner of a single family home. When selling a multi-family property the probability that you're involving 6-12 people is high.  Depending on the number of units in a multi-family property, you may only be dealing with a couple families or a dozen families. There are certain rules, regulations, and laws that multi-family property owners must be aware of and also abide by.  These rules, regulations, and laws will vary from city to city and state to state. It's highly recommended that prior to selling a multi-family home that you consult with an attorney to make sure you're not going to put yourself in a situation where you could be sued.  Not being aware of rules, regulations, and local laws is one of the top home selling mistakes made by multi-family property owners. Read on to find out what the top 5 tips for selling a multi-family home are.  Multi-family property owners who follow the below tips will put themselves in an excellent position to get their property sold, while avoiding potential issues or roadblocks.

Review Leases, Occupancy, & Tenant Rights

Before listing a multi-family home for sale, it's vital to review all leases and the occupancy for each unit.  As mentioned above, multi-family property owners can get themselves in trouble if they're not careful.  It's important to always keep in mind tenant rights when selling a multi-family home. There are a few frequently asked questions from home buyers that multi-family property owners will be asked during the sale process.  By reviewing the current leases and occupancy of each unit, multi-family property owners will be able to answer these questions accurately.  Below are a couple of the top questions asked by buyers who're looking to purchase a multi-family home.
  1. What are the terms of any/all leases?
  2. What are the rent amounts for each unit?
  3. What's included in the rent for each unit?
  4. Are there security deposits being held?
  5. Are the rents able to be subsidized by Government assistance?
  Reviewing the leases and occupancy for each unit can also help determine whether or not to sell the property while it's being occupied by tenants.  Selling a home with tenants can be tricky and it can also bring other potential issues into the equation. For example, if a multi-family home is being sold while tenant occupied and the leases are for an extended period of time, it potentially can eliminate a large number of potential buyers who're looking to buy a multi-family home and plan on, or need to, occupy one of the units.  One of the disadvantages of a VA home loan or FHA loan is that the property must be occupied by the buyer, so if a buyer is planning on utilizing one of these mortgage products, they wouldn't be able to purchase a tenant occupied multi-family home. Selling a multi-family home is easiest and most successful if it's unoccupied.  This eliminates potential issues with coordinating home showings or issues with occupancy requirements.  If this isn't a possibility, then it's important that the owner has full cooperation from all parties who'll be impacted during the sale of the multi-family property.

Preparation Is Key When Selling A Multi-Family Home

[caption id="attachment_10458" align="aligncenter" width="450"]Preparation Is Key When Selling A Multi-Family Home Preparation Is Key When Selling A Multi-Family Home[/caption] Preparing a home for sale is critical when selling any type of home, whether it's single family or multi-family.  Since many multi-family properties are purchased as investments, preparing for the sale becomes necessary. One of the most important factors for investors who're looking to buy multi-family homes is the amount of maintenance the home appears to have.  A home that isn't prepared for sale can appear to have more maintenance than it really does. For multi-family property owners who're attempting to prepare and sell a home on a budget, it can be done by tending to a few key areas of the property.  Below are a few of the areas and items that should be prepared prior to listing a multi-family for sale.
  1. Curb Appeal - Simply tending to the exterior curb appeal of a multi-family home can go a long way.  Trimming bushes/shrubs and making sure any flower beds are a couple tips for improving the curb appeal of the property.
  2. Clean Up Common Areas - Depending on the multi-unit, there maybe some common areas, such as laundry or a vestibule.  It's important that all common areas in the property are cleaned up and portray extra maintenance.
  3. Parking Areas - If the property has designated parking areas or garage spaces, making sure these are well defined and in good condition is critical.  If there is an off street parking area, a simple seal of the driveway can go a long way and doesn't cost a ton of extra money.
  4. Doors & Locks - All doors and locks within the multi-family property need to be working well.  It's not a good reflection of a property when the locks are difficult to use and a showing agent is struggling to access the units within the property.
  When selling a multi-family home, it's extremely important that it's prepared for the market.  Not doing so can make or break whether the property sells and also it can impact an owners bottom line.

Hire An Agent Who Has Experience Selling Multi-Family Homes

Hiring a top real estate agent, with experience, is extremely important when selling any type of property.  For example, when selling a waterfront property, hiring an agent who primarily sells mobile homes in a park wouldn't be the best idea. It's critical when selling a multi-family home that a Realtor® who has experience selling multi-family homes is hired.  To help ensure an agent who has experience selling multi-family homes is hired, there are certain questions to ask Realtors® during interviews.
  1. How do you handle showings when a property is tenant occupied?
  2. How much notice do you provide?
  3. In the past, how have you handled uncooperative tenants?
  4. Can you provide the contact information of the previous owner who you represented during a recent multi-family sale?
  Asking the right questions during an interview can greatly improve the chances an agent who has experience selling multi-family homes is hired. Not only is it important to make sure the agent has experience selling a multi-family home but it's equally as important to make sure they know how to effectively market a home.  Since the majority of home buyers are finding the home they eventually purchase on the internet, it's critical the agent knows how to reach potential buyers. This is done by using the best real estate marketing strategies.  Marketing strategies such as using social media, optimizing their website to be found in searches, and using high quality photography and videos are a few ways top real estate agents are marketing their clients homes to potential buyers.

Have Important Documents Ready

[caption id="attachment_10460" align="aligncenter" width="450"]Have Important Documents Ready When Selling A Multi-Family Home! Have Important Documents Ready When Selling A Multi-Family Home![/caption] There are certain things to know before selling a home, regardless if it's a single family or multi family home.  It's helpful that before listing a home for sale that important documents are readily accessible for potential buyers. Documents that should be readily accessible, whether selling a multi-family home or not, include documentation relating to roof age or warranties, the age of the homes HVAC systems, and any receipts of remodeling projects that have been completed. One of the most important features that today's home buyers are looking for in a home are updated and newer mechanics, such as roofs and HVAC systems.  Home sellers who have records and receipts showing the ages of these components give themselves a huge advantage. When selling a multi-family home, it's very important to have financial documents readily available for prospective buyers.  Since multi-family homes are often purchased as an investment, having the financial documents available can be extremely helpful for potential buyers. The most important financial document that should be readily available when selling a multi-family home is the yearly net operating figures.  This document shows a potential buyer the income from monthly rents and subtracts out the expenses of the property, such as yearly homeowners insurance, yearly refuse, yearly water usage, and any repairs that have been completed recently.

Complete Inspections Prior To Listing The Property

Many municipalities require that a certificate of occupancy, also known as a C of O, is renewed when a multi-family property is being sold to a new owner.  It's highly recommended that prior to listing a multi-family property that any inspections are completed beforehand. If your local municipality requires a new C of O prior to the property being transferred to a new owner, have the inspection completed prior to listing can reduce the chances that the real estate closing is delayed.  If you're unsure if a new C of O is required prior to the property being transferred, you can contact your local municipality to find out. Recently while selling a multi-family property in Rochester NY, the property owner decided to wait until after a contract was received to complete the required C of O inspection.  The City was backlogged on inspections and the inspection date had to be scheduled a month out, which ultimately delayed the closing of the property.  This could've been avoided if the C of O inspection was completed prior to listing the property. Another inspection to consider completing prior to listing a multi-family property is a general home inspection.  There are lots of reasons to have a pre-listing inspection when selling a home.  The number one reason having a pre-listing inspection prior to putting a home on the market is that it provides a homeowner the opportunity to rectify issues that a home inspector may find. Since the majority of home buyers elect to have a home inspection and some buyers can get scared away from a home because of the inspection results, having one completed prior to listing is a very good idea.  Homeowners who decide to not have a pre-listing inspection often end up regretting their decision if a buyer is scared away from their property.

Final Thoughts On Selling A Multi-Family Home

As you can see, selling a multi-family home is much different than selling a single family home.  Even though selling a multi-family home is generally more complex, that doesn't mean that it has to be impossible.  By following the 5 tips discussed above, multi-family property owners put themselves in a much better position to experience a smooth and successful sale.

Other Top Resources For Selling A Multi-Family Home

Do you own a multi-family property in Rochester?  If so and you're thinking about selling your multi-family property, the above 5 tips should be extremely helpful.  If you don't have a real estate agent in Rochester yet, call or text me at 585-704-7095, and I'd be happy to discuss the sale of your multi-family home!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "5 Important Tips For Selling A Multi-Family Home" was written by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group.  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> 10 Tips For Adding Appeal To Your Home This Summer https://www.rochesterrealestateblog.com/10-tips-adding-appeal-to-home-this-summer/ Tue, 24 Jan 2017 12:40:24 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=14237 How To Sell A Multi-Family Property [caption id="attachment_10457" align="aligncenter" width="450"]5 Important Tips For Selling A Multi-Family Home 5 Important Tips For Selling A Multi-Family Home[/caption] Selling a multi-family home is substantially more complex than selling a single family home.  One of the top reasons why selling a multi-family is generally more complex is because it typically involves more people than just the one owner of a single family home. When selling a multi-family property the probability that you're involving 6-12 people is high.  Depending on the number of units in a multi-family property, you may only be dealing with a couple families or a dozen families. There are certain rules, regulations, and laws that multi-family property owners must be aware of and also abide by.  These rules, regulations, and laws will vary from city to city and state to state. It's highly recommended that prior to selling a multi-family home that you consult with an attorney to make sure you're not going to put yourself in a situation where you could be sued.  Not being aware of rules, regulations, and local laws is one of the top home selling mistakes made by multi-family property owners. Read on to find out what the top 5 tips for selling a multi-family home are.  Multi-family property owners who follow the below tips will put themselves in an excellent position to get their property sold, while avoiding potential issues or roadblocks.

Review Leases, Occupancy, & Tenant Rights

Before listing a multi-family home for sale, it's vital to review all leases and the occupancy for each unit.  As mentioned above, multi-family property owners can get themselves in trouble if they're not careful.  It's important to always keep in mind tenant rights when selling a multi-family home. There are a few frequently asked questions from home buyers that multi-family property owners will be asked during the sale process.  By reviewing the current leases and occupancy of each unit, multi-family property owners will be able to answer these questions accurately.  Below are a couple of the top questions asked by buyers who're looking to purchase a multi-family home.
  1. What are the terms of any/all leases?
  2. What are the rent amounts for each unit?
  3. What's included in the rent for each unit?
  4. Are there security deposits being held?
  5. Are the rents able to be subsidized by Government assistance?
  Reviewing the leases and occupancy for each unit can also help determine whether or not to sell the property while it's being occupied by tenants.  Selling a home with tenants can be tricky and it can also bring other potential issues into the equation. For example, if a multi-family home is being sold while tenant occupied and the leases are for an extended period of time, it potentially can eliminate a large number of potential buyers who're looking to buy a multi-family home and plan on, or need to, occupy one of the units.  One of the disadvantages of a VA home loan or FHA loan is that the property must be occupied by the buyer, so if a buyer is planning on utilizing one of these mortgage products, they wouldn't be able to purchase a tenant occupied multi-family home. Selling a multi-family home is easiest and most successful if it's unoccupied.  This eliminates potential issues with coordinating home showings or issues with occupancy requirements.  If this isn't a possibility, then it's important that the owner has full cooperation from all parties who'll be impacted during the sale of the multi-family property.

Preparation Is Key When Selling A Multi-Family Home

[caption id="attachment_10458" align="aligncenter" width="450"]Preparation Is Key When Selling A Multi-Family Home Preparation Is Key When Selling A Multi-Family Home[/caption] Preparing a home for sale is critical when selling any type of home, whether it's single family or multi-family.  Since many multi-family properties are purchased as investments, preparing for the sale becomes necessary. One of the most important factors for investors who're looking to buy multi-family homes is the amount of maintenance the home appears to have.  A home that isn't prepared for sale can appear to have more maintenance than it really does. For multi-family property owners who're attempting to prepare and sell a home on a budget, it can be done by tending to a few key areas of the property.  Below are a few of the areas and items that should be prepared prior to listing a multi-family for sale.
  1. Curb Appeal - Simply tending to the exterior curb appeal of a multi-family home can go a long way.  Trimming bushes/shrubs and making sure any flower beds are a couple tips for improving the curb appeal of the property.
  2. Clean Up Common Areas - Depending on the multi-unit, there maybe some common areas, such as laundry or a vestibule.  It's important that all common areas in the property are cleaned up and portray extra maintenance.
  3. Parking Areas - If the property has designated parking areas or garage spaces, making sure these are well defined and in good condition is critical.  If there is an off street parking area, a simple seal of the driveway can go a long way and doesn't cost a ton of extra money.
  4. Doors & Locks - All doors and locks within the multi-family property need to be working well.  It's not a good reflection of a property when the locks are difficult to use and a showing agent is struggling to access the units within the property.
  When selling a multi-family home, it's extremely important that it's prepared for the market.  Not doing so can make or break whether the property sells and also it can impact an owners bottom line.

Hire An Agent Who Has Experience Selling Multi-Family Homes

Hiring a top real estate agent, with experience, is extremely important when selling any type of property.  For example, when selling a waterfront property, hiring an agent who primarily sells mobile homes in a park wouldn't be the best idea. It's critical when selling a multi-family home that a Realtor® who has experience selling multi-family homes is hired.  To help ensure an agent who has experience selling multi-family homes is hired, there are certain questions to ask Realtors® during interviews.
  1. How do you handle showings when a property is tenant occupied?
  2. How much notice do you provide?
  3. In the past, how have you handled uncooperative tenants?
  4. Can you provide the contact information of the previous owner who you represented during a recent multi-family sale?
  Asking the right questions during an interview can greatly improve the chances an agent who has experience selling multi-family homes is hired. Not only is it important to make sure the agent has experience selling a multi-family home but it's equally as important to make sure they know how to effectively market a home.  Since the majority of home buyers are finding the home they eventually purchase on the internet, it's critical the agent knows how to reach potential buyers. This is done by using the best real estate marketing strategies.  Marketing strategies such as using social media, optimizing their website to be found in searches, and using high quality photography and videos are a few ways top real estate agents are marketing their clients homes to potential buyers.

Have Important Documents Ready

[caption id="attachment_10460" align="aligncenter" width="450"]Have Important Documents Ready When Selling A Multi-Family Home! Have Important Documents Ready When Selling A Multi-Family Home![/caption] There are certain things to know before selling a home, regardless if it's a single family or multi family home.  It's helpful that before listing a home for sale that important documents are readily accessible for potential buyers. Documents that should be readily accessible, whether selling a multi-family home or not, include documentation relating to roof age or warranties, the age of the homes HVAC systems, and any receipts of remodeling projects that have been completed. One of the most important features that today's home buyers are looking for in a home are updated and newer mechanics, such as roofs and HVAC systems.  Home sellers who have records and receipts showing the ages of these components give themselves a huge advantage. When selling a multi-family home, it's very important to have financial documents readily available for prospective buyers.  Since multi-family homes are often purchased as an investment, having the financial documents available can be extremely helpful for potential buyers. The most important financial document that should be readily available when selling a multi-family home is the yearly net operating figures.  This document shows a potential buyer the income from monthly rents and subtracts out the expenses of the property, such as yearly homeowners insurance, yearly refuse, yearly water usage, and any repairs that have been completed recently.

Complete Inspections Prior To Listing The Property

Many municipalities require that a certificate of occupancy, also known as a C of O, is renewed when a multi-family property is being sold to a new owner.  It's highly recommended that prior to listing a multi-family property that any inspections are completed beforehand. If your local municipality requires a new C of O prior to the property being transferred to a new owner, have the inspection completed prior to listing can reduce the chances that the real estate closing is delayed.  If you're unsure if a new C of O is required prior to the property being transferred, you can contact your local municipality to find out. Recently while selling a multi-family property in Rochester NY, the property owner decided to wait until after a contract was received to complete the required C of O inspection.  The City was backlogged on inspections and the inspection date had to be scheduled a month out, which ultimately delayed the closing of the property.  This could've been avoided if the C of O inspection was completed prior to listing the property. Another inspection to consider completing prior to listing a multi-family property is a general home inspection.  There are lots of reasons to have a pre-listing inspection when selling a home.  The number one reason having a pre-listing inspection prior to putting a home on the market is that it provides a homeowner the opportunity to rectify issues that a home inspector may find. Since the majority of home buyers elect to have a home inspection and some buyers can get scared away from a home because of the inspection results, having one completed prior to listing is a very good idea.  Homeowners who decide to not have a pre-listing inspection often end up regretting their decision if a buyer is scared away from their property.

Final Thoughts On Selling A Multi-Family Home

As you can see, selling a multi-family home is much different than selling a single family home.  Even though selling a multi-family home is generally more complex, that doesn't mean that it has to be impossible.  By following the 5 tips discussed above, multi-family property owners put themselves in a much better position to experience a smooth and successful sale.

Other Top Resources For Selling A Multi-Family Home

Do you own a multi-family property in Rochester?  If so and you're thinking about selling your multi-family property, the above 5 tips should be extremely helpful.  If you don't have a real estate agent in Rochester yet, call or text me at 585-704-7095, and I'd be happy to discuss the sale of your multi-family home!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "5 Important Tips For Selling A Multi-Family Home" was written by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group.  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Exploring The Merits of Smart Home Technology When Selling a Home https://www.rochesterrealestateblog.com/smart-home-technology-selling-a-home/ Tue, 24 Jan 2017 12:40:24 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=13782 How To Sell A Multi-Family Property [caption id="attachment_10457" align="aligncenter" width="450"]5 Important Tips For Selling A Multi-Family Home 5 Important Tips For Selling A Multi-Family Home[/caption] Selling a multi-family home is substantially more complex than selling a single family home.  One of the top reasons why selling a multi-family is generally more complex is because it typically involves more people than just the one owner of a single family home. When selling a multi-family property the probability that you're involving 6-12 people is high.  Depending on the number of units in a multi-family property, you may only be dealing with a couple families or a dozen families. There are certain rules, regulations, and laws that multi-family property owners must be aware of and also abide by.  These rules, regulations, and laws will vary from city to city and state to state. It's highly recommended that prior to selling a multi-family home that you consult with an attorney to make sure you're not going to put yourself in a situation where you could be sued.  Not being aware of rules, regulations, and local laws is one of the top home selling mistakes made by multi-family property owners. Read on to find out what the top 5 tips for selling a multi-family home are.  Multi-family property owners who follow the below tips will put themselves in an excellent position to get their property sold, while avoiding potential issues or roadblocks.

Review Leases, Occupancy, & Tenant Rights

Before listing a multi-family home for sale, it's vital to review all leases and the occupancy for each unit.  As mentioned above, multi-family property owners can get themselves in trouble if they're not careful.  It's important to always keep in mind tenant rights when selling a multi-family home. There are a few frequently asked questions from home buyers that multi-family property owners will be asked during the sale process.  By reviewing the current leases and occupancy of each unit, multi-family property owners will be able to answer these questions accurately.  Below are a couple of the top questions asked by buyers who're looking to purchase a multi-family home.
  1. What are the terms of any/all leases?
  2. What are the rent amounts for each unit?
  3. What's included in the rent for each unit?
  4. Are there security deposits being held?
  5. Are the rents able to be subsidized by Government assistance?
  Reviewing the leases and occupancy for each unit can also help determine whether or not to sell the property while it's being occupied by tenants.  Selling a home with tenants can be tricky and it can also bring other potential issues into the equation. For example, if a multi-family home is being sold while tenant occupied and the leases are for an extended period of time, it potentially can eliminate a large number of potential buyers who're looking to buy a multi-family home and plan on, or need to, occupy one of the units.  One of the disadvantages of a VA home loan or FHA loan is that the property must be occupied by the buyer, so if a buyer is planning on utilizing one of these mortgage products, they wouldn't be able to purchase a tenant occupied multi-family home. Selling a multi-family home is easiest and most successful if it's unoccupied.  This eliminates potential issues with coordinating home showings or issues with occupancy requirements.  If this isn't a possibility, then it's important that the owner has full cooperation from all parties who'll be impacted during the sale of the multi-family property.

Preparation Is Key When Selling A Multi-Family Home

[caption id="attachment_10458" align="aligncenter" width="450"]Preparation Is Key When Selling A Multi-Family Home Preparation Is Key When Selling A Multi-Family Home[/caption] Preparing a home for sale is critical when selling any type of home, whether it's single family or multi-family.  Since many multi-family properties are purchased as investments, preparing for the sale becomes necessary. One of the most important factors for investors who're looking to buy multi-family homes is the amount of maintenance the home appears to have.  A home that isn't prepared for sale can appear to have more maintenance than it really does. For multi-family property owners who're attempting to prepare and sell a home on a budget, it can be done by tending to a few key areas of the property.  Below are a few of the areas and items that should be prepared prior to listing a multi-family for sale.
  1. Curb Appeal - Simply tending to the exterior curb appeal of a multi-family home can go a long way.  Trimming bushes/shrubs and making sure any flower beds are a couple tips for improving the curb appeal of the property.
  2. Clean Up Common Areas - Depending on the multi-unit, there maybe some common areas, such as laundry or a vestibule.  It's important that all common areas in the property are cleaned up and portray extra maintenance.
  3. Parking Areas - If the property has designated parking areas or garage spaces, making sure these are well defined and in good condition is critical.  If there is an off street parking area, a simple seal of the driveway can go a long way and doesn't cost a ton of extra money.
  4. Doors & Locks - All doors and locks within the multi-family property need to be working well.  It's not a good reflection of a property when the locks are difficult to use and a showing agent is struggling to access the units within the property.
  When selling a multi-family home, it's extremely important that it's prepared for the market.  Not doing so can make or break whether the property sells and also it can impact an owners bottom line.

Hire An Agent Who Has Experience Selling Multi-Family Homes

Hiring a top real estate agent, with experience, is extremely important when selling any type of property.  For example, when selling a waterfront property, hiring an agent who primarily sells mobile homes in a park wouldn't be the best idea. It's critical when selling a multi-family home that a Realtor® who has experience selling multi-family homes is hired.  To help ensure an agent who has experience selling multi-family homes is hired, there are certain questions to ask Realtors® during interviews.
  1. How do you handle showings when a property is tenant occupied?
  2. How much notice do you provide?
  3. In the past, how have you handled uncooperative tenants?
  4. Can you provide the contact information of the previous owner who you represented during a recent multi-family sale?
  Asking the right questions during an interview can greatly improve the chances an agent who has experience selling multi-family homes is hired. Not only is it important to make sure the agent has experience selling a multi-family home but it's equally as important to make sure they know how to effectively market a home.  Since the majority of home buyers are finding the home they eventually purchase on the internet, it's critical the agent knows how to reach potential buyers. This is done by using the best real estate marketing strategies.  Marketing strategies such as using social media, optimizing their website to be found in searches, and using high quality photography and videos are a few ways top real estate agents are marketing their clients homes to potential buyers.

Have Important Documents Ready

[caption id="attachment_10460" align="aligncenter" width="450"]Have Important Documents Ready When Selling A Multi-Family Home! Have Important Documents Ready When Selling A Multi-Family Home![/caption] There are certain things to know before selling a home, regardless if it's a single family or multi family home.  It's helpful that before listing a home for sale that important documents are readily accessible for potential buyers. Documents that should be readily accessible, whether selling a multi-family home or not, include documentation relating to roof age or warranties, the age of the homes HVAC systems, and any receipts of remodeling projects that have been completed. One of the most important features that today's home buyers are looking for in a home are updated and newer mechanics, such as roofs and HVAC systems.  Home sellers who have records and receipts showing the ages of these components give themselves a huge advantage. When selling a multi-family home, it's very important to have financial documents readily available for prospective buyers.  Since multi-family homes are often purchased as an investment, having the financial documents available can be extremely helpful for potential buyers. The most important financial document that should be readily available when selling a multi-family home is the yearly net operating figures.  This document shows a potential buyer the income from monthly rents and subtracts out the expenses of the property, such as yearly homeowners insurance, yearly refuse, yearly water usage, and any repairs that have been completed recently.

Complete Inspections Prior To Listing The Property

Many municipalities require that a certificate of occupancy, also known as a C of O, is renewed when a multi-family property is being sold to a new owner.  It's highly recommended that prior to listing a multi-family property that any inspections are completed beforehand. If your local municipality requires a new C of O prior to the property being transferred to a new owner, have the inspection completed prior to listing can reduce the chances that the real estate closing is delayed.  If you're unsure if a new C of O is required prior to the property being transferred, you can contact your local municipality to find out. Recently while selling a multi-family property in Rochester NY, the property owner decided to wait until after a contract was received to complete the required C of O inspection.  The City was backlogged on inspections and the inspection date had to be scheduled a month out, which ultimately delayed the closing of the property.  This could've been avoided if the C of O inspection was completed prior to listing the property. Another inspection to consider completing prior to listing a multi-family property is a general home inspection.  There are lots of reasons to have a pre-listing inspection when selling a home.  The number one reason having a pre-listing inspection prior to putting a home on the market is that it provides a homeowner the opportunity to rectify issues that a home inspector may find. Since the majority of home buyers elect to have a home inspection and some buyers can get scared away from a home because of the inspection results, having one completed prior to listing is a very good idea.  Homeowners who decide to not have a pre-listing inspection often end up regretting their decision if a buyer is scared away from their property.

Final Thoughts On Selling A Multi-Family Home

As you can see, selling a multi-family home is much different than selling a single family home.  Even though selling a multi-family home is generally more complex, that doesn't mean that it has to be impossible.  By following the 5 tips discussed above, multi-family property owners put themselves in a much better position to experience a smooth and successful sale.

Other Top Resources For Selling A Multi-Family Home

Do you own a multi-family property in Rochester?  If so and you're thinking about selling your multi-family property, the above 5 tips should be extremely helpful.  If you don't have a real estate agent in Rochester yet, call or text me at 585-704-7095, and I'd be happy to discuss the sale of your multi-family home!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "5 Important Tips For Selling A Multi-Family Home" was written by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group.  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Top Frequently Asked Questions From Home Sellers https://www.rochesterrealestateblog.com/top-frequently-asked-questions-home-sellers/ Tue, 24 Jan 2017 12:40:24 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=2424 How To Sell A Multi-Family Property [caption id="attachment_10457" align="aligncenter" width="450"]5 Important Tips For Selling A Multi-Family Home 5 Important Tips For Selling A Multi-Family Home[/caption] Selling a multi-family home is substantially more complex than selling a single family home.  One of the top reasons why selling a multi-family is generally more complex is because it typically involves more people than just the one owner of a single family home. When selling a multi-family property the probability that you're involving 6-12 people is high.  Depending on the number of units in a multi-family property, you may only be dealing with a couple families or a dozen families. There are certain rules, regulations, and laws that multi-family property owners must be aware of and also abide by.  These rules, regulations, and laws will vary from city to city and state to state. It's highly recommended that prior to selling a multi-family home that you consult with an attorney to make sure you're not going to put yourself in a situation where you could be sued.  Not being aware of rules, regulations, and local laws is one of the top home selling mistakes made by multi-family property owners. Read on to find out what the top 5 tips for selling a multi-family home are.  Multi-family property owners who follow the below tips will put themselves in an excellent position to get their property sold, while avoiding potential issues or roadblocks.

Review Leases, Occupancy, & Tenant Rights

Before listing a multi-family home for sale, it's vital to review all leases and the occupancy for each unit.  As mentioned above, multi-family property owners can get themselves in trouble if they're not careful.  It's important to always keep in mind tenant rights when selling a multi-family home. There are a few frequently asked questions from home buyers that multi-family property owners will be asked during the sale process.  By reviewing the current leases and occupancy of each unit, multi-family property owners will be able to answer these questions accurately.  Below are a couple of the top questions asked by buyers who're looking to purchase a multi-family home.
  1. What are the terms of any/all leases?
  2. What are the rent amounts for each unit?
  3. What's included in the rent for each unit?
  4. Are there security deposits being held?
  5. Are the rents able to be subsidized by Government assistance?
  Reviewing the leases and occupancy for each unit can also help determine whether or not to sell the property while it's being occupied by tenants.  Selling a home with tenants can be tricky and it can also bring other potential issues into the equation. For example, if a multi-family home is being sold while tenant occupied and the leases are for an extended period of time, it potentially can eliminate a large number of potential buyers who're looking to buy a multi-family home and plan on, or need to, occupy one of the units.  One of the disadvantages of a VA home loan or FHA loan is that the property must be occupied by the buyer, so if a buyer is planning on utilizing one of these mortgage products, they wouldn't be able to purchase a tenant occupied multi-family home. Selling a multi-family home is easiest and most successful if it's unoccupied.  This eliminates potential issues with coordinating home showings or issues with occupancy requirements.  If this isn't a possibility, then it's important that the owner has full cooperation from all parties who'll be impacted during the sale of the multi-family property.

Preparation Is Key When Selling A Multi-Family Home

[caption id="attachment_10458" align="aligncenter" width="450"]Preparation Is Key When Selling A Multi-Family Home Preparation Is Key When Selling A Multi-Family Home[/caption] Preparing a home for sale is critical when selling any type of home, whether it's single family or multi-family.  Since many multi-family properties are purchased as investments, preparing for the sale becomes necessary. One of the most important factors for investors who're looking to buy multi-family homes is the amount of maintenance the home appears to have.  A home that isn't prepared for sale can appear to have more maintenance than it really does. For multi-family property owners who're attempting to prepare and sell a home on a budget, it can be done by tending to a few key areas of the property.  Below are a few of the areas and items that should be prepared prior to listing a multi-family for sale.
  1. Curb Appeal - Simply tending to the exterior curb appeal of a multi-family home can go a long way.  Trimming bushes/shrubs and making sure any flower beds are a couple tips for improving the curb appeal of the property.
  2. Clean Up Common Areas - Depending on the multi-unit, there maybe some common areas, such as laundry or a vestibule.  It's important that all common areas in the property are cleaned up and portray extra maintenance.
  3. Parking Areas - If the property has designated parking areas or garage spaces, making sure these are well defined and in good condition is critical.  If there is an off street parking area, a simple seal of the driveway can go a long way and doesn't cost a ton of extra money.
  4. Doors & Locks - All doors and locks within the multi-family property need to be working well.  It's not a good reflection of a property when the locks are difficult to use and a showing agent is struggling to access the units within the property.
  When selling a multi-family home, it's extremely important that it's prepared for the market.  Not doing so can make or break whether the property sells and also it can impact an owners bottom line.

Hire An Agent Who Has Experience Selling Multi-Family Homes

Hiring a top real estate agent, with experience, is extremely important when selling any type of property.  For example, when selling a waterfront property, hiring an agent who primarily sells mobile homes in a park wouldn't be the best idea. It's critical when selling a multi-family home that a Realtor® who has experience selling multi-family homes is hired.  To help ensure an agent who has experience selling multi-family homes is hired, there are certain questions to ask Realtors® during interviews.
  1. How do you handle showings when a property is tenant occupied?
  2. How much notice do you provide?
  3. In the past, how have you handled uncooperative tenants?
  4. Can you provide the contact information of the previous owner who you represented during a recent multi-family sale?
  Asking the right questions during an interview can greatly improve the chances an agent who has experience selling multi-family homes is hired. Not only is it important to make sure the agent has experience selling a multi-family home but it's equally as important to make sure they know how to effectively market a home.  Since the majority of home buyers are finding the home they eventually purchase on the internet, it's critical the agent knows how to reach potential buyers. This is done by using the best real estate marketing strategies.  Marketing strategies such as using social media, optimizing their website to be found in searches, and using high quality photography and videos are a few ways top real estate agents are marketing their clients homes to potential buyers.

Have Important Documents Ready

[caption id="attachment_10460" align="aligncenter" width="450"]Have Important Documents Ready When Selling A Multi-Family Home! Have Important Documents Ready When Selling A Multi-Family Home![/caption] There are certain things to know before selling a home, regardless if it's a single family or multi family home.  It's helpful that before listing a home for sale that important documents are readily accessible for potential buyers. Documents that should be readily accessible, whether selling a multi-family home or not, include documentation relating to roof age or warranties, the age of the homes HVAC systems, and any receipts of remodeling projects that have been completed. One of the most important features that today's home buyers are looking for in a home are updated and newer mechanics, such as roofs and HVAC systems.  Home sellers who have records and receipts showing the ages of these components give themselves a huge advantage. When selling a multi-family home, it's very important to have financial documents readily available for prospective buyers.  Since multi-family homes are often purchased as an investment, having the financial documents available can be extremely helpful for potential buyers. The most important financial document that should be readily available when selling a multi-family home is the yearly net operating figures.  This document shows a potential buyer the income from monthly rents and subtracts out the expenses of the property, such as yearly homeowners insurance, yearly refuse, yearly water usage, and any repairs that have been completed recently.

Complete Inspections Prior To Listing The Property

Many municipalities require that a certificate of occupancy, also known as a C of O, is renewed when a multi-family property is being sold to a new owner.  It's highly recommended that prior to listing a multi-family property that any inspections are completed beforehand. If your local municipality requires a new C of O prior to the property being transferred to a new owner, have the inspection completed prior to listing can reduce the chances that the real estate closing is delayed.  If you're unsure if a new C of O is required prior to the property being transferred, you can contact your local municipality to find out. Recently while selling a multi-family property in Rochester NY, the property owner decided to wait until after a contract was received to complete the required C of O inspection.  The City was backlogged on inspections and the inspection date had to be scheduled a month out, which ultimately delayed the closing of the property.  This could've been avoided if the C of O inspection was completed prior to listing the property. Another inspection to consider completing prior to listing a multi-family property is a general home inspection.  There are lots of reasons to have a pre-listing inspection when selling a home.  The number one reason having a pre-listing inspection prior to putting a home on the market is that it provides a homeowner the opportunity to rectify issues that a home inspector may find. Since the majority of home buyers elect to have a home inspection and some buyers can get scared away from a home because of the inspection results, having one completed prior to listing is a very good idea.  Homeowners who decide to not have a pre-listing inspection often end up regretting their decision if a buyer is scared away from their property.

Final Thoughts On Selling A Multi-Family Home

As you can see, selling a multi-family home is much different than selling a single family home.  Even though selling a multi-family home is generally more complex, that doesn't mean that it has to be impossible.  By following the 5 tips discussed above, multi-family property owners put themselves in a much better position to experience a smooth and successful sale.

Other Top Resources For Selling A Multi-Family Home

Do you own a multi-family property in Rochester?  If so and you're thinking about selling your multi-family property, the above 5 tips should be extremely helpful.  If you don't have a real estate agent in Rochester yet, call or text me at 585-704-7095, and I'd be happy to discuss the sale of your multi-family home!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "5 Important Tips For Selling A Multi-Family Home" was written by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group.  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> First Time Home Buyer Programs In Rochester NY &#8211; Updated January 2025 https://www.rochesterrealestateblog.com/first-time-home-buyer-programs/ Tue, 24 Jan 2017 12:40:24 +0000 Kyle Hiscock http://rochesterrealestateblog.com/?p=580 How To Sell A Multi-Family Property [caption id="attachment_10457" align="aligncenter" width="450"]5 Important Tips For Selling A Multi-Family Home 5 Important Tips For Selling A Multi-Family Home[/caption] Selling a multi-family home is substantially more complex than selling a single family home.  One of the top reasons why selling a multi-family is generally more complex is because it typically involves more people than just the one owner of a single family home. When selling a multi-family property the probability that you're involving 6-12 people is high.  Depending on the number of units in a multi-family property, you may only be dealing with a couple families or a dozen families. There are certain rules, regulations, and laws that multi-family property owners must be aware of and also abide by.  These rules, regulations, and laws will vary from city to city and state to state. It's highly recommended that prior to selling a multi-family home that you consult with an attorney to make sure you're not going to put yourself in a situation where you could be sued.  Not being aware of rules, regulations, and local laws is one of the top home selling mistakes made by multi-family property owners. Read on to find out what the top 5 tips for selling a multi-family home are.  Multi-family property owners who follow the below tips will put themselves in an excellent position to get their property sold, while avoiding potential issues or roadblocks.

Review Leases, Occupancy, & Tenant Rights

Before listing a multi-family home for sale, it's vital to review all leases and the occupancy for each unit.  As mentioned above, multi-family property owners can get themselves in trouble if they're not careful.  It's important to always keep in mind tenant rights when selling a multi-family home. There are a few frequently asked questions from home buyers that multi-family property owners will be asked during the sale process.  By reviewing the current leases and occupancy of each unit, multi-family property owners will be able to answer these questions accurately.  Below are a couple of the top questions asked by buyers who're looking to purchase a multi-family home.
  1. What are the terms of any/all leases?
  2. What are the rent amounts for each unit?
  3. What's included in the rent for each unit?
  4. Are there security deposits being held?
  5. Are the rents able to be subsidized by Government assistance?
  Reviewing the leases and occupancy for each unit can also help determine whether or not to sell the property while it's being occupied by tenants.  Selling a home with tenants can be tricky and it can also bring other potential issues into the equation. For example, if a multi-family home is being sold while tenant occupied and the leases are for an extended period of time, it potentially can eliminate a large number of potential buyers who're looking to buy a multi-family home and plan on, or need to, occupy one of the units.  One of the disadvantages of a VA home loan or FHA loan is that the property must be occupied by the buyer, so if a buyer is planning on utilizing one of these mortgage products, they wouldn't be able to purchase a tenant occupied multi-family home. Selling a multi-family home is easiest and most successful if it's unoccupied.  This eliminates potential issues with coordinating home showings or issues with occupancy requirements.  If this isn't a possibility, then it's important that the owner has full cooperation from all parties who'll be impacted during the sale of the multi-family property.

Preparation Is Key When Selling A Multi-Family Home

[caption id="attachment_10458" align="aligncenter" width="450"]Preparation Is Key When Selling A Multi-Family Home Preparation Is Key When Selling A Multi-Family Home[/caption] Preparing a home for sale is critical when selling any type of home, whether it's single family or multi-family.  Since many multi-family properties are purchased as investments, preparing for the sale becomes necessary. One of the most important factors for investors who're looking to buy multi-family homes is the amount of maintenance the home appears to have.  A home that isn't prepared for sale can appear to have more maintenance than it really does. For multi-family property owners who're attempting to prepare and sell a home on a budget, it can be done by tending to a few key areas of the property.  Below are a few of the areas and items that should be prepared prior to listing a multi-family for sale.
  1. Curb Appeal - Simply tending to the exterior curb appeal of a multi-family home can go a long way.  Trimming bushes/shrubs and making sure any flower beds are a couple tips for improving the curb appeal of the property.
  2. Clean Up Common Areas - Depending on the multi-unit, there maybe some common areas, such as laundry or a vestibule.  It's important that all common areas in the property are cleaned up and portray extra maintenance.
  3. Parking Areas - If the property has designated parking areas or garage spaces, making sure these are well defined and in good condition is critical.  If there is an off street parking area, a simple seal of the driveway can go a long way and doesn't cost a ton of extra money.
  4. Doors & Locks - All doors and locks within the multi-family property need to be working well.  It's not a good reflection of a property when the locks are difficult to use and a showing agent is struggling to access the units within the property.
  When selling a multi-family home, it's extremely important that it's prepared for the market.  Not doing so can make or break whether the property sells and also it can impact an owners bottom line.

Hire An Agent Who Has Experience Selling Multi-Family Homes

Hiring a top real estate agent, with experience, is extremely important when selling any type of property.  For example, when selling a waterfront property, hiring an agent who primarily sells mobile homes in a park wouldn't be the best idea. It's critical when selling a multi-family home that a Realtor® who has experience selling multi-family homes is hired.  To help ensure an agent who has experience selling multi-family homes is hired, there are certain questions to ask Realtors® during interviews.
  1. How do you handle showings when a property is tenant occupied?
  2. How much notice do you provide?
  3. In the past, how have you handled uncooperative tenants?
  4. Can you provide the contact information of the previous owner who you represented during a recent multi-family sale?
  Asking the right questions during an interview can greatly improve the chances an agent who has experience selling multi-family homes is hired. Not only is it important to make sure the agent has experience selling a multi-family home but it's equally as important to make sure they know how to effectively market a home.  Since the majority of home buyers are finding the home they eventually purchase on the internet, it's critical the agent knows how to reach potential buyers. This is done by using the best real estate marketing strategies.  Marketing strategies such as using social media, optimizing their website to be found in searches, and using high quality photography and videos are a few ways top real estate agents are marketing their clients homes to potential buyers.

Have Important Documents Ready

[caption id="attachment_10460" align="aligncenter" width="450"]Have Important Documents Ready When Selling A Multi-Family Home! Have Important Documents Ready When Selling A Multi-Family Home![/caption] There are certain things to know before selling a home, regardless if it's a single family or multi family home.  It's helpful that before listing a home for sale that important documents are readily accessible for potential buyers. Documents that should be readily accessible, whether selling a multi-family home or not, include documentation relating to roof age or warranties, the age of the homes HVAC systems, and any receipts of remodeling projects that have been completed. One of the most important features that today's home buyers are looking for in a home are updated and newer mechanics, such as roofs and HVAC systems.  Home sellers who have records and receipts showing the ages of these components give themselves a huge advantage. When selling a multi-family home, it's very important to have financial documents readily available for prospective buyers.  Since multi-family homes are often purchased as an investment, having the financial documents available can be extremely helpful for potential buyers. The most important financial document that should be readily available when selling a multi-family home is the yearly net operating figures.  This document shows a potential buyer the income from monthly rents and subtracts out the expenses of the property, such as yearly homeowners insurance, yearly refuse, yearly water usage, and any repairs that have been completed recently.

Complete Inspections Prior To Listing The Property

Many municipalities require that a certificate of occupancy, also known as a C of O, is renewed when a multi-family property is being sold to a new owner.  It's highly recommended that prior to listing a multi-family property that any inspections are completed beforehand. If your local municipality requires a new C of O prior to the property being transferred to a new owner, have the inspection completed prior to listing can reduce the chances that the real estate closing is delayed.  If you're unsure if a new C of O is required prior to the property being transferred, you can contact your local municipality to find out. Recently while selling a multi-family property in Rochester NY, the property owner decided to wait until after a contract was received to complete the required C of O inspection.  The City was backlogged on inspections and the inspection date had to be scheduled a month out, which ultimately delayed the closing of the property.  This could've been avoided if the C of O inspection was completed prior to listing the property. Another inspection to consider completing prior to listing a multi-family property is a general home inspection.  There are lots of reasons to have a pre-listing inspection when selling a home.  The number one reason having a pre-listing inspection prior to putting a home on the market is that it provides a homeowner the opportunity to rectify issues that a home inspector may find. Since the majority of home buyers elect to have a home inspection and some buyers can get scared away from a home because of the inspection results, having one completed prior to listing is a very good idea.  Homeowners who decide to not have a pre-listing inspection often end up regretting their decision if a buyer is scared away from their property.

Final Thoughts On Selling A Multi-Family Home

As you can see, selling a multi-family home is much different than selling a single family home.  Even though selling a multi-family home is generally more complex, that doesn't mean that it has to be impossible.  By following the 5 tips discussed above, multi-family property owners put themselves in a much better position to experience a smooth and successful sale.

Other Top Resources For Selling A Multi-Family Home

Do you own a multi-family property in Rochester?  If so and you're thinking about selling your multi-family property, the above 5 tips should be extremely helpful.  If you don't have a real estate agent in Rochester yet, call or text me at 585-704-7095, and I'd be happy to discuss the sale of your multi-family home!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "5 Important Tips For Selling A Multi-Family Home" was written by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group.  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> How New Doors &#038; Windows Can Boost Your Home Value https://www.rochesterrealestateblog.com/how-new-doors-windows-boost-your-home-value/ Tue, 24 Jan 2017 12:40:24 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=13643 How To Sell A Multi-Family Property [caption id="attachment_10457" align="aligncenter" width="450"]5 Important Tips For Selling A Multi-Family Home 5 Important Tips For Selling A Multi-Family Home[/caption] Selling a multi-family home is substantially more complex than selling a single family home.  One of the top reasons why selling a multi-family is generally more complex is because it typically involves more people than just the one owner of a single family home. When selling a multi-family property the probability that you're involving 6-12 people is high.  Depending on the number of units in a multi-family property, you may only be dealing with a couple families or a dozen families. There are certain rules, regulations, and laws that multi-family property owners must be aware of and also abide by.  These rules, regulations, and laws will vary from city to city and state to state. It's highly recommended that prior to selling a multi-family home that you consult with an attorney to make sure you're not going to put yourself in a situation where you could be sued.  Not being aware of rules, regulations, and local laws is one of the top home selling mistakes made by multi-family property owners. Read on to find out what the top 5 tips for selling a multi-family home are.  Multi-family property owners who follow the below tips will put themselves in an excellent position to get their property sold, while avoiding potential issues or roadblocks.

Review Leases, Occupancy, & Tenant Rights

Before listing a multi-family home for sale, it's vital to review all leases and the occupancy for each unit.  As mentioned above, multi-family property owners can get themselves in trouble if they're not careful.  It's important to always keep in mind tenant rights when selling a multi-family home. There are a few frequently asked questions from home buyers that multi-family property owners will be asked during the sale process.  By reviewing the current leases and occupancy of each unit, multi-family property owners will be able to answer these questions accurately.  Below are a couple of the top questions asked by buyers who're looking to purchase a multi-family home.
  1. What are the terms of any/all leases?
  2. What are the rent amounts for each unit?
  3. What's included in the rent for each unit?
  4. Are there security deposits being held?
  5. Are the rents able to be subsidized by Government assistance?
  Reviewing the leases and occupancy for each unit can also help determine whether or not to sell the property while it's being occupied by tenants.  Selling a home with tenants can be tricky and it can also bring other potential issues into the equation. For example, if a multi-family home is being sold while tenant occupied and the leases are for an extended period of time, it potentially can eliminate a large number of potential buyers who're looking to buy a multi-family home and plan on, or need to, occupy one of the units.  One of the disadvantages of a VA home loan or FHA loan is that the property must be occupied by the buyer, so if a buyer is planning on utilizing one of these mortgage products, they wouldn't be able to purchase a tenant occupied multi-family home. Selling a multi-family home is easiest and most successful if it's unoccupied.  This eliminates potential issues with coordinating home showings or issues with occupancy requirements.  If this isn't a possibility, then it's important that the owner has full cooperation from all parties who'll be impacted during the sale of the multi-family property.

Preparation Is Key When Selling A Multi-Family Home

[caption id="attachment_10458" align="aligncenter" width="450"]Preparation Is Key When Selling A Multi-Family Home Preparation Is Key When Selling A Multi-Family Home[/caption] Preparing a home for sale is critical when selling any type of home, whether it's single family or multi-family.  Since many multi-family properties are purchased as investments, preparing for the sale becomes necessary. One of the most important factors for investors who're looking to buy multi-family homes is the amount of maintenance the home appears to have.  A home that isn't prepared for sale can appear to have more maintenance than it really does. For multi-family property owners who're attempting to prepare and sell a home on a budget, it can be done by tending to a few key areas of the property.  Below are a few of the areas and items that should be prepared prior to listing a multi-family for sale.
  1. Curb Appeal - Simply tending to the exterior curb appeal of a multi-family home can go a long way.  Trimming bushes/shrubs and making sure any flower beds are a couple tips for improving the curb appeal of the property.
  2. Clean Up Common Areas - Depending on the multi-unit, there maybe some common areas, such as laundry or a vestibule.  It's important that all common areas in the property are cleaned up and portray extra maintenance.
  3. Parking Areas - If the property has designated parking areas or garage spaces, making sure these are well defined and in good condition is critical.  If there is an off street parking area, a simple seal of the driveway can go a long way and doesn't cost a ton of extra money.
  4. Doors & Locks - All doors and locks within the multi-family property need to be working well.  It's not a good reflection of a property when the locks are difficult to use and a showing agent is struggling to access the units within the property.
  When selling a multi-family home, it's extremely important that it's prepared for the market.  Not doing so can make or break whether the property sells and also it can impact an owners bottom line.

Hire An Agent Who Has Experience Selling Multi-Family Homes

Hiring a top real estate agent, with experience, is extremely important when selling any type of property.  For example, when selling a waterfront property, hiring an agent who primarily sells mobile homes in a park wouldn't be the best idea. It's critical when selling a multi-family home that a Realtor® who has experience selling multi-family homes is hired.  To help ensure an agent who has experience selling multi-family homes is hired, there are certain questions to ask Realtors® during interviews.
  1. How do you handle showings when a property is tenant occupied?
  2. How much notice do you provide?
  3. In the past, how have you handled uncooperative tenants?
  4. Can you provide the contact information of the previous owner who you represented during a recent multi-family sale?
  Asking the right questions during an interview can greatly improve the chances an agent who has experience selling multi-family homes is hired. Not only is it important to make sure the agent has experience selling a multi-family home but it's equally as important to make sure they know how to effectively market a home.  Since the majority of home buyers are finding the home they eventually purchase on the internet, it's critical the agent knows how to reach potential buyers. This is done by using the best real estate marketing strategies.  Marketing strategies such as using social media, optimizing their website to be found in searches, and using high quality photography and videos are a few ways top real estate agents are marketing their clients homes to potential buyers.

Have Important Documents Ready

[caption id="attachment_10460" align="aligncenter" width="450"]Have Important Documents Ready When Selling A Multi-Family Home! Have Important Documents Ready When Selling A Multi-Family Home![/caption] There are certain things to know before selling a home, regardless if it's a single family or multi family home.  It's helpful that before listing a home for sale that important documents are readily accessible for potential buyers. Documents that should be readily accessible, whether selling a multi-family home or not, include documentation relating to roof age or warranties, the age of the homes HVAC systems, and any receipts of remodeling projects that have been completed. One of the most important features that today's home buyers are looking for in a home are updated and newer mechanics, such as roofs and HVAC systems.  Home sellers who have records and receipts showing the ages of these components give themselves a huge advantage. When selling a multi-family home, it's very important to have financial documents readily available for prospective buyers.  Since multi-family homes are often purchased as an investment, having the financial documents available can be extremely helpful for potential buyers. The most important financial document that should be readily available when selling a multi-family home is the yearly net operating figures.  This document shows a potential buyer the income from monthly rents and subtracts out the expenses of the property, such as yearly homeowners insurance, yearly refuse, yearly water usage, and any repairs that have been completed recently.

Complete Inspections Prior To Listing The Property

Many municipalities require that a certificate of occupancy, also known as a C of O, is renewed when a multi-family property is being sold to a new owner.  It's highly recommended that prior to listing a multi-family property that any inspections are completed beforehand. If your local municipality requires a new C of O prior to the property being transferred to a new owner, have the inspection completed prior to listing can reduce the chances that the real estate closing is delayed.  If you're unsure if a new C of O is required prior to the property being transferred, you can contact your local municipality to find out. Recently while selling a multi-family property in Rochester NY, the property owner decided to wait until after a contract was received to complete the required C of O inspection.  The City was backlogged on inspections and the inspection date had to be scheduled a month out, which ultimately delayed the closing of the property.  This could've been avoided if the C of O inspection was completed prior to listing the property. Another inspection to consider completing prior to listing a multi-family property is a general home inspection.  There are lots of reasons to have a pre-listing inspection when selling a home.  The number one reason having a pre-listing inspection prior to putting a home on the market is that it provides a homeowner the opportunity to rectify issues that a home inspector may find. Since the majority of home buyers elect to have a home inspection and some buyers can get scared away from a home because of the inspection results, having one completed prior to listing is a very good idea.  Homeowners who decide to not have a pre-listing inspection often end up regretting their decision if a buyer is scared away from their property.

Final Thoughts On Selling A Multi-Family Home

As you can see, selling a multi-family home is much different than selling a single family home.  Even though selling a multi-family home is generally more complex, that doesn't mean that it has to be impossible.  By following the 5 tips discussed above, multi-family property owners put themselves in a much better position to experience a smooth and successful sale.

Other Top Resources For Selling A Multi-Family Home

Do you own a multi-family property in Rochester?  If so and you're thinking about selling your multi-family property, the above 5 tips should be extremely helpful.  If you don't have a real estate agent in Rochester yet, call or text me at 585-704-7095, and I'd be happy to discuss the sale of your multi-family home!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "5 Important Tips For Selling A Multi-Family Home" was written by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group.  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Top 5 Things To Know When Flipping Your First House https://www.rochesterrealestateblog.com/5-things-to-know-when-flipping-your-first-house/ Tue, 24 Jan 2017 12:40:24 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=13574 How To Sell A Multi-Family Property [caption id="attachment_10457" align="aligncenter" width="450"]5 Important Tips For Selling A Multi-Family Home 5 Important Tips For Selling A Multi-Family Home[/caption] Selling a multi-family home is substantially more complex than selling a single family home.  One of the top reasons why selling a multi-family is generally more complex is because it typically involves more people than just the one owner of a single family home. When selling a multi-family property the probability that you're involving 6-12 people is high.  Depending on the number of units in a multi-family property, you may only be dealing with a couple families or a dozen families. There are certain rules, regulations, and laws that multi-family property owners must be aware of and also abide by.  These rules, regulations, and laws will vary from city to city and state to state. It's highly recommended that prior to selling a multi-family home that you consult with an attorney to make sure you're not going to put yourself in a situation where you could be sued.  Not being aware of rules, regulations, and local laws is one of the top home selling mistakes made by multi-family property owners. Read on to find out what the top 5 tips for selling a multi-family home are.  Multi-family property owners who follow the below tips will put themselves in an excellent position to get their property sold, while avoiding potential issues or roadblocks.

Review Leases, Occupancy, & Tenant Rights

Before listing a multi-family home for sale, it's vital to review all leases and the occupancy for each unit.  As mentioned above, multi-family property owners can get themselves in trouble if they're not careful.  It's important to always keep in mind tenant rights when selling a multi-family home. There are a few frequently asked questions from home buyers that multi-family property owners will be asked during the sale process.  By reviewing the current leases and occupancy of each unit, multi-family property owners will be able to answer these questions accurately.  Below are a couple of the top questions asked by buyers who're looking to purchase a multi-family home.
  1. What are the terms of any/all leases?
  2. What are the rent amounts for each unit?
  3. What's included in the rent for each unit?
  4. Are there security deposits being held?
  5. Are the rents able to be subsidized by Government assistance?
  Reviewing the leases and occupancy for each unit can also help determine whether or not to sell the property while it's being occupied by tenants.  Selling a home with tenants can be tricky and it can also bring other potential issues into the equation. For example, if a multi-family home is being sold while tenant occupied and the leases are for an extended period of time, it potentially can eliminate a large number of potential buyers who're looking to buy a multi-family home and plan on, or need to, occupy one of the units.  One of the disadvantages of a VA home loan or FHA loan is that the property must be occupied by the buyer, so if a buyer is planning on utilizing one of these mortgage products, they wouldn't be able to purchase a tenant occupied multi-family home. Selling a multi-family home is easiest and most successful if it's unoccupied.  This eliminates potential issues with coordinating home showings or issues with occupancy requirements.  If this isn't a possibility, then it's important that the owner has full cooperation from all parties who'll be impacted during the sale of the multi-family property.

Preparation Is Key When Selling A Multi-Family Home

[caption id="attachment_10458" align="aligncenter" width="450"]Preparation Is Key When Selling A Multi-Family Home Preparation Is Key When Selling A Multi-Family Home[/caption] Preparing a home for sale is critical when selling any type of home, whether it's single family or multi-family.  Since many multi-family properties are purchased as investments, preparing for the sale becomes necessary. One of the most important factors for investors who're looking to buy multi-family homes is the amount of maintenance the home appears to have.  A home that isn't prepared for sale can appear to have more maintenance than it really does. For multi-family property owners who're attempting to prepare and sell a home on a budget, it can be done by tending to a few key areas of the property.  Below are a few of the areas and items that should be prepared prior to listing a multi-family for sale.
  1. Curb Appeal - Simply tending to the exterior curb appeal of a multi-family home can go a long way.  Trimming bushes/shrubs and making sure any flower beds are a couple tips for improving the curb appeal of the property.
  2. Clean Up Common Areas - Depending on the multi-unit, there maybe some common areas, such as laundry or a vestibule.  It's important that all common areas in the property are cleaned up and portray extra maintenance.
  3. Parking Areas - If the property has designated parking areas or garage spaces, making sure these are well defined and in good condition is critical.  If there is an off street parking area, a simple seal of the driveway can go a long way and doesn't cost a ton of extra money.
  4. Doors & Locks - All doors and locks within the multi-family property need to be working well.  It's not a good reflection of a property when the locks are difficult to use and a showing agent is struggling to access the units within the property.
  When selling a multi-family home, it's extremely important that it's prepared for the market.  Not doing so can make or break whether the property sells and also it can impact an owners bottom line.

Hire An Agent Who Has Experience Selling Multi-Family Homes

Hiring a top real estate agent, with experience, is extremely important when selling any type of property.  For example, when selling a waterfront property, hiring an agent who primarily sells mobile homes in a park wouldn't be the best idea. It's critical when selling a multi-family home that a Realtor® who has experience selling multi-family homes is hired.  To help ensure an agent who has experience selling multi-family homes is hired, there are certain questions to ask Realtors® during interviews.
  1. How do you handle showings when a property is tenant occupied?
  2. How much notice do you provide?
  3. In the past, how have you handled uncooperative tenants?
  4. Can you provide the contact information of the previous owner who you represented during a recent multi-family sale?
  Asking the right questions during an interview can greatly improve the chances an agent who has experience selling multi-family homes is hired. Not only is it important to make sure the agent has experience selling a multi-family home but it's equally as important to make sure they know how to effectively market a home.  Since the majority of home buyers are finding the home they eventually purchase on the internet, it's critical the agent knows how to reach potential buyers. This is done by using the best real estate marketing strategies.  Marketing strategies such as using social media, optimizing their website to be found in searches, and using high quality photography and videos are a few ways top real estate agents are marketing their clients homes to potential buyers.

Have Important Documents Ready

[caption id="attachment_10460" align="aligncenter" width="450"]Have Important Documents Ready When Selling A Multi-Family Home! Have Important Documents Ready When Selling A Multi-Family Home![/caption] There are certain things to know before selling a home, regardless if it's a single family or multi family home.  It's helpful that before listing a home for sale that important documents are readily accessible for potential buyers. Documents that should be readily accessible, whether selling a multi-family home or not, include documentation relating to roof age or warranties, the age of the homes HVAC systems, and any receipts of remodeling projects that have been completed. One of the most important features that today's home buyers are looking for in a home are updated and newer mechanics, such as roofs and HVAC systems.  Home sellers who have records and receipts showing the ages of these components give themselves a huge advantage. When selling a multi-family home, it's very important to have financial documents readily available for prospective buyers.  Since multi-family homes are often purchased as an investment, having the financial documents available can be extremely helpful for potential buyers. The most important financial document that should be readily available when selling a multi-family home is the yearly net operating figures.  This document shows a potential buyer the income from monthly rents and subtracts out the expenses of the property, such as yearly homeowners insurance, yearly refuse, yearly water usage, and any repairs that have been completed recently.

Complete Inspections Prior To Listing The Property

Many municipalities require that a certificate of occupancy, also known as a C of O, is renewed when a multi-family property is being sold to a new owner.  It's highly recommended that prior to listing a multi-family property that any inspections are completed beforehand. If your local municipality requires a new C of O prior to the property being transferred to a new owner, have the inspection completed prior to listing can reduce the chances that the real estate closing is delayed.  If you're unsure if a new C of O is required prior to the property being transferred, you can contact your local municipality to find out. Recently while selling a multi-family property in Rochester NY, the property owner decided to wait until after a contract was received to complete the required C of O inspection.  The City was backlogged on inspections and the inspection date had to be scheduled a month out, which ultimately delayed the closing of the property.  This could've been avoided if the C of O inspection was completed prior to listing the property. Another inspection to consider completing prior to listing a multi-family property is a general home inspection.  There are lots of reasons to have a pre-listing inspection when selling a home.  The number one reason having a pre-listing inspection prior to putting a home on the market is that it provides a homeowner the opportunity to rectify issues that a home inspector may find. Since the majority of home buyers elect to have a home inspection and some buyers can get scared away from a home because of the inspection results, having one completed prior to listing is a very good idea.  Homeowners who decide to not have a pre-listing inspection often end up regretting their decision if a buyer is scared away from their property.

Final Thoughts On Selling A Multi-Family Home

As you can see, selling a multi-family home is much different than selling a single family home.  Even though selling a multi-family home is generally more complex, that doesn't mean that it has to be impossible.  By following the 5 tips discussed above, multi-family property owners put themselves in a much better position to experience a smooth and successful sale.

Other Top Resources For Selling A Multi-Family Home

Do you own a multi-family property in Rochester?  If so and you're thinking about selling your multi-family property, the above 5 tips should be extremely helpful.  If you don't have a real estate agent in Rochester yet, call or text me at 585-704-7095, and I'd be happy to discuss the sale of your multi-family home!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "5 Important Tips For Selling A Multi-Family Home" was written by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group.  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> What Are The Best Mortgage Options for Self Employed Borrowers? https://www.rochesterrealestateblog.com/mortgage-options-for-self-employed-borrowers/ Tue, 24 Jan 2017 12:40:24 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=13450 How To Sell A Multi-Family Property [caption id="attachment_10457" align="aligncenter" width="450"]5 Important Tips For Selling A Multi-Family Home 5 Important Tips For Selling A Multi-Family Home[/caption] Selling a multi-family home is substantially more complex than selling a single family home.  One of the top reasons why selling a multi-family is generally more complex is because it typically involves more people than just the one owner of a single family home. When selling a multi-family property the probability that you're involving 6-12 people is high.  Depending on the number of units in a multi-family property, you may only be dealing with a couple families or a dozen families. There are certain rules, regulations, and laws that multi-family property owners must be aware of and also abide by.  These rules, regulations, and laws will vary from city to city and state to state. It's highly recommended that prior to selling a multi-family home that you consult with an attorney to make sure you're not going to put yourself in a situation where you could be sued.  Not being aware of rules, regulations, and local laws is one of the top home selling mistakes made by multi-family property owners. Read on to find out what the top 5 tips for selling a multi-family home are.  Multi-family property owners who follow the below tips will put themselves in an excellent position to get their property sold, while avoiding potential issues or roadblocks.

Review Leases, Occupancy, & Tenant Rights

Before listing a multi-family home for sale, it's vital to review all leases and the occupancy for each unit.  As mentioned above, multi-family property owners can get themselves in trouble if they're not careful.  It's important to always keep in mind tenant rights when selling a multi-family home. There are a few frequently asked questions from home buyers that multi-family property owners will be asked during the sale process.  By reviewing the current leases and occupancy of each unit, multi-family property owners will be able to answer these questions accurately.  Below are a couple of the top questions asked by buyers who're looking to purchase a multi-family home.
  1. What are the terms of any/all leases?
  2. What are the rent amounts for each unit?
  3. What's included in the rent for each unit?
  4. Are there security deposits being held?
  5. Are the rents able to be subsidized by Government assistance?
  Reviewing the leases and occupancy for each unit can also help determine whether or not to sell the property while it's being occupied by tenants.  Selling a home with tenants can be tricky and it can also bring other potential issues into the equation. For example, if a multi-family home is being sold while tenant occupied and the leases are for an extended period of time, it potentially can eliminate a large number of potential buyers who're looking to buy a multi-family home and plan on, or need to, occupy one of the units.  One of the disadvantages of a VA home loan or FHA loan is that the property must be occupied by the buyer, so if a buyer is planning on utilizing one of these mortgage products, they wouldn't be able to purchase a tenant occupied multi-family home. Selling a multi-family home is easiest and most successful if it's unoccupied.  This eliminates potential issues with coordinating home showings or issues with occupancy requirements.  If this isn't a possibility, then it's important that the owner has full cooperation from all parties who'll be impacted during the sale of the multi-family property.

Preparation Is Key When Selling A Multi-Family Home

[caption id="attachment_10458" align="aligncenter" width="450"]Preparation Is Key When Selling A Multi-Family Home Preparation Is Key When Selling A Multi-Family Home[/caption] Preparing a home for sale is critical when selling any type of home, whether it's single family or multi-family.  Since many multi-family properties are purchased as investments, preparing for the sale becomes necessary. One of the most important factors for investors who're looking to buy multi-family homes is the amount of maintenance the home appears to have.  A home that isn't prepared for sale can appear to have more maintenance than it really does. For multi-family property owners who're attempting to prepare and sell a home on a budget, it can be done by tending to a few key areas of the property.  Below are a few of the areas and items that should be prepared prior to listing a multi-family for sale.
  1. Curb Appeal - Simply tending to the exterior curb appeal of a multi-family home can go a long way.  Trimming bushes/shrubs and making sure any flower beds are a couple tips for improving the curb appeal of the property.
  2. Clean Up Common Areas - Depending on the multi-unit, there maybe some common areas, such as laundry or a vestibule.  It's important that all common areas in the property are cleaned up and portray extra maintenance.
  3. Parking Areas - If the property has designated parking areas or garage spaces, making sure these are well defined and in good condition is critical.  If there is an off street parking area, a simple seal of the driveway can go a long way and doesn't cost a ton of extra money.
  4. Doors & Locks - All doors and locks within the multi-family property need to be working well.  It's not a good reflection of a property when the locks are difficult to use and a showing agent is struggling to access the units within the property.
  When selling a multi-family home, it's extremely important that it's prepared for the market.  Not doing so can make or break whether the property sells and also it can impact an owners bottom line.

Hire An Agent Who Has Experience Selling Multi-Family Homes

Hiring a top real estate agent, with experience, is extremely important when selling any type of property.  For example, when selling a waterfront property, hiring an agent who primarily sells mobile homes in a park wouldn't be the best idea. It's critical when selling a multi-family home that a Realtor® who has experience selling multi-family homes is hired.  To help ensure an agent who has experience selling multi-family homes is hired, there are certain questions to ask Realtors® during interviews.
  1. How do you handle showings when a property is tenant occupied?
  2. How much notice do you provide?
  3. In the past, how have you handled uncooperative tenants?
  4. Can you provide the contact information of the previous owner who you represented during a recent multi-family sale?
  Asking the right questions during an interview can greatly improve the chances an agent who has experience selling multi-family homes is hired. Not only is it important to make sure the agent has experience selling a multi-family home but it's equally as important to make sure they know how to effectively market a home.  Since the majority of home buyers are finding the home they eventually purchase on the internet, it's critical the agent knows how to reach potential buyers. This is done by using the best real estate marketing strategies.  Marketing strategies such as using social media, optimizing their website to be found in searches, and using high quality photography and videos are a few ways top real estate agents are marketing their clients homes to potential buyers.

Have Important Documents Ready

[caption id="attachment_10460" align="aligncenter" width="450"]Have Important Documents Ready When Selling A Multi-Family Home! Have Important Documents Ready When Selling A Multi-Family Home![/caption] There are certain things to know before selling a home, regardless if it's a single family or multi family home.  It's helpful that before listing a home for sale that important documents are readily accessible for potential buyers. Documents that should be readily accessible, whether selling a multi-family home or not, include documentation relating to roof age or warranties, the age of the homes HVAC systems, and any receipts of remodeling projects that have been completed. One of the most important features that today's home buyers are looking for in a home are updated and newer mechanics, such as roofs and HVAC systems.  Home sellers who have records and receipts showing the ages of these components give themselves a huge advantage. When selling a multi-family home, it's very important to have financial documents readily available for prospective buyers.  Since multi-family homes are often purchased as an investment, having the financial documents available can be extremely helpful for potential buyers. The most important financial document that should be readily available when selling a multi-family home is the yearly net operating figures.  This document shows a potential buyer the income from monthly rents and subtracts out the expenses of the property, such as yearly homeowners insurance, yearly refuse, yearly water usage, and any repairs that have been completed recently.

Complete Inspections Prior To Listing The Property

Many municipalities require that a certificate of occupancy, also known as a C of O, is renewed when a multi-family property is being sold to a new owner.  It's highly recommended that prior to listing a multi-family property that any inspections are completed beforehand. If your local municipality requires a new C of O prior to the property being transferred to a new owner, have the inspection completed prior to listing can reduce the chances that the real estate closing is delayed.  If you're unsure if a new C of O is required prior to the property being transferred, you can contact your local municipality to find out. Recently while selling a multi-family property in Rochester NY, the property owner decided to wait until after a contract was received to complete the required C of O inspection.  The City was backlogged on inspections and the inspection date had to be scheduled a month out, which ultimately delayed the closing of the property.  This could've been avoided if the C of O inspection was completed prior to listing the property. Another inspection to consider completing prior to listing a multi-family property is a general home inspection.  There are lots of reasons to have a pre-listing inspection when selling a home.  The number one reason having a pre-listing inspection prior to putting a home on the market is that it provides a homeowner the opportunity to rectify issues that a home inspector may find. Since the majority of home buyers elect to have a home inspection and some buyers can get scared away from a home because of the inspection results, having one completed prior to listing is a very good idea.  Homeowners who decide to not have a pre-listing inspection often end up regretting their decision if a buyer is scared away from their property.

Final Thoughts On Selling A Multi-Family Home

As you can see, selling a multi-family home is much different than selling a single family home.  Even though selling a multi-family home is generally more complex, that doesn't mean that it has to be impossible.  By following the 5 tips discussed above, multi-family property owners put themselves in a much better position to experience a smooth and successful sale.

Other Top Resources For Selling A Multi-Family Home

Do you own a multi-family property in Rochester?  If so and you're thinking about selling your multi-family property, the above 5 tips should be extremely helpful.  If you don't have a real estate agent in Rochester yet, call or text me at 585-704-7095, and I'd be happy to discuss the sale of your multi-family home!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "5 Important Tips For Selling A Multi-Family Home" was written by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group.  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Top 10 Best Places To See Christmas Lights In Rochester NY https://www.rochesterrealestateblog.com/top-10-best-places-see-christmas-lights-rochester-ny/ Tue, 24 Jan 2017 12:40:24 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=10236 How To Sell A Multi-Family Property [caption id="attachment_10457" align="aligncenter" width="450"]5 Important Tips For Selling A Multi-Family Home 5 Important Tips For Selling A Multi-Family Home[/caption] Selling a multi-family home is substantially more complex than selling a single family home.  One of the top reasons why selling a multi-family is generally more complex is because it typically involves more people than just the one owner of a single family home. When selling a multi-family property the probability that you're involving 6-12 people is high.  Depending on the number of units in a multi-family property, you may only be dealing with a couple families or a dozen families. There are certain rules, regulations, and laws that multi-family property owners must be aware of and also abide by.  These rules, regulations, and laws will vary from city to city and state to state. It's highly recommended that prior to selling a multi-family home that you consult with an attorney to make sure you're not going to put yourself in a situation where you could be sued.  Not being aware of rules, regulations, and local laws is one of the top home selling mistakes made by multi-family property owners. Read on to find out what the top 5 tips for selling a multi-family home are.  Multi-family property owners who follow the below tips will put themselves in an excellent position to get their property sold, while avoiding potential issues or roadblocks.

Review Leases, Occupancy, & Tenant Rights

Before listing a multi-family home for sale, it's vital to review all leases and the occupancy for each unit.  As mentioned above, multi-family property owners can get themselves in trouble if they're not careful.  It's important to always keep in mind tenant rights when selling a multi-family home. There are a few frequently asked questions from home buyers that multi-family property owners will be asked during the sale process.  By reviewing the current leases and occupancy of each unit, multi-family property owners will be able to answer these questions accurately.  Below are a couple of the top questions asked by buyers who're looking to purchase a multi-family home.
  1. What are the terms of any/all leases?
  2. What are the rent amounts for each unit?
  3. What's included in the rent for each unit?
  4. Are there security deposits being held?
  5. Are the rents able to be subsidized by Government assistance?
  Reviewing the leases and occupancy for each unit can also help determine whether or not to sell the property while it's being occupied by tenants.  Selling a home with tenants can be tricky and it can also bring other potential issues into the equation. For example, if a multi-family home is being sold while tenant occupied and the leases are for an extended period of time, it potentially can eliminate a large number of potential buyers who're looking to buy a multi-family home and plan on, or need to, occupy one of the units.  One of the disadvantages of a VA home loan or FHA loan is that the property must be occupied by the buyer, so if a buyer is planning on utilizing one of these mortgage products, they wouldn't be able to purchase a tenant occupied multi-family home. Selling a multi-family home is easiest and most successful if it's unoccupied.  This eliminates potential issues with coordinating home showings or issues with occupancy requirements.  If this isn't a possibility, then it's important that the owner has full cooperation from all parties who'll be impacted during the sale of the multi-family property.

Preparation Is Key When Selling A Multi-Family Home

[caption id="attachment_10458" align="aligncenter" width="450"]Preparation Is Key When Selling A Multi-Family Home Preparation Is Key When Selling A Multi-Family Home[/caption] Preparing a home for sale is critical when selling any type of home, whether it's single family or multi-family.  Since many multi-family properties are purchased as investments, preparing for the sale becomes necessary. One of the most important factors for investors who're looking to buy multi-family homes is the amount of maintenance the home appears to have.  A home that isn't prepared for sale can appear to have more maintenance than it really does. For multi-family property owners who're attempting to prepare and sell a home on a budget, it can be done by tending to a few key areas of the property.  Below are a few of the areas and items that should be prepared prior to listing a multi-family for sale.
  1. Curb Appeal - Simply tending to the exterior curb appeal of a multi-family home can go a long way.  Trimming bushes/shrubs and making sure any flower beds are a couple tips for improving the curb appeal of the property.
  2. Clean Up Common Areas - Depending on the multi-unit, there maybe some common areas, such as laundry or a vestibule.  It's important that all common areas in the property are cleaned up and portray extra maintenance.
  3. Parking Areas - If the property has designated parking areas or garage spaces, making sure these are well defined and in good condition is critical.  If there is an off street parking area, a simple seal of the driveway can go a long way and doesn't cost a ton of extra money.
  4. Doors & Locks - All doors and locks within the multi-family property need to be working well.  It's not a good reflection of a property when the locks are difficult to use and a showing agent is struggling to access the units within the property.
  When selling a multi-family home, it's extremely important that it's prepared for the market.  Not doing so can make or break whether the property sells and also it can impact an owners bottom line.

Hire An Agent Who Has Experience Selling Multi-Family Homes

Hiring a top real estate agent, with experience, is extremely important when selling any type of property.  For example, when selling a waterfront property, hiring an agent who primarily sells mobile homes in a park wouldn't be the best idea. It's critical when selling a multi-family home that a Realtor® who has experience selling multi-family homes is hired.  To help ensure an agent who has experience selling multi-family homes is hired, there are certain questions to ask Realtors® during interviews.
  1. How do you handle showings when a property is tenant occupied?
  2. How much notice do you provide?
  3. In the past, how have you handled uncooperative tenants?
  4. Can you provide the contact information of the previous owner who you represented during a recent multi-family sale?
  Asking the right questions during an interview can greatly improve the chances an agent who has experience selling multi-family homes is hired. Not only is it important to make sure the agent has experience selling a multi-family home but it's equally as important to make sure they know how to effectively market a home.  Since the majority of home buyers are finding the home they eventually purchase on the internet, it's critical the agent knows how to reach potential buyers. This is done by using the best real estate marketing strategies.  Marketing strategies such as using social media, optimizing their website to be found in searches, and using high quality photography and videos are a few ways top real estate agents are marketing their clients homes to potential buyers.

Have Important Documents Ready

[caption id="attachment_10460" align="aligncenter" width="450"]Have Important Documents Ready When Selling A Multi-Family Home! Have Important Documents Ready When Selling A Multi-Family Home![/caption] There are certain things to know before selling a home, regardless if it's a single family or multi family home.  It's helpful that before listing a home for sale that important documents are readily accessible for potential buyers. Documents that should be readily accessible, whether selling a multi-family home or not, include documentation relating to roof age or warranties, the age of the homes HVAC systems, and any receipts of remodeling projects that have been completed. One of the most important features that today's home buyers are looking for in a home are updated and newer mechanics, such as roofs and HVAC systems.  Home sellers who have records and receipts showing the ages of these components give themselves a huge advantage. When selling a multi-family home, it's very important to have financial documents readily available for prospective buyers.  Since multi-family homes are often purchased as an investment, having the financial documents available can be extremely helpful for potential buyers. The most important financial document that should be readily available when selling a multi-family home is the yearly net operating figures.  This document shows a potential buyer the income from monthly rents and subtracts out the expenses of the property, such as yearly homeowners insurance, yearly refuse, yearly water usage, and any repairs that have been completed recently.

Complete Inspections Prior To Listing The Property

Many municipalities require that a certificate of occupancy, also known as a C of O, is renewed when a multi-family property is being sold to a new owner.  It's highly recommended that prior to listing a multi-family property that any inspections are completed beforehand. If your local municipality requires a new C of O prior to the property being transferred to a new owner, have the inspection completed prior to listing can reduce the chances that the real estate closing is delayed.  If you're unsure if a new C of O is required prior to the property being transferred, you can contact your local municipality to find out. Recently while selling a multi-family property in Rochester NY, the property owner decided to wait until after a contract was received to complete the required C of O inspection.  The City was backlogged on inspections and the inspection date had to be scheduled a month out, which ultimately delayed the closing of the property.  This could've been avoided if the C of O inspection was completed prior to listing the property. Another inspection to consider completing prior to listing a multi-family property is a general home inspection.  There are lots of reasons to have a pre-listing inspection when selling a home.  The number one reason having a pre-listing inspection prior to putting a home on the market is that it provides a homeowner the opportunity to rectify issues that a home inspector may find. Since the majority of home buyers elect to have a home inspection and some buyers can get scared away from a home because of the inspection results, having one completed prior to listing is a very good idea.  Homeowners who decide to not have a pre-listing inspection often end up regretting their decision if a buyer is scared away from their property.

Final Thoughts On Selling A Multi-Family Home

As you can see, selling a multi-family home is much different than selling a single family home.  Even though selling a multi-family home is generally more complex, that doesn't mean that it has to be impossible.  By following the 5 tips discussed above, multi-family property owners put themselves in a much better position to experience a smooth and successful sale.

Other Top Resources For Selling A Multi-Family Home

Do you own a multi-family property in Rochester?  If so and you're thinking about selling your multi-family property, the above 5 tips should be extremely helpful.  If you don't have a real estate agent in Rochester yet, call or text me at 585-704-7095, and I'd be happy to discuss the sale of your multi-family home!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "5 Important Tips For Selling A Multi-Family Home" was written by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group.  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> What Are The PROs And CONs Of Multifamily Homes? https://www.rochesterrealestateblog.com/what-are-the-pros-and-cons-of-multifamily-homes/ Tue, 24 Jan 2017 12:40:24 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=13219 How To Sell A Multi-Family Property [caption id="attachment_10457" align="aligncenter" width="450"]5 Important Tips For Selling A Multi-Family Home 5 Important Tips For Selling A Multi-Family Home[/caption] Selling a multi-family home is substantially more complex than selling a single family home.  One of the top reasons why selling a multi-family is generally more complex is because it typically involves more people than just the one owner of a single family home. When selling a multi-family property the probability that you're involving 6-12 people is high.  Depending on the number of units in a multi-family property, you may only be dealing with a couple families or a dozen families. There are certain rules, regulations, and laws that multi-family property owners must be aware of and also abide by.  These rules, regulations, and laws will vary from city to city and state to state. It's highly recommended that prior to selling a multi-family home that you consult with an attorney to make sure you're not going to put yourself in a situation where you could be sued.  Not being aware of rules, regulations, and local laws is one of the top home selling mistakes made by multi-family property owners. Read on to find out what the top 5 tips for selling a multi-family home are.  Multi-family property owners who follow the below tips will put themselves in an excellent position to get their property sold, while avoiding potential issues or roadblocks.

Review Leases, Occupancy, & Tenant Rights

Before listing a multi-family home for sale, it's vital to review all leases and the occupancy for each unit.  As mentioned above, multi-family property owners can get themselves in trouble if they're not careful.  It's important to always keep in mind tenant rights when selling a multi-family home. There are a few frequently asked questions from home buyers that multi-family property owners will be asked during the sale process.  By reviewing the current leases and occupancy of each unit, multi-family property owners will be able to answer these questions accurately.  Below are a couple of the top questions asked by buyers who're looking to purchase a multi-family home.
  1. What are the terms of any/all leases?
  2. What are the rent amounts for each unit?
  3. What's included in the rent for each unit?
  4. Are there security deposits being held?
  5. Are the rents able to be subsidized by Government assistance?
  Reviewing the leases and occupancy for each unit can also help determine whether or not to sell the property while it's being occupied by tenants.  Selling a home with tenants can be tricky and it can also bring other potential issues into the equation. For example, if a multi-family home is being sold while tenant occupied and the leases are for an extended period of time, it potentially can eliminate a large number of potential buyers who're looking to buy a multi-family home and plan on, or need to, occupy one of the units.  One of the disadvantages of a VA home loan or FHA loan is that the property must be occupied by the buyer, so if a buyer is planning on utilizing one of these mortgage products, they wouldn't be able to purchase a tenant occupied multi-family home. Selling a multi-family home is easiest and most successful if it's unoccupied.  This eliminates potential issues with coordinating home showings or issues with occupancy requirements.  If this isn't a possibility, then it's important that the owner has full cooperation from all parties who'll be impacted during the sale of the multi-family property.

Preparation Is Key When Selling A Multi-Family Home

[caption id="attachment_10458" align="aligncenter" width="450"]Preparation Is Key When Selling A Multi-Family Home Preparation Is Key When Selling A Multi-Family Home[/caption] Preparing a home for sale is critical when selling any type of home, whether it's single family or multi-family.  Since many multi-family properties are purchased as investments, preparing for the sale becomes necessary. One of the most important factors for investors who're looking to buy multi-family homes is the amount of maintenance the home appears to have.  A home that isn't prepared for sale can appear to have more maintenance than it really does. For multi-family property owners who're attempting to prepare and sell a home on a budget, it can be done by tending to a few key areas of the property.  Below are a few of the areas and items that should be prepared prior to listing a multi-family for sale.
  1. Curb Appeal - Simply tending to the exterior curb appeal of a multi-family home can go a long way.  Trimming bushes/shrubs and making sure any flower beds are a couple tips for improving the curb appeal of the property.
  2. Clean Up Common Areas - Depending on the multi-unit, there maybe some common areas, such as laundry or a vestibule.  It's important that all common areas in the property are cleaned up and portray extra maintenance.
  3. Parking Areas - If the property has designated parking areas or garage spaces, making sure these are well defined and in good condition is critical.  If there is an off street parking area, a simple seal of the driveway can go a long way and doesn't cost a ton of extra money.
  4. Doors & Locks - All doors and locks within the multi-family property need to be working well.  It's not a good reflection of a property when the locks are difficult to use and a showing agent is struggling to access the units within the property.
  When selling a multi-family home, it's extremely important that it's prepared for the market.  Not doing so can make or break whether the property sells and also it can impact an owners bottom line.

Hire An Agent Who Has Experience Selling Multi-Family Homes

Hiring a top real estate agent, with experience, is extremely important when selling any type of property.  For example, when selling a waterfront property, hiring an agent who primarily sells mobile homes in a park wouldn't be the best idea. It's critical when selling a multi-family home that a Realtor® who has experience selling multi-family homes is hired.  To help ensure an agent who has experience selling multi-family homes is hired, there are certain questions to ask Realtors® during interviews.
  1. How do you handle showings when a property is tenant occupied?
  2. How much notice do you provide?
  3. In the past, how have you handled uncooperative tenants?
  4. Can you provide the contact information of the previous owner who you represented during a recent multi-family sale?
  Asking the right questions during an interview can greatly improve the chances an agent who has experience selling multi-family homes is hired. Not only is it important to make sure the agent has experience selling a multi-family home but it's equally as important to make sure they know how to effectively market a home.  Since the majority of home buyers are finding the home they eventually purchase on the internet, it's critical the agent knows how to reach potential buyers. This is done by using the best real estate marketing strategies.  Marketing strategies such as using social media, optimizing their website to be found in searches, and using high quality photography and videos are a few ways top real estate agents are marketing their clients homes to potential buyers.

Have Important Documents Ready

[caption id="attachment_10460" align="aligncenter" width="450"]Have Important Documents Ready When Selling A Multi-Family Home! Have Important Documents Ready When Selling A Multi-Family Home![/caption] There are certain things to know before selling a home, regardless if it's a single family or multi family home.  It's helpful that before listing a home for sale that important documents are readily accessible for potential buyers. Documents that should be readily accessible, whether selling a multi-family home or not, include documentation relating to roof age or warranties, the age of the homes HVAC systems, and any receipts of remodeling projects that have been completed. One of the most important features that today's home buyers are looking for in a home are updated and newer mechanics, such as roofs and HVAC systems.  Home sellers who have records and receipts showing the ages of these components give themselves a huge advantage. When selling a multi-family home, it's very important to have financial documents readily available for prospective buyers.  Since multi-family homes are often purchased as an investment, having the financial documents available can be extremely helpful for potential buyers. The most important financial document that should be readily available when selling a multi-family home is the yearly net operating figures.  This document shows a potential buyer the income from monthly rents and subtracts out the expenses of the property, such as yearly homeowners insurance, yearly refuse, yearly water usage, and any repairs that have been completed recently.

Complete Inspections Prior To Listing The Property

Many municipalities require that a certificate of occupancy, also known as a C of O, is renewed when a multi-family property is being sold to a new owner.  It's highly recommended that prior to listing a multi-family property that any inspections are completed beforehand. If your local municipality requires a new C of O prior to the property being transferred to a new owner, have the inspection completed prior to listing can reduce the chances that the real estate closing is delayed.  If you're unsure if a new C of O is required prior to the property being transferred, you can contact your local municipality to find out. Recently while selling a multi-family property in Rochester NY, the property owner decided to wait until after a contract was received to complete the required C of O inspection.  The City was backlogged on inspections and the inspection date had to be scheduled a month out, which ultimately delayed the closing of the property.  This could've been avoided if the C of O inspection was completed prior to listing the property. Another inspection to consider completing prior to listing a multi-family property is a general home inspection.  There are lots of reasons to have a pre-listing inspection when selling a home.  The number one reason having a pre-listing inspection prior to putting a home on the market is that it provides a homeowner the opportunity to rectify issues that a home inspector may find. Since the majority of home buyers elect to have a home inspection and some buyers can get scared away from a home because of the inspection results, having one completed prior to listing is a very good idea.  Homeowners who decide to not have a pre-listing inspection often end up regretting their decision if a buyer is scared away from their property.

Final Thoughts On Selling A Multi-Family Home

As you can see, selling a multi-family home is much different than selling a single family home.  Even though selling a multi-family home is generally more complex, that doesn't mean that it has to be impossible.  By following the 5 tips discussed above, multi-family property owners put themselves in a much better position to experience a smooth and successful sale.

Other Top Resources For Selling A Multi-Family Home

Do you own a multi-family property in Rochester?  If so and you're thinking about selling your multi-family property, the above 5 tips should be extremely helpful.  If you don't have a real estate agent in Rochester yet, call or text me at 585-704-7095, and I'd be happy to discuss the sale of your multi-family home!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "5 Important Tips For Selling A Multi-Family Home" was written by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group.  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> What Low-Cost Home Improvements Should You Make Before Selling Your Home? https://www.rochesterrealestateblog.com/low-cost-home-improvements-you-should-make-before-selling-your-home/ Tue, 24 Jan 2017 12:40:24 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=13114 How To Sell A Multi-Family Property [caption id="attachment_10457" align="aligncenter" width="450"]5 Important Tips For Selling A Multi-Family Home 5 Important Tips For Selling A Multi-Family Home[/caption] Selling a multi-family home is substantially more complex than selling a single family home.  One of the top reasons why selling a multi-family is generally more complex is because it typically involves more people than just the one owner of a single family home. When selling a multi-family property the probability that you're involving 6-12 people is high.  Depending on the number of units in a multi-family property, you may only be dealing with a couple families or a dozen families. There are certain rules, regulations, and laws that multi-family property owners must be aware of and also abide by.  These rules, regulations, and laws will vary from city to city and state to state. It's highly recommended that prior to selling a multi-family home that you consult with an attorney to make sure you're not going to put yourself in a situation where you could be sued.  Not being aware of rules, regulations, and local laws is one of the top home selling mistakes made by multi-family property owners. Read on to find out what the top 5 tips for selling a multi-family home are.  Multi-family property owners who follow the below tips will put themselves in an excellent position to get their property sold, while avoiding potential issues or roadblocks.

Review Leases, Occupancy, & Tenant Rights

Before listing a multi-family home for sale, it's vital to review all leases and the occupancy for each unit.  As mentioned above, multi-family property owners can get themselves in trouble if they're not careful.  It's important to always keep in mind tenant rights when selling a multi-family home. There are a few frequently asked questions from home buyers that multi-family property owners will be asked during the sale process.  By reviewing the current leases and occupancy of each unit, multi-family property owners will be able to answer these questions accurately.  Below are a couple of the top questions asked by buyers who're looking to purchase a multi-family home.
  1. What are the terms of any/all leases?
  2. What are the rent amounts for each unit?
  3. What's included in the rent for each unit?
  4. Are there security deposits being held?
  5. Are the rents able to be subsidized by Government assistance?
  Reviewing the leases and occupancy for each unit can also help determine whether or not to sell the property while it's being occupied by tenants.  Selling a home with tenants can be tricky and it can also bring other potential issues into the equation. For example, if a multi-family home is being sold while tenant occupied and the leases are for an extended period of time, it potentially can eliminate a large number of potential buyers who're looking to buy a multi-family home and plan on, or need to, occupy one of the units.  One of the disadvantages of a VA home loan or FHA loan is that the property must be occupied by the buyer, so if a buyer is planning on utilizing one of these mortgage products, they wouldn't be able to purchase a tenant occupied multi-family home. Selling a multi-family home is easiest and most successful if it's unoccupied.  This eliminates potential issues with coordinating home showings or issues with occupancy requirements.  If this isn't a possibility, then it's important that the owner has full cooperation from all parties who'll be impacted during the sale of the multi-family property.

Preparation Is Key When Selling A Multi-Family Home

[caption id="attachment_10458" align="aligncenter" width="450"]Preparation Is Key When Selling A Multi-Family Home Preparation Is Key When Selling A Multi-Family Home[/caption] Preparing a home for sale is critical when selling any type of home, whether it's single family or multi-family.  Since many multi-family properties are purchased as investments, preparing for the sale becomes necessary. One of the most important factors for investors who're looking to buy multi-family homes is the amount of maintenance the home appears to have.  A home that isn't prepared for sale can appear to have more maintenance than it really does. For multi-family property owners who're attempting to prepare and sell a home on a budget, it can be done by tending to a few key areas of the property.  Below are a few of the areas and items that should be prepared prior to listing a multi-family for sale.
  1. Curb Appeal - Simply tending to the exterior curb appeal of a multi-family home can go a long way.  Trimming bushes/shrubs and making sure any flower beds are a couple tips for improving the curb appeal of the property.
  2. Clean Up Common Areas - Depending on the multi-unit, there maybe some common areas, such as laundry or a vestibule.  It's important that all common areas in the property are cleaned up and portray extra maintenance.
  3. Parking Areas - If the property has designated parking areas or garage spaces, making sure these are well defined and in good condition is critical.  If there is an off street parking area, a simple seal of the driveway can go a long way and doesn't cost a ton of extra money.
  4. Doors & Locks - All doors and locks within the multi-family property need to be working well.  It's not a good reflection of a property when the locks are difficult to use and a showing agent is struggling to access the units within the property.
  When selling a multi-family home, it's extremely important that it's prepared for the market.  Not doing so can make or break whether the property sells and also it can impact an owners bottom line.

Hire An Agent Who Has Experience Selling Multi-Family Homes

Hiring a top real estate agent, with experience, is extremely important when selling any type of property.  For example, when selling a waterfront property, hiring an agent who primarily sells mobile homes in a park wouldn't be the best idea. It's critical when selling a multi-family home that a Realtor® who has experience selling multi-family homes is hired.  To help ensure an agent who has experience selling multi-family homes is hired, there are certain questions to ask Realtors® during interviews.
  1. How do you handle showings when a property is tenant occupied?
  2. How much notice do you provide?
  3. In the past, how have you handled uncooperative tenants?
  4. Can you provide the contact information of the previous owner who you represented during a recent multi-family sale?
  Asking the right questions during an interview can greatly improve the chances an agent who has experience selling multi-family homes is hired. Not only is it important to make sure the agent has experience selling a multi-family home but it's equally as important to make sure they know how to effectively market a home.  Since the majority of home buyers are finding the home they eventually purchase on the internet, it's critical the agent knows how to reach potential buyers. This is done by using the best real estate marketing strategies.  Marketing strategies such as using social media, optimizing their website to be found in searches, and using high quality photography and videos are a few ways top real estate agents are marketing their clients homes to potential buyers.

Have Important Documents Ready

[caption id="attachment_10460" align="aligncenter" width="450"]Have Important Documents Ready When Selling A Multi-Family Home! Have Important Documents Ready When Selling A Multi-Family Home![/caption] There are certain things to know before selling a home, regardless if it's a single family or multi family home.  It's helpful that before listing a home for sale that important documents are readily accessible for potential buyers. Documents that should be readily accessible, whether selling a multi-family home or not, include documentation relating to roof age or warranties, the age of the homes HVAC systems, and any receipts of remodeling projects that have been completed. One of the most important features that today's home buyers are looking for in a home are updated and newer mechanics, such as roofs and HVAC systems.  Home sellers who have records and receipts showing the ages of these components give themselves a huge advantage. When selling a multi-family home, it's very important to have financial documents readily available for prospective buyers.  Since multi-family homes are often purchased as an investment, having the financial documents available can be extremely helpful for potential buyers. The most important financial document that should be readily available when selling a multi-family home is the yearly net operating figures.  This document shows a potential buyer the income from monthly rents and subtracts out the expenses of the property, such as yearly homeowners insurance, yearly refuse, yearly water usage, and any repairs that have been completed recently.

Complete Inspections Prior To Listing The Property

Many municipalities require that a certificate of occupancy, also known as a C of O, is renewed when a multi-family property is being sold to a new owner.  It's highly recommended that prior to listing a multi-family property that any inspections are completed beforehand. If your local municipality requires a new C of O prior to the property being transferred to a new owner, have the inspection completed prior to listing can reduce the chances that the real estate closing is delayed.  If you're unsure if a new C of O is required prior to the property being transferred, you can contact your local municipality to find out. Recently while selling a multi-family property in Rochester NY, the property owner decided to wait until after a contract was received to complete the required C of O inspection.  The City was backlogged on inspections and the inspection date had to be scheduled a month out, which ultimately delayed the closing of the property.  This could've been avoided if the C of O inspection was completed prior to listing the property. Another inspection to consider completing prior to listing a multi-family property is a general home inspection.  There are lots of reasons to have a pre-listing inspection when selling a home.  The number one reason having a pre-listing inspection prior to putting a home on the market is that it provides a homeowner the opportunity to rectify issues that a home inspector may find. Since the majority of home buyers elect to have a home inspection and some buyers can get scared away from a home because of the inspection results, having one completed prior to listing is a very good idea.  Homeowners who decide to not have a pre-listing inspection often end up regretting their decision if a buyer is scared away from their property.

Final Thoughts On Selling A Multi-Family Home

As you can see, selling a multi-family home is much different than selling a single family home.  Even though selling a multi-family home is generally more complex, that doesn't mean that it has to be impossible.  By following the 5 tips discussed above, multi-family property owners put themselves in a much better position to experience a smooth and successful sale.

Other Top Resources For Selling A Multi-Family Home

Do you own a multi-family property in Rochester?  If so and you're thinking about selling your multi-family property, the above 5 tips should be extremely helpful.  If you don't have a real estate agent in Rochester yet, call or text me at 585-704-7095, and I'd be happy to discuss the sale of your multi-family home!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "5 Important Tips For Selling A Multi-Family Home" was written by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group.  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> 15 Things Millennial Home Buyers Look At While Buying A House https://www.rochesterrealestateblog.com/15-things-millennial-home-buyers-look-at-while-buying-a-house/ Tue, 24 Jan 2017 12:40:24 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=13028 How To Sell A Multi-Family Property [caption id="attachment_10457" align="aligncenter" width="450"]5 Important Tips For Selling A Multi-Family Home 5 Important Tips For Selling A Multi-Family Home[/caption] Selling a multi-family home is substantially more complex than selling a single family home.  One of the top reasons why selling a multi-family is generally more complex is because it typically involves more people than just the one owner of a single family home. When selling a multi-family property the probability that you're involving 6-12 people is high.  Depending on the number of units in a multi-family property, you may only be dealing with a couple families or a dozen families. There are certain rules, regulations, and laws that multi-family property owners must be aware of and also abide by.  These rules, regulations, and laws will vary from city to city and state to state. It's highly recommended that prior to selling a multi-family home that you consult with an attorney to make sure you're not going to put yourself in a situation where you could be sued.  Not being aware of rules, regulations, and local laws is one of the top home selling mistakes made by multi-family property owners. Read on to find out what the top 5 tips for selling a multi-family home are.  Multi-family property owners who follow the below tips will put themselves in an excellent position to get their property sold, while avoiding potential issues or roadblocks.

Review Leases, Occupancy, & Tenant Rights

Before listing a multi-family home for sale, it's vital to review all leases and the occupancy for each unit.  As mentioned above, multi-family property owners can get themselves in trouble if they're not careful.  It's important to always keep in mind tenant rights when selling a multi-family home. There are a few frequently asked questions from home buyers that multi-family property owners will be asked during the sale process.  By reviewing the current leases and occupancy of each unit, multi-family property owners will be able to answer these questions accurately.  Below are a couple of the top questions asked by buyers who're looking to purchase a multi-family home.
  1. What are the terms of any/all leases?
  2. What are the rent amounts for each unit?
  3. What's included in the rent for each unit?
  4. Are there security deposits being held?
  5. Are the rents able to be subsidized by Government assistance?
  Reviewing the leases and occupancy for each unit can also help determine whether or not to sell the property while it's being occupied by tenants.  Selling a home with tenants can be tricky and it can also bring other potential issues into the equation. For example, if a multi-family home is being sold while tenant occupied and the leases are for an extended period of time, it potentially can eliminate a large number of potential buyers who're looking to buy a multi-family home and plan on, or need to, occupy one of the units.  One of the disadvantages of a VA home loan or FHA loan is that the property must be occupied by the buyer, so if a buyer is planning on utilizing one of these mortgage products, they wouldn't be able to purchase a tenant occupied multi-family home. Selling a multi-family home is easiest and most successful if it's unoccupied.  This eliminates potential issues with coordinating home showings or issues with occupancy requirements.  If this isn't a possibility, then it's important that the owner has full cooperation from all parties who'll be impacted during the sale of the multi-family property.

Preparation Is Key When Selling A Multi-Family Home

[caption id="attachment_10458" align="aligncenter" width="450"]Preparation Is Key When Selling A Multi-Family Home Preparation Is Key When Selling A Multi-Family Home[/caption] Preparing a home for sale is critical when selling any type of home, whether it's single family or multi-family.  Since many multi-family properties are purchased as investments, preparing for the sale becomes necessary. One of the most important factors for investors who're looking to buy multi-family homes is the amount of maintenance the home appears to have.  A home that isn't prepared for sale can appear to have more maintenance than it really does. For multi-family property owners who're attempting to prepare and sell a home on a budget, it can be done by tending to a few key areas of the property.  Below are a few of the areas and items that should be prepared prior to listing a multi-family for sale.
  1. Curb Appeal - Simply tending to the exterior curb appeal of a multi-family home can go a long way.  Trimming bushes/shrubs and making sure any flower beds are a couple tips for improving the curb appeal of the property.
  2. Clean Up Common Areas - Depending on the multi-unit, there maybe some common areas, such as laundry or a vestibule.  It's important that all common areas in the property are cleaned up and portray extra maintenance.
  3. Parking Areas - If the property has designated parking areas or garage spaces, making sure these are well defined and in good condition is critical.  If there is an off street parking area, a simple seal of the driveway can go a long way and doesn't cost a ton of extra money.
  4. Doors & Locks - All doors and locks within the multi-family property need to be working well.  It's not a good reflection of a property when the locks are difficult to use and a showing agent is struggling to access the units within the property.
  When selling a multi-family home, it's extremely important that it's prepared for the market.  Not doing so can make or break whether the property sells and also it can impact an owners bottom line.

Hire An Agent Who Has Experience Selling Multi-Family Homes

Hiring a top real estate agent, with experience, is extremely important when selling any type of property.  For example, when selling a waterfront property, hiring an agent who primarily sells mobile homes in a park wouldn't be the best idea. It's critical when selling a multi-family home that a Realtor® who has experience selling multi-family homes is hired.  To help ensure an agent who has experience selling multi-family homes is hired, there are certain questions to ask Realtors® during interviews.
  1. How do you handle showings when a property is tenant occupied?
  2. How much notice do you provide?
  3. In the past, how have you handled uncooperative tenants?
  4. Can you provide the contact information of the previous owner who you represented during a recent multi-family sale?
  Asking the right questions during an interview can greatly improve the chances an agent who has experience selling multi-family homes is hired. Not only is it important to make sure the agent has experience selling a multi-family home but it's equally as important to make sure they know how to effectively market a home.  Since the majority of home buyers are finding the home they eventually purchase on the internet, it's critical the agent knows how to reach potential buyers. This is done by using the best real estate marketing strategies.  Marketing strategies such as using social media, optimizing their website to be found in searches, and using high quality photography and videos are a few ways top real estate agents are marketing their clients homes to potential buyers.

Have Important Documents Ready

[caption id="attachment_10460" align="aligncenter" width="450"]Have Important Documents Ready When Selling A Multi-Family Home! Have Important Documents Ready When Selling A Multi-Family Home![/caption] There are certain things to know before selling a home, regardless if it's a single family or multi family home.  It's helpful that before listing a home for sale that important documents are readily accessible for potential buyers. Documents that should be readily accessible, whether selling a multi-family home or not, include documentation relating to roof age or warranties, the age of the homes HVAC systems, and any receipts of remodeling projects that have been completed. One of the most important features that today's home buyers are looking for in a home are updated and newer mechanics, such as roofs and HVAC systems.  Home sellers who have records and receipts showing the ages of these components give themselves a huge advantage. When selling a multi-family home, it's very important to have financial documents readily available for prospective buyers.  Since multi-family homes are often purchased as an investment, having the financial documents available can be extremely helpful for potential buyers. The most important financial document that should be readily available when selling a multi-family home is the yearly net operating figures.  This document shows a potential buyer the income from monthly rents and subtracts out the expenses of the property, such as yearly homeowners insurance, yearly refuse, yearly water usage, and any repairs that have been completed recently.

Complete Inspections Prior To Listing The Property

Many municipalities require that a certificate of occupancy, also known as a C of O, is renewed when a multi-family property is being sold to a new owner.  It's highly recommended that prior to listing a multi-family property that any inspections are completed beforehand. If your local municipality requires a new C of O prior to the property being transferred to a new owner, have the inspection completed prior to listing can reduce the chances that the real estate closing is delayed.  If you're unsure if a new C of O is required prior to the property being transferred, you can contact your local municipality to find out. Recently while selling a multi-family property in Rochester NY, the property owner decided to wait until after a contract was received to complete the required C of O inspection.  The City was backlogged on inspections and the inspection date had to be scheduled a month out, which ultimately delayed the closing of the property.  This could've been avoided if the C of O inspection was completed prior to listing the property. Another inspection to consider completing prior to listing a multi-family property is a general home inspection.  There are lots of reasons to have a pre-listing inspection when selling a home.  The number one reason having a pre-listing inspection prior to putting a home on the market is that it provides a homeowner the opportunity to rectify issues that a home inspector may find. Since the majority of home buyers elect to have a home inspection and some buyers can get scared away from a home because of the inspection results, having one completed prior to listing is a very good idea.  Homeowners who decide to not have a pre-listing inspection often end up regretting their decision if a buyer is scared away from their property.

Final Thoughts On Selling A Multi-Family Home

As you can see, selling a multi-family home is much different than selling a single family home.  Even though selling a multi-family home is generally more complex, that doesn't mean that it has to be impossible.  By following the 5 tips discussed above, multi-family property owners put themselves in a much better position to experience a smooth and successful sale.

Other Top Resources For Selling A Multi-Family Home

Do you own a multi-family property in Rochester?  If so and you're thinking about selling your multi-family property, the above 5 tips should be extremely helpful.  If you don't have a real estate agent in Rochester yet, call or text me at 585-704-7095, and I'd be happy to discuss the sale of your multi-family home!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "5 Important Tips For Selling A Multi-Family Home" was written by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group.  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> How Does A Fence Increase The Value Of Your Home https://www.rochesterrealestateblog.com/how-does-a-fence-increase-the-value-of-your-home/ Tue, 24 Jan 2017 12:40:24 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12995 How To Sell A Multi-Family Property [caption id="attachment_10457" align="aligncenter" width="450"]5 Important Tips For Selling A Multi-Family Home 5 Important Tips For Selling A Multi-Family Home[/caption] Selling a multi-family home is substantially more complex than selling a single family home.  One of the top reasons why selling a multi-family is generally more complex is because it typically involves more people than just the one owner of a single family home. When selling a multi-family property the probability that you're involving 6-12 people is high.  Depending on the number of units in a multi-family property, you may only be dealing with a couple families or a dozen families. There are certain rules, regulations, and laws that multi-family property owners must be aware of and also abide by.  These rules, regulations, and laws will vary from city to city and state to state. It's highly recommended that prior to selling a multi-family home that you consult with an attorney to make sure you're not going to put yourself in a situation where you could be sued.  Not being aware of rules, regulations, and local laws is one of the top home selling mistakes made by multi-family property owners. Read on to find out what the top 5 tips for selling a multi-family home are.  Multi-family property owners who follow the below tips will put themselves in an excellent position to get their property sold, while avoiding potential issues or roadblocks.

Review Leases, Occupancy, & Tenant Rights

Before listing a multi-family home for sale, it's vital to review all leases and the occupancy for each unit.  As mentioned above, multi-family property owners can get themselves in trouble if they're not careful.  It's important to always keep in mind tenant rights when selling a multi-family home. There are a few frequently asked questions from home buyers that multi-family property owners will be asked during the sale process.  By reviewing the current leases and occupancy of each unit, multi-family property owners will be able to answer these questions accurately.  Below are a couple of the top questions asked by buyers who're looking to purchase a multi-family home.
  1. What are the terms of any/all leases?
  2. What are the rent amounts for each unit?
  3. What's included in the rent for each unit?
  4. Are there security deposits being held?
  5. Are the rents able to be subsidized by Government assistance?
  Reviewing the leases and occupancy for each unit can also help determine whether or not to sell the property while it's being occupied by tenants.  Selling a home with tenants can be tricky and it can also bring other potential issues into the equation. For example, if a multi-family home is being sold while tenant occupied and the leases are for an extended period of time, it potentially can eliminate a large number of potential buyers who're looking to buy a multi-family home and plan on, or need to, occupy one of the units.  One of the disadvantages of a VA home loan or FHA loan is that the property must be occupied by the buyer, so if a buyer is planning on utilizing one of these mortgage products, they wouldn't be able to purchase a tenant occupied multi-family home. Selling a multi-family home is easiest and most successful if it's unoccupied.  This eliminates potential issues with coordinating home showings or issues with occupancy requirements.  If this isn't a possibility, then it's important that the owner has full cooperation from all parties who'll be impacted during the sale of the multi-family property.

Preparation Is Key When Selling A Multi-Family Home

[caption id="attachment_10458" align="aligncenter" width="450"]Preparation Is Key When Selling A Multi-Family Home Preparation Is Key When Selling A Multi-Family Home[/caption] Preparing a home for sale is critical when selling any type of home, whether it's single family or multi-family.  Since many multi-family properties are purchased as investments, preparing for the sale becomes necessary. One of the most important factors for investors who're looking to buy multi-family homes is the amount of maintenance the home appears to have.  A home that isn't prepared for sale can appear to have more maintenance than it really does. For multi-family property owners who're attempting to prepare and sell a home on a budget, it can be done by tending to a few key areas of the property.  Below are a few of the areas and items that should be prepared prior to listing a multi-family for sale.
  1. Curb Appeal - Simply tending to the exterior curb appeal of a multi-family home can go a long way.  Trimming bushes/shrubs and making sure any flower beds are a couple tips for improving the curb appeal of the property.
  2. Clean Up Common Areas - Depending on the multi-unit, there maybe some common areas, such as laundry or a vestibule.  It's important that all common areas in the property are cleaned up and portray extra maintenance.
  3. Parking Areas - If the property has designated parking areas or garage spaces, making sure these are well defined and in good condition is critical.  If there is an off street parking area, a simple seal of the driveway can go a long way and doesn't cost a ton of extra money.
  4. Doors & Locks - All doors and locks within the multi-family property need to be working well.  It's not a good reflection of a property when the locks are difficult to use and a showing agent is struggling to access the units within the property.
  When selling a multi-family home, it's extremely important that it's prepared for the market.  Not doing so can make or break whether the property sells and also it can impact an owners bottom line.

Hire An Agent Who Has Experience Selling Multi-Family Homes

Hiring a top real estate agent, with experience, is extremely important when selling any type of property.  For example, when selling a waterfront property, hiring an agent who primarily sells mobile homes in a park wouldn't be the best idea. It's critical when selling a multi-family home that a Realtor® who has experience selling multi-family homes is hired.  To help ensure an agent who has experience selling multi-family homes is hired, there are certain questions to ask Realtors® during interviews.
  1. How do you handle showings when a property is tenant occupied?
  2. How much notice do you provide?
  3. In the past, how have you handled uncooperative tenants?
  4. Can you provide the contact information of the previous owner who you represented during a recent multi-family sale?
  Asking the right questions during an interview can greatly improve the chances an agent who has experience selling multi-family homes is hired. Not only is it important to make sure the agent has experience selling a multi-family home but it's equally as important to make sure they know how to effectively market a home.  Since the majority of home buyers are finding the home they eventually purchase on the internet, it's critical the agent knows how to reach potential buyers. This is done by using the best real estate marketing strategies.  Marketing strategies such as using social media, optimizing their website to be found in searches, and using high quality photography and videos are a few ways top real estate agents are marketing their clients homes to potential buyers.

Have Important Documents Ready

[caption id="attachment_10460" align="aligncenter" width="450"]Have Important Documents Ready When Selling A Multi-Family Home! Have Important Documents Ready When Selling A Multi-Family Home![/caption] There are certain things to know before selling a home, regardless if it's a single family or multi family home.  It's helpful that before listing a home for sale that important documents are readily accessible for potential buyers. Documents that should be readily accessible, whether selling a multi-family home or not, include documentation relating to roof age or warranties, the age of the homes HVAC systems, and any receipts of remodeling projects that have been completed. One of the most important features that today's home buyers are looking for in a home are updated and newer mechanics, such as roofs and HVAC systems.  Home sellers who have records and receipts showing the ages of these components give themselves a huge advantage. When selling a multi-family home, it's very important to have financial documents readily available for prospective buyers.  Since multi-family homes are often purchased as an investment, having the financial documents available can be extremely helpful for potential buyers. The most important financial document that should be readily available when selling a multi-family home is the yearly net operating figures.  This document shows a potential buyer the income from monthly rents and subtracts out the expenses of the property, such as yearly homeowners insurance, yearly refuse, yearly water usage, and any repairs that have been completed recently.

Complete Inspections Prior To Listing The Property

Many municipalities require that a certificate of occupancy, also known as a C of O, is renewed when a multi-family property is being sold to a new owner.  It's highly recommended that prior to listing a multi-family property that any inspections are completed beforehand. If your local municipality requires a new C of O prior to the property being transferred to a new owner, have the inspection completed prior to listing can reduce the chances that the real estate closing is delayed.  If you're unsure if a new C of O is required prior to the property being transferred, you can contact your local municipality to find out. Recently while selling a multi-family property in Rochester NY, the property owner decided to wait until after a contract was received to complete the required C of O inspection.  The City was backlogged on inspections and the inspection date had to be scheduled a month out, which ultimately delayed the closing of the property.  This could've been avoided if the C of O inspection was completed prior to listing the property. Another inspection to consider completing prior to listing a multi-family property is a general home inspection.  There are lots of reasons to have a pre-listing inspection when selling a home.  The number one reason having a pre-listing inspection prior to putting a home on the market is that it provides a homeowner the opportunity to rectify issues that a home inspector may find. Since the majority of home buyers elect to have a home inspection and some buyers can get scared away from a home because of the inspection results, having one completed prior to listing is a very good idea.  Homeowners who decide to not have a pre-listing inspection often end up regretting their decision if a buyer is scared away from their property.

Final Thoughts On Selling A Multi-Family Home

As you can see, selling a multi-family home is much different than selling a single family home.  Even though selling a multi-family home is generally more complex, that doesn't mean that it has to be impossible.  By following the 5 tips discussed above, multi-family property owners put themselves in a much better position to experience a smooth and successful sale.

Other Top Resources For Selling A Multi-Family Home

Do you own a multi-family property in Rochester?  If so and you're thinking about selling your multi-family property, the above 5 tips should be extremely helpful.  If you don't have a real estate agent in Rochester yet, call or text me at 585-704-7095, and I'd be happy to discuss the sale of your multi-family home!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "5 Important Tips For Selling A Multi-Family Home" was written by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group.  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> 5 Simple &#038; Low Cost Fixes To Make Your Home More Appealing To Buyers https://www.rochesterrealestateblog.com/5-simple-and-low-cost-fixes-to-make-your-home-more-appealing-to-buyers/ Tue, 24 Jan 2017 12:40:24 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12779 How To Sell A Multi-Family Property [caption id="attachment_10457" align="aligncenter" width="450"]5 Important Tips For Selling A Multi-Family Home 5 Important Tips For Selling A Multi-Family Home[/caption] Selling a multi-family home is substantially more complex than selling a single family home.  One of the top reasons why selling a multi-family is generally more complex is because it typically involves more people than just the one owner of a single family home. When selling a multi-family property the probability that you're involving 6-12 people is high.  Depending on the number of units in a multi-family property, you may only be dealing with a couple families or a dozen families. There are certain rules, regulations, and laws that multi-family property owners must be aware of and also abide by.  These rules, regulations, and laws will vary from city to city and state to state. It's highly recommended that prior to selling a multi-family home that you consult with an attorney to make sure you're not going to put yourself in a situation where you could be sued.  Not being aware of rules, regulations, and local laws is one of the top home selling mistakes made by multi-family property owners. Read on to find out what the top 5 tips for selling a multi-family home are.  Multi-family property owners who follow the below tips will put themselves in an excellent position to get their property sold, while avoiding potential issues or roadblocks.

Review Leases, Occupancy, & Tenant Rights

Before listing a multi-family home for sale, it's vital to review all leases and the occupancy for each unit.  As mentioned above, multi-family property owners can get themselves in trouble if they're not careful.  It's important to always keep in mind tenant rights when selling a multi-family home. There are a few frequently asked questions from home buyers that multi-family property owners will be asked during the sale process.  By reviewing the current leases and occupancy of each unit, multi-family property owners will be able to answer these questions accurately.  Below are a couple of the top questions asked by buyers who're looking to purchase a multi-family home.
  1. What are the terms of any/all leases?
  2. What are the rent amounts for each unit?
  3. What's included in the rent for each unit?
  4. Are there security deposits being held?
  5. Are the rents able to be subsidized by Government assistance?
  Reviewing the leases and occupancy for each unit can also help determine whether or not to sell the property while it's being occupied by tenants.  Selling a home with tenants can be tricky and it can also bring other potential issues into the equation. For example, if a multi-family home is being sold while tenant occupied and the leases are for an extended period of time, it potentially can eliminate a large number of potential buyers who're looking to buy a multi-family home and plan on, or need to, occupy one of the units.  One of the disadvantages of a VA home loan or FHA loan is that the property must be occupied by the buyer, so if a buyer is planning on utilizing one of these mortgage products, they wouldn't be able to purchase a tenant occupied multi-family home. Selling a multi-family home is easiest and most successful if it's unoccupied.  This eliminates potential issues with coordinating home showings or issues with occupancy requirements.  If this isn't a possibility, then it's important that the owner has full cooperation from all parties who'll be impacted during the sale of the multi-family property.

Preparation Is Key When Selling A Multi-Family Home

[caption id="attachment_10458" align="aligncenter" width="450"]Preparation Is Key When Selling A Multi-Family Home Preparation Is Key When Selling A Multi-Family Home[/caption] Preparing a home for sale is critical when selling any type of home, whether it's single family or multi-family.  Since many multi-family properties are purchased as investments, preparing for the sale becomes necessary. One of the most important factors for investors who're looking to buy multi-family homes is the amount of maintenance the home appears to have.  A home that isn't prepared for sale can appear to have more maintenance than it really does. For multi-family property owners who're attempting to prepare and sell a home on a budget, it can be done by tending to a few key areas of the property.  Below are a few of the areas and items that should be prepared prior to listing a multi-family for sale.
  1. Curb Appeal - Simply tending to the exterior curb appeal of a multi-family home can go a long way.  Trimming bushes/shrubs and making sure any flower beds are a couple tips for improving the curb appeal of the property.
  2. Clean Up Common Areas - Depending on the multi-unit, there maybe some common areas, such as laundry or a vestibule.  It's important that all common areas in the property are cleaned up and portray extra maintenance.
  3. Parking Areas - If the property has designated parking areas or garage spaces, making sure these are well defined and in good condition is critical.  If there is an off street parking area, a simple seal of the driveway can go a long way and doesn't cost a ton of extra money.
  4. Doors & Locks - All doors and locks within the multi-family property need to be working well.  It's not a good reflection of a property when the locks are difficult to use and a showing agent is struggling to access the units within the property.
  When selling a multi-family home, it's extremely important that it's prepared for the market.  Not doing so can make or break whether the property sells and also it can impact an owners bottom line.

Hire An Agent Who Has Experience Selling Multi-Family Homes

Hiring a top real estate agent, with experience, is extremely important when selling any type of property.  For example, when selling a waterfront property, hiring an agent who primarily sells mobile homes in a park wouldn't be the best idea. It's critical when selling a multi-family home that a Realtor® who has experience selling multi-family homes is hired.  To help ensure an agent who has experience selling multi-family homes is hired, there are certain questions to ask Realtors® during interviews.
  1. How do you handle showings when a property is tenant occupied?
  2. How much notice do you provide?
  3. In the past, how have you handled uncooperative tenants?
  4. Can you provide the contact information of the previous owner who you represented during a recent multi-family sale?
  Asking the right questions during an interview can greatly improve the chances an agent who has experience selling multi-family homes is hired. Not only is it important to make sure the agent has experience selling a multi-family home but it's equally as important to make sure they know how to effectively market a home.  Since the majority of home buyers are finding the home they eventually purchase on the internet, it's critical the agent knows how to reach potential buyers. This is done by using the best real estate marketing strategies.  Marketing strategies such as using social media, optimizing their website to be found in searches, and using high quality photography and videos are a few ways top real estate agents are marketing their clients homes to potential buyers.

Have Important Documents Ready

[caption id="attachment_10460" align="aligncenter" width="450"]Have Important Documents Ready When Selling A Multi-Family Home! Have Important Documents Ready When Selling A Multi-Family Home![/caption] There are certain things to know before selling a home, regardless if it's a single family or multi family home.  It's helpful that before listing a home for sale that important documents are readily accessible for potential buyers. Documents that should be readily accessible, whether selling a multi-family home or not, include documentation relating to roof age or warranties, the age of the homes HVAC systems, and any receipts of remodeling projects that have been completed. One of the most important features that today's home buyers are looking for in a home are updated and newer mechanics, such as roofs and HVAC systems.  Home sellers who have records and receipts showing the ages of these components give themselves a huge advantage. When selling a multi-family home, it's very important to have financial documents readily available for prospective buyers.  Since multi-family homes are often purchased as an investment, having the financial documents available can be extremely helpful for potential buyers. The most important financial document that should be readily available when selling a multi-family home is the yearly net operating figures.  This document shows a potential buyer the income from monthly rents and subtracts out the expenses of the property, such as yearly homeowners insurance, yearly refuse, yearly water usage, and any repairs that have been completed recently.

Complete Inspections Prior To Listing The Property

Many municipalities require that a certificate of occupancy, also known as a C of O, is renewed when a multi-family property is being sold to a new owner.  It's highly recommended that prior to listing a multi-family property that any inspections are completed beforehand. If your local municipality requires a new C of O prior to the property being transferred to a new owner, have the inspection completed prior to listing can reduce the chances that the real estate closing is delayed.  If you're unsure if a new C of O is required prior to the property being transferred, you can contact your local municipality to find out. Recently while selling a multi-family property in Rochester NY, the property owner decided to wait until after a contract was received to complete the required C of O inspection.  The City was backlogged on inspections and the inspection date had to be scheduled a month out, which ultimately delayed the closing of the property.  This could've been avoided if the C of O inspection was completed prior to listing the property. Another inspection to consider completing prior to listing a multi-family property is a general home inspection.  There are lots of reasons to have a pre-listing inspection when selling a home.  The number one reason having a pre-listing inspection prior to putting a home on the market is that it provides a homeowner the opportunity to rectify issues that a home inspector may find. Since the majority of home buyers elect to have a home inspection and some buyers can get scared away from a home because of the inspection results, having one completed prior to listing is a very good idea.  Homeowners who decide to not have a pre-listing inspection often end up regretting their decision if a buyer is scared away from their property.

Final Thoughts On Selling A Multi-Family Home

As you can see, selling a multi-family home is much different than selling a single family home.  Even though selling a multi-family home is generally more complex, that doesn't mean that it has to be impossible.  By following the 5 tips discussed above, multi-family property owners put themselves in a much better position to experience a smooth and successful sale.

Other Top Resources For Selling A Multi-Family Home

Do you own a multi-family property in Rochester?  If so and you're thinking about selling your multi-family property, the above 5 tips should be extremely helpful.  If you don't have a real estate agent in Rochester yet, call or text me at 585-704-7095, and I'd be happy to discuss the sale of your multi-family home!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "5 Important Tips For Selling A Multi-Family Home" was written by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group.  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> How To Improve A Homes Curb Appeal In Rochester NY https://www.rochesterrealestateblog.com/how-to-improve-a-homes-curb-appeal-rochester-ny/ Tue, 24 Jan 2017 12:40:24 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12665 How To Sell A Multi-Family Property [caption id="attachment_10457" align="aligncenter" width="450"]5 Important Tips For Selling A Multi-Family Home 5 Important Tips For Selling A Multi-Family Home[/caption] Selling a multi-family home is substantially more complex than selling a single family home.  One of the top reasons why selling a multi-family is generally more complex is because it typically involves more people than just the one owner of a single family home. When selling a multi-family property the probability that you're involving 6-12 people is high.  Depending on the number of units in a multi-family property, you may only be dealing with a couple families or a dozen families. There are certain rules, regulations, and laws that multi-family property owners must be aware of and also abide by.  These rules, regulations, and laws will vary from city to city and state to state. It's highly recommended that prior to selling a multi-family home that you consult with an attorney to make sure you're not going to put yourself in a situation where you could be sued.  Not being aware of rules, regulations, and local laws is one of the top home selling mistakes made by multi-family property owners. Read on to find out what the top 5 tips for selling a multi-family home are.  Multi-family property owners who follow the below tips will put themselves in an excellent position to get their property sold, while avoiding potential issues or roadblocks.

Review Leases, Occupancy, & Tenant Rights

Before listing a multi-family home for sale, it's vital to review all leases and the occupancy for each unit.  As mentioned above, multi-family property owners can get themselves in trouble if they're not careful.  It's important to always keep in mind tenant rights when selling a multi-family home. There are a few frequently asked questions from home buyers that multi-family property owners will be asked during the sale process.  By reviewing the current leases and occupancy of each unit, multi-family property owners will be able to answer these questions accurately.  Below are a couple of the top questions asked by buyers who're looking to purchase a multi-family home.
  1. What are the terms of any/all leases?
  2. What are the rent amounts for each unit?
  3. What's included in the rent for each unit?
  4. Are there security deposits being held?
  5. Are the rents able to be subsidized by Government assistance?
  Reviewing the leases and occupancy for each unit can also help determine whether or not to sell the property while it's being occupied by tenants.  Selling a home with tenants can be tricky and it can also bring other potential issues into the equation. For example, if a multi-family home is being sold while tenant occupied and the leases are for an extended period of time, it potentially can eliminate a large number of potential buyers who're looking to buy a multi-family home and plan on, or need to, occupy one of the units.  One of the disadvantages of a VA home loan or FHA loan is that the property must be occupied by the buyer, so if a buyer is planning on utilizing one of these mortgage products, they wouldn't be able to purchase a tenant occupied multi-family home. Selling a multi-family home is easiest and most successful if it's unoccupied.  This eliminates potential issues with coordinating home showings or issues with occupancy requirements.  If this isn't a possibility, then it's important that the owner has full cooperation from all parties who'll be impacted during the sale of the multi-family property.

Preparation Is Key When Selling A Multi-Family Home

[caption id="attachment_10458" align="aligncenter" width="450"]Preparation Is Key When Selling A Multi-Family Home Preparation Is Key When Selling A Multi-Family Home[/caption] Preparing a home for sale is critical when selling any type of home, whether it's single family or multi-family.  Since many multi-family properties are purchased as investments, preparing for the sale becomes necessary. One of the most important factors for investors who're looking to buy multi-family homes is the amount of maintenance the home appears to have.  A home that isn't prepared for sale can appear to have more maintenance than it really does. For multi-family property owners who're attempting to prepare and sell a home on a budget, it can be done by tending to a few key areas of the property.  Below are a few of the areas and items that should be prepared prior to listing a multi-family for sale.
  1. Curb Appeal - Simply tending to the exterior curb appeal of a multi-family home can go a long way.  Trimming bushes/shrubs and making sure any flower beds are a couple tips for improving the curb appeal of the property.
  2. Clean Up Common Areas - Depending on the multi-unit, there maybe some common areas, such as laundry or a vestibule.  It's important that all common areas in the property are cleaned up and portray extra maintenance.
  3. Parking Areas - If the property has designated parking areas or garage spaces, making sure these are well defined and in good condition is critical.  If there is an off street parking area, a simple seal of the driveway can go a long way and doesn't cost a ton of extra money.
  4. Doors & Locks - All doors and locks within the multi-family property need to be working well.  It's not a good reflection of a property when the locks are difficult to use and a showing agent is struggling to access the units within the property.
  When selling a multi-family home, it's extremely important that it's prepared for the market.  Not doing so can make or break whether the property sells and also it can impact an owners bottom line.

Hire An Agent Who Has Experience Selling Multi-Family Homes

Hiring a top real estate agent, with experience, is extremely important when selling any type of property.  For example, when selling a waterfront property, hiring an agent who primarily sells mobile homes in a park wouldn't be the best idea. It's critical when selling a multi-family home that a Realtor® who has experience selling multi-family homes is hired.  To help ensure an agent who has experience selling multi-family homes is hired, there are certain questions to ask Realtors® during interviews.
  1. How do you handle showings when a property is tenant occupied?
  2. How much notice do you provide?
  3. In the past, how have you handled uncooperative tenants?
  4. Can you provide the contact information of the previous owner who you represented during a recent multi-family sale?
  Asking the right questions during an interview can greatly improve the chances an agent who has experience selling multi-family homes is hired. Not only is it important to make sure the agent has experience selling a multi-family home but it's equally as important to make sure they know how to effectively market a home.  Since the majority of home buyers are finding the home they eventually purchase on the internet, it's critical the agent knows how to reach potential buyers. This is done by using the best real estate marketing strategies.  Marketing strategies such as using social media, optimizing their website to be found in searches, and using high quality photography and videos are a few ways top real estate agents are marketing their clients homes to potential buyers.

Have Important Documents Ready

[caption id="attachment_10460" align="aligncenter" width="450"]Have Important Documents Ready When Selling A Multi-Family Home! Have Important Documents Ready When Selling A Multi-Family Home![/caption] There are certain things to know before selling a home, regardless if it's a single family or multi family home.  It's helpful that before listing a home for sale that important documents are readily accessible for potential buyers. Documents that should be readily accessible, whether selling a multi-family home or not, include documentation relating to roof age or warranties, the age of the homes HVAC systems, and any receipts of remodeling projects that have been completed. One of the most important features that today's home buyers are looking for in a home are updated and newer mechanics, such as roofs and HVAC systems.  Home sellers who have records and receipts showing the ages of these components give themselves a huge advantage. When selling a multi-family home, it's very important to have financial documents readily available for prospective buyers.  Since multi-family homes are often purchased as an investment, having the financial documents available can be extremely helpful for potential buyers. The most important financial document that should be readily available when selling a multi-family home is the yearly net operating figures.  This document shows a potential buyer the income from monthly rents and subtracts out the expenses of the property, such as yearly homeowners insurance, yearly refuse, yearly water usage, and any repairs that have been completed recently.

Complete Inspections Prior To Listing The Property

Many municipalities require that a certificate of occupancy, also known as a C of O, is renewed when a multi-family property is being sold to a new owner.  It's highly recommended that prior to listing a multi-family property that any inspections are completed beforehand. If your local municipality requires a new C of O prior to the property being transferred to a new owner, have the inspection completed prior to listing can reduce the chances that the real estate closing is delayed.  If you're unsure if a new C of O is required prior to the property being transferred, you can contact your local municipality to find out. Recently while selling a multi-family property in Rochester NY, the property owner decided to wait until after a contract was received to complete the required C of O inspection.  The City was backlogged on inspections and the inspection date had to be scheduled a month out, which ultimately delayed the closing of the property.  This could've been avoided if the C of O inspection was completed prior to listing the property. Another inspection to consider completing prior to listing a multi-family property is a general home inspection.  There are lots of reasons to have a pre-listing inspection when selling a home.  The number one reason having a pre-listing inspection prior to putting a home on the market is that it provides a homeowner the opportunity to rectify issues that a home inspector may find. Since the majority of home buyers elect to have a home inspection and some buyers can get scared away from a home because of the inspection results, having one completed prior to listing is a very good idea.  Homeowners who decide to not have a pre-listing inspection often end up regretting their decision if a buyer is scared away from their property.

Final Thoughts On Selling A Multi-Family Home

As you can see, selling a multi-family home is much different than selling a single family home.  Even though selling a multi-family home is generally more complex, that doesn't mean that it has to be impossible.  By following the 5 tips discussed above, multi-family property owners put themselves in a much better position to experience a smooth and successful sale.

Other Top Resources For Selling A Multi-Family Home

Do you own a multi-family property in Rochester?  If so and you're thinking about selling your multi-family property, the above 5 tips should be extremely helpful.  If you don't have a real estate agent in Rochester yet, call or text me at 585-704-7095, and I'd be happy to discuss the sale of your multi-family home!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "5 Important Tips For Selling A Multi-Family Home" was written by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group.  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> 7 Ways to Create an Energy-Efficient Home While Conserving Your Budget https://www.rochesterrealestateblog.com/7-ways-create-an-energy-efficient-home/ Tue, 24 Jan 2017 12:40:24 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12633 How To Sell A Multi-Family Property [caption id="attachment_10457" align="aligncenter" width="450"]5 Important Tips For Selling A Multi-Family Home 5 Important Tips For Selling A Multi-Family Home[/caption] Selling a multi-family home is substantially more complex than selling a single family home.  One of the top reasons why selling a multi-family is generally more complex is because it typically involves more people than just the one owner of a single family home. When selling a multi-family property the probability that you're involving 6-12 people is high.  Depending on the number of units in a multi-family property, you may only be dealing with a couple families or a dozen families. There are certain rules, regulations, and laws that multi-family property owners must be aware of and also abide by.  These rules, regulations, and laws will vary from city to city and state to state. It's highly recommended that prior to selling a multi-family home that you consult with an attorney to make sure you're not going to put yourself in a situation where you could be sued.  Not being aware of rules, regulations, and local laws is one of the top home selling mistakes made by multi-family property owners. Read on to find out what the top 5 tips for selling a multi-family home are.  Multi-family property owners who follow the below tips will put themselves in an excellent position to get their property sold, while avoiding potential issues or roadblocks.

Review Leases, Occupancy, & Tenant Rights

Before listing a multi-family home for sale, it's vital to review all leases and the occupancy for each unit.  As mentioned above, multi-family property owners can get themselves in trouble if they're not careful.  It's important to always keep in mind tenant rights when selling a multi-family home. There are a few frequently asked questions from home buyers that multi-family property owners will be asked during the sale process.  By reviewing the current leases and occupancy of each unit, multi-family property owners will be able to answer these questions accurately.  Below are a couple of the top questions asked by buyers who're looking to purchase a multi-family home.
  1. What are the terms of any/all leases?
  2. What are the rent amounts for each unit?
  3. What's included in the rent for each unit?
  4. Are there security deposits being held?
  5. Are the rents able to be subsidized by Government assistance?
  Reviewing the leases and occupancy for each unit can also help determine whether or not to sell the property while it's being occupied by tenants.  Selling a home with tenants can be tricky and it can also bring other potential issues into the equation. For example, if a multi-family home is being sold while tenant occupied and the leases are for an extended period of time, it potentially can eliminate a large number of potential buyers who're looking to buy a multi-family home and plan on, or need to, occupy one of the units.  One of the disadvantages of a VA home loan or FHA loan is that the property must be occupied by the buyer, so if a buyer is planning on utilizing one of these mortgage products, they wouldn't be able to purchase a tenant occupied multi-family home. Selling a multi-family home is easiest and most successful if it's unoccupied.  This eliminates potential issues with coordinating home showings or issues with occupancy requirements.  If this isn't a possibility, then it's important that the owner has full cooperation from all parties who'll be impacted during the sale of the multi-family property.

Preparation Is Key When Selling A Multi-Family Home

[caption id="attachment_10458" align="aligncenter" width="450"]Preparation Is Key When Selling A Multi-Family Home Preparation Is Key When Selling A Multi-Family Home[/caption] Preparing a home for sale is critical when selling any type of home, whether it's single family or multi-family.  Since many multi-family properties are purchased as investments, preparing for the sale becomes necessary. One of the most important factors for investors who're looking to buy multi-family homes is the amount of maintenance the home appears to have.  A home that isn't prepared for sale can appear to have more maintenance than it really does. For multi-family property owners who're attempting to prepare and sell a home on a budget, it can be done by tending to a few key areas of the property.  Below are a few of the areas and items that should be prepared prior to listing a multi-family for sale.
  1. Curb Appeal - Simply tending to the exterior curb appeal of a multi-family home can go a long way.  Trimming bushes/shrubs and making sure any flower beds are a couple tips for improving the curb appeal of the property.
  2. Clean Up Common Areas - Depending on the multi-unit, there maybe some common areas, such as laundry or a vestibule.  It's important that all common areas in the property are cleaned up and portray extra maintenance.
  3. Parking Areas - If the property has designated parking areas or garage spaces, making sure these are well defined and in good condition is critical.  If there is an off street parking area, a simple seal of the driveway can go a long way and doesn't cost a ton of extra money.
  4. Doors & Locks - All doors and locks within the multi-family property need to be working well.  It's not a good reflection of a property when the locks are difficult to use and a showing agent is struggling to access the units within the property.
  When selling a multi-family home, it's extremely important that it's prepared for the market.  Not doing so can make or break whether the property sells and also it can impact an owners bottom line.

Hire An Agent Who Has Experience Selling Multi-Family Homes

Hiring a top real estate agent, with experience, is extremely important when selling any type of property.  For example, when selling a waterfront property, hiring an agent who primarily sells mobile homes in a park wouldn't be the best idea. It's critical when selling a multi-family home that a Realtor® who has experience selling multi-family homes is hired.  To help ensure an agent who has experience selling multi-family homes is hired, there are certain questions to ask Realtors® during interviews.
  1. How do you handle showings when a property is tenant occupied?
  2. How much notice do you provide?
  3. In the past, how have you handled uncooperative tenants?
  4. Can you provide the contact information of the previous owner who you represented during a recent multi-family sale?
  Asking the right questions during an interview can greatly improve the chances an agent who has experience selling multi-family homes is hired. Not only is it important to make sure the agent has experience selling a multi-family home but it's equally as important to make sure they know how to effectively market a home.  Since the majority of home buyers are finding the home they eventually purchase on the internet, it's critical the agent knows how to reach potential buyers. This is done by using the best real estate marketing strategies.  Marketing strategies such as using social media, optimizing their website to be found in searches, and using high quality photography and videos are a few ways top real estate agents are marketing their clients homes to potential buyers.

Have Important Documents Ready

[caption id="attachment_10460" align="aligncenter" width="450"]Have Important Documents Ready When Selling A Multi-Family Home! Have Important Documents Ready When Selling A Multi-Family Home![/caption] There are certain things to know before selling a home, regardless if it's a single family or multi family home.  It's helpful that before listing a home for sale that important documents are readily accessible for potential buyers. Documents that should be readily accessible, whether selling a multi-family home or not, include documentation relating to roof age or warranties, the age of the homes HVAC systems, and any receipts of remodeling projects that have been completed. One of the most important features that today's home buyers are looking for in a home are updated and newer mechanics, such as roofs and HVAC systems.  Home sellers who have records and receipts showing the ages of these components give themselves a huge advantage. When selling a multi-family home, it's very important to have financial documents readily available for prospective buyers.  Since multi-family homes are often purchased as an investment, having the financial documents available can be extremely helpful for potential buyers. The most important financial document that should be readily available when selling a multi-family home is the yearly net operating figures.  This document shows a potential buyer the income from monthly rents and subtracts out the expenses of the property, such as yearly homeowners insurance, yearly refuse, yearly water usage, and any repairs that have been completed recently.

Complete Inspections Prior To Listing The Property

Many municipalities require that a certificate of occupancy, also known as a C of O, is renewed when a multi-family property is being sold to a new owner.  It's highly recommended that prior to listing a multi-family property that any inspections are completed beforehand. If your local municipality requires a new C of O prior to the property being transferred to a new owner, have the inspection completed prior to listing can reduce the chances that the real estate closing is delayed.  If you're unsure if a new C of O is required prior to the property being transferred, you can contact your local municipality to find out. Recently while selling a multi-family property in Rochester NY, the property owner decided to wait until after a contract was received to complete the required C of O inspection.  The City was backlogged on inspections and the inspection date had to be scheduled a month out, which ultimately delayed the closing of the property.  This could've been avoided if the C of O inspection was completed prior to listing the property. Another inspection to consider completing prior to listing a multi-family property is a general home inspection.  There are lots of reasons to have a pre-listing inspection when selling a home.  The number one reason having a pre-listing inspection prior to putting a home on the market is that it provides a homeowner the opportunity to rectify issues that a home inspector may find. Since the majority of home buyers elect to have a home inspection and some buyers can get scared away from a home because of the inspection results, having one completed prior to listing is a very good idea.  Homeowners who decide to not have a pre-listing inspection often end up regretting their decision if a buyer is scared away from their property.

Final Thoughts On Selling A Multi-Family Home

As you can see, selling a multi-family home is much different than selling a single family home.  Even though selling a multi-family home is generally more complex, that doesn't mean that it has to be impossible.  By following the 5 tips discussed above, multi-family property owners put themselves in a much better position to experience a smooth and successful sale.

Other Top Resources For Selling A Multi-Family Home

Do you own a multi-family property in Rochester?  If so and you're thinking about selling your multi-family property, the above 5 tips should be extremely helpful.  If you don't have a real estate agent in Rochester yet, call or text me at 585-704-7095, and I'd be happy to discuss the sale of your multi-family home!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "5 Important Tips For Selling A Multi-Family Home" was written by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group.  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Hiring Movers Vs. Moving Yourself | The PROs &#038; CONs Of Each https://www.rochesterrealestateblog.com/hiring-movers-vs-moving-yourself/ Tue, 24 Jan 2017 12:40:24 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12592 How To Sell A Multi-Family Property [caption id="attachment_10457" align="aligncenter" width="450"]5 Important Tips For Selling A Multi-Family Home 5 Important Tips For Selling A Multi-Family Home[/caption] Selling a multi-family home is substantially more complex than selling a single family home.  One of the top reasons why selling a multi-family is generally more complex is because it typically involves more people than just the one owner of a single family home. When selling a multi-family property the probability that you're involving 6-12 people is high.  Depending on the number of units in a multi-family property, you may only be dealing with a couple families or a dozen families. There are certain rules, regulations, and laws that multi-family property owners must be aware of and also abide by.  These rules, regulations, and laws will vary from city to city and state to state. It's highly recommended that prior to selling a multi-family home that you consult with an attorney to make sure you're not going to put yourself in a situation where you could be sued.  Not being aware of rules, regulations, and local laws is one of the top home selling mistakes made by multi-family property owners. Read on to find out what the top 5 tips for selling a multi-family home are.  Multi-family property owners who follow the below tips will put themselves in an excellent position to get their property sold, while avoiding potential issues or roadblocks.

Review Leases, Occupancy, & Tenant Rights

Before listing a multi-family home for sale, it's vital to review all leases and the occupancy for each unit.  As mentioned above, multi-family property owners can get themselves in trouble if they're not careful.  It's important to always keep in mind tenant rights when selling a multi-family home. There are a few frequently asked questions from home buyers that multi-family property owners will be asked during the sale process.  By reviewing the current leases and occupancy of each unit, multi-family property owners will be able to answer these questions accurately.  Below are a couple of the top questions asked by buyers who're looking to purchase a multi-family home.
  1. What are the terms of any/all leases?
  2. What are the rent amounts for each unit?
  3. What's included in the rent for each unit?
  4. Are there security deposits being held?
  5. Are the rents able to be subsidized by Government assistance?
  Reviewing the leases and occupancy for each unit can also help determine whether or not to sell the property while it's being occupied by tenants.  Selling a home with tenants can be tricky and it can also bring other potential issues into the equation. For example, if a multi-family home is being sold while tenant occupied and the leases are for an extended period of time, it potentially can eliminate a large number of potential buyers who're looking to buy a multi-family home and plan on, or need to, occupy one of the units.  One of the disadvantages of a VA home loan or FHA loan is that the property must be occupied by the buyer, so if a buyer is planning on utilizing one of these mortgage products, they wouldn't be able to purchase a tenant occupied multi-family home. Selling a multi-family home is easiest and most successful if it's unoccupied.  This eliminates potential issues with coordinating home showings or issues with occupancy requirements.  If this isn't a possibility, then it's important that the owner has full cooperation from all parties who'll be impacted during the sale of the multi-family property.

Preparation Is Key When Selling A Multi-Family Home

[caption id="attachment_10458" align="aligncenter" width="450"]Preparation Is Key When Selling A Multi-Family Home Preparation Is Key When Selling A Multi-Family Home[/caption] Preparing a home for sale is critical when selling any type of home, whether it's single family or multi-family.  Since many multi-family properties are purchased as investments, preparing for the sale becomes necessary. One of the most important factors for investors who're looking to buy multi-family homes is the amount of maintenance the home appears to have.  A home that isn't prepared for sale can appear to have more maintenance than it really does. For multi-family property owners who're attempting to prepare and sell a home on a budget, it can be done by tending to a few key areas of the property.  Below are a few of the areas and items that should be prepared prior to listing a multi-family for sale.
  1. Curb Appeal - Simply tending to the exterior curb appeal of a multi-family home can go a long way.  Trimming bushes/shrubs and making sure any flower beds are a couple tips for improving the curb appeal of the property.
  2. Clean Up Common Areas - Depending on the multi-unit, there maybe some common areas, such as laundry or a vestibule.  It's important that all common areas in the property are cleaned up and portray extra maintenance.
  3. Parking Areas - If the property has designated parking areas or garage spaces, making sure these are well defined and in good condition is critical.  If there is an off street parking area, a simple seal of the driveway can go a long way and doesn't cost a ton of extra money.
  4. Doors & Locks - All doors and locks within the multi-family property need to be working well.  It's not a good reflection of a property when the locks are difficult to use and a showing agent is struggling to access the units within the property.
  When selling a multi-family home, it's extremely important that it's prepared for the market.  Not doing so can make or break whether the property sells and also it can impact an owners bottom line.

Hire An Agent Who Has Experience Selling Multi-Family Homes

Hiring a top real estate agent, with experience, is extremely important when selling any type of property.  For example, when selling a waterfront property, hiring an agent who primarily sells mobile homes in a park wouldn't be the best idea. It's critical when selling a multi-family home that a Realtor® who has experience selling multi-family homes is hired.  To help ensure an agent who has experience selling multi-family homes is hired, there are certain questions to ask Realtors® during interviews.
  1. How do you handle showings when a property is tenant occupied?
  2. How much notice do you provide?
  3. In the past, how have you handled uncooperative tenants?
  4. Can you provide the contact information of the previous owner who you represented during a recent multi-family sale?
  Asking the right questions during an interview can greatly improve the chances an agent who has experience selling multi-family homes is hired. Not only is it important to make sure the agent has experience selling a multi-family home but it's equally as important to make sure they know how to effectively market a home.  Since the majority of home buyers are finding the home they eventually purchase on the internet, it's critical the agent knows how to reach potential buyers. This is done by using the best real estate marketing strategies.  Marketing strategies such as using social media, optimizing their website to be found in searches, and using high quality photography and videos are a few ways top real estate agents are marketing their clients homes to potential buyers.

Have Important Documents Ready

[caption id="attachment_10460" align="aligncenter" width="450"]Have Important Documents Ready When Selling A Multi-Family Home! Have Important Documents Ready When Selling A Multi-Family Home![/caption] There are certain things to know before selling a home, regardless if it's a single family or multi family home.  It's helpful that before listing a home for sale that important documents are readily accessible for potential buyers. Documents that should be readily accessible, whether selling a multi-family home or not, include documentation relating to roof age or warranties, the age of the homes HVAC systems, and any receipts of remodeling projects that have been completed. One of the most important features that today's home buyers are looking for in a home are updated and newer mechanics, such as roofs and HVAC systems.  Home sellers who have records and receipts showing the ages of these components give themselves a huge advantage. When selling a multi-family home, it's very important to have financial documents readily available for prospective buyers.  Since multi-family homes are often purchased as an investment, having the financial documents available can be extremely helpful for potential buyers. The most important financial document that should be readily available when selling a multi-family home is the yearly net operating figures.  This document shows a potential buyer the income from monthly rents and subtracts out the expenses of the property, such as yearly homeowners insurance, yearly refuse, yearly water usage, and any repairs that have been completed recently.

Complete Inspections Prior To Listing The Property

Many municipalities require that a certificate of occupancy, also known as a C of O, is renewed when a multi-family property is being sold to a new owner.  It's highly recommended that prior to listing a multi-family property that any inspections are completed beforehand. If your local municipality requires a new C of O prior to the property being transferred to a new owner, have the inspection completed prior to listing can reduce the chances that the real estate closing is delayed.  If you're unsure if a new C of O is required prior to the property being transferred, you can contact your local municipality to find out. Recently while selling a multi-family property in Rochester NY, the property owner decided to wait until after a contract was received to complete the required C of O inspection.  The City was backlogged on inspections and the inspection date had to be scheduled a month out, which ultimately delayed the closing of the property.  This could've been avoided if the C of O inspection was completed prior to listing the property. Another inspection to consider completing prior to listing a multi-family property is a general home inspection.  There are lots of reasons to have a pre-listing inspection when selling a home.  The number one reason having a pre-listing inspection prior to putting a home on the market is that it provides a homeowner the opportunity to rectify issues that a home inspector may find. Since the majority of home buyers elect to have a home inspection and some buyers can get scared away from a home because of the inspection results, having one completed prior to listing is a very good idea.  Homeowners who decide to not have a pre-listing inspection often end up regretting their decision if a buyer is scared away from their property.

Final Thoughts On Selling A Multi-Family Home

As you can see, selling a multi-family home is much different than selling a single family home.  Even though selling a multi-family home is generally more complex, that doesn't mean that it has to be impossible.  By following the 5 tips discussed above, multi-family property owners put themselves in a much better position to experience a smooth and successful sale.

Other Top Resources For Selling A Multi-Family Home

Do you own a multi-family property in Rochester?  If so and you're thinking about selling your multi-family property, the above 5 tips should be extremely helpful.  If you don't have a real estate agent in Rochester yet, call or text me at 585-704-7095, and I'd be happy to discuss the sale of your multi-family home!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "5 Important Tips For Selling A Multi-Family Home" was written by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group.  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Should You Pay Off Student Loans Before Purchasing a Home? https://www.rochesterrealestateblog.com/pay-off-student-loans-before-purchasing-a-home/ Tue, 24 Jan 2017 12:40:24 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12531 How To Sell A Multi-Family Property [caption id="attachment_10457" align="aligncenter" width="450"]5 Important Tips For Selling A Multi-Family Home 5 Important Tips For Selling A Multi-Family Home[/caption] Selling a multi-family home is substantially more complex than selling a single family home.  One of the top reasons why selling a multi-family is generally more complex is because it typically involves more people than just the one owner of a single family home. When selling a multi-family property the probability that you're involving 6-12 people is high.  Depending on the number of units in a multi-family property, you may only be dealing with a couple families or a dozen families. There are certain rules, regulations, and laws that multi-family property owners must be aware of and also abide by.  These rules, regulations, and laws will vary from city to city and state to state. It's highly recommended that prior to selling a multi-family home that you consult with an attorney to make sure you're not going to put yourself in a situation where you could be sued.  Not being aware of rules, regulations, and local laws is one of the top home selling mistakes made by multi-family property owners. Read on to find out what the top 5 tips for selling a multi-family home are.  Multi-family property owners who follow the below tips will put themselves in an excellent position to get their property sold, while avoiding potential issues or roadblocks.

Review Leases, Occupancy, & Tenant Rights

Before listing a multi-family home for sale, it's vital to review all leases and the occupancy for each unit.  As mentioned above, multi-family property owners can get themselves in trouble if they're not careful.  It's important to always keep in mind tenant rights when selling a multi-family home. There are a few frequently asked questions from home buyers that multi-family property owners will be asked during the sale process.  By reviewing the current leases and occupancy of each unit, multi-family property owners will be able to answer these questions accurately.  Below are a couple of the top questions asked by buyers who're looking to purchase a multi-family home.
  1. What are the terms of any/all leases?
  2. What are the rent amounts for each unit?
  3. What's included in the rent for each unit?
  4. Are there security deposits being held?
  5. Are the rents able to be subsidized by Government assistance?
  Reviewing the leases and occupancy for each unit can also help determine whether or not to sell the property while it's being occupied by tenants.  Selling a home with tenants can be tricky and it can also bring other potential issues into the equation. For example, if a multi-family home is being sold while tenant occupied and the leases are for an extended period of time, it potentially can eliminate a large number of potential buyers who're looking to buy a multi-family home and plan on, or need to, occupy one of the units.  One of the disadvantages of a VA home loan or FHA loan is that the property must be occupied by the buyer, so if a buyer is planning on utilizing one of these mortgage products, they wouldn't be able to purchase a tenant occupied multi-family home. Selling a multi-family home is easiest and most successful if it's unoccupied.  This eliminates potential issues with coordinating home showings or issues with occupancy requirements.  If this isn't a possibility, then it's important that the owner has full cooperation from all parties who'll be impacted during the sale of the multi-family property.

Preparation Is Key When Selling A Multi-Family Home

[caption id="attachment_10458" align="aligncenter" width="450"]Preparation Is Key When Selling A Multi-Family Home Preparation Is Key When Selling A Multi-Family Home[/caption] Preparing a home for sale is critical when selling any type of home, whether it's single family or multi-family.  Since many multi-family properties are purchased as investments, preparing for the sale becomes necessary. One of the most important factors for investors who're looking to buy multi-family homes is the amount of maintenance the home appears to have.  A home that isn't prepared for sale can appear to have more maintenance than it really does. For multi-family property owners who're attempting to prepare and sell a home on a budget, it can be done by tending to a few key areas of the property.  Below are a few of the areas and items that should be prepared prior to listing a multi-family for sale.
  1. Curb Appeal - Simply tending to the exterior curb appeal of a multi-family home can go a long way.  Trimming bushes/shrubs and making sure any flower beds are a couple tips for improving the curb appeal of the property.
  2. Clean Up Common Areas - Depending on the multi-unit, there maybe some common areas, such as laundry or a vestibule.  It's important that all common areas in the property are cleaned up and portray extra maintenance.
  3. Parking Areas - If the property has designated parking areas or garage spaces, making sure these are well defined and in good condition is critical.  If there is an off street parking area, a simple seal of the driveway can go a long way and doesn't cost a ton of extra money.
  4. Doors & Locks - All doors and locks within the multi-family property need to be working well.  It's not a good reflection of a property when the locks are difficult to use and a showing agent is struggling to access the units within the property.
  When selling a multi-family home, it's extremely important that it's prepared for the market.  Not doing so can make or break whether the property sells and also it can impact an owners bottom line.

Hire An Agent Who Has Experience Selling Multi-Family Homes

Hiring a top real estate agent, with experience, is extremely important when selling any type of property.  For example, when selling a waterfront property, hiring an agent who primarily sells mobile homes in a park wouldn't be the best idea. It's critical when selling a multi-family home that a Realtor® who has experience selling multi-family homes is hired.  To help ensure an agent who has experience selling multi-family homes is hired, there are certain questions to ask Realtors® during interviews.
  1. How do you handle showings when a property is tenant occupied?
  2. How much notice do you provide?
  3. In the past, how have you handled uncooperative tenants?
  4. Can you provide the contact information of the previous owner who you represented during a recent multi-family sale?
  Asking the right questions during an interview can greatly improve the chances an agent who has experience selling multi-family homes is hired. Not only is it important to make sure the agent has experience selling a multi-family home but it's equally as important to make sure they know how to effectively market a home.  Since the majority of home buyers are finding the home they eventually purchase on the internet, it's critical the agent knows how to reach potential buyers. This is done by using the best real estate marketing strategies.  Marketing strategies such as using social media, optimizing their website to be found in searches, and using high quality photography and videos are a few ways top real estate agents are marketing their clients homes to potential buyers.

Have Important Documents Ready

[caption id="attachment_10460" align="aligncenter" width="450"]Have Important Documents Ready When Selling A Multi-Family Home! Have Important Documents Ready When Selling A Multi-Family Home![/caption] There are certain things to know before selling a home, regardless if it's a single family or multi family home.  It's helpful that before listing a home for sale that important documents are readily accessible for potential buyers. Documents that should be readily accessible, whether selling a multi-family home or not, include documentation relating to roof age or warranties, the age of the homes HVAC systems, and any receipts of remodeling projects that have been completed. One of the most important features that today's home buyers are looking for in a home are updated and newer mechanics, such as roofs and HVAC systems.  Home sellers who have records and receipts showing the ages of these components give themselves a huge advantage. When selling a multi-family home, it's very important to have financial documents readily available for prospective buyers.  Since multi-family homes are often purchased as an investment, having the financial documents available can be extremely helpful for potential buyers. The most important financial document that should be readily available when selling a multi-family home is the yearly net operating figures.  This document shows a potential buyer the income from monthly rents and subtracts out the expenses of the property, such as yearly homeowners insurance, yearly refuse, yearly water usage, and any repairs that have been completed recently.

Complete Inspections Prior To Listing The Property

Many municipalities require that a certificate of occupancy, also known as a C of O, is renewed when a multi-family property is being sold to a new owner.  It's highly recommended that prior to listing a multi-family property that any inspections are completed beforehand. If your local municipality requires a new C of O prior to the property being transferred to a new owner, have the inspection completed prior to listing can reduce the chances that the real estate closing is delayed.  If you're unsure if a new C of O is required prior to the property being transferred, you can contact your local municipality to find out. Recently while selling a multi-family property in Rochester NY, the property owner decided to wait until after a contract was received to complete the required C of O inspection.  The City was backlogged on inspections and the inspection date had to be scheduled a month out, which ultimately delayed the closing of the property.  This could've been avoided if the C of O inspection was completed prior to listing the property. Another inspection to consider completing prior to listing a multi-family property is a general home inspection.  There are lots of reasons to have a pre-listing inspection when selling a home.  The number one reason having a pre-listing inspection prior to putting a home on the market is that it provides a homeowner the opportunity to rectify issues that a home inspector may find. Since the majority of home buyers elect to have a home inspection and some buyers can get scared away from a home because of the inspection results, having one completed prior to listing is a very good idea.  Homeowners who decide to not have a pre-listing inspection often end up regretting their decision if a buyer is scared away from their property.

Final Thoughts On Selling A Multi-Family Home

As you can see, selling a multi-family home is much different than selling a single family home.  Even though selling a multi-family home is generally more complex, that doesn't mean that it has to be impossible.  By following the 5 tips discussed above, multi-family property owners put themselves in a much better position to experience a smooth and successful sale.

Other Top Resources For Selling A Multi-Family Home

Do you own a multi-family property in Rochester?  If so and you're thinking about selling your multi-family property, the above 5 tips should be extremely helpful.  If you don't have a real estate agent in Rochester yet, call or text me at 585-704-7095, and I'd be happy to discuss the sale of your multi-family home!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "5 Important Tips For Selling A Multi-Family Home" was written by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group.  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Should I Build A New Home Or Buy An Existing Home? https://www.rochesterrealestateblog.com/should-i-build-a-new-home-or-buy-an-existing-home/ Tue, 24 Jan 2017 12:40:24 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=2497 How To Sell A Multi-Family Property [caption id="attachment_10457" align="aligncenter" width="450"]5 Important Tips For Selling A Multi-Family Home 5 Important Tips For Selling A Multi-Family Home[/caption] Selling a multi-family home is substantially more complex than selling a single family home.  One of the top reasons why selling a multi-family is generally more complex is because it typically involves more people than just the one owner of a single family home. When selling a multi-family property the probability that you're involving 6-12 people is high.  Depending on the number of units in a multi-family property, you may only be dealing with a couple families or a dozen families. There are certain rules, regulations, and laws that multi-family property owners must be aware of and also abide by.  These rules, regulations, and laws will vary from city to city and state to state. It's highly recommended that prior to selling a multi-family home that you consult with an attorney to make sure you're not going to put yourself in a situation where you could be sued.  Not being aware of rules, regulations, and local laws is one of the top home selling mistakes made by multi-family property owners. Read on to find out what the top 5 tips for selling a multi-family home are.  Multi-family property owners who follow the below tips will put themselves in an excellent position to get their property sold, while avoiding potential issues or roadblocks.

Review Leases, Occupancy, & Tenant Rights

Before listing a multi-family home for sale, it's vital to review all leases and the occupancy for each unit.  As mentioned above, multi-family property owners can get themselves in trouble if they're not careful.  It's important to always keep in mind tenant rights when selling a multi-family home. There are a few frequently asked questions from home buyers that multi-family property owners will be asked during the sale process.  By reviewing the current leases and occupancy of each unit, multi-family property owners will be able to answer these questions accurately.  Below are a couple of the top questions asked by buyers who're looking to purchase a multi-family home.
  1. What are the terms of any/all leases?
  2. What are the rent amounts for each unit?
  3. What's included in the rent for each unit?
  4. Are there security deposits being held?
  5. Are the rents able to be subsidized by Government assistance?
  Reviewing the leases and occupancy for each unit can also help determine whether or not to sell the property while it's being occupied by tenants.  Selling a home with tenants can be tricky and it can also bring other potential issues into the equation. For example, if a multi-family home is being sold while tenant occupied and the leases are for an extended period of time, it potentially can eliminate a large number of potential buyers who're looking to buy a multi-family home and plan on, or need to, occupy one of the units.  One of the disadvantages of a VA home loan or FHA loan is that the property must be occupied by the buyer, so if a buyer is planning on utilizing one of these mortgage products, they wouldn't be able to purchase a tenant occupied multi-family home. Selling a multi-family home is easiest and most successful if it's unoccupied.  This eliminates potential issues with coordinating home showings or issues with occupancy requirements.  If this isn't a possibility, then it's important that the owner has full cooperation from all parties who'll be impacted during the sale of the multi-family property.

Preparation Is Key When Selling A Multi-Family Home

[caption id="attachment_10458" align="aligncenter" width="450"]Preparation Is Key When Selling A Multi-Family Home Preparation Is Key When Selling A Multi-Family Home[/caption] Preparing a home for sale is critical when selling any type of home, whether it's single family or multi-family.  Since many multi-family properties are purchased as investments, preparing for the sale becomes necessary. One of the most important factors for investors who're looking to buy multi-family homes is the amount of maintenance the home appears to have.  A home that isn't prepared for sale can appear to have more maintenance than it really does. For multi-family property owners who're attempting to prepare and sell a home on a budget, it can be done by tending to a few key areas of the property.  Below are a few of the areas and items that should be prepared prior to listing a multi-family for sale.
  1. Curb Appeal - Simply tending to the exterior curb appeal of a multi-family home can go a long way.  Trimming bushes/shrubs and making sure any flower beds are a couple tips for improving the curb appeal of the property.
  2. Clean Up Common Areas - Depending on the multi-unit, there maybe some common areas, such as laundry or a vestibule.  It's important that all common areas in the property are cleaned up and portray extra maintenance.
  3. Parking Areas - If the property has designated parking areas or garage spaces, making sure these are well defined and in good condition is critical.  If there is an off street parking area, a simple seal of the driveway can go a long way and doesn't cost a ton of extra money.
  4. Doors & Locks - All doors and locks within the multi-family property need to be working well.  It's not a good reflection of a property when the locks are difficult to use and a showing agent is struggling to access the units within the property.
  When selling a multi-family home, it's extremely important that it's prepared for the market.  Not doing so can make or break whether the property sells and also it can impact an owners bottom line.

Hire An Agent Who Has Experience Selling Multi-Family Homes

Hiring a top real estate agent, with experience, is extremely important when selling any type of property.  For example, when selling a waterfront property, hiring an agent who primarily sells mobile homes in a park wouldn't be the best idea. It's critical when selling a multi-family home that a Realtor® who has experience selling multi-family homes is hired.  To help ensure an agent who has experience selling multi-family homes is hired, there are certain questions to ask Realtors® during interviews.
  1. How do you handle showings when a property is tenant occupied?
  2. How much notice do you provide?
  3. In the past, how have you handled uncooperative tenants?
  4. Can you provide the contact information of the previous owner who you represented during a recent multi-family sale?
  Asking the right questions during an interview can greatly improve the chances an agent who has experience selling multi-family homes is hired. Not only is it important to make sure the agent has experience selling a multi-family home but it's equally as important to make sure they know how to effectively market a home.  Since the majority of home buyers are finding the home they eventually purchase on the internet, it's critical the agent knows how to reach potential buyers. This is done by using the best real estate marketing strategies.  Marketing strategies such as using social media, optimizing their website to be found in searches, and using high quality photography and videos are a few ways top real estate agents are marketing their clients homes to potential buyers.

Have Important Documents Ready

[caption id="attachment_10460" align="aligncenter" width="450"]Have Important Documents Ready When Selling A Multi-Family Home! Have Important Documents Ready When Selling A Multi-Family Home![/caption] There are certain things to know before selling a home, regardless if it's a single family or multi family home.  It's helpful that before listing a home for sale that important documents are readily accessible for potential buyers. Documents that should be readily accessible, whether selling a multi-family home or not, include documentation relating to roof age or warranties, the age of the homes HVAC systems, and any receipts of remodeling projects that have been completed. One of the most important features that today's home buyers are looking for in a home are updated and newer mechanics, such as roofs and HVAC systems.  Home sellers who have records and receipts showing the ages of these components give themselves a huge advantage. When selling a multi-family home, it's very important to have financial documents readily available for prospective buyers.  Since multi-family homes are often purchased as an investment, having the financial documents available can be extremely helpful for potential buyers. The most important financial document that should be readily available when selling a multi-family home is the yearly net operating figures.  This document shows a potential buyer the income from monthly rents and subtracts out the expenses of the property, such as yearly homeowners insurance, yearly refuse, yearly water usage, and any repairs that have been completed recently.

Complete Inspections Prior To Listing The Property

Many municipalities require that a certificate of occupancy, also known as a C of O, is renewed when a multi-family property is being sold to a new owner.  It's highly recommended that prior to listing a multi-family property that any inspections are completed beforehand. If your local municipality requires a new C of O prior to the property being transferred to a new owner, have the inspection completed prior to listing can reduce the chances that the real estate closing is delayed.  If you're unsure if a new C of O is required prior to the property being transferred, you can contact your local municipality to find out. Recently while selling a multi-family property in Rochester NY, the property owner decided to wait until after a contract was received to complete the required C of O inspection.  The City was backlogged on inspections and the inspection date had to be scheduled a month out, which ultimately delayed the closing of the property.  This could've been avoided if the C of O inspection was completed prior to listing the property. Another inspection to consider completing prior to listing a multi-family property is a general home inspection.  There are lots of reasons to have a pre-listing inspection when selling a home.  The number one reason having a pre-listing inspection prior to putting a home on the market is that it provides a homeowner the opportunity to rectify issues that a home inspector may find. Since the majority of home buyers elect to have a home inspection and some buyers can get scared away from a home because of the inspection results, having one completed prior to listing is a very good idea.  Homeowners who decide to not have a pre-listing inspection often end up regretting their decision if a buyer is scared away from their property.

Final Thoughts On Selling A Multi-Family Home

As you can see, selling a multi-family home is much different than selling a single family home.  Even though selling a multi-family home is generally more complex, that doesn't mean that it has to be impossible.  By following the 5 tips discussed above, multi-family property owners put themselves in a much better position to experience a smooth and successful sale.

Other Top Resources For Selling A Multi-Family Home

Do you own a multi-family property in Rochester?  If so and you're thinking about selling your multi-family property, the above 5 tips should be extremely helpful.  If you don't have a real estate agent in Rochester yet, call or text me at 585-704-7095, and I'd be happy to discuss the sale of your multi-family home!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "5 Important Tips For Selling A Multi-Family Home" was written by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group.  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Buying A Condo Vs. Renting A Condo | What Are The PROs &#038; CONs? https://www.rochesterrealestateblog.com/buying-a-condo-vs-renting-a-condo/ Tue, 24 Jan 2017 12:40:24 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12402 How To Sell A Multi-Family Property [caption id="attachment_10457" align="aligncenter" width="450"]5 Important Tips For Selling A Multi-Family Home 5 Important Tips For Selling A Multi-Family Home[/caption] Selling a multi-family home is substantially more complex than selling a single family home.  One of the top reasons why selling a multi-family is generally more complex is because it typically involves more people than just the one owner of a single family home. When selling a multi-family property the probability that you're involving 6-12 people is high.  Depending on the number of units in a multi-family property, you may only be dealing with a couple families or a dozen families. There are certain rules, regulations, and laws that multi-family property owners must be aware of and also abide by.  These rules, regulations, and laws will vary from city to city and state to state. It's highly recommended that prior to selling a multi-family home that you consult with an attorney to make sure you're not going to put yourself in a situation where you could be sued.  Not being aware of rules, regulations, and local laws is one of the top home selling mistakes made by multi-family property owners. Read on to find out what the top 5 tips for selling a multi-family home are.  Multi-family property owners who follow the below tips will put themselves in an excellent position to get their property sold, while avoiding potential issues or roadblocks.

Review Leases, Occupancy, & Tenant Rights

Before listing a multi-family home for sale, it's vital to review all leases and the occupancy for each unit.  As mentioned above, multi-family property owners can get themselves in trouble if they're not careful.  It's important to always keep in mind tenant rights when selling a multi-family home. There are a few frequently asked questions from home buyers that multi-family property owners will be asked during the sale process.  By reviewing the current leases and occupancy of each unit, multi-family property owners will be able to answer these questions accurately.  Below are a couple of the top questions asked by buyers who're looking to purchase a multi-family home.
  1. What are the terms of any/all leases?
  2. What are the rent amounts for each unit?
  3. What's included in the rent for each unit?
  4. Are there security deposits being held?
  5. Are the rents able to be subsidized by Government assistance?
  Reviewing the leases and occupancy for each unit can also help determine whether or not to sell the property while it's being occupied by tenants.  Selling a home with tenants can be tricky and it can also bring other potential issues into the equation. For example, if a multi-family home is being sold while tenant occupied and the leases are for an extended period of time, it potentially can eliminate a large number of potential buyers who're looking to buy a multi-family home and plan on, or need to, occupy one of the units.  One of the disadvantages of a VA home loan or FHA loan is that the property must be occupied by the buyer, so if a buyer is planning on utilizing one of these mortgage products, they wouldn't be able to purchase a tenant occupied multi-family home. Selling a multi-family home is easiest and most successful if it's unoccupied.  This eliminates potential issues with coordinating home showings or issues with occupancy requirements.  If this isn't a possibility, then it's important that the owner has full cooperation from all parties who'll be impacted during the sale of the multi-family property.

Preparation Is Key When Selling A Multi-Family Home

[caption id="attachment_10458" align="aligncenter" width="450"]Preparation Is Key When Selling A Multi-Family Home Preparation Is Key When Selling A Multi-Family Home[/caption] Preparing a home for sale is critical when selling any type of home, whether it's single family or multi-family.  Since many multi-family properties are purchased as investments, preparing for the sale becomes necessary. One of the most important factors for investors who're looking to buy multi-family homes is the amount of maintenance the home appears to have.  A home that isn't prepared for sale can appear to have more maintenance than it really does. For multi-family property owners who're attempting to prepare and sell a home on a budget, it can be done by tending to a few key areas of the property.  Below are a few of the areas and items that should be prepared prior to listing a multi-family for sale.
  1. Curb Appeal - Simply tending to the exterior curb appeal of a multi-family home can go a long way.  Trimming bushes/shrubs and making sure any flower beds are a couple tips for improving the curb appeal of the property.
  2. Clean Up Common Areas - Depending on the multi-unit, there maybe some common areas, such as laundry or a vestibule.  It's important that all common areas in the property are cleaned up and portray extra maintenance.
  3. Parking Areas - If the property has designated parking areas or garage spaces, making sure these are well defined and in good condition is critical.  If there is an off street parking area, a simple seal of the driveway can go a long way and doesn't cost a ton of extra money.
  4. Doors & Locks - All doors and locks within the multi-family property need to be working well.  It's not a good reflection of a property when the locks are difficult to use and a showing agent is struggling to access the units within the property.
  When selling a multi-family home, it's extremely important that it's prepared for the market.  Not doing so can make or break whether the property sells and also it can impact an owners bottom line.

Hire An Agent Who Has Experience Selling Multi-Family Homes

Hiring a top real estate agent, with experience, is extremely important when selling any type of property.  For example, when selling a waterfront property, hiring an agent who primarily sells mobile homes in a park wouldn't be the best idea. It's critical when selling a multi-family home that a Realtor® who has experience selling multi-family homes is hired.  To help ensure an agent who has experience selling multi-family homes is hired, there are certain questions to ask Realtors® during interviews.
  1. How do you handle showings when a property is tenant occupied?
  2. How much notice do you provide?
  3. In the past, how have you handled uncooperative tenants?
  4. Can you provide the contact information of the previous owner who you represented during a recent multi-family sale?
  Asking the right questions during an interview can greatly improve the chances an agent who has experience selling multi-family homes is hired. Not only is it important to make sure the agent has experience selling a multi-family home but it's equally as important to make sure they know how to effectively market a home.  Since the majority of home buyers are finding the home they eventually purchase on the internet, it's critical the agent knows how to reach potential buyers. This is done by using the best real estate marketing strategies.  Marketing strategies such as using social media, optimizing their website to be found in searches, and using high quality photography and videos are a few ways top real estate agents are marketing their clients homes to potential buyers.

Have Important Documents Ready

[caption id="attachment_10460" align="aligncenter" width="450"]Have Important Documents Ready When Selling A Multi-Family Home! Have Important Documents Ready When Selling A Multi-Family Home![/caption] There are certain things to know before selling a home, regardless if it's a single family or multi family home.  It's helpful that before listing a home for sale that important documents are readily accessible for potential buyers. Documents that should be readily accessible, whether selling a multi-family home or not, include documentation relating to roof age or warranties, the age of the homes HVAC systems, and any receipts of remodeling projects that have been completed. One of the most important features that today's home buyers are looking for in a home are updated and newer mechanics, such as roofs and HVAC systems.  Home sellers who have records and receipts showing the ages of these components give themselves a huge advantage. When selling a multi-family home, it's very important to have financial documents readily available for prospective buyers.  Since multi-family homes are often purchased as an investment, having the financial documents available can be extremely helpful for potential buyers. The most important financial document that should be readily available when selling a multi-family home is the yearly net operating figures.  This document shows a potential buyer the income from monthly rents and subtracts out the expenses of the property, such as yearly homeowners insurance, yearly refuse, yearly water usage, and any repairs that have been completed recently.

Complete Inspections Prior To Listing The Property

Many municipalities require that a certificate of occupancy, also known as a C of O, is renewed when a multi-family property is being sold to a new owner.  It's highly recommended that prior to listing a multi-family property that any inspections are completed beforehand. If your local municipality requires a new C of O prior to the property being transferred to a new owner, have the inspection completed prior to listing can reduce the chances that the real estate closing is delayed.  If you're unsure if a new C of O is required prior to the property being transferred, you can contact your local municipality to find out. Recently while selling a multi-family property in Rochester NY, the property owner decided to wait until after a contract was received to complete the required C of O inspection.  The City was backlogged on inspections and the inspection date had to be scheduled a month out, which ultimately delayed the closing of the property.  This could've been avoided if the C of O inspection was completed prior to listing the property. Another inspection to consider completing prior to listing a multi-family property is a general home inspection.  There are lots of reasons to have a pre-listing inspection when selling a home.  The number one reason having a pre-listing inspection prior to putting a home on the market is that it provides a homeowner the opportunity to rectify issues that a home inspector may find. Since the majority of home buyers elect to have a home inspection and some buyers can get scared away from a home because of the inspection results, having one completed prior to listing is a very good idea.  Homeowners who decide to not have a pre-listing inspection often end up regretting their decision if a buyer is scared away from their property.

Final Thoughts On Selling A Multi-Family Home

As you can see, selling a multi-family home is much different than selling a single family home.  Even though selling a multi-family home is generally more complex, that doesn't mean that it has to be impossible.  By following the 5 tips discussed above, multi-family property owners put themselves in a much better position to experience a smooth and successful sale.

Other Top Resources For Selling A Multi-Family Home

Do you own a multi-family property in Rochester?  If so and you're thinking about selling your multi-family property, the above 5 tips should be extremely helpful.  If you don't have a real estate agent in Rochester yet, call or text me at 585-704-7095, and I'd be happy to discuss the sale of your multi-family home!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "5 Important Tips For Selling A Multi-Family Home" was written by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group.  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> 9 Money Saving Moving Tips | How To Cut Costs When Moving https://www.rochesterrealestateblog.com/9-money-saving-moving-tips/ Tue, 24 Jan 2017 12:40:24 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12341 How To Sell A Multi-Family Property [caption id="attachment_10457" align="aligncenter" width="450"]5 Important Tips For Selling A Multi-Family Home 5 Important Tips For Selling A Multi-Family Home[/caption] Selling a multi-family home is substantially more complex than selling a single family home.  One of the top reasons why selling a multi-family is generally more complex is because it typically involves more people than just the one owner of a single family home. When selling a multi-family property the probability that you're involving 6-12 people is high.  Depending on the number of units in a multi-family property, you may only be dealing with a couple families or a dozen families. There are certain rules, regulations, and laws that multi-family property owners must be aware of and also abide by.  These rules, regulations, and laws will vary from city to city and state to state. It's highly recommended that prior to selling a multi-family home that you consult with an attorney to make sure you're not going to put yourself in a situation where you could be sued.  Not being aware of rules, regulations, and local laws is one of the top home selling mistakes made by multi-family property owners. Read on to find out what the top 5 tips for selling a multi-family home are.  Multi-family property owners who follow the below tips will put themselves in an excellent position to get their property sold, while avoiding potential issues or roadblocks.

Review Leases, Occupancy, & Tenant Rights

Before listing a multi-family home for sale, it's vital to review all leases and the occupancy for each unit.  As mentioned above, multi-family property owners can get themselves in trouble if they're not careful.  It's important to always keep in mind tenant rights when selling a multi-family home. There are a few frequently asked questions from home buyers that multi-family property owners will be asked during the sale process.  By reviewing the current leases and occupancy of each unit, multi-family property owners will be able to answer these questions accurately.  Below are a couple of the top questions asked by buyers who're looking to purchase a multi-family home.
  1. What are the terms of any/all leases?
  2. What are the rent amounts for each unit?
  3. What's included in the rent for each unit?
  4. Are there security deposits being held?
  5. Are the rents able to be subsidized by Government assistance?
  Reviewing the leases and occupancy for each unit can also help determine whether or not to sell the property while it's being occupied by tenants.  Selling a home with tenants can be tricky and it can also bring other potential issues into the equation. For example, if a multi-family home is being sold while tenant occupied and the leases are for an extended period of time, it potentially can eliminate a large number of potential buyers who're looking to buy a multi-family home and plan on, or need to, occupy one of the units.  One of the disadvantages of a VA home loan or FHA loan is that the property must be occupied by the buyer, so if a buyer is planning on utilizing one of these mortgage products, they wouldn't be able to purchase a tenant occupied multi-family home. Selling a multi-family home is easiest and most successful if it's unoccupied.  This eliminates potential issues with coordinating home showings or issues with occupancy requirements.  If this isn't a possibility, then it's important that the owner has full cooperation from all parties who'll be impacted during the sale of the multi-family property.

Preparation Is Key When Selling A Multi-Family Home

[caption id="attachment_10458" align="aligncenter" width="450"]Preparation Is Key When Selling A Multi-Family Home Preparation Is Key When Selling A Multi-Family Home[/caption] Preparing a home for sale is critical when selling any type of home, whether it's single family or multi-family.  Since many multi-family properties are purchased as investments, preparing for the sale becomes necessary. One of the most important factors for investors who're looking to buy multi-family homes is the amount of maintenance the home appears to have.  A home that isn't prepared for sale can appear to have more maintenance than it really does. For multi-family property owners who're attempting to prepare and sell a home on a budget, it can be done by tending to a few key areas of the property.  Below are a few of the areas and items that should be prepared prior to listing a multi-family for sale.
  1. Curb Appeal - Simply tending to the exterior curb appeal of a multi-family home can go a long way.  Trimming bushes/shrubs and making sure any flower beds are a couple tips for improving the curb appeal of the property.
  2. Clean Up Common Areas - Depending on the multi-unit, there maybe some common areas, such as laundry or a vestibule.  It's important that all common areas in the property are cleaned up and portray extra maintenance.
  3. Parking Areas - If the property has designated parking areas or garage spaces, making sure these are well defined and in good condition is critical.  If there is an off street parking area, a simple seal of the driveway can go a long way and doesn't cost a ton of extra money.
  4. Doors & Locks - All doors and locks within the multi-family property need to be working well.  It's not a good reflection of a property when the locks are difficult to use and a showing agent is struggling to access the units within the property.
  When selling a multi-family home, it's extremely important that it's prepared for the market.  Not doing so can make or break whether the property sells and also it can impact an owners bottom line.

Hire An Agent Who Has Experience Selling Multi-Family Homes

Hiring a top real estate agent, with experience, is extremely important when selling any type of property.  For example, when selling a waterfront property, hiring an agent who primarily sells mobile homes in a park wouldn't be the best idea. It's critical when selling a multi-family home that a Realtor® who has experience selling multi-family homes is hired.  To help ensure an agent who has experience selling multi-family homes is hired, there are certain questions to ask Realtors® during interviews.
  1. How do you handle showings when a property is tenant occupied?
  2. How much notice do you provide?
  3. In the past, how have you handled uncooperative tenants?
  4. Can you provide the contact information of the previous owner who you represented during a recent multi-family sale?
  Asking the right questions during an interview can greatly improve the chances an agent who has experience selling multi-family homes is hired. Not only is it important to make sure the agent has experience selling a multi-family home but it's equally as important to make sure they know how to effectively market a home.  Since the majority of home buyers are finding the home they eventually purchase on the internet, it's critical the agent knows how to reach potential buyers. This is done by using the best real estate marketing strategies.  Marketing strategies such as using social media, optimizing their website to be found in searches, and using high quality photography and videos are a few ways top real estate agents are marketing their clients homes to potential buyers.

Have Important Documents Ready

[caption id="attachment_10460" align="aligncenter" width="450"]Have Important Documents Ready When Selling A Multi-Family Home! Have Important Documents Ready When Selling A Multi-Family Home![/caption] There are certain things to know before selling a home, regardless if it's a single family or multi family home.  It's helpful that before listing a home for sale that important documents are readily accessible for potential buyers. Documents that should be readily accessible, whether selling a multi-family home or not, include documentation relating to roof age or warranties, the age of the homes HVAC systems, and any receipts of remodeling projects that have been completed. One of the most important features that today's home buyers are looking for in a home are updated and newer mechanics, such as roofs and HVAC systems.  Home sellers who have records and receipts showing the ages of these components give themselves a huge advantage. When selling a multi-family home, it's very important to have financial documents readily available for prospective buyers.  Since multi-family homes are often purchased as an investment, having the financial documents available can be extremely helpful for potential buyers. The most important financial document that should be readily available when selling a multi-family home is the yearly net operating figures.  This document shows a potential buyer the income from monthly rents and subtracts out the expenses of the property, such as yearly homeowners insurance, yearly refuse, yearly water usage, and any repairs that have been completed recently.

Complete Inspections Prior To Listing The Property

Many municipalities require that a certificate of occupancy, also known as a C of O, is renewed when a multi-family property is being sold to a new owner.  It's highly recommended that prior to listing a multi-family property that any inspections are completed beforehand. If your local municipality requires a new C of O prior to the property being transferred to a new owner, have the inspection completed prior to listing can reduce the chances that the real estate closing is delayed.  If you're unsure if a new C of O is required prior to the property being transferred, you can contact your local municipality to find out. Recently while selling a multi-family property in Rochester NY, the property owner decided to wait until after a contract was received to complete the required C of O inspection.  The City was backlogged on inspections and the inspection date had to be scheduled a month out, which ultimately delayed the closing of the property.  This could've been avoided if the C of O inspection was completed prior to listing the property. Another inspection to consider completing prior to listing a multi-family property is a general home inspection.  There are lots of reasons to have a pre-listing inspection when selling a home.  The number one reason having a pre-listing inspection prior to putting a home on the market is that it provides a homeowner the opportunity to rectify issues that a home inspector may find. Since the majority of home buyers elect to have a home inspection and some buyers can get scared away from a home because of the inspection results, having one completed prior to listing is a very good idea.  Homeowners who decide to not have a pre-listing inspection often end up regretting their decision if a buyer is scared away from their property.

Final Thoughts On Selling A Multi-Family Home

As you can see, selling a multi-family home is much different than selling a single family home.  Even though selling a multi-family home is generally more complex, that doesn't mean that it has to be impossible.  By following the 5 tips discussed above, multi-family property owners put themselves in a much better position to experience a smooth and successful sale.

Other Top Resources For Selling A Multi-Family Home

Do you own a multi-family property in Rochester?  If so and you're thinking about selling your multi-family property, the above 5 tips should be extremely helpful.  If you don't have a real estate agent in Rochester yet, call or text me at 585-704-7095, and I'd be happy to discuss the sale of your multi-family home!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "5 Important Tips For Selling A Multi-Family Home" was written by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group.  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> How to Create a Proper Home Maintenance Checklist https://www.rochesterrealestateblog.com/how-to-create-a-proper-home-maintenance-checklist/ Tue, 24 Jan 2017 12:40:24 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12300 How To Sell A Multi-Family Property [caption id="attachment_10457" align="aligncenter" width="450"]5 Important Tips For Selling A Multi-Family Home 5 Important Tips For Selling A Multi-Family Home[/caption] Selling a multi-family home is substantially more complex than selling a single family home.  One of the top reasons why selling a multi-family is generally more complex is because it typically involves more people than just the one owner of a single family home. When selling a multi-family property the probability that you're involving 6-12 people is high.  Depending on the number of units in a multi-family property, you may only be dealing with a couple families or a dozen families. There are certain rules, regulations, and laws that multi-family property owners must be aware of and also abide by.  These rules, regulations, and laws will vary from city to city and state to state. It's highly recommended that prior to selling a multi-family home that you consult with an attorney to make sure you're not going to put yourself in a situation where you could be sued.  Not being aware of rules, regulations, and local laws is one of the top home selling mistakes made by multi-family property owners. Read on to find out what the top 5 tips for selling a multi-family home are.  Multi-family property owners who follow the below tips will put themselves in an excellent position to get their property sold, while avoiding potential issues or roadblocks.

Review Leases, Occupancy, & Tenant Rights

Before listing a multi-family home for sale, it's vital to review all leases and the occupancy for each unit.  As mentioned above, multi-family property owners can get themselves in trouble if they're not careful.  It's important to always keep in mind tenant rights when selling a multi-family home. There are a few frequently asked questions from home buyers that multi-family property owners will be asked during the sale process.  By reviewing the current leases and occupancy of each unit, multi-family property owners will be able to answer these questions accurately.  Below are a couple of the top questions asked by buyers who're looking to purchase a multi-family home.
  1. What are the terms of any/all leases?
  2. What are the rent amounts for each unit?
  3. What's included in the rent for each unit?
  4. Are there security deposits being held?
  5. Are the rents able to be subsidized by Government assistance?
  Reviewing the leases and occupancy for each unit can also help determine whether or not to sell the property while it's being occupied by tenants.  Selling a home with tenants can be tricky and it can also bring other potential issues into the equation. For example, if a multi-family home is being sold while tenant occupied and the leases are for an extended period of time, it potentially can eliminate a large number of potential buyers who're looking to buy a multi-family home and plan on, or need to, occupy one of the units.  One of the disadvantages of a VA home loan or FHA loan is that the property must be occupied by the buyer, so if a buyer is planning on utilizing one of these mortgage products, they wouldn't be able to purchase a tenant occupied multi-family home. Selling a multi-family home is easiest and most successful if it's unoccupied.  This eliminates potential issues with coordinating home showings or issues with occupancy requirements.  If this isn't a possibility, then it's important that the owner has full cooperation from all parties who'll be impacted during the sale of the multi-family property.

Preparation Is Key When Selling A Multi-Family Home

[caption id="attachment_10458" align="aligncenter" width="450"]Preparation Is Key When Selling A Multi-Family Home Preparation Is Key When Selling A Multi-Family Home[/caption] Preparing a home for sale is critical when selling any type of home, whether it's single family or multi-family.  Since many multi-family properties are purchased as investments, preparing for the sale becomes necessary. One of the most important factors for investors who're looking to buy multi-family homes is the amount of maintenance the home appears to have.  A home that isn't prepared for sale can appear to have more maintenance than it really does. For multi-family property owners who're attempting to prepare and sell a home on a budget, it can be done by tending to a few key areas of the property.  Below are a few of the areas and items that should be prepared prior to listing a multi-family for sale.
  1. Curb Appeal - Simply tending to the exterior curb appeal of a multi-family home can go a long way.  Trimming bushes/shrubs and making sure any flower beds are a couple tips for improving the curb appeal of the property.
  2. Clean Up Common Areas - Depending on the multi-unit, there maybe some common areas, such as laundry or a vestibule.  It's important that all common areas in the property are cleaned up and portray extra maintenance.
  3. Parking Areas - If the property has designated parking areas or garage spaces, making sure these are well defined and in good condition is critical.  If there is an off street parking area, a simple seal of the driveway can go a long way and doesn't cost a ton of extra money.
  4. Doors & Locks - All doors and locks within the multi-family property need to be working well.  It's not a good reflection of a property when the locks are difficult to use and a showing agent is struggling to access the units within the property.
  When selling a multi-family home, it's extremely important that it's prepared for the market.  Not doing so can make or break whether the property sells and also it can impact an owners bottom line.

Hire An Agent Who Has Experience Selling Multi-Family Homes

Hiring a top real estate agent, with experience, is extremely important when selling any type of property.  For example, when selling a waterfront property, hiring an agent who primarily sells mobile homes in a park wouldn't be the best idea. It's critical when selling a multi-family home that a Realtor® who has experience selling multi-family homes is hired.  To help ensure an agent who has experience selling multi-family homes is hired, there are certain questions to ask Realtors® during interviews.
  1. How do you handle showings when a property is tenant occupied?
  2. How much notice do you provide?
  3. In the past, how have you handled uncooperative tenants?
  4. Can you provide the contact information of the previous owner who you represented during a recent multi-family sale?
  Asking the right questions during an interview can greatly improve the chances an agent who has experience selling multi-family homes is hired. Not only is it important to make sure the agent has experience selling a multi-family home but it's equally as important to make sure they know how to effectively market a home.  Since the majority of home buyers are finding the home they eventually purchase on the internet, it's critical the agent knows how to reach potential buyers. This is done by using the best real estate marketing strategies.  Marketing strategies such as using social media, optimizing their website to be found in searches, and using high quality photography and videos are a few ways top real estate agents are marketing their clients homes to potential buyers.

Have Important Documents Ready

[caption id="attachment_10460" align="aligncenter" width="450"]Have Important Documents Ready When Selling A Multi-Family Home! Have Important Documents Ready When Selling A Multi-Family Home![/caption] There are certain things to know before selling a home, regardless if it's a single family or multi family home.  It's helpful that before listing a home for sale that important documents are readily accessible for potential buyers. Documents that should be readily accessible, whether selling a multi-family home or not, include documentation relating to roof age or warranties, the age of the homes HVAC systems, and any receipts of remodeling projects that have been completed. One of the most important features that today's home buyers are looking for in a home are updated and newer mechanics, such as roofs and HVAC systems.  Home sellers who have records and receipts showing the ages of these components give themselves a huge advantage. When selling a multi-family home, it's very important to have financial documents readily available for prospective buyers.  Since multi-family homes are often purchased as an investment, having the financial documents available can be extremely helpful for potential buyers. The most important financial document that should be readily available when selling a multi-family home is the yearly net operating figures.  This document shows a potential buyer the income from monthly rents and subtracts out the expenses of the property, such as yearly homeowners insurance, yearly refuse, yearly water usage, and any repairs that have been completed recently.

Complete Inspections Prior To Listing The Property

Many municipalities require that a certificate of occupancy, also known as a C of O, is renewed when a multi-family property is being sold to a new owner.  It's highly recommended that prior to listing a multi-family property that any inspections are completed beforehand. If your local municipality requires a new C of O prior to the property being transferred to a new owner, have the inspection completed prior to listing can reduce the chances that the real estate closing is delayed.  If you're unsure if a new C of O is required prior to the property being transferred, you can contact your local municipality to find out. Recently while selling a multi-family property in Rochester NY, the property owner decided to wait until after a contract was received to complete the required C of O inspection.  The City was backlogged on inspections and the inspection date had to be scheduled a month out, which ultimately delayed the closing of the property.  This could've been avoided if the C of O inspection was completed prior to listing the property. Another inspection to consider completing prior to listing a multi-family property is a general home inspection.  There are lots of reasons to have a pre-listing inspection when selling a home.  The number one reason having a pre-listing inspection prior to putting a home on the market is that it provides a homeowner the opportunity to rectify issues that a home inspector may find. Since the majority of home buyers elect to have a home inspection and some buyers can get scared away from a home because of the inspection results, having one completed prior to listing is a very good idea.  Homeowners who decide to not have a pre-listing inspection often end up regretting their decision if a buyer is scared away from their property.

Final Thoughts On Selling A Multi-Family Home

As you can see, selling a multi-family home is much different than selling a single family home.  Even though selling a multi-family home is generally more complex, that doesn't mean that it has to be impossible.  By following the 5 tips discussed above, multi-family property owners put themselves in a much better position to experience a smooth and successful sale.

Other Top Resources For Selling A Multi-Family Home

Do you own a multi-family property in Rochester?  If so and you're thinking about selling your multi-family property, the above 5 tips should be extremely helpful.  If you don't have a real estate agent in Rochester yet, call or text me at 585-704-7095, and I'd be happy to discuss the sale of your multi-family home!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "5 Important Tips For Selling A Multi-Family Home" was written by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group.  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> 5 Tips For Tenant Screening | How To Weed Out Bad Tenant Applicants https://www.rochesterrealestateblog.com/tips-for-tenant-screening/ Tue, 24 Jan 2017 12:40:24 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12291 How To Sell A Multi-Family Property [caption id="attachment_10457" align="aligncenter" width="450"]5 Important Tips For Selling A Multi-Family Home 5 Important Tips For Selling A Multi-Family Home[/caption] Selling a multi-family home is substantially more complex than selling a single family home.  One of the top reasons why selling a multi-family is generally more complex is because it typically involves more people than just the one owner of a single family home. When selling a multi-family property the probability that you're involving 6-12 people is high.  Depending on the number of units in a multi-family property, you may only be dealing with a couple families or a dozen families. There are certain rules, regulations, and laws that multi-family property owners must be aware of and also abide by.  These rules, regulations, and laws will vary from city to city and state to state. It's highly recommended that prior to selling a multi-family home that you consult with an attorney to make sure you're not going to put yourself in a situation where you could be sued.  Not being aware of rules, regulations, and local laws is one of the top home selling mistakes made by multi-family property owners. Read on to find out what the top 5 tips for selling a multi-family home are.  Multi-family property owners who follow the below tips will put themselves in an excellent position to get their property sold, while avoiding potential issues or roadblocks.

Review Leases, Occupancy, & Tenant Rights

Before listing a multi-family home for sale, it's vital to review all leases and the occupancy for each unit.  As mentioned above, multi-family property owners can get themselves in trouble if they're not careful.  It's important to always keep in mind tenant rights when selling a multi-family home. There are a few frequently asked questions from home buyers that multi-family property owners will be asked during the sale process.  By reviewing the current leases and occupancy of each unit, multi-family property owners will be able to answer these questions accurately.  Below are a couple of the top questions asked by buyers who're looking to purchase a multi-family home.
  1. What are the terms of any/all leases?
  2. What are the rent amounts for each unit?
  3. What's included in the rent for each unit?
  4. Are there security deposits being held?
  5. Are the rents able to be subsidized by Government assistance?
  Reviewing the leases and occupancy for each unit can also help determine whether or not to sell the property while it's being occupied by tenants.  Selling a home with tenants can be tricky and it can also bring other potential issues into the equation. For example, if a multi-family home is being sold while tenant occupied and the leases are for an extended period of time, it potentially can eliminate a large number of potential buyers who're looking to buy a multi-family home and plan on, or need to, occupy one of the units.  One of the disadvantages of a VA home loan or FHA loan is that the property must be occupied by the buyer, so if a buyer is planning on utilizing one of these mortgage products, they wouldn't be able to purchase a tenant occupied multi-family home. Selling a multi-family home is easiest and most successful if it's unoccupied.  This eliminates potential issues with coordinating home showings or issues with occupancy requirements.  If this isn't a possibility, then it's important that the owner has full cooperation from all parties who'll be impacted during the sale of the multi-family property.

Preparation Is Key When Selling A Multi-Family Home

[caption id="attachment_10458" align="aligncenter" width="450"]Preparation Is Key When Selling A Multi-Family Home Preparation Is Key When Selling A Multi-Family Home[/caption] Preparing a home for sale is critical when selling any type of home, whether it's single family or multi-family.  Since many multi-family properties are purchased as investments, preparing for the sale becomes necessary. One of the most important factors for investors who're looking to buy multi-family homes is the amount of maintenance the home appears to have.  A home that isn't prepared for sale can appear to have more maintenance than it really does. For multi-family property owners who're attempting to prepare and sell a home on a budget, it can be done by tending to a few key areas of the property.  Below are a few of the areas and items that should be prepared prior to listing a multi-family for sale.
  1. Curb Appeal - Simply tending to the exterior curb appeal of a multi-family home can go a long way.  Trimming bushes/shrubs and making sure any flower beds are a couple tips for improving the curb appeal of the property.
  2. Clean Up Common Areas - Depending on the multi-unit, there maybe some common areas, such as laundry or a vestibule.  It's important that all common areas in the property are cleaned up and portray extra maintenance.
  3. Parking Areas - If the property has designated parking areas or garage spaces, making sure these are well defined and in good condition is critical.  If there is an off street parking area, a simple seal of the driveway can go a long way and doesn't cost a ton of extra money.
  4. Doors & Locks - All doors and locks within the multi-family property need to be working well.  It's not a good reflection of a property when the locks are difficult to use and a showing agent is struggling to access the units within the property.
  When selling a multi-family home, it's extremely important that it's prepared for the market.  Not doing so can make or break whether the property sells and also it can impact an owners bottom line.

Hire An Agent Who Has Experience Selling Multi-Family Homes

Hiring a top real estate agent, with experience, is extremely important when selling any type of property.  For example, when selling a waterfront property, hiring an agent who primarily sells mobile homes in a park wouldn't be the best idea. It's critical when selling a multi-family home that a Realtor® who has experience selling multi-family homes is hired.  To help ensure an agent who has experience selling multi-family homes is hired, there are certain questions to ask Realtors® during interviews.
  1. How do you handle showings when a property is tenant occupied?
  2. How much notice do you provide?
  3. In the past, how have you handled uncooperative tenants?
  4. Can you provide the contact information of the previous owner who you represented during a recent multi-family sale?
  Asking the right questions during an interview can greatly improve the chances an agent who has experience selling multi-family homes is hired. Not only is it important to make sure the agent has experience selling a multi-family home but it's equally as important to make sure they know how to effectively market a home.  Since the majority of home buyers are finding the home they eventually purchase on the internet, it's critical the agent knows how to reach potential buyers. This is done by using the best real estate marketing strategies.  Marketing strategies such as using social media, optimizing their website to be found in searches, and using high quality photography and videos are a few ways top real estate agents are marketing their clients homes to potential buyers.

Have Important Documents Ready

[caption id="attachment_10460" align="aligncenter" width="450"]Have Important Documents Ready When Selling A Multi-Family Home! Have Important Documents Ready When Selling A Multi-Family Home![/caption] There are certain things to know before selling a home, regardless if it's a single family or multi family home.  It's helpful that before listing a home for sale that important documents are readily accessible for potential buyers. Documents that should be readily accessible, whether selling a multi-family home or not, include documentation relating to roof age or warranties, the age of the homes HVAC systems, and any receipts of remodeling projects that have been completed. One of the most important features that today's home buyers are looking for in a home are updated and newer mechanics, such as roofs and HVAC systems.  Home sellers who have records and receipts showing the ages of these components give themselves a huge advantage. When selling a multi-family home, it's very important to have financial documents readily available for prospective buyers.  Since multi-family homes are often purchased as an investment, having the financial documents available can be extremely helpful for potential buyers. The most important financial document that should be readily available when selling a multi-family home is the yearly net operating figures.  This document shows a potential buyer the income from monthly rents and subtracts out the expenses of the property, such as yearly homeowners insurance, yearly refuse, yearly water usage, and any repairs that have been completed recently.

Complete Inspections Prior To Listing The Property

Many municipalities require that a certificate of occupancy, also known as a C of O, is renewed when a multi-family property is being sold to a new owner.  It's highly recommended that prior to listing a multi-family property that any inspections are completed beforehand. If your local municipality requires a new C of O prior to the property being transferred to a new owner, have the inspection completed prior to listing can reduce the chances that the real estate closing is delayed.  If you're unsure if a new C of O is required prior to the property being transferred, you can contact your local municipality to find out. Recently while selling a multi-family property in Rochester NY, the property owner decided to wait until after a contract was received to complete the required C of O inspection.  The City was backlogged on inspections and the inspection date had to be scheduled a month out, which ultimately delayed the closing of the property.  This could've been avoided if the C of O inspection was completed prior to listing the property. Another inspection to consider completing prior to listing a multi-family property is a general home inspection.  There are lots of reasons to have a pre-listing inspection when selling a home.  The number one reason having a pre-listing inspection prior to putting a home on the market is that it provides a homeowner the opportunity to rectify issues that a home inspector may find. Since the majority of home buyers elect to have a home inspection and some buyers can get scared away from a home because of the inspection results, having one completed prior to listing is a very good idea.  Homeowners who decide to not have a pre-listing inspection often end up regretting their decision if a buyer is scared away from their property.

Final Thoughts On Selling A Multi-Family Home

As you can see, selling a multi-family home is much different than selling a single family home.  Even though selling a multi-family home is generally more complex, that doesn't mean that it has to be impossible.  By following the 5 tips discussed above, multi-family property owners put themselves in a much better position to experience a smooth and successful sale.

Other Top Resources For Selling A Multi-Family Home

Do you own a multi-family property in Rochester?  If so and you're thinking about selling your multi-family property, the above 5 tips should be extremely helpful.  If you don't have a real estate agent in Rochester yet, call or text me at 585-704-7095, and I'd be happy to discuss the sale of your multi-family home!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "5 Important Tips For Selling A Multi-Family Home" was written by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group.  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> The Best Social Media Blogs For Real Estate From 2017 https://www.rochesterrealestateblog.com/best-social-media-blogs-2017/ Tue, 24 Jan 2017 12:40:24 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12045 How To Sell A Multi-Family Property [caption id="attachment_10457" align="aligncenter" width="450"]5 Important Tips For Selling A Multi-Family Home 5 Important Tips For Selling A Multi-Family Home[/caption] Selling a multi-family home is substantially more complex than selling a single family home.  One of the top reasons why selling a multi-family is generally more complex is because it typically involves more people than just the one owner of a single family home. When selling a multi-family property the probability that you're involving 6-12 people is high.  Depending on the number of units in a multi-family property, you may only be dealing with a couple families or a dozen families. There are certain rules, regulations, and laws that multi-family property owners must be aware of and also abide by.  These rules, regulations, and laws will vary from city to city and state to state. It's highly recommended that prior to selling a multi-family home that you consult with an attorney to make sure you're not going to put yourself in a situation where you could be sued.  Not being aware of rules, regulations, and local laws is one of the top home selling mistakes made by multi-family property owners. Read on to find out what the top 5 tips for selling a multi-family home are.  Multi-family property owners who follow the below tips will put themselves in an excellent position to get their property sold, while avoiding potential issues or roadblocks.

Review Leases, Occupancy, & Tenant Rights

Before listing a multi-family home for sale, it's vital to review all leases and the occupancy for each unit.  As mentioned above, multi-family property owners can get themselves in trouble if they're not careful.  It's important to always keep in mind tenant rights when selling a multi-family home. There are a few frequently asked questions from home buyers that multi-family property owners will be asked during the sale process.  By reviewing the current leases and occupancy of each unit, multi-family property owners will be able to answer these questions accurately.  Below are a couple of the top questions asked by buyers who're looking to purchase a multi-family home.
  1. What are the terms of any/all leases?
  2. What are the rent amounts for each unit?
  3. What's included in the rent for each unit?
  4. Are there security deposits being held?
  5. Are the rents able to be subsidized by Government assistance?
  Reviewing the leases and occupancy for each unit can also help determine whether or not to sell the property while it's being occupied by tenants.  Selling a home with tenants can be tricky and it can also bring other potential issues into the equation. For example, if a multi-family home is being sold while tenant occupied and the leases are for an extended period of time, it potentially can eliminate a large number of potential buyers who're looking to buy a multi-family home and plan on, or need to, occupy one of the units.  One of the disadvantages of a VA home loan or FHA loan is that the property must be occupied by the buyer, so if a buyer is planning on utilizing one of these mortgage products, they wouldn't be able to purchase a tenant occupied multi-family home. Selling a multi-family home is easiest and most successful if it's unoccupied.  This eliminates potential issues with coordinating home showings or issues with occupancy requirements.  If this isn't a possibility, then it's important that the owner has full cooperation from all parties who'll be impacted during the sale of the multi-family property.

Preparation Is Key When Selling A Multi-Family Home

[caption id="attachment_10458" align="aligncenter" width="450"]Preparation Is Key When Selling A Multi-Family Home Preparation Is Key When Selling A Multi-Family Home[/caption] Preparing a home for sale is critical when selling any type of home, whether it's single family or multi-family.  Since many multi-family properties are purchased as investments, preparing for the sale becomes necessary. One of the most important factors for investors who're looking to buy multi-family homes is the amount of maintenance the home appears to have.  A home that isn't prepared for sale can appear to have more maintenance than it really does. For multi-family property owners who're attempting to prepare and sell a home on a budget, it can be done by tending to a few key areas of the property.  Below are a few of the areas and items that should be prepared prior to listing a multi-family for sale.
  1. Curb Appeal - Simply tending to the exterior curb appeal of a multi-family home can go a long way.  Trimming bushes/shrubs and making sure any flower beds are a couple tips for improving the curb appeal of the property.
  2. Clean Up Common Areas - Depending on the multi-unit, there maybe some common areas, such as laundry or a vestibule.  It's important that all common areas in the property are cleaned up and portray extra maintenance.
  3. Parking Areas - If the property has designated parking areas or garage spaces, making sure these are well defined and in good condition is critical.  If there is an off street parking area, a simple seal of the driveway can go a long way and doesn't cost a ton of extra money.
  4. Doors & Locks - All doors and locks within the multi-family property need to be working well.  It's not a good reflection of a property when the locks are difficult to use and a showing agent is struggling to access the units within the property.
  When selling a multi-family home, it's extremely important that it's prepared for the market.  Not doing so can make or break whether the property sells and also it can impact an owners bottom line.

Hire An Agent Who Has Experience Selling Multi-Family Homes

Hiring a top real estate agent, with experience, is extremely important when selling any type of property.  For example, when selling a waterfront property, hiring an agent who primarily sells mobile homes in a park wouldn't be the best idea. It's critical when selling a multi-family home that a Realtor® who has experience selling multi-family homes is hired.  To help ensure an agent who has experience selling multi-family homes is hired, there are certain questions to ask Realtors® during interviews.
  1. How do you handle showings when a property is tenant occupied?
  2. How much notice do you provide?
  3. In the past, how have you handled uncooperative tenants?
  4. Can you provide the contact information of the previous owner who you represented during a recent multi-family sale?
  Asking the right questions during an interview can greatly improve the chances an agent who has experience selling multi-family homes is hired. Not only is it important to make sure the agent has experience selling a multi-family home but it's equally as important to make sure they know how to effectively market a home.  Since the majority of home buyers are finding the home they eventually purchase on the internet, it's critical the agent knows how to reach potential buyers. This is done by using the best real estate marketing strategies.  Marketing strategies such as using social media, optimizing their website to be found in searches, and using high quality photography and videos are a few ways top real estate agents are marketing their clients homes to potential buyers.

Have Important Documents Ready

[caption id="attachment_10460" align="aligncenter" width="450"]Have Important Documents Ready When Selling A Multi-Family Home! Have Important Documents Ready When Selling A Multi-Family Home![/caption] There are certain things to know before selling a home, regardless if it's a single family or multi family home.  It's helpful that before listing a home for sale that important documents are readily accessible for potential buyers. Documents that should be readily accessible, whether selling a multi-family home or not, include documentation relating to roof age or warranties, the age of the homes HVAC systems, and any receipts of remodeling projects that have been completed. One of the most important features that today's home buyers are looking for in a home are updated and newer mechanics, such as roofs and HVAC systems.  Home sellers who have records and receipts showing the ages of these components give themselves a huge advantage. When selling a multi-family home, it's very important to have financial documents readily available for prospective buyers.  Since multi-family homes are often purchased as an investment, having the financial documents available can be extremely helpful for potential buyers. The most important financial document that should be readily available when selling a multi-family home is the yearly net operating figures.  This document shows a potential buyer the income from monthly rents and subtracts out the expenses of the property, such as yearly homeowners insurance, yearly refuse, yearly water usage, and any repairs that have been completed recently.

Complete Inspections Prior To Listing The Property

Many municipalities require that a certificate of occupancy, also known as a C of O, is renewed when a multi-family property is being sold to a new owner.  It's highly recommended that prior to listing a multi-family property that any inspections are completed beforehand. If your local municipality requires a new C of O prior to the property being transferred to a new owner, have the inspection completed prior to listing can reduce the chances that the real estate closing is delayed.  If you're unsure if a new C of O is required prior to the property being transferred, you can contact your local municipality to find out. Recently while selling a multi-family property in Rochester NY, the property owner decided to wait until after a contract was received to complete the required C of O inspection.  The City was backlogged on inspections and the inspection date had to be scheduled a month out, which ultimately delayed the closing of the property.  This could've been avoided if the C of O inspection was completed prior to listing the property. Another inspection to consider completing prior to listing a multi-family property is a general home inspection.  There are lots of reasons to have a pre-listing inspection when selling a home.  The number one reason having a pre-listing inspection prior to putting a home on the market is that it provides a homeowner the opportunity to rectify issues that a home inspector may find. Since the majority of home buyers elect to have a home inspection and some buyers can get scared away from a home because of the inspection results, having one completed prior to listing is a very good idea.  Homeowners who decide to not have a pre-listing inspection often end up regretting their decision if a buyer is scared away from their property.

Final Thoughts On Selling A Multi-Family Home

As you can see, selling a multi-family home is much different than selling a single family home.  Even though selling a multi-family home is generally more complex, that doesn't mean that it has to be impossible.  By following the 5 tips discussed above, multi-family property owners put themselves in a much better position to experience a smooth and successful sale.

Other Top Resources For Selling A Multi-Family Home

Do you own a multi-family property in Rochester?  If so and you're thinking about selling your multi-family property, the above 5 tips should be extremely helpful.  If you don't have a real estate agent in Rochester yet, call or text me at 585-704-7095, and I'd be happy to discuss the sale of your multi-family home!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "5 Important Tips For Selling A Multi-Family Home" was written by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group.  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> The Best Home Improvement Blogs From 2017 | Advice For Home Remodeling https://www.rochesterrealestateblog.com/best-home-improvement-blogs-2017/ Tue, 24 Jan 2017 12:40:24 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12044 How To Sell A Multi-Family Property [caption id="attachment_10457" align="aligncenter" width="450"]5 Important Tips For Selling A Multi-Family Home 5 Important Tips For Selling A Multi-Family Home[/caption] Selling a multi-family home is substantially more complex than selling a single family home.  One of the top reasons why selling a multi-family is generally more complex is because it typically involves more people than just the one owner of a single family home. When selling a multi-family property the probability that you're involving 6-12 people is high.  Depending on the number of units in a multi-family property, you may only be dealing with a couple families or a dozen families. There are certain rules, regulations, and laws that multi-family property owners must be aware of and also abide by.  These rules, regulations, and laws will vary from city to city and state to state. It's highly recommended that prior to selling a multi-family home that you consult with an attorney to make sure you're not going to put yourself in a situation where you could be sued.  Not being aware of rules, regulations, and local laws is one of the top home selling mistakes made by multi-family property owners. Read on to find out what the top 5 tips for selling a multi-family home are.  Multi-family property owners who follow the below tips will put themselves in an excellent position to get their property sold, while avoiding potential issues or roadblocks.

Review Leases, Occupancy, & Tenant Rights

Before listing a multi-family home for sale, it's vital to review all leases and the occupancy for each unit.  As mentioned above, multi-family property owners can get themselves in trouble if they're not careful.  It's important to always keep in mind tenant rights when selling a multi-family home. There are a few frequently asked questions from home buyers that multi-family property owners will be asked during the sale process.  By reviewing the current leases and occupancy of each unit, multi-family property owners will be able to answer these questions accurately.  Below are a couple of the top questions asked by buyers who're looking to purchase a multi-family home.
  1. What are the terms of any/all leases?
  2. What are the rent amounts for each unit?
  3. What's included in the rent for each unit?
  4. Are there security deposits being held?
  5. Are the rents able to be subsidized by Government assistance?
  Reviewing the leases and occupancy for each unit can also help determine whether or not to sell the property while it's being occupied by tenants.  Selling a home with tenants can be tricky and it can also bring other potential issues into the equation. For example, if a multi-family home is being sold while tenant occupied and the leases are for an extended period of time, it potentially can eliminate a large number of potential buyers who're looking to buy a multi-family home and plan on, or need to, occupy one of the units.  One of the disadvantages of a VA home loan or FHA loan is that the property must be occupied by the buyer, so if a buyer is planning on utilizing one of these mortgage products, they wouldn't be able to purchase a tenant occupied multi-family home. Selling a multi-family home is easiest and most successful if it's unoccupied.  This eliminates potential issues with coordinating home showings or issues with occupancy requirements.  If this isn't a possibility, then it's important that the owner has full cooperation from all parties who'll be impacted during the sale of the multi-family property.

Preparation Is Key When Selling A Multi-Family Home

[caption id="attachment_10458" align="aligncenter" width="450"]Preparation Is Key When Selling A Multi-Family Home Preparation Is Key When Selling A Multi-Family Home[/caption] Preparing a home for sale is critical when selling any type of home, whether it's single family or multi-family.  Since many multi-family properties are purchased as investments, preparing for the sale becomes necessary. One of the most important factors for investors who're looking to buy multi-family homes is the amount of maintenance the home appears to have.  A home that isn't prepared for sale can appear to have more maintenance than it really does. For multi-family property owners who're attempting to prepare and sell a home on a budget, it can be done by tending to a few key areas of the property.  Below are a few of the areas and items that should be prepared prior to listing a multi-family for sale.
  1. Curb Appeal - Simply tending to the exterior curb appeal of a multi-family home can go a long way.  Trimming bushes/shrubs and making sure any flower beds are a couple tips for improving the curb appeal of the property.
  2. Clean Up Common Areas - Depending on the multi-unit, there maybe some common areas, such as laundry or a vestibule.  It's important that all common areas in the property are cleaned up and portray extra maintenance.
  3. Parking Areas - If the property has designated parking areas or garage spaces, making sure these are well defined and in good condition is critical.  If there is an off street parking area, a simple seal of the driveway can go a long way and doesn't cost a ton of extra money.
  4. Doors & Locks - All doors and locks within the multi-family property need to be working well.  It's not a good reflection of a property when the locks are difficult to use and a showing agent is struggling to access the units within the property.
  When selling a multi-family home, it's extremely important that it's prepared for the market.  Not doing so can make or break whether the property sells and also it can impact an owners bottom line.

Hire An Agent Who Has Experience Selling Multi-Family Homes

Hiring a top real estate agent, with experience, is extremely important when selling any type of property.  For example, when selling a waterfront property, hiring an agent who primarily sells mobile homes in a park wouldn't be the best idea. It's critical when selling a multi-family home that a Realtor® who has experience selling multi-family homes is hired.  To help ensure an agent who has experience selling multi-family homes is hired, there are certain questions to ask Realtors® during interviews.
  1. How do you handle showings when a property is tenant occupied?
  2. How much notice do you provide?
  3. In the past, how have you handled uncooperative tenants?
  4. Can you provide the contact information of the previous owner who you represented during a recent multi-family sale?
  Asking the right questions during an interview can greatly improve the chances an agent who has experience selling multi-family homes is hired. Not only is it important to make sure the agent has experience selling a multi-family home but it's equally as important to make sure they know how to effectively market a home.  Since the majority of home buyers are finding the home they eventually purchase on the internet, it's critical the agent knows how to reach potential buyers. This is done by using the best real estate marketing strategies.  Marketing strategies such as using social media, optimizing their website to be found in searches, and using high quality photography and videos are a few ways top real estate agents are marketing their clients homes to potential buyers.

Have Important Documents Ready

[caption id="attachment_10460" align="aligncenter" width="450"]Have Important Documents Ready When Selling A Multi-Family Home! Have Important Documents Ready When Selling A Multi-Family Home![/caption] There are certain things to know before selling a home, regardless if it's a single family or multi family home.  It's helpful that before listing a home for sale that important documents are readily accessible for potential buyers. Documents that should be readily accessible, whether selling a multi-family home or not, include documentation relating to roof age or warranties, the age of the homes HVAC systems, and any receipts of remodeling projects that have been completed. One of the most important features that today's home buyers are looking for in a home are updated and newer mechanics, such as roofs and HVAC systems.  Home sellers who have records and receipts showing the ages of these components give themselves a huge advantage. When selling a multi-family home, it's very important to have financial documents readily available for prospective buyers.  Since multi-family homes are often purchased as an investment, having the financial documents available can be extremely helpful for potential buyers. The most important financial document that should be readily available when selling a multi-family home is the yearly net operating figures.  This document shows a potential buyer the income from monthly rents and subtracts out the expenses of the property, such as yearly homeowners insurance, yearly refuse, yearly water usage, and any repairs that have been completed recently.

Complete Inspections Prior To Listing The Property

Many municipalities require that a certificate of occupancy, also known as a C of O, is renewed when a multi-family property is being sold to a new owner.  It's highly recommended that prior to listing a multi-family property that any inspections are completed beforehand. If your local municipality requires a new C of O prior to the property being transferred to a new owner, have the inspection completed prior to listing can reduce the chances that the real estate closing is delayed.  If you're unsure if a new C of O is required prior to the property being transferred, you can contact your local municipality to find out. Recently while selling a multi-family property in Rochester NY, the property owner decided to wait until after a contract was received to complete the required C of O inspection.  The City was backlogged on inspections and the inspection date had to be scheduled a month out, which ultimately delayed the closing of the property.  This could've been avoided if the C of O inspection was completed prior to listing the property. Another inspection to consider completing prior to listing a multi-family property is a general home inspection.  There are lots of reasons to have a pre-listing inspection when selling a home.  The number one reason having a pre-listing inspection prior to putting a home on the market is that it provides a homeowner the opportunity to rectify issues that a home inspector may find. Since the majority of home buyers elect to have a home inspection and some buyers can get scared away from a home because of the inspection results, having one completed prior to listing is a very good idea.  Homeowners who decide to not have a pre-listing inspection often end up regretting their decision if a buyer is scared away from their property.

Final Thoughts On Selling A Multi-Family Home

As you can see, selling a multi-family home is much different than selling a single family home.  Even though selling a multi-family home is generally more complex, that doesn't mean that it has to be impossible.  By following the 5 tips discussed above, multi-family property owners put themselves in a much better position to experience a smooth and successful sale.

Other Top Resources For Selling A Multi-Family Home

Do you own a multi-family property in Rochester?  If so and you're thinking about selling your multi-family property, the above 5 tips should be extremely helpful.  If you don't have a real estate agent in Rochester yet, call or text me at 585-704-7095, and I'd be happy to discuss the sale of your multi-family home!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "5 Important Tips For Selling A Multi-Family Home" was written by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group.  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> The Best Mortgage Blogs From 2017 | Advice For Home Financing https://www.rochesterrealestateblog.com/best-mortgage-blogs-2017/ Tue, 24 Jan 2017 12:40:24 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12043 How To Sell A Multi-Family Property [caption id="attachment_10457" align="aligncenter" width="450"]5 Important Tips For Selling A Multi-Family Home 5 Important Tips For Selling A Multi-Family Home[/caption] Selling a multi-family home is substantially more complex than selling a single family home.  One of the top reasons why selling a multi-family is generally more complex is because it typically involves more people than just the one owner of a single family home. When selling a multi-family property the probability that you're involving 6-12 people is high.  Depending on the number of units in a multi-family property, you may only be dealing with a couple families or a dozen families. There are certain rules, regulations, and laws that multi-family property owners must be aware of and also abide by.  These rules, regulations, and laws will vary from city to city and state to state. It's highly recommended that prior to selling a multi-family home that you consult with an attorney to make sure you're not going to put yourself in a situation where you could be sued.  Not being aware of rules, regulations, and local laws is one of the top home selling mistakes made by multi-family property owners. Read on to find out what the top 5 tips for selling a multi-family home are.  Multi-family property owners who follow the below tips will put themselves in an excellent position to get their property sold, while avoiding potential issues or roadblocks.

Review Leases, Occupancy, & Tenant Rights

Before listing a multi-family home for sale, it's vital to review all leases and the occupancy for each unit.  As mentioned above, multi-family property owners can get themselves in trouble if they're not careful.  It's important to always keep in mind tenant rights when selling a multi-family home. There are a few frequently asked questions from home buyers that multi-family property owners will be asked during the sale process.  By reviewing the current leases and occupancy of each unit, multi-family property owners will be able to answer these questions accurately.  Below are a couple of the top questions asked by buyers who're looking to purchase a multi-family home.
  1. What are the terms of any/all leases?
  2. What are the rent amounts for each unit?
  3. What's included in the rent for each unit?
  4. Are there security deposits being held?
  5. Are the rents able to be subsidized by Government assistance?
  Reviewing the leases and occupancy for each unit can also help determine whether or not to sell the property while it's being occupied by tenants.  Selling a home with tenants can be tricky and it can also bring other potential issues into the equation. For example, if a multi-family home is being sold while tenant occupied and the leases are for an extended period of time, it potentially can eliminate a large number of potential buyers who're looking to buy a multi-family home and plan on, or need to, occupy one of the units.  One of the disadvantages of a VA home loan or FHA loan is that the property must be occupied by the buyer, so if a buyer is planning on utilizing one of these mortgage products, they wouldn't be able to purchase a tenant occupied multi-family home. Selling a multi-family home is easiest and most successful if it's unoccupied.  This eliminates potential issues with coordinating home showings or issues with occupancy requirements.  If this isn't a possibility, then it's important that the owner has full cooperation from all parties who'll be impacted during the sale of the multi-family property.

Preparation Is Key When Selling A Multi-Family Home

[caption id="attachment_10458" align="aligncenter" width="450"]Preparation Is Key When Selling A Multi-Family Home Preparation Is Key When Selling A Multi-Family Home[/caption] Preparing a home for sale is critical when selling any type of home, whether it's single family or multi-family.  Since many multi-family properties are purchased as investments, preparing for the sale becomes necessary. One of the most important factors for investors who're looking to buy multi-family homes is the amount of maintenance the home appears to have.  A home that isn't prepared for sale can appear to have more maintenance than it really does. For multi-family property owners who're attempting to prepare and sell a home on a budget, it can be done by tending to a few key areas of the property.  Below are a few of the areas and items that should be prepared prior to listing a multi-family for sale.
  1. Curb Appeal - Simply tending to the exterior curb appeal of a multi-family home can go a long way.  Trimming bushes/shrubs and making sure any flower beds are a couple tips for improving the curb appeal of the property.
  2. Clean Up Common Areas - Depending on the multi-unit, there maybe some common areas, such as laundry or a vestibule.  It's important that all common areas in the property are cleaned up and portray extra maintenance.
  3. Parking Areas - If the property has designated parking areas or garage spaces, making sure these are well defined and in good condition is critical.  If there is an off street parking area, a simple seal of the driveway can go a long way and doesn't cost a ton of extra money.
  4. Doors & Locks - All doors and locks within the multi-family property need to be working well.  It's not a good reflection of a property when the locks are difficult to use and a showing agent is struggling to access the units within the property.
  When selling a multi-family home, it's extremely important that it's prepared for the market.  Not doing so can make or break whether the property sells and also it can impact an owners bottom line.

Hire An Agent Who Has Experience Selling Multi-Family Homes

Hiring a top real estate agent, with experience, is extremely important when selling any type of property.  For example, when selling a waterfront property, hiring an agent who primarily sells mobile homes in a park wouldn't be the best idea. It's critical when selling a multi-family home that a Realtor® who has experience selling multi-family homes is hired.  To help ensure an agent who has experience selling multi-family homes is hired, there are certain questions to ask Realtors® during interviews.
  1. How do you handle showings when a property is tenant occupied?
  2. How much notice do you provide?
  3. In the past, how have you handled uncooperative tenants?
  4. Can you provide the contact information of the previous owner who you represented during a recent multi-family sale?
  Asking the right questions during an interview can greatly improve the chances an agent who has experience selling multi-family homes is hired. Not only is it important to make sure the agent has experience selling a multi-family home but it's equally as important to make sure they know how to effectively market a home.  Since the majority of home buyers are finding the home they eventually purchase on the internet, it's critical the agent knows how to reach potential buyers. This is done by using the best real estate marketing strategies.  Marketing strategies such as using social media, optimizing their website to be found in searches, and using high quality photography and videos are a few ways top real estate agents are marketing their clients homes to potential buyers.

Have Important Documents Ready

[caption id="attachment_10460" align="aligncenter" width="450"]Have Important Documents Ready When Selling A Multi-Family Home! Have Important Documents Ready When Selling A Multi-Family Home![/caption] There are certain things to know before selling a home, regardless if it's a single family or multi family home.  It's helpful that before listing a home for sale that important documents are readily accessible for potential buyers. Documents that should be readily accessible, whether selling a multi-family home or not, include documentation relating to roof age or warranties, the age of the homes HVAC systems, and any receipts of remodeling projects that have been completed. One of the most important features that today's home buyers are looking for in a home are updated and newer mechanics, such as roofs and HVAC systems.  Home sellers who have records and receipts showing the ages of these components give themselves a huge advantage. When selling a multi-family home, it's very important to have financial documents readily available for prospective buyers.  Since multi-family homes are often purchased as an investment, having the financial documents available can be extremely helpful for potential buyers. The most important financial document that should be readily available when selling a multi-family home is the yearly net operating figures.  This document shows a potential buyer the income from monthly rents and subtracts out the expenses of the property, such as yearly homeowners insurance, yearly refuse, yearly water usage, and any repairs that have been completed recently.

Complete Inspections Prior To Listing The Property

Many municipalities require that a certificate of occupancy, also known as a C of O, is renewed when a multi-family property is being sold to a new owner.  It's highly recommended that prior to listing a multi-family property that any inspections are completed beforehand. If your local municipality requires a new C of O prior to the property being transferred to a new owner, have the inspection completed prior to listing can reduce the chances that the real estate closing is delayed.  If you're unsure if a new C of O is required prior to the property being transferred, you can contact your local municipality to find out. Recently while selling a multi-family property in Rochester NY, the property owner decided to wait until after a contract was received to complete the required C of O inspection.  The City was backlogged on inspections and the inspection date had to be scheduled a month out, which ultimately delayed the closing of the property.  This could've been avoided if the C of O inspection was completed prior to listing the property. Another inspection to consider completing prior to listing a multi-family property is a general home inspection.  There are lots of reasons to have a pre-listing inspection when selling a home.  The number one reason having a pre-listing inspection prior to putting a home on the market is that it provides a homeowner the opportunity to rectify issues that a home inspector may find. Since the majority of home buyers elect to have a home inspection and some buyers can get scared away from a home because of the inspection results, having one completed prior to listing is a very good idea.  Homeowners who decide to not have a pre-listing inspection often end up regretting their decision if a buyer is scared away from their property.

Final Thoughts On Selling A Multi-Family Home

As you can see, selling a multi-family home is much different than selling a single family home.  Even though selling a multi-family home is generally more complex, that doesn't mean that it has to be impossible.  By following the 5 tips discussed above, multi-family property owners put themselves in a much better position to experience a smooth and successful sale.

Other Top Resources For Selling A Multi-Family Home

Do you own a multi-family property in Rochester?  If so and you're thinking about selling your multi-family property, the above 5 tips should be extremely helpful.  If you don't have a real estate agent in Rochester yet, call or text me at 585-704-7095, and I'd be happy to discuss the sale of your multi-family home!
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About the authors: The above article "5 Important Tips For Selling A Multi-Family Home" was written by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group.  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]>