Selling a rental property can be hard. It’s not as easy as putting up a “FOR SALE” sign in the yard and holding an open house. When you sell a multi-family property, tenants must be notified each time a prospective buyer wants to look at the building. Apartment units must be cleaned so that pictures of each unit can be taken. Leases need to be shared publicly with buyers. On top of all this, it’s critical to make sure you don’t violate Pennsylvania’s Landlord-Tenant laws throughout the process. To say there’s a lot to consider is an understatement. To help out, we’ve listed what we think are the three most important things to do when selling your Pittsburgh rental property.
1. Hire a real estate agent with experience selling multi-family properties
While it’s true that any licensed real estate agent can help you sell your multi-family house, some agents have more experience in this area than others. Most agents specialize in selling single family homes (SFHs). This makes sense because the majority of houses in Pittsburgh fall into this category. However there are some unique things to consider when selling a rental property, and it’s important that your agent is aware of them. These include things like how to set a price for the property, communicating with tenants, and understanding leases. An agent not familiar with these details can misprice the property and significantly slow down the sales process. So, if you do decide to sell with an agent, make sure you work with one who has multi-family experience.
2. Gather all your paperwork
Because most people buy rental properties as an investment, they are primarily concerned with two things: 1) how much money does the property make, and 2) what expenses are associated with the property? This means that buyers will expect to see your financial records including rent collected, repair costs, utilities, taxes, and insurance. If you haven’t been keeping detailed records of your property, it may be harder to find a buyer willing to purchase your rental property.
3. Clean up the building
Everybody knows that a clean, well-maintained house will fetch a higher asking price. Unfortunately in the case of rental properties, tenants don’t always keep things neat and tidy. If you have tenants that don’t take care of the property and are worried it may be in bad condition, you may have a hard time finding a buyer. One option is to wait until a tenant moves out before making repairs to the unit. Or, you could sell your rental property to an investor in as-is condition, regardless of whether there are tenants in place.
If all of this has you concerned about selling your Pittsburgh rental property – we’re here to help! Not every multi-family property owner knows they have options when it comes to selling their rental property. Whether it’s a duplex, triplex, or 4+ unit building, McIntosh Management, LP understands these challenges and has experience working with homeowners who want to quickly sell their multi-family property. If you’re interested in getting a free, no-obligation estimate on the price we can pay for your home, give us a call today at 412-785-7928 or fill out our form below. We’ll be in touch within 24 hours.