The process of selling an apartment building on your own is similar to the process of selling a residential property. For instance, you’ll want to improve the Connecticut property’s curb appeal, identify potential buyers and create marketing materials that will convince an interested party to make an offer on the building. However, as a general rule, you’ll want to keep the fact that your property is on the market a secret until the transaction closes.
Why do you want to keep the transaction a secret?
It’s possible that existing tenants will start looking elsewhere for an apartment if they discover that they might soon have a new landlord. This is because they may assume that whoever purchases the property might increase their monthly rent payment. Furthermore, those who currently live in your building may be worried that the new landlord won’t be as attentive to their needs as you are.
What can you do to improve an apartment building’s curb appeal?
Ideally, you will make sure that the outside of the building is pressure washed and receives a fresh coat of paint. Furthermore, the interior should be decluttered, painted and inspected for any damage that needs to be fixed before a buyer tours the premises. Finally, be sure to inspect the roof to be sure that there are no leaks, missing shingles or other problems that could derail a sale. A real estate law professional might talk more about other actions that you might want to take before listing your property.
How do you find buyers for your property?
A broker may be able to help you quietly find buyers for your apartment complex. It may also be worthwhile to contact friends, family members or others who may have previously expressed interest in buying a commercial property.
An attorney may help to ensure that the sale of your apartment building is done in accordance with state law. This may minimize the risk that a buyer will attempt to back out of a purchase contract after it has been agreed to.