Real Estate 101: Preparing Your Apartment Building for the Market
If you’re thinking about selling your apartment building, it may be tempting to put your property on the market right away. Without preparation, however, your sale may end up being much more complicated than you anticipated and take longer than planned. Careful planning helps you to get the best price possible for your property and ensures the transition to the new owner goes as smoothly as possible. If you’re getting ready to put your apartment building up for sale in Montreal, here are a few things you should consider from the real estate professionals at Baron Realty.
1 – Get your papers in order
Any real estate transaction requires a large amount of paper work—especially larger scale properties like apartment buildings. Doing some of this administrative work before listing your apartment building will help the buying process go much faster. For example, have the leases, lease renewal letters, certificate of location, renovation expenses, upgrades, municipal and school tax bills, insurance bill and utility bills all ready. Doing these kinds of administrative tasks will make it easier for potential buyers to do their due diligence quickly and efficiently since both the banks and the buyers will need all these documents.
2 – Consider apartment upgrades where possible to improve the revenues and net income
Simple apartment renovations such as energy efficient lighting and low-flow plumbing systems can improve your operating costs and make your property more appealing to potential investors. Even if you plan on selling sooner rather than later, starting renovations can demonstrate to investors the potential value on your property, which creates an increased appeal and more importantly improves the net income and hence the property value.
3 – Get the environmental inspection done
These days, in almost all sales involving buildings that are 7 units or more, it’s important to get the environmental inspections done right away since the banks will ask for them before lending. If there is any kind of contamination, it needs to be cleaned and decontaminated before the banks lend on the property. It’s best to get these reports up front before going for sale on the market.
Get a Qualified Income Property Real Estate Broker
The real estate market can be difficult to navigate. A professional broker can help you best prepare to enter the real estate market and ensure that your property sells for the highest potential value. At Baron Realty, we have years of experience within the Montreal apartment building market. We have the knowledge and skills necessary to help you complete a successful property sale. For more information about our brokerage services from property owners across Montreal, contact Baron Realty today.