When an investment such as your multi-family property is offered to the market but doesn’t sell, it’s time to figure out what went wrong and change it. Because there are buyers looking for investments.
Usually, the reason falls into one or more of 4 categories: Price, presentation of the financial documents, marketing, and negotiations.
We’ve talked about all 4, but just to recap:
The Price must be determined based on income potential versus expenses. The buyer isn’t going to live there, so extra amenities only count if they mean higher rents.
The presentation is all about presenting the financials, not about creating a desire to live in the property.
The marketing is different from single family home marketing. When we market multi-family properties we advertise in different places to be seen by a completely different set of buyers - and we offer different information to attract their attention.
Negotiations must be conducted by an agent who is familiar with the financials regarding this particular property. In addition, a multi-family agent must be familiar with market rents and with activity in the community that could affect those market rents in the near future.
What all this adds up to is that the reason your property didn’t sell may be that your last agent specialized in single family homes rather than multi-family investment properties.
I do have the experience and skills to sell your multi-family property, and I’d be glad to meet with you to help determine what went wrong. Then, if you wish, I’ll be happy to prepare an estimate on your probable selling price and to show you the marketing system I use to get my listings from “On the market” to “Sold.”
Of course, there’s no obligation. So give me a call at 858-342-9292 or write me at firstname.lastname@example.org.
P.S. Statistics show that 70% of all investment buyers begin their search on the Internet. I know where to be so they can find my listings – and I also know where to reach that other 30%