Whether you are a a property owner or an experienced investor who is planning to sell a property we have the following top 9 real estate tips for you. We hope that you will find them useful.
1. Make absolutely sure that all parties involved in the decision making are in agreement about when to sell and by what method i.e. by hiring a professional real estate broker or FSBO.
2. If you own a small multi family residence, let’s say 2 or a 3 family house, not in all cases but more likely than not, the new owner will want the house vacant at closing in order to do work on the units or put their own family or tenants in the house. Importantly, experienced Real Estate Brokers will have a better opportunity to bring the seller the top market price when delivering a house vacant at closing.
3. If you own a mixed use, commercial property, a 6 unit or more residential building, and there are any pending court cases with tenants, pending tenant evictions or outstanding violations against the building, it’s best to finalize these issues if at all possible, before putting the property on the market. Remember, buyers paying top market prices don’t want legal headaches from your existing tenants or a property with violations that have not been cleared before closing.
4. If you own a mixed use property, commercial property, a single family house, small multi family or larger multi family, always check your deed and certificate of occupancy paperwork for proof of if fact what the property type is and the number of units is legally. There have been countless instances in my 29 years as a real estate broker when property owners thought that their c of o was x when in fact it was y. It is best to confirm this information before putting the property on the market.
5. As inexpensively as possible, if your budget permits, prepare the property to be put on the market by giving the hallways and common areas a fresh coat of paint, fix any roof leaks or evidence of past leaks that have been repaired and clean the vacant office space, store front space or vacant residential units to look and smell clean and cared for. By doing this, you are sending a message to potential buyers that you care about the property and how the property shows to buyers. After all, you want top dollar for the property.
6. In some cases, when the property has fallen into disrepair or if the property is old, you may want to prepare yourself by doing an engineer inspection on the property before putting it on the market. You may want to be prepared and have the benefit of knowing beforehand, what the potential issues are i.e. structural, cosmetic or mechanical. It’s better to be prepared for any potential effort on the buyer’s or their attorney part to renegotiate the price after they have done their own engineer inspection on the property. Even though many contracts of sale are written “as is” you want to shut the door on any potential renegotiating if possible.
7. After consulting with your attorney and accountant, if there is an opportunity for tax savings after the sale with a 1031 tax free exchange transaction, make sure that you clearly have the time to identify potential properties appropriate for the exchange or risk losing the potential tax savings by not planning your timing properly.
8. If you are a family member or the actual executor, executrix or administrator with the responsibility of selling an estate property, consult an attorney specializing in estate planning, probate, elder care, or experienced real estate attorney to make sure that the property is positioned legally to be sold before the property is put on the market.
9. Read the reviews. When interviewing brokers to decide on who to hire to handle the marketing and sale of your property, go online and read their past client reviews or testimonial letters. There are many reputable brokerages who have hardworking and professional real estate agents out there who are hungry to get business. They may lack the experience to know how to achieve the absolute top market price for a property or how to properly service a client or have the knowledge of how the process works to move a deal forward to a smooth and successful conclusion.
We at Accord Real Estate Group invite you to visit our website to read attorney, recent and past client testimonial letters to learn about their experiences with our company.
If you are planning to sell your Brooklyn property, whether a residential property, a commercial building, mixed use, multi family, vacant land, co-op or condominium or a development opportunity, call us. You will be very happy that you did.
Accord Real Estate Group team