Do you have a 2 flat you want to sell in Chicago? The good news is a 2 flat for sale in Chicago will have a lot of demand. On the other hand, they can be a lot trickier than selling your average single family home. Here are 3 tips to help you prepare your 2 flat to sell quickly and for the most money.
Tenants/Availability
The first thing you want to consider are your tenants. Your tenants can be the difference between your building selling in the first week vs your 2 flat just sitting on the market. Look over your leases to make so see how long they are. A lot of potential buyers will want to move into one of the units themselves, so if all of your tenants have a lot of time left on their leases, that will hurt the demand for your 2 flat.
Next, and I know this is hard for some landlords, it still has to be done. You have to let your tenants know you are selling the 2 flat. The reason is because you have to get them to let potential buyers into their apartment. The bottom line is that you will not be able to sell your home for market value if you can’t get potential buyers in the home.
A lot of 2 flat owners have asked me if they should get their tenants out first before moving. While it would be easier to sell if the 2 flat was vacant, it is not necessary to do so in order to get your 2 flat sold. Most buyers understand that the 2 flat will have tenants, because that’s how you generate income. What you can do in good faith is give your tenants a 30 day notice once the building is under contract and the mortgage lender has committed to finance the deal. Then, after the sale closes, it is up to the new owner to make sure that the tenant actually leaves.
Condition
Next, you want to consider the condition of your home. This is a lot trickier than a single family home, because you do not live in the entire building, your tenants are occupying space there. Before you sell, make sure to check on the condition of each unit, and make the repairs necessary to make sure the condition is up to par. I’m sure your tenants won’t get in the way of you improving your property, it will probably make then happier!
We all know that the condition of the home will greatly affect not how much money you can get, but if you will get any offers at all. Though us landlords do not like to admit it, we really need to cooperate with our tenants and make sure we have that good relationship with them in order to get the best price possible! Speaking of price…
Price
If the property is over priced, it will not sell in this market. Period. Even though this is a seller’s market, people tend to be very cautious with their money, especially when it comes to real estate. Always make sure to take a look at similar properties that have sold in your area, so you can have an idea of how to price your 2 flat. If you have any doubts on what your property will sell for, feel free to contact a realtor such as myself so we can do a comparative market analysis on your home. Pricing your 2 flat right is very important, especially at the start, so you want to make sure that you get it right. You can get a quick market analysis of your property here.
As always, feel free to reach out to me with any questions or comments. Thanks and have a great day!