Selling Multifamily Property in Bakersfield, CA?
Here Are Tips to Maximize Your Sales Price
If you’re planning to sell a multifamily property in Bakersfield, CA, you need solid strategies to overcome the potential challenges and maximize the sales price. Especially with competition from newer properties, you must strategize how to close the deal faster and make a decent profit. In this post, we share three handy tips to help you get the best deal without risking staying in the market for too long.
1. Maximize Property Value
Focus on adding value to the property before putting it on the market. For instance, if you haven’t increased the rent for a while, you could leverage the opportunity to maximize property value. California and local Kenty County authorities allow landlords to increase rents up to 10% or 5% plus the percentage increase in the cost of living in a given year (whichever is lower).
Another strategy you should consider deploying is upgrading the property. Easy cosmetic fixes such as painting, investing in LED lighting, landscaping, and cleaning up the grounds go a long way in increasing the property’s appeal to potential buyers. Also, take inventory of any deferred maintenance and fix the amenities that require a facelift, e.g., the A/C unit, water heaters, the roof, etc.
If you have a challenge filling vacancies, consider strategies to attract new tenants, such as installing technology amenities, adding a fitness center, or creating a pet-friendly environment.
2. Set the Price Right
Setting the price too high could hinder you from closing the deal faster. Consult with multiple brokers and buyers for ideas on the right price. We understand your pricing depends on several factors, such as your gross rents and maintenance costs, but setting the price at the market value or slightly lower is likely to bring in more offers. You may use the gross rent multiplier, cap rate, or comparable sales to value the property, but be careful with comparable sales method if you’re unsure of the competitors’ incomes and expenses.
3. Offer a Rate Buy Down If Interest Rates Are High
If the mortgage interests are high, consider enticing people to make an offer by proposing a rate buy-down. This is an arrangement whereby you agree to buy mortgage points on behalf of the buyer for a rate reduction.
Get a Quick Home Offer Today!
Are you in the process of selling a multifamily property in Bakersfield, CA? We understand how challenging navigating the market to secure a good deal can get. At Quick Home Offers, we specialize in buying properties fast and fairly, with no fees or commissions on your part. Contact us today for a quick offer.