Selling your multi-family home or small apartment building doesn’t have to break the bank. There are many ways you can save money when selling your multi-family home in Chicago. We have put together a few of our favorites in our latest post!
You might think that selling your house in Chicago will be a stressful, expensive, and complicated situation. However, it doesn’t have to be that way. By knowing a few tips and tricks, you will be able to save a fortune on the sale of your home. Keep reading to learn more!
Sell As-Is
While it may not be pretty, selling your property as-is can save you a fortune on repairs and upgrades. You won’t have to deal with any costs or expenses getting it ready for the MLS. There are many investors out there who are looking for a building they can renovate for a profit. These buyers can act quickly and help you avoid repair costs, commissions, wasted time, and other agent fees. There are other buyers looking for a home of their own. They are willing to take on a multi-family property that needs some work in order to receive a lower final sale price.
You can also choose to work with a professional homebuyer such as Global Abundance LLC. Because of the high volume of homeowners we work with, we are able to provide top of the line offers and impeccable service. We know the process and have developed streamlined and efficient systems to help you sell your multi-unit property quickly!
Sell On Your Own
A “for sale by owner” listing or FSBO can be a great choice for some properties and situations. It can save you money and put you in control of the entire process. This can be a double-edged sword. On one hand, you’ll save on the commission costs and other agent expenses, but you will also be the one doing all the work. Answering questions, showing the property, marketing the home, and handling the paperwork will all be up to you. It can be a lot of work, especially for those without a real estate background. In most cases, an FSBO can be risky and should only be handled by a pro.
Negotiate Commissions
If you decide to hire a Chicago real estate agent to help you sell your multi-family home, find out up front what your costs will look like. Make sure you know what is included with your listing agreement so you aren’t hit with surprise marketing fees or administrative costs after the fact. Try to negotiate your commission to a lower rate if possible. There might be a hungry agent out there, confident they will be able to sell your house quickly, so they won’t mind the lower commission.
Credits
Instead of spending your time and money updating the old kitchens in the units before selling the property, consider offering buyers a credit towards making renovations of their own. Not only will they appreciate the funds, but they will likely enjoy the fact that they are able to pick their own finishes and design things as they wish. Remember, taste is subjective, and not everyone will agree with the things you happen to like. When you spend a fortune on renovations, you run the risk of putting off some buyers who may have been interested otherwise. Plus, construction costs can add up to more than the original estimates. If you choose to make the upgrades on your own, you run the risk of going over budget.
DIY Where Possible
Do you have a great camera? Maybe you consider taking the listing photos on your own instead of paying hundreds or thousands to a photographer. Or maybe you have a drone you could use to take some shots of your property from the air. You could also choose to throw an open house, post your own signs, or handle your online listings if it will mean a decrease in your commission costs.
Save Money When Selling Your Multi-family Home In Chicago & Sell It Fast
Ask any investor and they will tell you that the longer you own a building that isn’t fully occupied, the more it will ultimately cost you. Holding costs add up month after month and can amount to thousands if your home sits on the market for a while. Utility bills, homeowners insurance premiums, property taxes, cleaning costs, repairs, regular maintenance, staging, and landscaping will add up quickly. When you sell your multi-family property directly to us here at Global Abundance LLC, the entire process of selling can be completed in only a few short days. For many sellers in the Chicagoland area, a direct sale can ultimately be the most lucrative way to sell.
When selling your multi-family home in Chicago, there are many ways you will be able to save money. Before you decide to list or spend any money making repairs, let us help you determine which selling method will ultimately put the most amount of money in your pocket!
