As a team that works on multifamily building deals around the clock, we’ve experienced every trial and tribulation that comes up during a multifamily deal. Over the last ten years, we’ve come up with a few essential tips to consider before selling a multifamily building in the Brooklyn commercial real estate market.
Clean Up the Building
One of the biggest mistakes people make when trying to sell a multifamily building is not doing simple inexpensive work to make their multifamily building in Brooklyn more appealing. Make sure you paint the hallways, clear junk out of the basement and common areas, and take care of any glaring maintenance issues before selling it.
Pricing It Right
Pricing your Brooklyn multifamily building might be difficult as the market is constantly changing and evolving. As neighborhoods change, the value of your property changes. The idea is to price your property as aggressively as possible, while still pricing it as a level that will make buyers look at it. It’s also important to study comparable sales analysis (or “comps” as we like to call it) and see what properties like yours have been selling for, as well as properties with similar cap rates, condition, and other buildings sold in that neighborhood.
One of the most important aspects of selling any commercial property in Brooklyn is timing the market and selling as high as possible. While predicting the commercial real estate market in Brooklyn can be difficult, there are certain tell-tale signs to watch out for. For example, neighborhoods with a growing influx of new families moving in, the time of year the building is being sold, and the inventory levels of multifamily buildings in your neighborhood.
Work with a Commercial Real Estate Broker
One of the best ways to get your multifamily sold at the highest possible price is to work with a commercial real estate agent in Brooklyn. Brokers keep up with all the market trends for their neighborhood and asset types they concentrate in. They also have a lot of connections with buyers in their market and can coordinate a deal with an ideal buyer. If you’re interested in selling your multifamily building in Brooklyn, be sure to give us a call at 718-768-7688 or Matt Cosentino, an expert in the multifamily market.