1.Tenants - Good and bad can cause problems for a seller.
Tenants like to talk whether or not they have any idea of what
they are talking about. Tenants have killed deals and have
misled buyers to wrong conclusions. Your tenants are afraid of
change, they may not like you or your management company but
they feel safe because they know you.
2.Property Managers - On site managers can get in the way
especially if they are concerned about their future employment.
Your off-site property management companies will be very helpful
with the transition to a new owner. If you have been dealing
with them honestly they may hope to follow you to your next
project.
3.Maintenance Contracts - Have all contracts with your
maintenance companies up to date, inspections complete and
truthful answers to any deferred maintenance questions.
Warranties, replacement and repairs files complete and up to
date.
4.Code Enforcement - Problems can occur if you have made
improvements to the property without obtaining the proper
permits and completed necessary inspections. Additions,
electrical upgrades, new baths, new kitchens, decks structural
repairs or renovations all may need to be permitted. Going back
after the fact is expensive and may result in fines.
5.Banking and Accounting - Prior years tax records, accounting
records audited and unaudited, bank statements. The better
records you have the easier it is to verify your expenses and
prove cash flow. The easier it is for the buyer to confirm the
price and get financing.
6.Realtors - Depending on your property you may need a
commercial or a residential real estate agent. Don't get them
mixed up. With multi family 6 units or more use a commercial
agent, single family or 4 units or less use a residential agent.
Commercial agents will charge 10% to 12% or more you are paying
for their knowledge, expertise and contacts its' well worth the
price.
About the author:
Bill Carey offers insights to the buying and selling process of
residential real estate for F*R*E*E information and reports see
http://www.CharlotteNCExecutiveHomes.com "Insider Real Estate
Secrets Revealed" ...a must-read for Home-Owners and Renters!
It's a FREE 12-lesson e-course covering more than 20 topics
exposing the realities behind buying and selling a home. It
Could Make(or Save) You Thousands of Dollars
