Multi-unit family dwellings...

The final topic that I got to see at the OREIO roundtable was likely the least applicable to me at this point in my real estate career. Nevertheless, there is good information for me to know, so that I can help out potential future clients. The topic covered selling multi-unit buildings. The individual that presented seemed nervous, but you could tell that the man had vast experience in dealing with the sales of multi-unit dwellings.

The overall message was very simple. Be prepared. There are many due diligence procedures that a buyer wants to complete before an agreement in place, so you should know the ins and outs of the buying process to help facilitate the selling process. There can be numerous questions surrounding safety and health and the more preparation you do, the more confident the buyer becomes in the purchasing process. Less questions means less doubt for the buyer.

Some of the things that you should get done:

1. Fire retrofit certificate - the more current the better, but a buyer will eventually demand it, so make sure it's up-to-date.
2. Inpect systems - ensure heating, emergency lighting, electrical and security systems are fully functioning and up to standard code. Buyers seldom want to do extra work after purchase.
3. Ensure that the structure is sound. It may sound dumb, but don't cover up any small leaks for example. It pays to have things done right. If there is any hint of problems, buyers will RUN!

These are pre-marketing things. They are important, so that when it comes to list a property for sale, that you can attack with a proper marketing campaign. If these things aren't done satisfactorily, it will compromise your ability to get top dollar from such a campaign. I thought that this part of the information session was the most interesting and insightful. You would be surprised to see how much you need to discount a property if the pre-marketing items are not done right.