I had a lot of questions when I decided to sell my apartment building in Burbank. Though I was the owner, I had no experience with buying or selling my apartment building in Burbank prior to this decision. This apartment building had been in my family for many years, and I had inherited it after my parents passed away. Because of these circumstances, I hadn’t had to deal with sales pitches or competitive bids from potential buyers. The apartment building had been a steady source of income for many years, but I no longer wanted to worry about renters, repairs, and all the other details related to managing the property. Also, I knew it could earn a good chunk of change that I could put aside for my retirement, emergency purchases, or just for fun expenditures. Despite my early concerns, I soon discovered that I could sell my apartment building in Burbank without hassle, but it always helps to know the basics first.
[youtube]https://www.youtube.com/watch?v=WFCZgPBs4TQ[/youtube]Who Can Sell my Apartment Building in Burbank
The very first question on my mind was who can sell my apartment building in Burbank. Could I do it myself? Would I have to call in commercial real estate brokers or agents? Would I need to contact an attorney? The short answer: You can sell your own apartment building in Burbank, but it takes a lot of preparation and work. If you decide to sell it yourself, you may not need an attorney since state-specific real estate forms and many other aids are available online. If you prefer to have a more seasoned professional leading the sale, a commercial real estate broker or agent can be a valuable resource. The best brokers and agents bring to the sale their knowledge and experience in the market, and they’ll know where to find the investors who are interested in a your property. Of course, you’ll have to pay a commission, but it’s better than watching your apartment building linger on the market while you lose money every day.
How to Sell My Apartment Building in Burbank
My next order of business was to find out how to sell my apartment building in Burbank. I was pleased to learn that in this regard, the commercial real estate market isn’t too different from the residential market. Look on Craigslist or other online classified sites, and you’ll see plenty of commercial properties, often listed for sale by owner. In bigger cities and metropolitan zones, you’ll often find free publications filled with real estate listings for both residential and commercial properties. Contact these publications to find out how to add your property to the listings. In a more DIY vein, placing a prominent “for sale” sign on your apartment building can attract buyers as well. Finally, if you go with a professional broker or agent, they will have their own means of getting out the word through their newsletters, flyers, mailing lists, email blasts, and so on. The options for selling an apartment building in Burbank are more diverse than ever.
When Should I Sell My Apartment Building in Burbank
Prior to selling my apartment building in Burbank, I took care of a few matters that should be familiar to any homeowner. I made repairs, I called in the landscapers, I hired commercial painters to spruce up the building’s exterior, and the inspectors came by to certify the property’s clean bill. However, I took one more step: I prepared an apartment analysis form to give to potential buyers. This document included the rental income, operating expenses, reserve budget, and projected debt service. I also listed comparable sold properties and rental rates to give the buyer some context for the sale. This extra info was actually a protective measure on my part; with these firm numbers in their hands, the buyer would understand the value of the building and be less likely to ask for a lower selling price.
What is the Best Time to Sell my Apartment Building in Burbank
Because of the fantastic climate in Southern California, almost any time of the year is a good time to sell my apartment in Burbank. Also, unlike the west side, Burbank is less susceptible to the fog and mist coming in from the Pacific Ocean–it’s all blue skies in San Fernando Valley! Even better, this is one area where commercial real estate isn’t subject to the same ups and downs as the residential market. Whereas the residential market goes through distinct periods of heavy and light activity–for example, few people want to move over the holidays–commercial real estate buyers are typically looking for an investment and not necessarily a home. For them, buying an apartment building is another transaction and will not require them to pull up their roots, pack up their belongings, and rent a moving van. The commercial real estate buyer is simply looking for a good deal, and he or she knows that it can come along at any time.
