A guide to maximizing your sale price and avoiding last-minute surprises
Selling your apartment building is one of the most important financial steps in your investment journey. However, as Joe LaFleur, multifamily investment advisor and founder of 100Units, points out, many owners don’t put nearly enough focus on the sales process.
“Most owners spend 95% of their time operating the building and only 5% on selling it,” Joe explains. “But that small percentage of effort can have an outsized impact on your final outcome.”
With over 300 transactions and $565M in closed multifamily sales, Joe has seen what works—and what goes wrong. Here’s how to prepare your property, your team, and yourself for a successful sale.
Preparation begins long before you list your property.
Selling real estate isn’t like selling stock—you can’t just hit a button. It takes time, preparation, and the right people around you.
Joe recommends beginning the prep process at least 180 days before listing. That includes:
- Assembling a team: “Make sure your attorney, broker, and lender are already in place well before you go under contract.”
- Walking the property: Look for both cosmetic and functional issues that could impact your valuation.
- Getting your paperwork in order: “Disorganized documentation raises red flags. Lenders and buyers compensate for risk by lowering the price.”
Learn more:
How carefully timing the real estate market makes you an expert seller
Choose the right broker–Not just the first one
When it’s time to list, don’t leave your property in the hands of someone who doesn’t specialize in your asset class.
“If you’re selling multifamily, work with someone who knows multifamily,” Joe says. “Ask what they’ve sold, how they price, and how they guide owners through the process.”
What to look for in a broker:
- Proven track record with apartment buildings
- A clear plan for marketing, negotiation, and due diligence
- Familiarity with your local market and buyer pool
Make your property show-ready
Curb appeal matters—to buyers, lenders, and appraisers. Joe calls this “the most repeatable value-add strategy” he sees sellers miss.
His checklist includes:
- Exterior: Fresh paint, striped parking lots, clean roofs, trimmed trees
- Interior: Walk through every unit, fix leaks, and clean up cosmetic damage
- Details: “We’ve walked into units where the roof was replaced five years ago—but stains were never painted. It’s a small thing that can cost you big,” Joe stated.
Launch your marketing the right way
When your property looks its best, it’s time to go to market—but how you do that matters.
“I’ve seen buildings with just a lawn sign out front,” Joe laughs. “That’s not a strategy.”
Instead, Joe recommends:
- Leveraging broker networks and digital platforms
- Scheduling showings right after landscaping and cleanup
- Investing in high-quality photos: “You’d be surprised what details people pick up in listing images.”
Vet your buyers carefully
Not every offer is a good offer. Around 90 days out, you’ll start fielding interest, but Joe cautions against jumping at the highest number.
“There are a lot of people who want to buy apartment buildings. But not everyone can. Focus on those who actually close.”
Key evaluation tips:
- Confirm proof of funds and lending history
- Ask if they’ve closed similar deals before
- Review price and terms: contingencies, timing, and flexibility
Related resource:
The best apartment buying due diligence checklist for multifamily investors
Stay engaged through closing
Once the property goes under contract, many owners pull back. But Joe warns: this is not the time to step away. “I’ve seen owners go on vacation once they’re in due diligence—that’s when things start to slip.”
In the final 60–30 days:
- Keep rent collection and unit turnover strong
- Stay in touch with your attorney, broker, and lender
- Finalize tax planning before the sale, not after: “You can’t do a 1031 exchange the week after closing. By then, it’s too late,” stated Joe.
Your victory moment
Selling your multifamily property should be a celebration, not a scramble. With a proactive plan, a trusted team, and continuous effort, you can avoid common mistakes and exit on your terms.
“When you prepare early and do it right,” Joe says, “you’ll walk away with confidence—and keep more of your profit.”
Looking for help in figuring out if it’s time to sell your apartment building?
At 100Units, our objective is to help you achieve your long-term investment goals. Our multifamily investment advisors will lend you our unique perspective on your situation and provide you with real-time market analysis.
We offer our valued sellers:
- Marketing strategy
- Network of buyers
- Clear communication
We’ll also collect, study, evaluate, and share market data on an ongoing basis to help you make timely and informed decisions. From determining the listing price to conducting the closing, we’ll facilitate a smooth transaction for you every step of the way.
Ready to sell your multifamily property?
Find out what your property’s worth here.