These days, the prospect of selling an apartment and home rental business is so daunting that many would-be sellers are biding their time, waiting for a break in the economic clouds.
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More than a few apartment and home rental business owners sell for a price that is well below market value. Smart sellers know the value of their companies are prepared to identify buyers who are willing to pay top dollar.
Identifying Serious Buyers
Unfortunately, many of the prospects you will encounter aren't serious buyers. Selling a business is hard enough. You can't afford to waste time on prospects that have no chance of turning their interest into an actual purchase. Your business broker can offer insights about how to quickly spot tire kickers. Never provide detailed information about your apartment and home rental business until the prospect has been qualified as a serious buyer.
Hoping for a quick apartment and home rental business sale? You may be disappointed. Although asking price and other factors contribute to sale time, it's difficult to predict how long your business will be on the market before you locate the right buyer. Before you can list your apartment and home rental business, you'll need to invest as much as a year in preparing it for prospective buyers. Even though it's conceivable that an attractive opportunity could sell in weeks, an immediate flood of offers could indicate that the business is underpriced.
After the Sale
As your apartment and home rental businesssale nears completion, there is a lot of work remaining to be done. Handing over the keys and saying goodbye to your employees is easier said than done, and requires thoughtful consideration prior to closing. Ideally, these and other post-sale details should be addressed early on. But if you haven't dealt with them yet, it's important to have a frank conversation with the buyer, your broker and other professionals as soon as possible.
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