How to Sell a Duplex in Arizona: Top 7 Things to Know

Arizona is becoming a great place to check out for anyone that is looking for larger properties like duplexes. These properties are excellent for income, and they are very low maintenance compared to single-family homes or multi-family properties, so they are always in demand. If you have been thinking about selling your duplex, have a look at this list to see the top 7 things to know about selling your duplex in Arizona.

Find a Local Realtor that Knows Multi-Family Housing 

Finding a realtor who knows the area will help you in many ways, but you should also make sure that they have a bit of experience handling larger or investment properties. They will understand the needs and expectations that come along with a duplex, and they might even know a buyer that commonly deals with multi-family properties. Although the sale process will likely still be similar, there might be a few extra inspections or regulations in place for duplexes, and an agent with experience will be able to help you figure it out. 

 

An excellent real estate agent will also be able to advertise your property in markets a regular agent might not consider. They know the best places where other investors usually look, and they will also likely have some good connections within the city. They will also know about any significant regulations or laws in your area that might affect your sale, so it's a good idea to find someone whos as informed as possible.

Figure Out Pricing

A good agent will be able to help you figure out what a reasonable price point will be for the duplex you are selling. They will be able to do a CMA (comparative market analysis) by comparing the price of other duplexes in the area that have sold recently. If your property is in a better area or if it has more features than others that have sold, then they will likely recommend starting at a higher price. 

If your agent comes back with a number that is smaller than you were hoping to sell a duplex for, then you should look at doing some work on the property. You can't change things like an awkward location, but you can do some things to make the property more desirable to potential investors. Just make sure you are putting your money into repairs and upgrades that are likely to give you more value, like a new laundry system or a landscaped yard.

Prep the Duplex

We just mentioned how there are plenty of repairs and upgrades you can make that will increase your property's value. If you have the budget to make a few changes, you can get quite a bit extra on your final sale price, so it's good to fix your duplex up a bit before you sell it. Let's have a look at a few of the most common ones that you can do in duplexes.

Clean it up: Hiring a professional cleaning team is one of the best ways to make sure the unit will be spotless. They are well trained to tackle all of the areas people usually miss, and they understand that the unit must look clean for potential buyers. If you have any major repairs, make sure you wait until they are finished before you bring in your cleaning team. 

Upgrade the HVAC: In Arizona, many people rely on a good air conditioning system that will help keep them cool all summer. Portable air conditioning units can be a hazard, they can damage the window frame, and they usually end up dripping onto the window on the unit below. To prevent any major issues with renters bringing in their own units, make sure you have an excellent HVAC system installed and upgraded. 

Paint it up: Painting is one of the most obvious things you can do to make a duplex unit look and feel fresh. White is the most common color, but you can get away with using a pastel tone if you want to give the unit a bit of whimsy. Make sure you aren't leaving this until the last minute, as the paint smell can be unattractive to some buyers. 

Upgrade appliances: If you include the appliances in the sale, then now is a good time to upgrade them. Look for energy-efficient appliances that will help the new duplex owner if they choose to do an all-inclusive rental. We mentioned earlier how upgrading a communal laundry system is another excellent way to add value. Look into a card reader system that allows renters to add money onto a card and use it for the laundry units, which makes it easy and straightforward. 

Get outside: Curb appeal is a big deal, and you should make sure the exterior of your property looks just as fresh as the interior. Investing in a good landscaping service is a great way to transform the yard and make it look much friendlier. If you have any space in a backyard, give it some new life with a few picnic tables or lockable storage sheds for new renters to keep their items. 

Create a Buzz

All of the painting and repairs to your duplex might take a while, so why not attract some buyers before you even finish? Talk to your real estate agent about what kind of advertising campaign they might be considering for your property. Advertising your building as "nearly on the market" or "getting this property ready for sale" is a great way to show off a before and after. 

Do some professional photos of all the areas you have upgraded recently so that the new buyers can see the difference right away. Posting about the property before it's on the market will create interest, and many people love to see the finished product, so they will follow along with the "story" to see your final listing photos. It's one of the best ways to bring in new followers to the real estate agent's page, and it's a fantastic way to bring in potential buyers. 

Set the Stage

Staging is one of the best ways to show off the potential that the unit has, and it's one of the easiest ways to make some quick money on your sale. Homes that have been staged will typically earn about 6% to 20% more on their final sale price. If you are selling your duplex for $500,000, you could be getting an extra $30-$200k just by spending a few thousand on staging.

Staged duplexes almost always sell faster than unstaged duplexes, and that's perfect for anyone who wants to unload their duplex sooner rather than later. Staged homes sell at a much faster rate than unstaged homes (usually 90% faster!), and they often produce much higher bids. Depending on the size of your home, a professional staging service will end up costing between $1000-$3000, which is a small price to pay when you consider all of the great benefits. 

Show It Off

An open house is one of the best ways to show off the duplex property to potential buyers, but open houses have started to lose their popularity. During the pandemic, offering an open house became difficult with so many restrictions and limitations, so real estate agents had to get creative. Many started to make themselves available to do w personal video tour with prospective buyers who are unable to come into the area and see it themselves.

You should take some professional photos of your duplex for your listing, but you can take it a step further by hiring a professional videographer too. They can do things like virtual walkthroughs, 360 photos, and sometimes even drone footage that can show off the whole yard. People love to share posts with this kind of additional footage, and it'll make the listing get way more views than similar listings. 

Start Taking Offers

Now that the duplex is clean, repaired, and staged for new buyers to admire, you can start entertaining the offers that should hopefully be flying in. Make sure you don't take the first offer that comes in because it might take your buyers a few days to figure out their finances. It's good to wait about three days after you've launched your property on the market before you start making decisions. 

You will likely sell your duplex to a property investor who will be hoping to rent out the units as soon as possible. It's a good idea to get all of your paperwork in order before you start taking offers so you can make the selling process as smooth as possible for everyone. 

Selling your duplex doesn't have to be complicated, and there are so many different things you can do to add value to your listing before you even get it on the market. Do your research and figure out the improvements you can make that are within your budget so that you can reap the rewards when it comes time to list the home for sale. Investing some money into the sale of your property could give your a great return on your sale price in the future, so it's a good idea to figure out everything you can do on your part to make the sale easy and profitable.