If you're planning to sell your Madison area duplex, we recommend focusing on first-time homebuyers as your target audience. Many are drawn to duplexes because owner-occupying one — with a tenant helping subsidize the mortgage — offers a real, attainable path to homeownership.
This emotional investment also tends to translate into a higher offer price. Unlike investors, who evaluate a duplex purely on whether or not the numbers work, first-time buyers are motivated by something more personal: the goal of having a place to call their own. That emotional stake often makes them willing to pay more than an investor ever would.
(duplex photo by Step Inside Media, staging by Shelley Lazzareschi)
Three tips for selling your duplex
With your owner-occupant audience in mind, here are 3 tips for your duplex sale. When you follow these three tips, and price your duplex right, you'll attract more offers and maximize your return on investment.
1) As much as possible, work with the tenants to stage your property. Professional staging, and sometimes virtual staging, will help you appeal to owner-occupant buyers. Even if you are only able to address two or three rooms, staging will help your sale.
2) Implement your marketing plan as if you are selling a single family home. Many duplex listings unfortunately skimp on marketing. Instead, we encourage you to hire a professional photographer, create a floor plan and professional marketing materials, and implement a "coming soon" campaign.
3) Share the income and expense information, but make a visually-appealing listing your top priority. When you and your realtor invest in a polished presentation, your presentation will help you attract more offers from your ideal buying audience.
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