Selling an apartment building in Lake Tahoe
Local knowledge for owners who don't live here, from an agent who managed apartment complexes before she sold them.
Selling an apartment building in Lake Tahoe when you don't live here
Many apartment building owners in this market don't live in Tahoe. They bought the building as an investment, they own it from a distance, and they often don't know Tahoe's local rules. When it's time to sell, a lot of them hire a listing agent from another city who doesn't know those rules either.
A sale like that has nobody on it who knows the town. Questions about the property get answered slowly or not at all, and a buyer's due diligence turns up things the seller's side should have known first.
I'm the local knowledge on your side. You don't need to be in Tahoe to sell in Tahoe.
Tell me about the property
I managed apartment complexes before I sold them
Before I sold real estate, I spent years as a property manager, including managing apartment complexes. I've sold property for more than a decade since. I look at an apartment building the way someone who has run one does.
That background matters most in three places: valuing the building, deciding what to update before it's listed, and marketing it. I know which updates raise what a buyer will pay and which ones only cost you money, and I'll tell you which is which before you approve any work.
It also matters because tenants are living in your building while it's for sale. I know how to work with tenants, and I know the laws about entering their units. Showings, photos and inspections all mean going into someone's home, and I handle that the right way.
I'm not a building inspector. An inspector looks at the deeper things, like the structure and the roof. What I can tell you is which improvements will pay off and which won't.
A full offering page for every buyer
Every apartment building I list gets its own offering page, designed to look as good as the numbers inside it. A buyer for a building decides on the financials, so I put all of them in front of every buyer from the start.
- Full income and expenses. Buyers see what the building brings in and what it costs to run, with the income and the books for the past two years.
- Upgrades. Every improvement you've made is listed, so buyers see what has already been done.
- Cap rate. The return is worked out and shown, not left for a buyer to guess.
- Each unit, in detail. Every unit gets its own photos and description.
- Price per unit. The asking price is broken down unit by unit.
Once the building is in escrow, the buyer also receives full tenant estoppels. These are signed statements from the tenants confirming the terms of their leases, so a buyer isn't relying on anyone's word.
I also recommend pre-inspections, so there are no surprises once a buyer is involved.
Using all of that information, I put together a full financial profile of the property, so buyers can see its full value.
What I do for an apartment building owner
- Walk the property for you. I go to the building, look at it inside and out, and send you what I see. You stay where you are.
- Tell you what it's worth, and why. I bring pricing strategies with the reasoning behind each, and you choose. More in how I price a property.
- Build the offering page and financial profile. I gather the income, expenses, upgrades and unit details and turn them into one clear package for buyers.
- Manage the work. I find, schedule and manage the contractors for any repairs or updates you approve.
- Know the property before a buyer does. I check the items a Tahoe buyer asks about, like TRPA and BMP status and the permit history.
- Market it beyond Tahoe. Your building is marketed on commercial property websites in addition to the local MLS. It also gets a paid Facebook and Instagram campaign, its own website and a mass email to every agent in the area. Through my brokerage's partnership with Leverage Global Partners, it also gets advertising and exposure through The Wall Street Journal, The Washington Post, MarketWatch, PropGoLuxury and Juwai.com. Properties priced at $750,000 and up add Robb Report, and properties at $1 million and up add Mansion Global, Barron's and PENTA.
- Keep you informed. You get an update every week on activity, the market and the next step.
The full plan for getting a listing in front of buyers is in how I reach buyers who aren't searching yet.
Local rules a buyer will ask about
Lake Tahoe spans two states, several counties and a number of communities, and the rules change with the address. The Tahoe Regional Planning Agency (TRPA) has environmental rules that apply around the whole lake. Cities and counties add their own, including rules on rentals.
A buyer for an apartment building will want to know where your property stands on all of it. Those rules are strict and they change, so I confirm the details for your parcel instead of relying on something read online. I'm licensed in California and Nevada, so I can list your building on either side of the state line.
Thinking about selling your building?
If you're selling an apartment building in Lake Tahoe, tell me about the property, or call or text me at 530-208-7081. I'll walk it and tell you where it stands and what I'd do first.
If you own a home here as well, see selling a second home from out of town and selling your Lake Tahoe home. You can also read more about me.
This page describes my general process. It isn't legal, tax or investment advice. Your contract and escrow officer set the specific terms, and you should confirm rules for your parcel with the local agencies.
Frequently Asked Questions
Do I need to be in Lake Tahoe to sell my apartment building?
No. I walk the property, manage any work you approve and handle the sale on the ground. You get an update every week on how it's going.
What will buyers see about my apartment building?
A full offering page: income and expenses, upgrades, the cap rate, photos and a description of each unit, and a price-per-unit breakdown, with the income and the books for the past two years. I use all of it to build a financial profile so buyers can see the property's full value. Tenant estoppels are provided once the building is in escrow. The building is marketed on commercial property websites as well as the local MLS.
Why does property management experience matter when selling an apartment building?
Because I've run apartment complexes myself. I know which updates raise what a buyer will pay and which ones only cost money, and I know what a buyer for a building like yours will look at. I also know how to work with tenants and the laws about entering their units.
Can you sell an apartment building on the Nevada side of the lake?
Yes. I'm licensed in California and Nevada and I'm a member of three MLS systems, so both sides of the lake are covered.
Remodeled units in an apartment building I listed in South Lake Tahoe.
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