Before bringing your multifamily property to market, it’s essential to take proactive steps that maximize its full value. In today’s competitive Chicago real estate market, well-positioned assets continue to command premium pricing, but that value is built before you list.

Owners should start by reviewing your rent roll and lease terms to ensure collections are stable and tenants are on clean, documented leases. Normalize rents where possible to the obtainable market rent, reduce delinquency, and eliminate concessions—these adjustments directly impact perceived value and improve how buyers underwrite the asset.

Next, tighten your trailing-12 financials and evaluate operating expenses. Sophisticated investors will scrutinize utility costs, repair and maintenance trends, and property taxes when projecting their returns. If there are easy wins, like sub-metering utilities, appealing your assessed valuation, or renegotiating vendor contracts to cut costs, these drive immediate NOI growth and, in turn, boost your sale price. Also consider making light cosmetic upgrades to common areas or unit interiors, that can generate significant ROI compared to heavier capex projects.

Finally, partnering with an experienced multifamily broker like myself, or others at Interra Realty, can help you position your asset with compelling marketing materials, forecast returns through the lens of today’s buyers, and create a competitive bidding environment through our deep-investor relationships. Whether you’re listing a stabilized courtyard building in Edgewater or a newly renovated walk up in Pilsen, strategic preparation can make a meaningful impact on both valuation and execution.

Jeremy Morton is a Managing Director at Interra Realty. Jeremy graduated from Indiana University and is a licensed real estate broker in the State of Illinois.