All property owners, when they’ve already decided to sell their property, would of course want to be able to sell it for the highest reasonable price possible. This is one of the main reasons why property owners are almost always looking for ways to further improve the resale value of their property. For homeowners, the usual suggestion is to enhance the façade or front appearance. This is the first thing that buyers see and what real agents say; better make sure your curb appeal makes a very good first impression from when the buyer drives up your front.
With apartments, though, this isn’t applicable since you don’t own the curb of your building. Maybe you can suggest it to the owner, but what happens if they don’t buy your idea. You can also ask that the structural integrity of the building be checked every so often. What you can work on are the things inside your apartment unit. Here are a few suggestions on how to sell an apartment for the best price.
1. Know What’s Been Sold For How Much
The first thing you should do to be able to sell an apartment for the best price is to know which apartment units were recently sold in your building, or in your neighborhood. If possible, try to find out how much these apartments were sold. This is quite important because this is the actual real estate market activity that occurred in your area most recently.
You’d be able to get a lot of information and insights from these most recent sales. For one, you’d be able to find out the actual going prices of the apartments near you or in the same building as yours. Try to learn more about buyer sentiments on the idea of living in an apartment.
This could be a baseline price for your own unit if the latest sold were ‘comparables or comps’ units. These comps will also be used by appraisers later on when they compute the valuation for your property’s appraisal. If you can talk to the new owners, you might even be able to find out where they saw the listing.
2. Upgrade To The Recent Sold Comps
If you’re not in a hurry to sell your apartment, you might want to apply the insights from the recently sold comps to upgrade your own apartment unit. For instance, if the recently sold apartment fetched higher prices because they had minor kitchen renovations, bath & toilet rework, or repainting, then you should consider doing these things, too. In short, if it worked for others, it could help you fetch a higher selling price for your apartment, too.
There are, of course, standard renovation projects which tend to boost the property’s selling price. But you should pick those which cost the least yet still contribute to a higher selling price. Start with minor things such as repainting, changing the sink, or restoring the tiles.
3. Make The Listing Look Really Good
With thousands of property listings on the internet, your apartment listing will have to compete even within its own niche of comps and price bracket. Make sure that you make your listing look really good. Don’t skimp on the pictures. If you need to hire a professional photographer or videographer, do so.
Your listing pictures are the first and maybe the only things that people surfing the net will see about your apartment for sale. If they don’t like what they see, they might just skip your listing description and details; and click the next listing. You should also take time to write an enticing description of your property. Write the technical parts, but don’t forget to describe why your location is such an awesome place for an apartment.
4. Hire A Real Estate Agent
Consider hiring a professional real estate agent. It may seem that you’ll be able to save a lot of money on commissions and fees if you sell your property yourself. But if you get a good real estate agent, you get a lot of value added. A real estate agent who knows his stuff would help you make the most money out of your apartment, get you a high appraisal value, and know when to time your listing. Avoid the common mistakes in selling your own property and get a real estate professional to help you. Aside from their expertise, they have access to listing channels that can put out your apartment to the most qualified buyers.
Make The Most Out Of Your Sale
To be able to make the most out of the apartment you’re selling, you should make use of actual market transactions in your specific area. The recent sale of comparable properties, their amenities, the selling price, the listing channel, as well as the timing of the sale, are factors that you should consider. You can use those insights to set up your own listing and be able to sell at the most optimal price.
