10 Common Mistakes to Avoid When Selling Your Apartment in Australia
-by A. Scott
Selling an apartment in Australia can be quite different to selling a house, so we’ve compiled a list of 10 Mistakes to Avoid When Selling Your Apartment. Read on to find out what they are and how to avoid them!
Selling an apartment requires some specific considerations.
Here are our 10 Mistakes to Avoid When Selling Your Apartment:
1. Neglecting property preparation: Failing to prepare your apartment for sale can make it less appealing to potential buyers. Clean the apartment thoroughly, declutter, and consider minor repairs or improvements to enhance its presentation (check strata requirements first!)
2. Ignoring curb appeal: While apartments don’t have a traditional curb appeal like houses, the entrance and common areas can influence buyers’ perceptions. Ensure that the building’s entrance and common areas are well-maintained and clean. If necessary, speak to the strata manager about any extra cleaning that’s needed.
3. Overlooking necessary paperwork: Make sure you have all the necessary paperwork in order, such as the property title, tax records, and strata documents. Having these documents ready can expedite the sale process. Your mortgage broker or bank may be holding some of these documents.
4. Setting an unrealistic price: Overpricing the apartment can lead to a prolonged time on the market and deter potential buyers. Conduct a thorough market analysis or seek advice from a real estate agent to determine a competitive and realistic listing price. Agents can advise on price, but be wary of ‘conditioning’ where an agent inflates the price expectation to win your business and then slowly lowers the price and your expectations down over time. A good way to avoid conditioning is to use an App such as bRight Agent.
5. Poor marketing and photography: Inadequate marketing and low-quality photos can negatively impact your apartment’s online presence and appeal. Invest in professional photography and create a compelling listing with detailed descriptions. It’s also a good idea to check the photographer has experience shooting apartments which typically have less space to maneuver in.
6. Not disclosing property issues: It’s essential to be transparent about any known issues with the apartment. Failing to disclose problems can lead to legal complications down the line. Be honest with potential buyers and address any concerns they may have.
7. Being inflexible with showings: Restricting showing times can limit the number of potential buyers who can view the apartment. Be as flexible as possible with showing appointments to accommodate potential buyers’ schedules.
8. Neglecting negotiation skills: Effective negotiation is crucial to reaching a successful sale. Be open to reasonable offers and work with potential buyers to find mutually agreeable terms.
9. Underestimating closing costs: Closing costs can add up and impact your net proceeds from the sale. Be prepared for closing costs such as real estate agent commissions, transfer taxes, and attorney fees. Using an App such as bRight Agent can save you a lot of money by negotiating lower real estate agent commission and other fees.
10. Relying solely on FSBO (For Sale By Owner): While selling your apartment on your own can save you money on agent commissions, it can also be time-consuming and challenging. Consider working with a real estate agent to navigate the selling process more efficiently. There are a number of down-sides to selling FSBO arrangements, so ensure you research this thoroughly.
By steering clear of these 10 mistakes to avoid when selling your apartment and being proactive in your approach, you can increase the likelihood of a successful sale and a smooth transaction. Seeking guidance from real estate professionals can provide valuable insights and support throughout the process. Finally, by using a service such as bRight Agent, you can save a lot of money along the way!