Making the decision to sell your apartment is exciting, whether it’s your current home or an investment property that you’ve finally decided to put on the market. Yet selling an apartment in a crowded market like Sydney isn’t as easy as it sounds. By implementing a few rules, you can make selling your apartment a piece of cake and you might even increase your final sale price!
Selling an apartment is much the same as selling a house, with a few exceptions. Firstly, depending on the location of your property, there are often far more apartments in stock than houses, which makes the market that much more competitive. That means you’ll need to emphasise space as much as possible within your apartment, especially if it’s already on the smaller side. Secondly, you’re probably looking at a wider pool of potential buyers, so you need to ensure that your apartment is styled so that it will appeal to more people.
In this blog, we’ll show you how to sell your apartment, and fast! Keep reading to discover our golden rules when it comes to selling an apartment and – most importantly – how to maximise your final sale price.
1. Choose the Right Agent
When it comes to selling an apartment quickly, it’s critical that you choose the right agent. So, what does that mean, exactly?
Well, the right agent should understand your local area and may even have connections already searching for properties just like yours. They will also be able to price your unit correctly and will understand exactly how to highlight your unit’s strengths and gloss over any weaknesses. The right agent will also come up with a clever marketing plan that won’t chew up your entire budget – but more on that later.
2. Maximise Space
Space is precious in apartments, but potential buyers aren’t just looking at the square meterage on the property’s deed. They are also looking at the layout and the use of space within the apartment. With some clever styling tricks, you can often make smaller apartments look much roomier.
Try these styling tips to emphasise space:
- Use mirrors to make spaces appear larger
- Open the curtains wide to let light in
- Paint your home in light colours as this creates the illusion of space
- Consider your staging carefully. Use smaller furniture and place it against the walls to maximise space. Consider using single or double beds instead of queen-sized beds to create more space
- Remove any clutter
- Re-arrange your furniture and take photos from the same angles. Compare them to see which arrangement looks better and makes the space look larger
Your agent may also be able to give you a few pointers to help you emphasise space, or can recommend someone to stage your home. This can make a surprising difference when it comes to maximising your sale price.
3. Consider Vacating Your Tenants
If you’re a property investor and have tenants living in your apartment, you might want to consider vacating them before you sell. Selling an apartment often involves multiple inspections in which the property needs to be clean and clutter-free.
What you choose to do will depend on a range of factors, but you might want to ask yourself the following questions:
- What is the current state of the apartment? How is it currently furnished and how clean is it?
- What is your relationship like with your tenants? If they have always been pleasant, considerate and tidy they may not mind you having inspections
- How much time is left on your lease? How crucial is it that you sell now, as opposed to in a few months’ time?
- How long might it take to sell your apartment?
Be sure to check your and your tenants’ rights when it comes to selling your apartment. According to the law in Australia, tenants aren’t required to agree to open houses and you also need to give them adequate time to prepare for inspections.
4. Focus on Presentation
Sydney apartments are selling like hotcakes, particularly in certain areas. That means it’s crucial that you make your property stand out as much as possible. Think about why you bought the property in the first place. What made it such a good investment? Was it the location, the outdoor area, the view, the kitchen, or the versatile layout? Whatever it was, make sure the way you stage the apartment plays to its strengths. That way, you’ll be able to command the highest possible sale price.
With apartments, you also want to emphasise versatility. Sydneysiders looking for apartments are often couples looking to start a family, singles, or downsizers. Of course, this will vary depending on which suburb your property is located in. But typically, this means that you need to appeal to a wide variety of potential buyers with varying needs. When it comes to staging that means you might stage a room as, say, a combined second bedroom and study.
5. Don’t Neglect Marketing
Finally, don’t focus all your time and money on improvements that won’t necessarily be reflected in the final sale price. While it’s great that your apartment might have energy-efficient light bulbs and water-saving devices, surprisingly, this might not be what every buyer is looking for.
While it’s important that your home is presented well, it’s also crucial that you have adequate budget for marketing. Think about it; the better your marketing strategy is,
the more potential buyers you’ll have coming to your inspections. And that means more buyers bidding for your apartment, which means you’ll be able to drive a higher price.
We hope this article has helped you understand how to sell an apartment fast! When it comes to selling an apartment, you shouldn’t leave anything to chance. You want your apartment to stand out from the rest of the market and sell quickly by arming yourself with the best agent, marketing and staging. For more insights about selling your apartment, check out our other content here.
Or, if you’re already ready to sell your apartment, contact us today and learn more about our approach to fast-track your sale and fetch you a strong sale price.