Whatever reason you might have – you need more room for your growing family, you’d like to have a shorter commute to work, or you inherited a place from a loved one – selling an apartment is a complex process.
Your Triplemint agent will be with you every step of the way to ensure you get the best deal possible, but if you’re interested in how the process works check out the guide below.
Search for Comparable Listings
When buying an apartment, comparing prices is a no-brainer. Being on the other side as a seller, you should do the same exact thing.
Search for apartment listings with similar specs as yours, specifically location, square footage, and amenities.
Stay on Top of Market Trends
In order to make an informed choice about your apartment’s selling price, closely watch the market and track the median net sales price for your neighborhood.
Most importantly, what’s the market temperature right now? In a hot market, a seller’s market, you’ll sell your home in no time since competition between buyers will bring in more offers. In this case, an effective strategy can be pricing your apartment slightly below market value, which will attract even more buyers and eventually drive up the price through competition.
On the other hand, a slow market or buyer’s market has less people looking to buy, making it harder for you as a seller to bring in enough offers. If market conditions aren’t ideal and you have the luxury of time, wait until the odds are in your favor again.
Adjust the Price at the Right Time
The longer your apartment stays on the market, the more agitated you will probably feel. That’s natural. You may want to lower the price as soon as it’s been on the market for a while, but it’s not as easy as that.
Best case scenario, you lower the price a little bit and more offers come in before it eventually goes into contract.
Worst case scenario, you lower the price as soon as it feels like there aren’t enough offers coming in. The people who have been waiting for this make low-ball offers. You don’t accept them. There aren’t any good offers rolling in. You are forced to lower the price even more and people start wondering if there’s something wrong with the place.
That’s the danger of entering into a spiral of lowering the price more and more until the sharks are coming for it. On the other hand, waiting too long to adjust the price will result in your apartment sitting on the market for a while, making potential buyers wonder what its downsides are. Consult your Triplemint agent about the best time to reduce the asking price.
Negotiate Like a Pro
It’s negotiation time! Here are the top three tips to keep in mind when going into negotiations with a potential buyer:
1. Don’t reveal too much. If the buyer’s agent finds out that you’re moving because of a divorce and can’t wait to get out of your memory-ridden 2 bedroom home, they’ll likely use this information to submit a lower offer.
2. Be prepared to play ball. Negotiations might take longer than you anticipated. Stay strong, you may compromise but don’t agree to anything that you might regret later. After all, you could leave thousands of dollars on the table if you accept an offer too quickly. Likewise, don’t be too stern, since you might scare some serious buyers away.
3. Focus on more than just the apartment’s price. How is the buyer financing themselves, do they have good credit, can they afford the common charges? If it’s a co-op, how likely is it that the board will approve them? There are more factors to consider than just the money. Your Triplemint agent can put those details into perspective for you.
Make informed choices by researching comparable listings. Get an agent that is on top of their game. If they know the market, and specifically your neighborhood, like the back of their hand, then you’ve found the right one. Don’t get too nervous when offers aren’t rolling in straight away. Stay strong during negotiations and set your priorities straight before entering them.