The key to selling an unrenovated, old apartment is a focused selling strategy. In today's market, with many buyers interested in purchasing fixer-upper apartments, proper preparation and research prior to listing your property is essential to a swift, successful sale.
Interview real estate agents with experience selling similar properties in the area. Ask each agent questions about her marketing strategy for selling fixer-upper apartments. Hiring a skilled real estate agent can be an effective way to market your property to the widest possible audience.
Calculate a listing price based on the likely sales price of your property. Your real estate agent will conduct a comparative market analysis, commonly known as a CMA report, to figure out the current market value of your home. A CMA is based on recent, comparable properties in the area.
Enlist a specialist to conduct a pre-listing appraisal. Though not essential, in comparison to the agent's CMA, this is a more detailed analysis of comparable properties, current market trends and specific features of your apartment. The information provided can be extremely effective in negotiating with potential buyers and can make you aware of hidden structural problems that could affect the sales price and process.
Launch an advertising and marketing campaign. Your agent should take care of the advertising and marketing, as well as the cost, but she might ask you to spend what you can to showcase your apartment in its best light. For example, she might suggest you clean and paint the apartment. And, while some home shoppers can envision how a fixer-upper apartment might look when renovated, others can't. So, your agent might suggest staging the apartment if the furniture is outdated or the space is empty.
Negotiate the sale. You might receive a full-price offer. If you do, great. If not, your agent can help you negotiate with potential buyers. She might suggest that you consider offering incentives such as paying some or all of the buyer's closing costs, offering to leave certain furnishings or paying for certain repairs.
- The New York Times: Home Buyers Seek Manhattan Fixer-Uppers
- Inman News: Offer Real Estate Incentives
- Movoto Blog: How Much is Your Home Worth?
- Clauser Appraisals Services, LLC: Pre-listing Appraisal Services
- Prudential Locations LLC: Selling a Fixer Upper?
- Nolo: Incentives to Homebuyers Help Seal the Deal
Kelly Miner Tunstall began writing professionally in 2005 upon receiving her BA in journalism from Ithaca College. She spent seven years working in New York City where she assisted in representing the sale of residential condos and co-ops. She also worked for and has been published in "The Cooperator."