Gone are the days where sellers would have just listed their apartment or property in newspapers, billboards etc. to sell their apartments. In this competitive real estate market today, selling an apartment has become very strenuous. Buyers are always left with options in choosing an apartment for themselves as there are tens of thousands of apartments in Bangalore city. To stand out in the crowd and to attract buyers in the first place, it is important to consider these 10 steps to selling your apartment easily and quickly.
1 – Get the apartment ready to show
The most important concept in getting your apartment ready to show to potential buyers is a blank canvas effect. You want buyers to be able to imagine their lifestyle in your apartment. So take out any and all aspects of the apartment that show your personality and interferes with the blank canvas effect. So all the magazines, photographs on the wall or any clutter you have lying around or papers, needs to be put away in boxes.
2 – Have your apartment painted
Getting your apartment painted is inexpensive and it’ll do wonders to brighten up the look of it. Keep track of whatever repairs are required for the house, even the minor ones. Frequent and timely repairs goes a long way in increasing the longevity of the house. For instance, if you have a broken doorbell, or if there is a crack in the window, make sure to repair it.
3 – Find the good broker
You may want to sidestep brokers to save on their fees. However, the headache and the effort involved in selling your house may not be worth the savings. Most brokerages will also initiate print advertisements in local, and national media outlets.
4 – Pricing your apartment
Discuss the current market situation with your broker and come to a price offer for the apartment. Do not overprice the apartment just to attract your buyers. Buyers are knowledgeable these days and they will be aware of the market conditions and the range of the sale price of the apartment.
5 – Showing your apartment
Give your broker access to the apartment. If the broker has a key and both of you have drawn up a schedule for when the apartment will be ready to show. Ideally, the apartment should be ready to show at all times – if your apartment is in great condition, if it is bright, clean and clutter-free every time – it will attract a higher sale price.
6 – Open Houses
Again, make sure the apartment is clean, clutter-free and in the best possible condition. As the owner, make sure you leave the apartment so that potential buyers can express themselves freely to real estate broker without feeling uncomfortable about the owner’s presence.
7 – Take an offer
Great news! You have an offer on your apartment. This is where a good broker comes in handy because negotiating property sale/purchase is rather a nuance. A general advice? If you have one offer, come back with a counter offer quickly; if you have multiple offers, pick the best one and make it final.
8 – Accept an offer
Almost there. This is where the lawyers from both sides will put together a contract. While a real estate lawyer means high fees, the trade-off is a higher level of expertise in negotiating the financials and other aspects. Once everything is set, you sign a contract.
9 – Signing the contract
Once the lawyers have agreed on the contract, the buyer will sign the contract and make a down payment equal to 10% of the purchase price. At that point, it is your turn to sign the contract.
10 – Closing
Great! We’re there. So now everyone including both lawyers, brokers and representatives from the banks involved will get together to complete the paperwork.
Congratulations, you sold your apartment!
