Tips for selling your apartment or townhouse can amount to thousands of dollars lost or gained. Clearly, achieving the best price is the goal so preparation is key. As the prices of houses in Victoria are becoming prohibitive many people are considering an apartment or townhouse – it might be yours.
For people that want a particular location but a house is too expensive. Units and townhouses are increasingly the go-to because they are close to the suburb’s amenities, are generally more affordable and take less time to maintain. However, this property subtype has unique issues that can affect value, so accentuating the positives and outlining the negatives is key.
As an agent with 30 years of experience, I tell vendors that what makes their unit stand out is transparency. Sellers may have opinions of what they liked when they purchased the property and those elements are often critical, however, the seller must always consider the buyer first. The vendor needs purchasers to like the property because the purchaser is buying it.
Putting the buyer’s needs first does not mean the selling agent works for the buyer. The job of the agent is to sell a property and the property is a real estate product. All products must be what a buyer wants to buy, so agents must make the seller’s product desirable.
So, what makes a unit stand out to a purchaser?
- Trust – vendors love their properties and they feel a strong attachment when selling but it is important to trust agent intelligence. Agents are constantly hearing feedback from purchasers and those buyer responses can be invaluable. Agents generally ignore tyre kickers and complainers so when an agent outlines the real potential issues the vendor needs to trust that the objections may be real. The vendor needs an arm’s length approach to their own property. Being prepared for objections places the vendor in the driver’s seat.
- Location – by far the biggest selling feature for units is location. Units are deliberately located near transport, schools, shops, entertainment, the CBD, and parklands. Ensuring the location is a prominent feature is key whether it is the shops or the city that is the central unit buyers want convenience and that is why developers ensure amenities are featured.
- Adding furnishings and decor to your space will help it photograph well and will also leave potential buyers with a positive memory. Working with your agent to spruce the property up is definitely something you’ll want to consider. Empty units can make spaces appear smaller so perhaps either full, partial, or virtual staging may be required.
- Appeal to all the occupants of the property – demonstrate that the unit is large enough for a family. The photography should subtly include children’s need – play rooms that might turn into teenage space. Detail the IT services that are desired and that the property is secure for the family and pets. Highlight the recreational facilities and parks because green space is highly valued.
- Prepare purchaser and investment figures you must be prepared for the questions buyers ask – particularly potential income and outgoings. Your agent must provide the rental and strata position of your property. Knowing what the property can lease for and whether there are issues with the strata are of primary interest to Investors and purchasers. Moreover, buyers will want to know what other units have sold for in the building and whether there are other benefits to buying your property. The more prepared you are for the purchasers’ mindset, the more likely your property will attract them.
A market may seem quite scary from a seller’s perspective, so employing a confident agent that you trust can elevate fear. Working with your agent to come up with a game plan that best highlights your property amongst the competition is key and addressing all the buyer needs in advance is essential. With a strategic approach and attention to detail, you do attract the right purchasers.