Selling a property?

[Beezerk]

I’m just after some tips and advice regarding selling a property if anyone could lend an ear.
What it is I have an apartment I’ve been renting out for a couple of years, we’ve now decided to put it on the market which will be some time very soon.
Where it gets complicated is there are two other apartments for sale in the same block so I need mine to stand out whether that be price or something else.
The other two are on the market at the same price, as I have a fair bit of equity in my place I was going to undercut the other apartments but I’m not sure how aggressive to go. I’m losing money on it now as it’s empty so I don’t mind taking a few grand less if it means getting a sale and beating the other two property owners to a buyer.
How would you word the advert as well? Would you state you’re open to reasonable offers or do you assume a potential buyer knows that?

I can’t believe I’m 48 and have never sold a property before 😂

 

[GB72]

Undercutting may not be the way to go. All it will do is trigger a potential price war with the others selling and a canny buyer will knock one price down loads in that circumstance. Just focus on making sure that yours is the best example of the 3, make sure the decor is fresh, property is decluttered and make sure that the agents take excellent photos.

 

[Deleted member 25172]

I’m just after some tips and advice regarding selling a property if anyone could lend an ear.
What it is I have an apartment I’ve been renting out for a couple of years, we’ve now decided to put it on the market which will be some time very soon.
Where it gets complicated is there are two other apartments for sale in the same block so I need mine to stand out whether that be price or something else.
The other two are on the market at the same price, as I have a fair bit of equity in my place I was going to undercut the other apartments but I’m not sure how aggressive to go. I’m losing money on it now as it’s empty so I don’t mind taking a few grand less if it means getting a sale and beating the other two property owners to a buyer.
How would you word the advert as well? Would you state you’re open to reasonable offers or do you assume a potential buyer knows that?

I can’t believe I’m 48 and have never sold a property before 😂

Coming from Sweden, I was astonished when coming over here to see the pictures in the windows at the estate agents of quite a few of the properties on the market. Bad lightning, dirty bath rooms, bedrooms with the beds undone, living rooms with tables filled with magazines, plates, old flowers etc etc. Perhaps it doesn't make much difference, but if you can "stage" it, perhaps it'll be easier to attract initial interest?

 

[Beezerk]

Undercutting may not be the way to go. All it will do is trigger a potential price war with the others selling and a canny buyer will knock one price down loads in that circumstance. Just focus on making sure that yours is the best example of the 3, make sure the decor is fresh, property is decluttered and make sure that the agents take excellent photos.

Interesting angle, I'd not thought of it like that.
I've spent a lot of time there recently, freshly decorated and new carpets throughout, it does look nice if I do say so myself 😁

 

[Beezerk]

Coming from Sweden, I was astonished when coming over here to see the pictures in the windows at the estate agents of quite a few of the properties on the market. Bad lightning, dirty bath rooms, bedrooms with the beds undone, living rooms with tables filled with magazines, plates, old flowers etc etc. Perhaps it doesn't make much difference, but if you can "stage" it, perhaps it'll be easier to attract initial interest?

The place is completely empty now and spotless , it's literally ready for someone to move straight into which is what I wanted to achieve.

 

[Grant85]

If you are prepared to undercut someone by a few thousand, I'd say that money would be better spent on tarting up your place so it looks more desirable.

Nice slick white or light grey paintwork. Clean carpet or flooring throughout.
Maybe tart up an old kitchen by painting the tiles and getting new doors / worktops.
Bathroom - make sure it is ready to move into and use with a good working shower.
Maybe borrow some furniture and wall art - if only for the pictures to make it look like a nice place to live.

Selling an empty property is always more difficult.

It's always the attractive properties that sell quickly. A lot of people can see themselves living in an IKEA advert, but the same property with old fashioned decoration or just it being empty, they can't see the vision of how they could easily make it nice. Also a lot of people are just lazy and want to move into a nice place straight away and not have to bother with new carpets.

 

[Deleted Member 1156]

Sounds like you've done all the right things. I'd take advice from the estate agent now regarding asking price then wait to see how much interest you get. Lots of interest, wait for a decent offer, low interest then set a lower limit and take the first offer that meets or exceeds it.

 

[GB72]

The place is completely empty now and spotless , it's literally ready for someone to move straight into which is what I wanted to achieve.

An empty property is not always a good thing. People like to see a place looking homely, that's why a show home on a new development is always furnished. a few bits of furniture can help sell and looks far better in pictures than an empty space. Also, cynical people see an empty property and wonder why it is totally vacant.

 

[Deleted member 21258]

Its quiet out there, set a realistic sales figure.

Best of luck.

 

[Duckster]

The place is completely empty now and spotless , it's literally ready for someone to move straight into which is what I wanted to achieve.

A lot of the time its better to not have it empty. See if you can "stage" it, people find it easier to swap out items with their own than taking an empty space. If there are any show houses or flats on new estates near you, check one of those out.

 

[Lord Tyrion]

Would you state you’re open to reasonable offers or do you assume a potential buyer knows that?

I would not state that. People will offer below the asking price anyway, inviting them to do that just means they take a bigger chunk off.

I'd back up what the others have posted. It is all about the pictures, making the place inviting. Have a look on some estate agents websites and see what you think looks good, I don't mean re-decorate or anything daft. See what little touches catch your eye. It could be flowers on a table, biscuits on a plate in the kitchen etc. Borrow every one elses good ideas.

 

[User62651]

I’m just after some tips and advice regarding selling a property if anyone could lend an ear.
What it is I have an apartment I’ve been renting out for a couple of years, we’ve now decided to put it on the market which will be some time very soon.
Where it gets complicated is there are two other apartments for sale in the same block so I need mine to stand out whether that be price or something else.
The other two are on the market at the same price, as I have a fair bit of equity in my place I was going to undercut the other apartments but I’m not sure how aggressive to go. I’m losing money on it now as it’s empty so I don’t mind taking a few grand less if it means getting a sale and beating the other two property owners to a buyer.
How would you word the advert as well? Would you state you’re open to reasonable offers or do you assume a potential buyer knows that?

I can’t believe I’m 48 and have never sold a property before 😂

Location - that's what sells a property first and foremost. Not much you can do about that now.
First property I sold was too easy, neighbour knew I was moving and found me a buyer, private sale so no agent, just a conveyancing fee. Sold for way more than I bought so happy enough. Notice the local facebook town information page often has enquiries about properties to buy.
Second time was much harder, market was down and the house construct wasn't traditional which put some off. Didn't make anything selling after owning maybe 3 years but glad to get rid.
Agent - get a good local agent that you know sells well and can handle the conveyancing/legals, takes the pressure off you a bit, they will have potential buyers on their books, also having enough staff to do viewings convenient to potential buyers and a contact you can speak to easily is important if you're at work or more importantly golfing.
Price - be reasonably patient, don't start too low. Ignore the other flats prices and go on fair market rate I think which you can get several opinions (valuations) on before opting for a selling agent.
If you get lots and lots of viewings and noted interests then consider a closing date to force people's hands - see who's serious about buying. Your agent would suggest that so they can get their cut sooner.
Presentation - clean and odour free, sounds like you've ticked that box. Any dampness get it sorted. I wouldn't re-carpet or spend to much on doing up as buyers will just change it to what they want. Keep some background heating going every day.
Bit of litter picking in the outside area, if its an issue, wouldn't do any harm.

I note you calling it an apartment rather than a flat - in the UK there's not a lot of difference between the two but apartment sounds nicer!

Also coming into spring is normally a good time to sell.

 

[Jamesbrown]

Currently looking for a property so would either like, tastefully decorated and empty. Or even better. Part furnished.
Get a sofa, chairs, bed, tables. Something really ready to move into. Greys, whites and light caramel are the colours at the minute.

 

[Beezerk]

Thanks for all the replies, much more to mull over than I anticipated.

 

[Slime]

Undercutting may not be the way to go. All it will do is trigger a potential price war with the others selling and a canny buyer will knock one price down loads in that circumstance. Just focus on making sure that yours is the best example of the 3, make sure the decor is fresh, property is decluttered and make sure that the agents take excellent photos.

Exactly what GB72 said.
Make sure photos are taken on a sunny day.
Try and make it looked lived in by houseproud people.

 

[Slab]

Something a bit novel might work

Work out just how much lower you are prepared to accept from the other two places (say its 3k), market your place at the same price as those two but spend the 3k on a nice watch (or something like that, big TV, even a weeks holiday in the sun) that you include as a house warming gift for the buyer and make sure its photographed and included in the estate agents blurb

 

[Dibby]

Something a bit novel might work

Work out just how much lower you are prepared to accept from the other two places (say its 3k), market your place at the same price as those two but spend the 3k on a nice watch (or something like that, big TV, even a weeks holiday in the sun) that you include as a house warming gift for the buyer and make sure its photographed and included in the estate agents blurb

Not saying this won't work, but if I was the buyer, I would be wondering why I am being offered this, and whether something is being masked. Also, I'd rather have the cash to do with as I please, than have a watch or TV that I might not want.

I think what matters here is what type of buyer is expected.

Different strategies will work for different demographics, is the expectations to sell to a landlord, first-time buyer, family, retired couple?

 

[GolfingPastor]

Empty properties are certainly more difficult to sell. Buyers have less imagination than they think.

Staging it makes a huge difference, including it being impeccably clean.

To stand out, your apartment needs a wow factor- I.e a stunning kitchen, bathroom, or premium hotel style bedroom.

Study the competition and make sure yours is superior. I wouldn’t go cheaper than the others. People will pay extra for the right one.

 

[Scozzy]

Lots of good stuff above,I would add social media blitz, Instagram,FB etc it's 2019 after all... other than that if you are prepared to take a hit why not throw a few hundred quid at local paper and be "featured property" or whatever in their circulation.. good luck

 

[USER1999]

Having just bought a flat, one of the things that made it appeal was the feeling of 'I can see myself living here'. For that, having furniture of some sort is a big thing. Not too much, but some. Enough to make it feel like a home. Obviously, beyond that is is location, condition, etc. People are lazy, and don't want to do much work when they move in.