Wood Property

How to sell your St Kilda apartment for the best price – The 5 Golden Rules

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This ebook includes the 5 Golden Rules for selling your apartment and many more useful insights and information, written by Andrew Wood, who is a fourth generational real estate professional.
It includes 20 chapters of essential tips and tools like…
Apartments Made Easy workbook

The 5 golden rules

1. Be 100% committed to selling for the best price.

It is important you are totally committed to sell your apartment. This may seem like an odd tip but throughout a sale process there are critical moments when you may need to revisit your commitment to sell your apartment, which will help guide you through your decisions.

If you are 100% committed to selling you will invest in the best marketing and presentation and select the best agent which will all help maximise the sale price. Any additional cost will be easy recovered in a higher sale price and faster selling time.

“If you are 100% committed to selling you will invest in the best marketing and presentation which will maximise the sale price.”

Selling an apartment can be expensive, time consuming, and stressful so please don’t go through the process if you are not 100% committed to selling for the best price. You can also damage the image of the apartment if it is casually for sale for a long time. Once you are clear on your decision to sell, it’s now important to do everything you can to get the very best result.

2. Select the best apartment agent

If you select the best apartment agent, they will guide you through the entire process to ensure you make the right decisions for you and your apartment. A great apartment agent will also make every other decision throughout the marketing and selling program logical and simple.

It is important to remember a house agent is different to an apartment agent, but many try to do both. Just for a moment, imagine you are a real estate agent with both a $4 million house for sale and a $600,000 apartment for sale. Which one would you spend the most time on? You will find most concentrate on the one that pays them the bigger fee and brings them the most kudos. And if you run that real estate agency, which salesperson are you going to dedicate to apartment sales? Your most experienced person or the one still learning the ropes?

The message here is simple. Select an agent you can trust and just sells apartments or can ensure it will get serious attention. You need to know your listing is special and important to them and you will get experienced salespeople who are focused and passionate to achieve the best result for your apartment…

To read more about this Golden Rule, download the full e-book below.
3. Select the correct method of sale (auction or private sale)

Do I sell by auction or private sale? It is a key question and the answer will depend on how you and your apartment rate on the following questions.

  • How special or unique is your apartment?
  • How strong is the market for this apartment?
  • How committed are you to present and market the apartment in the very best way?
  • How realistic are you on the acceptable sale price?
  • How comfortable are you with the theatre of auction day?

The higher you score in each question the greater the case for an auction. Your agent will advise you specifically but it’s worth a good discussion as it is an important issue.

An auction works best when several people compete and bid the price up to meet or exceed your reserve price. For this to happen you must have an apartment that is highly desirable, and a buoyant market (or the marketing power of a reality TV show!).

The natural process of an auction pushes the price up, but this assumes there are competing buyers who bid. A good agent will be able to create similar competitive tension in a private sale process by skillfully negotiating with genuine buyers.

The marketing cost for private sale vs auction are similar. An auction provides a focus point to extract serious buyer’s interest, but it can also disclose a lack of interest if only a few people turn up. Not all auctions are a guaranteed success and sometimes no one bids. Unfortunately, it does happen and it’s very public.

Discuss this in detail with your apartment agent and agree the best option.

Smiling woman
4. Vacate the tenant if you have one (if you can)

If you are an investor and have a tenant living in your apartment you may have a decision to make. While you can’t ask a tenant to leave if there is a lease in place, if the lease has expired (or will in the next few months) the question is… do you leave the tenant in your apartment while you sell it, or do you ask them to move out?

For more details about this Golden Rule, download the full e-book below.
5. Make the apartment presentation pop.

This is where you need to remember your commitment to sell the apartment for the best possible price because marketing and presentation costs can be steep, but it is super important to do it well. The rate of change in markets, technology, regulation, buyer tastes, economic conditions and demographics is rapid. So is the best way to sell your apartment.

The correct presentation and marketing depend on your specific apartment and your apartment agent will advise you on the best plan. It is often considered expensive to promote an apartment for sale especially as (unlike the agent’s fee) it is money spent that is not conditional upon the apartment selling. Remember your commitment to sell the apartment and do everything you can to achieve the very best price.

Here is a summary of the main areas of marketing…

There’s a lot more to this Golden Rule. To read the complete e-book, download them below.
Melbourne apartment staging

Want to know more about the 5 Golden Rules? Download the entire e-book now to take your apartment investment to the next level.

It includes 20 chapters of essential tips and tools like…
Apartments Made Easy workbook