Preparing Your Property to "Sell"
1. Take a Fresh Look at Your
Property
Hop in your car, drive around the block, and
then scrutinize your property as a prospective buyer will see it for the
first time. First, consider what's called "street appeal;" does
it need washing or painting? Does the apartment building need repair work? Is
the landscaping in good shape? Remember, be very critical; your buyer
will be.
Next, pull into the driveway and take a good,
hard look. Are the grounds clean, neat and trimmed? What about the view from
the front entrence? Then, walk inside and size up the interior of
each unit as though
seeing it for the first time; take a tour and imagine what your
real estate agent might say about each room, look into cabinets, open
doors, check out the bathrooms and kitchens.
Then, make a mental note of the things that
might put off potential buyers, along with another list of the things
that first attracted you to the property. Remember, the property has
been a great investment for you, but an new investor will see things that you don't.
2. Clean Up Before You Start to
Sell
Before putting your
property on the market, get
rid of eye sores in every area. Parking lots, storage, pool,
utility rooms, vacant units, etc. Potential
buyers are seriously put off by poor conditions.
Have the carpets professionally cleaned, strip and
polish the floors, scour the bathrooms, go over the laundry room,
recreation areas, polish
the fixtures, wash the windows, window coverings and awnings,
and spiff up the lighting fixtures, ceiling fans and kitchen appliances
inside the units. In short, clean
everything.
Don't forget the exterior; paint or pressure
wash everything that needs the work. Remember, this is a ceiling-to-floor,
roof-to-foundation clean-up project.
3. Get More for Your
Property: Repairs Pay Off
After you've cleaned the
entire complex, the next project is making all the repairs necessary
to attract a buyer.
So, patch up the roof, touch up all the paint,
repair the screens, spruce up the railings, and make your entry
apartment building really shine. Don't forget to water the lawns and landscape beds,
and professional gardener trim, mow, edge and get rid of sick or dying plants.
Inside, fix the grout in the bathrooms and on tile floors, adjust any
doors that need it, fix any scratches on the walls, repair any
carpet and ceiling stains,
and be sure to fix any plumbing problems. Remember, do what your
property needs before the first showing.
Also, it's a good idea to get
all this done before getting the real estate broker to make the
first listing. a good agent
will advise you on what needs to be done. Also, have your partners
or other associates provide suggestions about what your property needs to sell, invite
them to assess the fix-up needs.
There is, however, an alternative to the sweat
equity you get from a total fix-up, but it carries a price. An "as-is"
sale keeps you from doing all this work, but a buyer will assess about
twice the price you would have paid for the repairs. Then, the buyer
will deduct that amount from your asking price before making an offer.
4.Putting Your Apartment
Building on the Market: Show It to
Sell It
After you've, cleaned, shined, mowed, and generally
whipped your property into shape, it's time to attract a buyer.
Regardless of who markets your
property, you or a
broker, there are other, small things you must do to attract buyers.
For example, even if it's bright daylight, open the blinds and turn
on the lights. Also, open all the interior doors to make the
property appear
more roomy.
5. Get a Sense of the Market
Before you put your property
on the market, take a weekend day to check out the properties with similar prices
and in similar neighborhoods. Remember, you don't have to go out and
buy new furniture just to look like that beautiful new model in the
new development -- what you want is the feel of that new model -- clean,
uncluttered, and fresh.
Remember, after location, the most important
item a buyer is a well-maintained property. Many flaws can be overlooked
if the buyer knows he can see returns without a lot of trouble and expense.
Contact us and we will give you a
FREE Market
Evaluation.
Information provided by
The American Propertyowners Association, Copyright© 1996
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