How Do I Sell an Apartment by Owner?
When you list an apartment with a real estate agent, you agree to pay commission based on the sales price. If you want to avoid the 5 percent to 6 percent commission fee and maximize your profit, opt to sell the apartment yourself. Eliminating the real estate agent leaves you with the workload. You take on the role of the listing agent, which includes advertising, promoting, negotiating and closing the deal.
The best way to determine the actual value of your home is by hiring a property appraiser. If you want to save money, you can contact a real estate agent for a list of recently sold comparable apartments to determine a fair listing price. You Stick to apartments similar in size, structure, floor plan, amenities, year built and location. Assess the competition by viewing other apartments currently listed on the market. You can also hire an agent to do a desktop appraisal to assess prices for which nearby comparable apartments have sold.
Clean and organize your apartment. Depersonalize your apartment so potential buyers can vision themselves living there. Keep your personal possessions out of plain sight. Remove any clutter, touch up paint, replace blinds and make any necessary repairs. Take high-quality photos the apartment, inside and out. Focus on each room. Highlight the key features that distinguish your apartment from the competition.
Advertising
The Multiple Listing Service is the database of real estate on the market. It is the primary system agents use to market and sell properties. All MLS systems require a seller-agent agreement in order to list a property on the MLS. However, some companies and limited service brokers will charge a flat-fee to list your apartment on the MLS. For example, Salebyowner.com, charges a flat fee to submit your apartment on Realtor.com and other MLS sites. If you want to advertise on the MLS, keep in mind the buyer's agent will charge a commission fee of around 3 percent. If you want to stick to low-cost advertising, post an ad in the newspaper or online classifieds. Take ads out in real estate circulars or magazines and spread the word on social networks.
Rules and Requirements
Ensure you are in compliance with state laws by researching regulations on fair housing, lead paint disclosure and other requirements. Review the rules and requirements governing sale negotiations and contracts. Consider hiring an attorney to review the necessary paperwork and draw up the contract. Although an attorney is not mandatory in California, some states laws require sellers to hire a real estate attorney for the closing.
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About the Author
Jeannine Mancini, a Florida native, has been writing business and personal finance articles since 2003. Her articles have been published in the Florida Today and Orlando Sentinel. She earned a Bachelor of Science in Interdisciplinary Studies from the University of Central Florida.
