WHY SOME APARTMENT PROJECTS DON’T SELL?
4 IMPORTANT POINTS
THAT WILL GET YOUR APARTMENT PROJECT SOLD!
If your apartment project has just come off the market and hasn’t sold, don’t be discouraged. The reason it didn’t sell may have nothing to do with your apartment project or the market. In reality, your apartment project may have been one of the more desirable properties for sale. If your listing has expired and you still want results, before you put your apartment project back on the market, take a step back and review your situation.
Q. Where should you begin?
A. Start by making a commitment to do what it takes to market your apartment project to get it sold. With the right system, the sale you want is still well within reach.
Q. Why didn’t your project sell?
A. Review your previous selling plan and you’ll discover that an expired listing usually reflects a problem in one or more of these four major areas:
1. Teamwork
2. Pricing
3. Condition of your Apartment Project and
4. Marketing
1. TEAMWORK
Your apartment project is a major financial investment, and your relationship with your Realtor should be a full partnership where your needs and wishes are heard, and you receive detailed and dependable feedback on the progress of your sale. Your agent has a responsibility to source this feedback from the agents who have shown your apartment project, and to communicate this to you so together you can make the right decisions about what to do next. How well did this occur the last time you had your project up for sale?
2 . PRICING
Did price work for or against you?
The “right” price depends on market conditions, competition and the condition of your apartment project. Pricing it too high is as dangerous as pricing it too low. If your project doesn’t compare favorably with others in the price range you’ve set, you won’t be taken seriously by prospects or agents.
You’ll get the facts when you see the statistics!
To help you to establish a realistic selling price for your apartment project, ask your agent to provide you with an up-to-date competitive market analysis to give you:
a review of comparable apartment projects recently sold or currently for sale,
An idea of how long other apartment projects have been listed, in order to calculate an average time in which a project can sell in today’s market,
A review of apartment projects whose listing have expired, to understand what issues were at play.
3 . CONDITION OF YOUR APARTMENT
PROJECT
Show Case Quality and Cash Flow!
Is your apartment project someone else’s idea of a nice investment property? When buyers inspect the units and financials are they inspired? Do they think, “This is a great project!” Remember the decision to buy an apartment project is based on condition & cash flow, not logic.
You need to consider
Filling vacancies
Fixing all the little squeaks and cracks
Keeping it clean for all showings
Making it uncluttered
Brightening it up
What your project shows like from the street concentrating on outside curb appeal.
Plus – consider taking care of major items, such as having the project painted. Offering an allowance to your prospective buyers, so they can have painting completed is not the same as having done it for them. Now, as they’re trying to imagine what that new paint job will look like, they may also be discounting the price even further because of the less-than-perfect look of those walls on exterior.
Remember……
An apartment project that presents well, sells for the best price because it outshines
4. MARKETING
...Marketing Your Apartment Project To Sell! Some Questions You Should Be Asking!
One of the first steps in your marketing plan involves finding an agent who will best represent you. When interviewing agents, test and compare their knowledge and ask each to demonstrate how they will market your project to buyers. Compare, too, how much money each spends on advertising the projects s/he lists, in what media (newspaper, magazine etc.) and the effectiveness of one medium over the other. Remember, it’s not just how much they spend, but how they spend it.
Say Goodbye to any real estate agents using old, traditional methods to sell your apartment project because they don’t work in today’s market!
To be competitive in today’s marketplace, agents who use new and innovative, nontraditional marketing approaches are the ones who are getting more projects sold fast and for top dollar.