Selling an apartment on your own can seem difficult, but if you dig deeper and persevere, it is doable, although it comes with the risk of learning a very expensive lesson… Selling on your own gives you the opportunity to save on broker fees and have full control over the whole process while sacrificing your time (the phone must always be answered in real time). Here’s a step-by-step guide on how to sell an apartment on your own.
1. Analyse the Market and Set the Right Price
The first step is to get the right price for your apartment. Too high a price can put off potential buyers, while too low a price will result in a loss. How to set the price?
- Check the prices of similar apartments in your area on real estate portals.
- See statistics on the latest apartments sold, if available.
- If necessary, consider an evaluation service to get a professional opinion.
2. Prepare the Apartment for Sale Preparing the Apartment for Sale
The look and feel of an apartment play an important role in creating a first impression. Small improvements and a good cleaning can help make an apartment more attractive.
- Clean up thoroughly and do the minor repairs you need: fix taps, repaint worn walls and make sure everything works properly.
- Minimising and staging: remove the superfluous and create as neutral but warm an atmosphere as possible that appeals to a wider audience.
- Light and freshness: let in as much natural light as possible and use supplementary lighting where necessary.
3. Prepare your sales materials
Presentation also plays a big part in sales success. A well-designed advertisement and good quality visuals will give a first impression and attract people to come and see the property.
- Quality photos: use a professional photographer if possible. If possible, use a professional photographer.
- Detailed description: describe the apartment and its pluses as fully as possible. Mention the layout of the apartment, its technical specifications, the advantages of the area and other important details.
- Floor plan and virtual tour: the floor plan and virtual tour give buyers a better idea of the layout and size of the rooms.
4. Advertising Apartments
The next step is to find people interested in your apartment. Today, there are several ways to make your ad visible:
- Popular real estate portals: place an ad on the biggest real estate portals in Estonia such as City24, Kinnisvara24 and KV.ee.
- Social media: harness the power of social media. Use the power of real estate to help.
- Local community forums: many regions and housing associations use community forums and groups to post their ad.
5. Organise Reviews and Be Flexible
Showing an apartment is a great way to give people a first impression. It’s important to be flexible and ready to receive visitors at different times.
- Prepare answers: be prepared to answer questions about the condition of the apartment, utility costs, renovation plans and other interesting topics.
- Leave room for visitors: make potential buyers feel comfortable in the apartment and offer them the chance to check everything out for themselves.
6. Legal Issues in Real Estate Transactions
Selling an apartment is not just about advertising and showing – you need to sign contracts that comply with the law at the final stage.
- Preliminary agreement: a preliminary preliminary sale-purchase agreement can be signed with the interested party, setting out the price and the terms of the transaction.
- Final contract of sale: the contract of sale is drawn up in a notary’s office. The notary will explain the contents of the contract and ensure that everything is in accordance with the law.
- Contract in law and contract in rem: In Estonia, when selling an apartment, it is common practice to first draw up a contract in law and then a contract in rem.
7. Be Supportive After the Sale
After the transaction, the buyer may have additional questions or need to provide follow-up support. For example, they may ask about past utility bills or information about the surrounding area. Be prepared to answer them, as this will give the impression of a trustworthy and caring seller.
To sum up
Selling an apartment on your own requires attention to detail, knowledge of the market and patience, but with a well-thought-out approach and due diligence you can succeed. If you’re prepared to go deep into the process, independent selling can be both profitable and rewarding.
