10 tips for marketing your apartment

John McGrath's top 10 tips for marketing your apartment

By Jonathan Chancellor

Real-estate agent and The Block guest judge John McGrath has offered advice in marketing apartments.

He's seen the shrewd decisions and also the strategic errors over his three decades in selling Sydney real estate from small studios and stellar harbourfront homes.

His top 10 tips offered to The Block Sky High magazine editor Renate Ruge were:

1) When selling an apartment, presentations is criticial. By having less exterior space or none at all, all of your energy may need to go into your interior and furnishing.

2) Good marketing is essential. The first 30 days that the property is on the market are the most important. If a sale isn’t achieved within the first 30 days, discounting the property might have to be done.

3) Pricing is the third key factor. Ensuring you are in sync with the market and the pricing of properties similar to yours. The best price is always achieved within the first 30 days or reaching the market, so it’s important to get the initial pricing right.

4) Kitchens sell houses, but don’t neglect other rooms. Presenting a property well can make a difference of between 10 or 20 percent to the final price.

5) Before you show your apartment to prospective buyers, clear the space, as less is more. You don’t have to remove your personality or all your belongings, but get rid of any excess.

6) If you choose to redecorate before selling, tend towards lighter colours, textures and fabrics. Avoid heavy tones and textures.

7) Don’t have any empty or junk rooms. You can have three bedrooms but a home office may be more appealing to the demographic, so a decision about the best use of every room in the property should be made.

8) Pay attention to the style of furniture in each room. Don’t have single beds in big rooms or king-sized beds in tiny rooms.

9) Look at ways of upgrading the appeal at a relatively low cost. Perhaps you can change the cupboard handles or the material of your kitchen bench top. Get advice from your real-estate agent and consider hiring a professional stylist, but don’t make the mistake of spending a huge amount of money getting ready for sale.

10) A high-energy efficiency rating, such as The Block Sky High’s is becoming more and more important to potential buyers. It will save on energy costs, but the environmental sustainability is an increasingly important issue for all sectors of the market.

Link - http://www.mlforum.com.au/investors/john-mcgrath%27s-top-10-tips-for-marketing-your-apartment/msg3839/?topicseen#new