HOW TO SELL AN APARTMENT AUCKLAND
Selling an apartment is different to selling a house and requires extra due diligence.
Knowing where to start can often be a stumbling block but we can guide you through the first stage of the process, to make sure you have the foundation on which all your other decisions will be based.
Whether you are selling an apartment in Auckland, Wellington, Christchurch or anywhere else, the same rules for foundation setting apply.
Just like selling a house, selling an apartment is a step by step process which if well planned and done diligently, will ensure the best possible outcome.
Ensure your real estate agent is an apartment specialist. Get in touch.
BE HONEST ABOUT YOUR APARTMENT
You may be in the luxury apartment category or at the budget end. The building may be in perfect condition or have some imperfections, or worse.
Your apartment may be unaffected by issues in your apartment block that others have been burdened with. There are many variables and scenarios.
Whatever the case, being honest about your apartment is a legal responsibility.
You could be liable for legal action if you omit or provide misleading, or false information - even if you honestly believed the information was correct - so it’s important to get things right, especially documentation, and you will need the right people to help you collate this. Find out more about disclosure obligations when selling an apartment.
CREATE YOUR TEAM OF APARTMENT SPECIALISTS
Selling an apartment requires a coordinated team effort.
Each apartment block is unique and will come with its unique legal documentation, ownership structures, challenges and issues. Some may have a 'leaky' history and those that don't may be perceived as being leaky.
There are a number of industry professionals you will need involved in the sale of your apartment including real estate agents, lawyers and licensed valuers as we explain below.
Learn about the hidden costs of selling an apartment.
Find out more about selling a leaky apartment
CONFIDENCE IN YOUR REAL ESTATE AGENT'S ADVICE
It is important that you find a real estate agent who specialises in selling apartments, so you can rely on their advice about:
- the most effective methods of sale, in the market, at that time.
- a marketing strategy using multiple platforms.
- an advertising or digital campaign to reach qualified buyers.
- real estate commission and fees.
- signing an agency agreement giving the company license to sell your apartment over a specified period.
PROJECT MANAGEMENT APPROACH IS BEST
The legal documentation required for an apartment sale can be cumbersome and complex to coordinate, interpret and manage so engaging a real estate agent inexperienced in apartment sales is not advisable.
Real estate agents with good project management skills are worth their weight in gold.
Also, your real estate agent is obligated to provide verification of any verbal or written information that describes your apartment or the apartment block.
Absence of this can end badly, so check that everything your real estate agent communicates to buyers is substantiated.
Your lawyer won’t be present at viewings, so it is important the real estate agent has this covered.
Misrepresentation of a property is an issue that can end up with the Real Estate Authority’s complaints assessment committee.
Request A Shortlist of vetted apartment specialist agents for your location.
CONFIDENCE IN HOW MUCH YOUR APARTMENT IS WORTH
If you have doubt about the accuracy of your real estate agent's appraisal of your apartment's value, we recommend getting a full valuation report by a registered valuer who specialises in apartments.
This can help put your mind at rest and put you on the same page as your property agent.
It also gives your agent more leverage when negotiating a sale price with buyers, especially if the buyer’s offer is lower than the registered valuation or appraisal value.
It is not advisable to rely on an automated algorithm for valuing any property type intended for sale. Valuing property is a specialist area and getting it wrong can be very costly in more ways than one.
We can send you a list of licensed valuers of apartments
CONFIDENCE IN YOUR PROPERTY LAWYER
We recommend that you use a specialist property lawyer who, along with you, should work as a team with the building owner, your real estate agent, the valuer, banks, insurers, buyers, the buyer’s lawyer, building surveyors and more.
Ask for a list of specialist property lawyers in your location.
If you need help selling your apartment get in touch - we're here to help.
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Page updated May 21, 2021 | Trish Willis