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 from which all your other decisions will be based upon.
Whether you are selling an apartment in Auckland, Wellington, Christchurch or anywhere else, the same rules for foundation setting apply.
If your apartment is an investment property or rental, the new bright line test of 10 years may apply.
It is important to engage a real estate agent who is an apartment specialist, get in touch.
BEING HONEST ABOUT YOUR APARTMENT IS A LEGAL RESPONSBILITY
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.
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.
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.
FIRST, 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.
Find out more about selling a leaky apartment
There are a number of industry professionals you will need involved in the sale of your apartment, and we identify them below.
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
- commission and fees to be charged
- signing an agency agreement giving the company license to sell your apartment over a specified period
We can send you a shortlist of vetted apartment specialist agents for your location. Request A Shortlist
CONFIDENCE IN HOW MUCH YOUR APARTMENT IS WORTH
If you have doubt about the accuracy of your real estate agent's appraisal value of your apartment, 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.
If you need help finding a licensed valuer for apartments, we can send you the industry list for your location.
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 to check this.
Misrepresentation of a property is an issue that can be dealt with by the Real Estate Authority’s Complaints Assessment Committee if complained about.
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.
We recommend using Specialist Property Lawyers and can send you the industry list of these professionals in your location.
REAL ESTATE AGENTS THAT SPECIALISE IN APARTMENT SALES
Agent Finder NZ has been specialising in vetting real estate agents who sell apartments of all types since 2009. We can provide you with a shortlist of vetted apartment specialist estate agents to take the worry out of what can be an arduous process.
Get in touch - we're here to help.
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Page updated April 6, 2021 | Trish Willis