The real estate market is hot right now, which means it’s a good time to be a seller. Regardless of what type of property you have, you shouldn’t have any issue selling if you’re in a decent location. But if there’s one type of property seller’s find unique, it’s studio apartments. There’s certainly a market for them, but because of their small size and limited buyers, it’s helpful to come up with a very specific strategy in order to sell a studio apartment as quickly as possible.
Because of the high price tag and emotional aspect that’s tied to real estate, houses and apartments often get viewed in their own light. But when you break it down, an apartment really isn’t that different from any other product. In order to sell it, you have to convey value to your target market.
As you contemplate the best way to maximize your investment and get the highest sales price possible for your studio apartment, it’s helpful to consider how you’re presenting your “product” to prospective “customers.”
Here are a few tips and techniques to help you command the right deal.
The first thing you have to do is purge your studio apartment of “stuff” – i.e. anything that isn’t necessary. If it doesn’t serve a functional purpose, it needs to go. There are some exceptions for elements that are integral to the design of the apartment, but for the most part, everything needs to have an application.
If you’re having trouble figuring out what to do with your stuff, use the tried and true method of sorting belongings into three piles: keep, donate/recycle, trash. Having the donate/recycle pile allows you to justify getting rid of things without feeling wasteful.
One of the wonderful advantages of light – natural or artificial – is that it makes spaces feel bigger than they really are. While you aren’t really going to fool anyone into thinking there’s more square footage in your apartment than there is, you can make people think, “Wow, this doesn’t feel as small as I thought it would. I can do this!”
If you have windows, be sure to let as much natural light in as you can. If you don’t have many windows, overhead lighting and bright floor lamps will help. Even if you only do it for showings, turn on every light you have in the apartment.
You probably have great style, but you should have your studio apartment professionally staged if you really want to sell it as quickly as possible. On average, staged homes sell 88 percent faster and for 20 percent more than non-staged ones. Even with more conservative calculations, the initial cost almost always justifies the value.
Whether you decide to keep your own furniture or use a professional staging company, it’s smart to use the 80-20 color rule in small spaces. This rule says that 80 percent of the room should use a neutral color, while 20 percent should contain small “pops” of bright color.
In most cases, this means all of your major furniture pieces and walls are a single neutral color, while throw pillows, area rugs, wall art, and accent pieces contain unique colors.
You want people to picture themselves living in your apartment. One way you can encourage them to see the practicality of the space – despite its small size – is to show off the different ways you organize your items.
Whether it’s vertical storage, the clever use of furniture, hidden storage, or the use of little nooks and crannies, be sure you give away some of your secrets to prospective buyers.
Much like light, mirrors do a nice job of making small spaces feel much bigger. They do this by reflecting light and adding the perception of depth to rooms. While you don’t want to overcrowd your apartment, a large accent mirror can visually open a space without much effort or cost.
When trying to sell a studio apartment, owners often have a tendency to try and compensate for the apartment’s lack of size. They’ll make up excuses or take excessive steps to make it feel bigger. And while there are plenty of ways to naturally make the space feel larger – such as letting in light and using mirrors – don’t try to make a studio apartment something it’s not. People look for studio apartments because that’s what they want. They understand the constraints and you don’t need to worry about it.
Decluttering, organizing, and staging are all great things – but they don’t mean a thing if you don’t have the right agent on your team. You need a real estate agent who knows the local market and has experience selling a variety of types of properties – including studio apartments. Not only will the right agent help you sell your property quickly, but they’ll also help you strategically price it so that you can maximize your return on investment.
Traditionally, when a home is purchased, the listing agent and buyer’s agent each get a 3-percent commission. And in most cases, it’s the seller who pays both agents. That means 6 percent of your sale price could be going directly into the pockets of the agents. On a $500,000 property, that’s $30,000!
At Green Residential, we do things a bit differently. When we sell a home, we don’t ask for our 3 percent. Instead, we operate on a flat fee basis, which could potentially save you thousands. Using the previous example, you’d pay just $26,000 – a savings of $4,000.
Whether you own a studio apartment or a single-family home, we would love to help you sell your property. Contact us today to learn more about our services!
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