How to sell an apartment

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If you’re looking to sell your apartment, but don’t want to or can’t really afford to pay the 5 to 6 percent commission for a real estate agent, selling your home yourself could be a good option. However, there are challenges to selling an apartment by owner that may require legal or real estate expertise. Consult a real estate professional or an attorney if you have questions or need assistance.


How to sell an apartment

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If you’re looking to sell your apartment, but don’t want to or can’t really afford to pay the 5 to 6 percent commission for a real estate agent, selling your home yourself could be a good option. However, there are challenges to selling an apartment by owner that may require legal or real estate expertise. Consult a real estate professional or an attorney if you have questions or need assistance.


Step One

Check with your homeowner's or building association about any rules they may have regarding selling your apartment. Because you own a piece of a larger building, there may be certain things you must do before finalizing a sale, such as obtaining association approval. Alternatively, the building or homeowner's association may require the new owners to continue membership, which is something you will need to disclose before the sale.


Step Two

Hire a professional real estate appraiser to determine the exact value of your apartment and identify anything that may result in decreased value (i.e., plumbing issues, poor flooring, etc.).


Step Three

Determine how much you will sell your home for, taking into consideration the results of the professional appraisal, how much you may still owe on the mortgage and current market conditions. It is best to identify your desired price and the absolute minimum price you will accept.


Step Four

Advertise that your apartment is for sale. Take out an ad in the local newspaper or online classified ads or use a listing service that caters specifically to homeowners selling their properties without a real estate agent.


Step Five

Prepare your apartment to be viewed by potential buyers. Clean up and store everything you can so that there is minimal clutter. Touch up the paint, replace blinds and fixtures if needed, and ensure all faucets/plumbing, electrical outlets and light switches are in good working order.


Step Six

Interview potential buyers and schedule appointments for them to view the apartment. Be polite and answer questions about the home, the terms of the sale and if there are any requirements they must meet before approving the sale.


Step Seven

Hire an attorney or financial professional to help you draw up and/or review the paperwork necessary to completing the sale once you've found a buyer. While it is possible to do this yourself, it is very important that this paperwork is completed accurately and in such a manner that you will have legal recourse in the event of a problem, so it may be best to consult a legal professional for assistance.


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