Flats have a reputation of being more difficult to sell than a house. Data suggests that while houses achieve a 43% sales rate, flats fall short with only 31% chance of a successful sale. There are certainly key differences to consider when selling a house versus selling a flat. However, there are measures that can be taken to speed up the process of selling a flat.
How long does it take to sell a flat?
According to data from Zoopla, flats take an average of 50 days to sell from the initial moment of listing your property on the market, to the buyers moving into their new home. However, there are multiple factors that will affect the speed of the sale.
Leasehold properties usually take longer to sell than freehold properties; short lease properties (80 years or less) are typically more difficult to sell.
How can I sell my flat quicker?
If you are looking to sell your flat fast, there are certain things you can do to make sure the process is quicker and more seamless.
Declutter and deep clean
Before showing your flat to prospective buyers, make sure you give it a deep clean. This is not just a quick hoover up and down but a thorough clean that involves waxing your floors, scrubbing your kitchen until it sparkles and removing any mould or limescale. If you have carpets, consider getting a professional carpet cleaner to come in. Although it costs money, the results could have a huge impact.
The cleaner your home, the more appealing it will be to potential buyers and the quicker your chances of making a sale.
Decluttering your home will make your flat seem bigger. With space as one of the key issues when selling a flat, the bigger you can make your flat seem, the more appealing it will be to buyers. Not only that, but if you remove your clutter at this stage, you will save yourself the trouble of doing a big clear-out when you come to move homes.
Make quick fixes
Fixing the general wear and tear of your home, such as cracked or loose tiles, scuff marks, or loose fixtures, will make your home seem in better condition. When purchasing a home, buyers want the home to be ready for them to move in. Anything that they need to fix or repair themselves will make them less likely to want to buy.
Depersonalise your flat
Keep your home free of personal belongings. When showing your flat, prospective buyers will want to imagine themselves living in your home. This is more difficult if you have lots of knick-knacks and family photos lying around. Go an extra mile and think about the decor – the more neutral your colour scheme, for example, the easier it will be for buyers to imagine how their objects might look in the flat. Bold colour schemes or unique patterns could deter them.
Make your home pet free
One thing that can kill property sales is pet-related smells or stains. These are an inevitable part of having a pet; however, if your flat has an overwhelming smell of pets, it is likely to put people off. Make sure you get rid of bad odours before opening your home to potential buyers. If there are any signs of a pet living in your home, make sure you remove these before inviting people in to view the flat.
Create the illusion of more space
Inside space is a key requirement for anyone looking to buy or rent a flat. Make your flat appear bigger in order to speed up the sale. For example, putting mirrors in strategic places in the flat can make your flat appear both lighter and more spacious. Also, spacing out your furniture can make your flat seem less cramped and create an illusion of more space. Finally, keeping your floors clear (i.e. removing any rugs) can make your space appear larger.
What are the options for selling your flat fast?
If you are looking to sell your flat quickly, there are a few different options available:
There are certain benefits to working with an estate agent; however, it is not necessarily one of the quickest routes if you are looking for a quick sale. Selling a flat via an estate agent could take anywhere between 3-6 months, if not longer. Also, when working with an estate agent, make sure to factor in the estate agent fees.
Choosing to sell your flat at auction could take between 6-10 weeks. However, you will probably get less than its market value. Additionally, you will probably need to pay roughly 2.5% of your earnings to the auctioneer.
Selling your flat at auction could be a good option if you have a short lease flat. However, if your property is in good condition you could probably get a better deal via another sales method.
Work with a cash buyer
If you are looking to sell your flat fast, buyers who want to buy a flat in cash might be the best option. Should you choose to do this, make sure you are working with a reputable company so that you know everything is legitimate. Cash buyers do not have to wait for financing which means that it is less likely for things to fall through and also speeds up the process substantially.