Anyone setting out to sell a duplex should be aware of a few things going into it. Probably the most important fact about it is that there are fewer buyers than there are for, say, single-family homes. That means that in selling a duplex, you need to have a focused marketing campaign and be prepared to wait a little longer to reach the finish line. And, of course, many aspects of it are just like those involved in selling any other kind of property, just more critical because the buying market is smaller. Here, then, is what you should know before selling a duplex in Richmond.
The first critical step toward selling a duplex in Richmond is the same as the first step you take for selling a house, an apartment, or anything else really – pricing right. In fact, “[P]ricing is generally thought to be the number one consideration when it comes to selling your duplex quickly.”
Getting the price right, though, takes some effort and knowledge of how to use the most effective tool, which is a comparative market analysis (CMA). Running a CMA will let you know what similar properties in the area have sold for, and you will then have an idea of fair market value. Your best bet here is to lean on your agent’s expertise to arrive at a market valuation that will lead to a sale. (For more information on this, just call 8043878734.)
As with any other real estate sale, the external appearance is critical. You have only one chance to make a great first impression when selling a Richmond duplex, so you have to make it count. And you can do that by enhancing and maximizing curb appeal.
“First impressions, “according to those who specialize in duplexes, “are important and they set the tone for the entire process that a buyer goes through when considering your property as a home or investment. . . . The good news is that improving a duplex’s curb appeal is a high reward, low-risk transaction.” That is, working on curb appeal yields a good return on investment.
It’s important to keep in mind, too, that a duplex comprises two dwellings. And that means there will likely be some shared space or areas, most commonly on the outside. So don’t neglect to spruce up these areas as well, striving to make them as attractive and inviting as possible. This is another improvement, like enhancing curb appeal, that typically yields a good return on time and money invested when selling a duplex in Richmond.
Your goal will be to make the common space(s) emotionally appealing to potential buyers so that they feel welcome and at home there. Here’s what the pros say about it: “[M]ost potential buyers are likely to lose interest if they don’t get the ‘welcoming’ feel they expect . . . If it smells or has other major issues, they’re almost sure to turn around and leave.”
Kitchens and Baths
Also, as with any other property to be lived in, kitchens and bathrooms will be highly important to buyers. What they prefer are updated, new-looking kitchens and baths that won’t require any work.
You don’t have to perform a full-blown remodel, just update or replace the most conspicuous features, those mid-point items that draw the buyer’s eye. These things include countertops, backsplashes, and vanities. You need to make sure they are appealing and have perceived value. “Countertops,” for example, “specifically can add an incredible amount of value in the eyes of a buyer. If you update them to a style that buyers find appealing, it could add incredible value to your property.” But don’t neglect other important features like flooring and appliances.
As we mentioned early on, successfully selling a duplex in Richmond demands a certain amount of focus in your marketing efforts. You have to know your target market and tailor your marketing to that segment of the buying population. It’s even better, according to the experts in this area, to niche down and really focus on owner-occupants (although investors will remain an important portion of your buyers). And here’s why…
“Buyers that are owner-occupiers are much more likely to pay top dollar for your duplex because they are more emotionally invested and are planning to actually live in the property themselves.” In fact, around 60% to 70% of duplex sales are now to owner-occupants.
It should be fairly obvious, then, that selling a duplex is different from selling a single-family home, presenting some unique challenges and calling for some creative tactics. So maybe the best thing you could do is use a local real estate agent who specializes in duplexes. She will understand the needs of duplex buyers and the peculiarities of the local market and can bring to bear some savvy marketing tactics for the particular target market.
Even more important, an agent who specializes will likely already have a roster of buyers who are especially interested in duplexes, who are ready and waiting to view your property. We have agents with the necessary knowledge and experience.