Apartment for Sale – Tips on How to Set Up

Deciding to put your apartment for sale is not something that is done drastically. You have to think about it twice or even thrice. You may have urgent reasons for intending to sell your apartment but it is best that you end up with a good deal.

Below are some factors that you have to consider:

Identifying target market. To immediately sell your apartment you should know whom to sell it. The market for apartments is a bit much different from the market for bungalow houses and mansions. Probable buyers usually are those couples whose family is still growing, bachelors, and bachelorettes.

Deciding for the price. Setting a price requires research. You can not just assign a price without basis. You may conduct interviews with real estate agents and bank representatives to come up with an appropriate market value.

Of course there are other factors that determine the market value of the property and these includes but are not limited to:

1. Amenities

The more amenities, the higher the value becomes.

2. Location

Location is great factor that establishes whether a property is of high value or not. A location in the metropolitan area would likely have a higher value compared with an apartment in the suburb area.

3. Materials

The kind of materials used in the apartment also affects valuation. Naturally materials that are of high quality will demand a higher valuation compared to low cost materials.

There are also some strategies that you can employ to hasten sale:

Classified ads. Advertise in local newspapers. Classified ad section will do the selling for you. You do not have to exert so much effort. All you have to do is post the specifications and your contact number. However, this is a more passive option.

Open house. You can arrange for an open house and invite as many people as you can through local ads. This is a bit more of an aggressive selling. The great thing about this is that those who are interested can see the place immediately.

Contract a sales agent. If you are busy and it is impractical for you to take care of everything, the best thing to do is to contract a real estate agent. You will be relieved with all the hassle because selling properties is a thing real estate agents do best. It will make everything easier for you.

Having all of these in mind, the probability of disposing your apartment faster can be possible.

How to Set Up an Apartment for Sale

Putting up an apartment for sale is a totally different ball game from selling a bungalow or a mansion. This is because, for starters, the target market for apartment owners is very different from that of home buyers.

Listed below are some of the factors to consider when selling an apartment:

You need to know how much the apartment for sale is worth. Asking for a price far beyond its current price will leave you stuck with no suitors and force you to lower it later on, which might be misconstrued to mean there is something wrong with it. Set a price that seems fair and will at the same time earn you a profit as this will generate interest for the apartment. If you are not sure about its worth, you can get professional help to guide you with estimates.

List all the amenities that your apartment offers. These may include number of rooms, design of rooms, parking allotment and such.

Location may be a very good selling point if the apartment is close to many amenities such as roads, schools, hospitals or shops.

The marketing stage is the most important part of the sale. Draft advertisements with all the features included but do not list what does not exist or may act as a turn-off to potential suitors who see the ad. Pictures are known to attract buyers more because they show part of the apartment and can help suitor decide from there to go and view or not. The secret to producing an eye-catching ad is all in the words you use. Phrases like ‘walking distance’, ‘security’ and ‘available parking’ as sure to capture a suitor’s attention faster. The advertisements can be posted in newspapers, online, distributed at the social gathering locations like church, posted at bus stations or train stations or given to friends who through word of mouth, can spread the word.

Arrange for the viewers to see the apartment for sale at the same time, that way, the decision making is hastened as each of them views the other party as a competition. You will also not have to try hard to convince the suitors because just the presence of other suitors is enough to sting the potential buyers to action.

However, if you are not too sure about how to go about pitching your apartment for sale, you can always get a real estate agent to do everything for you given their wide experience in the industry, at a cost of course.

What Do Apartments in Dallas Check For When They Run Your Application?

Apartments in each state and, even in each city within the same state, have their own different qualification procedures when reviewing the application of a potential new renter. Take the state of Texas as an example. The largest metropolitan areas in this state with the highest concentration of apartment communities are Dallas, San Antonio and Houston. There are thousands of various apartment complexes in each of these cities. You would think they would have the same requirements for approval when running an Application for a new renter since they are all located within the same state of Texas. However, Dallas has very unique requirements that are different from Houston and San Antonio as well as different from other cities and other states.

Apartments in the illustrious city of Dallas check four (4) major areas in order to approve your Application: criminal background, income/job, rental history, and credit. It is the combination of these specific 4 areas that make Dallas requirements unique as a city, as well as how lenient or strict they are within each of the 4 areas.

For instance, In Houston, located only 239 miles away from Dallas, there are some apartments that consider your debt and your debt to income ratios as well as Social Security fraud history, when checking your Application. These are items that are never checked by Dallas apartments when they run your Application. Also, Dallas is more lenient than Houston when doing a criminal background check when it comes to fraud and financial crimes. Several apartments in Dallas will still work with you if you have a misdemeanor or felony in those categories, whereas in Houston these two areas are almost always causes for denial of your application.

As another example of how unique Dallas qualification requirements are, consider how Dallas differs from another major city, San Antonio. In the city of Dallas, apartments do not check how long you have worked at a particular job. The length of your employment history is not a consideration. As long as you HAVE employment and income that can be verified, most apartments will approve your application. In fact, you can have a brand new job, or even be transferring here to Dallas from another location, and all you need is a “Hire Letter” from the new employee showing your start date and your rate of pay. This is different from San Antonio. Most apartments in San Antonio want to see at least 6 months of employment history.

So, as you can see, Dallas has unique requirements that they check for when running an apartment application. Here are the specific requirements that Dallas apartments look for in more detail:

1. The first area that the best Apartments in Dallas check is your income qualifications. They almost always require that you earn three (3) times whatever your rent amount is. Other cities and states may require that you earn 2.5 times, or even 3.5 times the rent amount, but almost all properties across the board in Dallas check to see that you earn 3 times minimum. For example, if your rent is $1000, they want to see proof that you earn at least $3000 a month. You can provide this proof of income in the form of paycheck stubs. If you are self employed, you can provide bank statements and the most recent year’s tax statements. If you are new moving into the Dallas area and have been transferred from your job, or you are just starting a brand new job, you can provide a letter from your employer on company letterhead from the HR department or the hiring manager. The letter should state that you are being relocated and what your income will be.

Many cities, such as Houston and San Antonio, check to see how long you have worked for a particular employer, and therefore will not accept a “New Hire Letter”. Dallas does not do this. As long as you have the Hire Letter, you can be accepted with a brand new job. More than likely, however, the new apartments will call the company and ask for verbal verification of the letter, and it must be signed by someone with authority, such as the Hiring Manager. They may or may not ask for the letter to be notarized.

What kind of income will the Dallas apartments consider? In addition to income from a business you own or from employment, you can also include funds that you receive as child support, disability, retirement, investments, etc. Any and all income that is legal and is provable will be considered.

What if you are retired and do not have income? Some areas would require you to move to a retirement community or senior facility. But most apartments in Dallas are flexible in this regard. They will just require a copy of your bank statements to verify that you have enough funds to cover the cost of the rent for each month of the lease. For example, if your rent is $1000 a month, and you sign a 12 month lease, they will check to see if you at least have $12,000 in savings. They will also consider any Social Security money that you receive as monthly income. And if all else fails, they will accept a co-signer. Because Dallas is flexible in working with retired individuals, many enjoy the freedom and dignity of renting their own apartment without having to move into a retirement home for seniors. Perhaps this is one of the reasons that Money Magazine voted Dallas as one of the best places to retire in 2006 and 2007.

2. The second area that the best apartments in Dallas always check is your past rental history. They want to know if you have ever broken a lease or been evicted. They will check with the current apartments you are living in now, even if they are in another state, to verify that you are leaving on good terms. It may be tempting to try to “stretch the truth” and hide the fact that you owe past apartments money, but resist the urge. The credit check that they pull on you will reveal any debts that you owe to past properties. In Dallas, any past debts to properties that are still unpaid, even if they are many years ago, will mean an automatic denial if it shows up on your credit. The Manager does not have control over making the final decision in this regard. This is because most apartments in Dallas are managed by large Property Management Companies who make all the corporate decisions for their properties. They set the rules, and the rule is always to check for any property debts and automatically deny an application if such a debt appears. Other cities with a higher percentage of privately owned small apartment communities, such as San Antonio or Houston, may be more flexible in this regard since they maintain more control over who they accept or deny and the Manager may be allowed to make the final ruling.

What can you do if you do owe a past apartment community and you are searching for an apartment in the Dallas area? Well, it all depends upon whether or not it shows up on your credit report. If you aren’t sure if it shows up on your credit, you might first pull your own free credit report and look to see if it is there. Make sure to pull the credit from all three reporting agencies since you aren’t sure which one the apartments will use. If the incident is mentioned nowhere on your credit, then you may choose not to bring up the past, especially if you have had good rental history SINCE that occurrence. If it does show up on your credit, then you will not get approved at any apartment complex in Dallas. Your only option is to go back to that prior property that you owe funds to and pay them off. Be sure to receive a receipt or letter that shows your debt is paid in full so you can present this letter to the new Dallas apartments. Even with the receipt or letter, not every property in Dallas will work with you. A skilled Dallas Apartment Locator will be of great assistance in guiding you to the properties that are a little more lenient in this regard.

3. The third area that the Dallas Best Apartments check is your credit. As we mentioned above, they are mainly looking to see if you owe any past apartments money. However, Dallas is unique because they also will check to see if you owe past utility bills, mainly the electric company. The reason they check this is because you will not be able to turn on your electricity at the new apartment if you still owe the utility company money. So you will have to pay off any debts to the electric company prior to filling out the apartment application. In fact, some Dallas apartments even require you to call the power company and schedule the date for them to turn on the electricity to your new apartment, and get a confirmation number to prove it is scheduled, before they will give the final approval to your Application. Apartments in other cities are not as strict in this area as Dallas.

Another item they will look for on your credit, besides just past apartment debts and utility debts are housing debts. Perhaps you use to own your own home, and now you are moving into an apartment. The apartments will check to see your payment history with the mortgage company and will look for property debts and foreclosures. If a foreclosure shows up, then they may not be able to work with you. It depends on how many years ago the incident happened. An Apartment Locator familiar with Dallas apartments will be in the best position to assist you.

4. The last area that apartments in Dallas always check is your criminal background. Although most cities and states run background checks on applicants, each city is different in how they react to the findings. Dallas apartments run a background check that goes back indefinitely. It will show any past misdemeanors or felonies that you have ever received in your entire life. It doesn’t matter if the occurrence happened 30 years ago. It will still show up. Most apartments in Dallas automatically will decline your application if any felony shows up. However, they can be flexible in a few areas where other cities are not.

For example, if the felony or misdemeanor is for something that does not involve harm to another human and does not involve theft, approximately 10% of the Dallas apartments will work with you. Some examples of misdemeanors or felonies that SOME properties may be more flexible with are: check writing fraud, drinking while driving, possession of marijuana, etc. Other cities are not flexible enough to consider any exceptions and will deny an application for any crime, regardless of its nature.

If you have a non-violent glitch on your background criminal record, you need a qualified Apartment Locator in Dallas who has knowledge of second chance properties to assist you in finding the 10% who might work with your situation. If your particular offense is not one that any apartment property in Dallas will accept, then the Locator will let you know. In that case, your best bet is to find a privately owned house that is for rent by the owner. These can be found in the newspaper. Do not apply for a rent house that is represented by a Real Estate Agent, or they will have the same background check that the apartments have, and you will run into the same problem. Only rent houses that are for lease by the owner offer more flexibility.

As you can see, apartments in Dallas have very specific requirements when it comes to their qualifications for approval of your application. Always retain the assistance of a trustworthy and experienced Dallas apartment locator when searching for the best apartments Dallas has to offer. Not only will their free service save you countless hours of blind searching, but they will also make sure that you get the best apartment in Dallas for your particular situation. Visit www.BestApartmentsDFW.com today to get your free apartment search assistance!