Condos have their own unique selling points and challenges that are good to know before you put yours on the market.
If condo sales are slow in your area and you want to sell immediately, make your condo the most attractive product on the market. Which means you may need to know the ins and outs of how to sell a condo. So heed the advice below on how to pinpoint the right time, price, marketing tactics, and more so you can maximize your return on the sale, once someone bites. And No, it's not just like selling a house.
When to sell a condo
Condos tend to sell faster than single-family homes even in a down markets, because condos are typically smaller, cost less, and have lower overall maintenance costs. The time of year is a strategic consideration. If your place is near a beach, golf course, or country club, you’ll get the best price right before the tourist season hits. If seasonal factors affect your location, consider playing the waiting game to net more money. But don’t assume your condo will sit for long; prepare to move quickly if an offer rolls in.
How much is the condo worth?
This is probably the trickiest part of selling any property. Price it too high, and a lot of potential buyers won’t even take a look. Price it too low, and you’ll lose out on an opportunity to maximize your return. Since Condos complexes have very similar or even identical units. This makes it much easier to get comparables, which are the recent closed sales of similar units in your building and/or area.
Competitive Pricing is the key factor in selling your Condo. Check out the asking prices for condos in your building and area. This will help you price your condo appropriately. Look at recent condo sales and listing prices. Make sure you compare condos in the same building, size, floor, view and condition (Unit upgrades, etc.). Corner or end units are considered quieter than those in the middle and as such, can command a higher price. List your condo at or slightly below the most competitive prices on the market. This will get the attention of buyers and their agents.
Prepared to negotiate. But set a desired price and a bottom line price. The bottom line price is the absolute lowest you will go in trying to sell your condo. Remember, in a down market you may need to sell for less than you would like. (Call me for a Free Condo Evaluation, I can recommend an asking price and strategy to maximixe your return).
Make your condo the most attractive product on the market. Since condos can be a bit more cookie cutter than single family homes, you might have to work a bit harder to make it stand out (particularly if other similar units in your complex are for sale at the same time). To show your condo at its best, you'll want to clean it, fix the stuff that's in obvious need of repair, and declutter your possessions. If possible, give it a fresh painting and to give the illusion of more space, throw away or box up and store everything that is not absolutely essential. Present your condo in the best possible light!
Once your condo is ready, start the marketing process. With condos, this largely means emphasizing your complex's unique selling points. One of the best features to accentuate when selling your condo is the lifestyle of ease that comes with condominium ownership. Many buyers are looking for the hassle-free living experience that they can’t find with a single-family detached house. Another important selling point is to focus on the amenities of the complex. Does yours have a pool? Fitness center? A parking garage? A meeting room or lounge? Concierge services? Promote the amenities that come with your condo.Make sure you show them up with professional photos.
Emphasize on the assets of your own individual condo unit. If your condo has a great view, convenient location, or recently remodeled bathroom, be sure to include that in your marketing materials. If you're not sure what to focus on, Get a real estate agent for suggestions. The agent's fresh perspective could help you highlight the unique selling points of your place.
Advertise in the right places. Maximize the market exposure of your Unit. A well-connected real estate agent will place your condo on the Multiple Listing Service (MLS) and publicize it on the realty agency's website. Place your condo with pictures and a detailed description in print and online publications such as http://www.Miamipropertyconsultant.com
Offering Incentives if possible. Offer closing cost help such as a closing cost credit, pointing out that buyers in a tough market struggle to gather enough cash for closing costs after making a down payment and signing off on a mortgage. This will make your condo more attractive than others on the market. Pay condo association dues in advance. Your buyers might hesitate to make an offer because of the condo dues they will have to pay every month in addition to their mortgage payment. Offer to pay out the dues for the year, so they get a head start. Include appliances. A condo furnished with a refrigerator, washer and dryer will sell more quickly than a condo that comes with nothing. Throw in your appliances without raising your asking price, and the package will look more attractive to potential buyers.
