Selling a condo is in many ways different from selling a traditional, single-family home. For one thing, the condo market is pretty strong in many cities, and this means you will likely be up against some stiff competition. To sell your condo, then, especially in one of these competitive markets, you will have to find a way to make it stand out from the competition. With that in mind, we offer these 7 selling secrets for condos in .
1. Price It Right
This first one of our selling “secrets” for condos applies to the sale of any kind of real estate. We’ve included here for condos because it’s so utterly important.
According to real estate pros, the “two most important factors in the sale of a condominium are price and marketing.” The two most common pricing mistakes are pricing too high and pricing too low. Many people price high in order to leave room for negotiations. But this is often a mistake because buyers will see that it’s priced too high and ignore the listing altogether. Other sellers price too low for a quick sale but with a similar result: buyers see the low price and automatically assume something is wrong with the property.
When it comes to pricing, your best course is to have your agent figure out market value by performing a comparative market analysis. That way you will know the best price range because you will know what comparable condos in the area have recently been selling for. (To discover more about effective pricing, call 866-593-7012.)
2. Decide on Worthwhile Improvements
In almost every case, no matter what kind of real estate you’re selling, you will need to make some improvements. This becomes one of our selling secrets for condos in because, in order to maximize your profits, you have to determine exactly which improvements are worth the effort and expanse.
If you want to do this yourself, here’s what industry pros recommend: “First, attend open houses of comparable units, also known as “comps,” currently listed in your building and review the listing pictures of comps currently in escrow. This will give you a sense of what caught the eyes of buyers and what type of inventory you’re competing against. Put yourself in the eyes of potential buyers and think of improvements that will make your unit stand out from the competition or compensate for less desirable features.”
An alternative or supplemental strategy is to consult your local agent who has experience selling condos. She will know what appeals to buyers and what improvements are really worthwhile.
3. Gather Documents and Check HOA Rules
Selling a condo can be vastly different from selling a single-family home, especially with respect to HOA regulations and documentation. As a result, gathering documents and checking HOA rules is among the selling secrets for condos.
Here’s an example from a top real estate site. If, as is often the case, the popcorn ceilings in your condo contain asbestos, you may not have to replace the ceilings. “Your building’s homeowner association (HOA) may have already done a study to find out the percentage of actual asbestos in the ceiling. If the survey reveals that the actual percentage of asbestos in the ceiling falls within acceptable standards, you don’t necessarily have to remove it and can include the survey in your disclosure statement to the buyer.”
4. Determine Usefulness of Open Houses
Should you or should you not hold open houses? Conventional wisdom and many agents say you should. But it all depends on your goals and particular circumstances, for there are both pros and cons to open houses.
Many top agents argue against open houses because they don’t mean much to or sway serious buyers. “Simply put, the type of people who attend open houses are likely not the people who’ll end up purchasing your condo.” But there are always exceptions to such sweeping pronouncements. Open houses may, in fact, be an effective marketing strategy in your area. Contact your local agent to find out what works best.
5. Be Flexible About Showings
Another one of the not-so-secret secrets for condos in is that you should be flexible about showing and accommodate buyers’ scheduling needs. “Restricting showings is one of the worst mistakes made when selling a property.”
Showings are almost always going to be inconvenient, but in a tough market, accommodation here could mean the difference between a sale and no sale. If you’re difficult to work with for showings, buyers may begin to wonder whether you’re really serious about selling – and look elsewhere.
6. Have Realistic DOM Expectations
Realistic expectations are important, too. You can’t expect to sell your condo within a week if it typically takes a month in your area. Experts recommend that you check the average days on the market (DOM) for real estate in your immediate area. That way you can align your expectations with reality and market accordingly. (If you’re not sure how to do this, contact a local agent at 866-593-7012.)
7. Hire the Right Agent
Finally, some selling secrets for condos in are secrets because they are so obvious they’re often overlooked. And hiring the right agent is among such secrets. You simply must have an agent with ample experience selling condos. To find such an agent, just give us a call at 866-593-7012.