Simple Steps to Selling Your Condo

You have decided, or circumstances have decided that it is time to move. You need to sell your condo and if you are like most sellers, there are 3 things you want:

1. The most money
2. The quickest sale
3. The fewest problems

The key to any marketing plan, especially real estate marketing, is to have a product (your condo) that is well presented, correctly priced and intelligently marketed.

Present it Well

How your condo looks when the prospective buyer is viewing it is of utmost importance. Most people are very visual and have difficulty seeing how great something could look as opposed to how it actually does look right now. Imagine you are shopping for a new car and instead of sitting in a spotlessly clean car in a warm cozy showroom, you had to trudge through the lot in -20 weather and wait while the salesperson cleaned the snow off of the freezing cold car... not a great way to get started! Present your condo in a warm, inviting environment that accentuates the positive aspects of the home and the buyers will instantly feel more at ease. Getting professional advice on preparing your condo for sale is definitely a good idea. Find someone with knowledge and experience in knowing what buyers like and dislike. It will be worth it in the end.

Price it Correctly

No matter how good your condo looks, if the price is too high it will sit on the market and actually make its competitors look even better. For the most part, the value of any real estate is determined by the market. The owner sets the price, but the market sets the value. There are hundreds of things, big and small, that influence a buyer's decision to offer on your condo versus one of your competitors. The condition, the upgrades and improvements, the exposure, the amount of natural light, the location, the size, the list goes on and on... All of these play a role in how your condo should be priced. This is an area where it is definitely beneficial to seek professional advice.  Market trends and local economies are always changing and this can have an effect on how to position your condo in the market. A professional Realtor® with an in depth knowledge of the condominium market, resale and new, and their finger on the "pulse" of the market is crucial in pricing your condo correctly. Don't attempt to do this yourself, as a mistake in pricing can potentially cost you thousands of dollars, or worse, a potential sale.

Market it Intelligently

Intelligent marketing simply means taking some time to determine who the correct demographic of buyer is for your condo and then tailoring an aggressive marketing strategy directly to this group. The "shotgun" approach of putting an ad in the Saturday newspaper and hoping for the best just does not work anymore. Of course the heaviest emphasis should be placed on a good online marketing campaign.  Online marketing for real estate is not the way of the future, it is the way of today.  With almost 90% of all condo searches starting online, if you do not have a website, you may as well not have a phone. One of the unique challenges of marketing a condo (at least an apartment) is the inability to put up a for sale sign.  A good, well rounded marketing plan for your condo will "reach out" to prospective buyers and bring them to you. This will result in a quicker sale, less stress and probably more money in your pocket.

Negotiating

You have an offer. What next? Getting an offer on your condo is very exciting but where do you go from there? Do you accept it? Do you reject it? Do you submit a counter offer? Are the buyer's terms and conditions reasonable? Have you made all the appropriate disclosures? What about the buyer that saw it yesterday and expressed interest? What do you do about him? There's a rumor going around that there is a special assessment coming. Is it true? The buyer is asking for a reserve fund study. What's that? This is obviously to illustrate that successfully negotiating the sale of your condo is a twisty road to say the least. Getting full and fair value for your biggest investment and seeing the sale through to a successful completion takes time and skill. Getting a great price for your condo is meaningless if the contract is poorly written or the buyer does not qualify for a mortgage. Typically people do not like face to face negotiations. This is an area where having a skilled negotiator representing you in the sale will be well worth the cost.

In Conclusion

Selling your condo is like any project you will take on; doing it well is not as easy as it seems. Getting the best price on the most favorable terms will probably require some professional assistance. Hiring a well qualified Realtor® with an in depth knowledge of condominiums and the condominium market in your area is a good start. Doing a good job of selling a condo requires special knowledge and skills in order to anticipate "bumps in the road" before they become problems.   

If you are interested in selling your condominium fast and for top dollar, with the least amount of hassles, go to our Sell my Condo Form today!