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Sell Your Condo Faster - With Less Stress and Greater Profit

June 19, 2013 - Updated: June 19, 2013

When selling your condo, the marketing effort must be co-ordinated on all fronts and it must be superior to the competition. This is especially true in a buyer's market, where the number of condos on the market seemingly outnumber potential buyers. In such an environment, you must out-think the competition. Here’s how:

  1. Select a quality realtor. Ask friends or trusted associates for some names. Focus on the three best referrals (have your top choices put on paper), a market evaluation, and a specific action plan.
  2. List your condo for 60 days. If your realtor suggests a longer period, tell him/her that you will only renew if you feel the action plan has been adhered to. If not, talk to your agent or find another one.
  3. Price your condo right. Everybody wants to get the highest price, but be realistic. An overpriced condo will result in it aging on the market until your agent comes to you for a reduction. Do a reality check – evaluate your condo and ask yourself what price you would pay for it if you were the buyer.
  4. Work with your realtor to create a "benefit and features" sheet for your condo. Think about why you bought it in the first place. Write down what caught your eye, what appealed to you in terms of location, proximity to schools, zoning, and etcetera. More often than not, new buyers will likely be attracted to the same fea­tures that attracted you.
  5. Make sure your agent circulates the information. The special feature sheet should be circulated at your "open houses" and to competing realtors in your area. 90 per cent of all sales are complet­ed on a co-operative basis.
  6. Ensure your condo is put on the Multiple Listing Service (MLS). For a condo to sell, it must have maxi­mum exposure, which MLS provides. Also ensure your condo is placed on the Agents' Open List, so other realtors can be educated about the potential.
  7. First impressions count. Touch up your condo, but do it with "resale" in mind. Pay attention to eye-catching areas and don't waste effort or money on the rest. Repaint the front door, bathrooms and kitchen.
  8. A clean place is a happy face. Clean up the storage areas, foyers, closets and balconies. If you have too much junk piled up, have it stored off-site during the selling period. The cost of an average storage place is minimal, but can mean a difference of several thousand dollars on the purchase offer.
  9. Take a real interest in potential buyers. Consider a "buy down" on the mortgage. A buy down occurs when a vendor, instead of offering a price reduction on the property being sold, makes an up-front cash payment to a lending institution in exchange for a lower interest rate for the buyer. This helps reduce the buyer's monthly mortgage payment.
  10. Know your market. If your property appeals to Asian buyers, for instance, ensure your agent under­stands how to deal with feng shui. Feng shui is the Chinese phi­losophy in which a building's exterior and interior elements, site placement, orientation, and other factors can affect the property's "luck".

Tagged with: condo market buyers market potential buyers selling article
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