Today we are going to step you through how to sell a condo unit.
We have a team of highly experienced and successful real estate agents and we would love to put our expertise to work for you.
In this post, we’ll outline everything you need to know in order to get your condo listed and sell it for the best price. So, let’s get going.
Learn how to sell a condo unit for the best price
How to Sell a Condo Unit: Steps to Take
1. Make the Initial Decision
Making a decision to sell your condo is the first step you need to take. If you have had a job transfer or need to relocate for other reasons, then you may not have a choice.
However, if you have some flexibility, then you might want to take the following into consideration when deciding when to sell your condo unit:
Time of year:
Real estate is usually seasonal with very little sales happening during December and January. This could be an advantage for you though.
If you list your condo in December and there are very few others listed, then you may be more successful than if you had waited for a busier time of year when the competition was tougher.
The slowest time for selling is usually December and January
Type of market it is:
If it’s a seller’s market then that means there are more buyers than properties available for sale so it is much easier to get top dollar for your unit. If it is a buyer’s market then there are more properties than buyers so you may have to lower your price to get it sold.
Competition in your building:
If there are a lot of condos already for sale in your building of the same quality and price as yours, you might want to wait until there are fewer or none for sale.
Competition in your area:
If there are a lot of other condos in your immediate area that are similar, then it might be harder to sell yours. However, this won’t have as big of an impact as the number of condos for sale in your actual building as your layout will differ from those in other buildings.
How to sell a condo unit: Wait until there are fewer units for sale in your building
2. Decide if You Will Work with a Real Estate Agent
You might be thinking that you can sell a condo unit on your own, especially since there are many online aps available for you to do this. However, there are big advantages to working with a real estate agent.
Real estate agents are trained in negotiating tactics:
Real estate agents know how to get you the best price for your condo. It’s their job and they will have techniques that they have tested out and used in the past.
That’s why it’s also a good idea to work with an agent that has experience instead of going with a rookie. If you are not an experienced negotiator, and most of us aren’t, then you may find it hard to haggle for the best price and you may be tempted to just take the first offer you are given.
How to sell your condo unit: Hire an agent to negotiate for you
Real estate agents have the time and skill needed:
In addition, you may not have the extra time and skills needed to do all of the things required to sell a condo such as:
- Advertising and marketing your unit
- Taking professional photos or videos of your unit
- Networking with potential buyers
- Professionally staging your condo for viewings
- Hosting open houses and viewings
- Negotiating a great deal
- Preparing all the required paperwork
A real estate agent is trained and experienced in doing all of these things for you and they have the time to do it.
An agent can take professional photos of your condo
The commission you pay is worth it:
You may think that you will make more on the sale of your condo if you sell it yourself because you won’t have to pay a real estate commission. However, you need to look at your overall profit for your sale when making this decision.
According to a 2017 survey, homeowners who sold independently received about 30% less for their homes than those who used an agent. Real estate commission rates vary anywhere from 3% to 7% so paying that little bit extra to get a much higher price for your condo is worth it.
How to sell a condo unit: Use an agent to get the most money
3. Choose the Right Real Estate Agent
Once you’ve decided to work with a real estate agent, then you need to choose the best one. Here are some tips to help you make your decision:
Choose an Agent Who Understands How to Get Buyers’ Attention Online:
Because competition may be fierce, you want work with real estate professionals who know how to use online resources to find the buyers you need.
Choose an Agent Who Knows How to Photograph Your Condo Right:
Because of the smaller size of condo, taking pictures and video can be difficult. Don’t trust an agent who is going to take photos of your unit themselves.
To get the best possible pictures and videos that capture your rooms without making them seem smaller or bigger requires a professional photographer.
An agent knows how to take pictures of smaller condo spaces
Choose an Agent Who Can Work Around the “No Open House” Rule:
Some condo buildings don’t allow open houses, so your agent needs to be able to arrange for buyers to see your unit by appointment.
Choose an Agent Who Knows How to Target and Market Condo Buyers:
A real estate agent who specializes in selling condos will be able to profile and effectively target the perfect buyer for your condo. Typical condo buyers include:
- First-time homebuyers or first-time homebuyers who are parents
- International investors
- Newly married couples
- Recently divorced persons
- Seniors who want to downsize
- Empty nesters
- Young couples with a baby on the way
Selling a Condo? Trust Real Condo Experts to Work with You
If you are selling a condo, contact the experienced team at Real Condo Experts. Getting your condo sold is our full-time job. We offer you a professional marketing team, full-time agents, and an effective online presence to make sure your condo sells quickly and for the price you deserve.
Our strong team is what makes the difference and we will ensure that:
- Together we’re selling your home
- Together we’ve negotiating for you
- Together we’re making sure you feel safe and comfortable through the selling process
Contact us today, to set up an appointment.