Considering a change and want to sell your condominium? Real Condo Experts would like to help you sell your condo at a competitive price. Let’s look at the 5 Do’s and Don’ts of selling condominiums.
Expert advice for selling a condominium!
Selling Condominium "Do" List:
1. Do Your Research
- Check other listings in your building and other comparable buildings with similar units so you can price your condo competitively.
- Check the state of the real estate market to know interest rates and what consumers are looking for. Read more from Real Condo Experts.
2. Do Market Your Condo
- Think about what advantages your condo and your condo building have to offer. See if you have any of the following perks to market: Storage Locker or In-suite Storage, Underground Parking, Fitness Centers, Location, Concierge Services, Indoor or Outdoor Pool, Outstanding Views, Balcony, In-Suite Laundry, Theatre and/or Games Room, High Ceilings, etc. Your condo is bound to have something that will appeal to a buyer – find it and market it.
- Consider the reputation of your building as well. What are the resident demographics? What about your board of directors? What about the construction of your building? Updates to the building? You can market your building as a whole and not just the advantages of your individual condo or your building’s amenities.
- Check out To Do #3 and be prepared to hire professionals because you want your potential buyers to notice your listing. Also remember, most of your marketing is done online!
- If you have the choice of when to sell your condominium, Spring is generally the best time to market it.
3. Do Hire Professionals
- Assuming you’ve already decided to hire a realtor, you’ll also want to make sure that you have professional photographers and/or videographers marketing your condo. Especially as more and more marketing has moved online, your photos and videos matter. Your photographer can work wonders at capturing your small space and making it stand out at angles you would not even consider if you were behind the lens.
4. Do Prepare Your Condo
- Definitely keep your condo neat and tidy and above all, de-clutter your condo! You need to show off the space you have, so don’t let anything get in the way. Clear the counters and keep appliances stored away instead of on display. Don’t forget to organize the closets and tidy your storage spaces as well, since buyers will want to look thoroughly through their potential new home.
- As mentioned in To Do #3, you’ll want to hire professionals. Consider hiring a professional to stage your condo to highlight the space you have. Outsiders will look at your condo from a fresh perspective and, like photographers, stages will adjust and move things in ways you may not consider to give your condo its best look! Look at this list of Home Stagers in Kitchener.
5. Do Stay Flexible
- Remember that you want to allow potential buyers see your condo without delay, in order to stay competitive! Keep an open schedule and give your realtor access to your condo and building for times you may be out of town. This is another reason you want to keep your condo neat and tidy – you never know when a buyer might come calling.
- Also, make sure your potential buyers have access to parking. You know your neighborhood better, so why not find some free street parking and let your visitors park in your space if visitor parking is limited.
Selling Condominium "Don't" List:
1. Don’t Sell on Your Own
- While it might be tempting to save a bit of cash by not hiring a realtor, selling your condominium on your own may be very difficult. Your realtor knows the market, the consumers, your competition, and even your neighbourhood. You also want your buyers to feel free to speak with someone other than you so that they don’t feel they are getting a biased opinion and they are free to speak honestly without fear of offending you.
2. Don’t Forget to Communicate With Others
- Remember that if you have tenants, you need to give them at least 24 hours before a showing.
- It is also a good idea to let your neighbors and your concierge (if you have one) know that visitors will be coming. If you have good neighbors, this will also be something you can market!
3. Don’t Set Your Price Too High
- This goes back to research. know your competition and price accordingly. Your realtor will know what a competitive price is (another reason to hire a realtor). Your realtor wants to see you get top dollar for your condo, but you don’t want to miss out on potential buyers. Look this other article, “How Much Can I Sell My Condo For?”
4. Don’t do Major Renovations
- In general, major renovations to a condo won’t give you much of a return on your money. If you decide to do any renovations, minor renovations are a better decision.
5. Don’t Expect to Sit Still
- According to Realtor.com, condos tend to sell more quickly than single-family homes even in a down market!
- Even if you decide to sell your condo in a typically low season like Winter, you can still be busy. Think of how you can highlight your condo’s amenities for Winter buyers. How about that underground parking? I’d sure like that on those early, cold, snowy mornings! Or, maybe your condo is located nearby a ski hill or outdoor skating rink. Be creative in your marketing.
After reading the selling condominium “Do” and “Don’t” list, you’ll be better prepared to sell your condo. To get that better edge on selling your condominium, contact Real Condo Experts. Known for their excellent customer service and experience in the Kitchener-Waterloo area, Real Condo Experts can help you sell your condo quickly at a competitive price.
The decision to sign and list with Jason was easy as we appreciated his professionalism and obvious knowledge of the current market. Jason helped us find the perfect home for our family, and with his guidance we sold our home to the first person through the door. We recommend Jason without hesitation to any family or friends looking to buy or sell, and he has since helped our parents buy a new home. Take our word for it, you have found the right agent for your next move. – Ryan M.
Jason was trust worthy, organized and professional throughout the entire process. He gave feedback and provided assistance in staging our home which sold in less than 4 days for more than the listing price. We were very pleased with his service and would recommend him to our friends and family. – Chris W.