As much as you love kicking back in your condo and living a life of utter luxury and convenience, there would inevitably come a time when you would move on; perhaps relocate to a more opulent building or shift to a single-family home. This is when you would need to get to grips with the ins and outs of selling a condo. And no, its not like selling a single-family house.
Before you put your condo on the market, it is a clever idea to know about the challenges and unique selling points of condos so that you get the best buck for your money. If you want to make out like a bandit once someone bites, let’s delve into the right marketing tactics, price, time, and more to sell your condominium unit.
Best Time to Sell a condo?
Here’s a truth: Even in a down market, condos generally sell faster than single-family homes, because of their lower maintenance costs, lower price, and smaller sizes. So, don’t get too complacent, thinking your condo will sit for long. Once you decide to move, start packing, ready to act if an offer rolls in. Another strategic consideration to keep in mind is the time of year. Traditionally, house sales fare best in winters and worst in spring. However, the same does not always apply to condos. If your condo is in the vicinity of a vacation spot, such as a ski resort or a beach, you would get the best price before the peak tourist season. If your location is affected by seasonal factors, best to wait for the most optimum time.
How much is the condo worth?
When it comes to selling your condo, this is the trickiest part that you have to tackle. Price it too low and beat yourself up later when you hear about a similar condo selling for a much higher price. Price it too high, and no one will even bother to look twice. With property prices forever vacillating, it can be hard to price your condo just right. However, surrounded by a bevy of similar condos, you can leverage price comparisons on the recent sales prices of similar condos in your vicinity to get an idea on how to price your unit just right. So, by spying on how much a 2-bed condo in your building similar to yours sold for, you can expect to get the same for your own.
However, even in the same building, condo prices can vary in terms of tens of thousands of dollars. For instance, as compared to middle units, end units command a higher price since they are generally “quieter”. Your real estate agent can recommend an asking price based on price comps. Get a ball park estimate on how much your condo is worth by plugging your address into online tools. As a rule of thumb, it’s important to identify your bottom-line price and your desired price when setting the home price for your condo. If you think that you are not getting a good enough price for your condo, you can opt for a short sale instead of conventional selling.
How to stage a condo
In comparison with free-standing homes, condos can be a bit more cookie-cutter, making it harder to make them stand out in front of prospective buyers. To show your condo at its best, you would want to declutter your living spaces, make the necessary repairs and clean it till the surfaces gleam.
Due to their compact nature, your belongings can make your condo appear cramped, even if you keep everything organized. To create the illusion of more space, put away anything you don’t immediately need or better yet; throw away anything you will never use. After making sure your condo is in a stellar condition, time to make small cosmetic touch-ups to it – read painting walls and cleaning grout. Make repairs where necessary. Focus on the little flaws and signs of neglect and take care of them, because these are the areas prospective buyers are drawn to. After having lived in a place for some time, we tend to become accustomed to the little things, such as a creaking floor board or a crooked fixture. Well buyers won’t think so!
Marketing a Condo Right
Once your condo looks spic and span, time to market it to prospective buyers. For condos, this translates into emphasizing your complex's USPs. When selling a condo, the best feature to accentuate is the lifestyle of convenience and luxury that is associated with condo living. If you are dealing with buyers who are fed up of the hassles of maintaining and running a single-family home, why not lure them in with the promise of hassle-free living? Why not reel them in with the idea of packing up their bags and embarking on sojourns whenever the travel lust kicks in, without fretting over the security of their homes?
The amenities in your complex is another USP you can capitalize on. Perhaps tempt them with a state-of-the-art fitness center that your complex has, or the swimming pool, Concierge services, gorgeous views, spa, sports center, inhouse restaurants? Make sure you play them up and maybe give them a round.
Then perhaps you would want to expand on the assets of your own individual condo, such as a recently remodeled bathroom, upgraded appliances, or the spectacular view from your windows. Play your cards right and you would soon be swimming in cash.
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