Complete Guide to Selling Your Toronto Condo
Have you been thinking about selling your condo? Look no further as you have landed on the right page. We can help with our full & complete sellers guide.
You may have already gone through the buying process if you are in the market to sell your property. The intricacy of the purchasing procedure may have taken you by surprise. Selling your property will give you a distinct perspective on the process. Nonetheless, it's critical to comprehend all the procedures necessary. Knowing how the process works from start to finish will boost your chances of making the most money.
With our seller's guide, you will know when to sell, hiring the realtor or team, marketing the condo, staging, showings, the offer and closing the deals
Deciding When to Sell Your Condo
Selling your condo can be a difficult decision. However, when the time is right, there are various important factors to consider when selling. They include:
The Time of Year
The slowest months of Toronto real estate are December and January, thus making the market seasonal. But, you can put your apartment on sale when there's little competition.
Similar Condos For Sale in Your Building
As condominiums are considered commodities rather than residences (there are many comparable units), the volume, quality, and price of existing competitors in your complex must be considered.
Similar Condos in Similar Buildings
A one bed + den is a prevalent condo layout in Toronto, resulting in increased competition, affecting how long it takes to sell your unit.
The Market Condition
Interest rates and consumer confidence have an impact on real estate values.
If you have planned to move outside the city or the property, you may not follow the above points.
Hiring The Right Realtor and Team
How do you know which one is appropriate for you with thousands of real estate agents to choose from?
Your condo selling experience should be hassle-free, enjoyable and you should feel confident that your real estate team is equipped to take on the market. You must choose your real estate team wisely as they will represent you, and you need someone who will look out for your best interests.
The Toronto Condo Team Is Your #1 Source For Condos In Toronto.
- Founded in 2004 as Right At Home Realty Inc.
- The #1 Brokerage by sales volume in the GTA for 9 consecutive years*. Right at Home listed and sold more Real Estate in 2021 than any other Brokerage in the GTA.
- We are Canada’s Largest Independent Brokerage. Over 5,800 Realtors® and growing!
- Work in six modern and high tech offices across the GTA in Toronto, Burlington, Durham, Vaughan, Richmond Hill, and Mississauga & 10 Modern Branches Across Ontario
- Toronto Condo Team is a member of: Toronto Real Estate Board (TREB)
Marketing Your Condo
The marketing of your Toronto condo is vital to the selling process and can significantly impact the selling price and how long it takes to sell your condo. At Toronto Condo Team, our unique marketing approach, combined with expertise in sales and negotiations, will make the difference in getting the attention of your potential buyers and making a better first impression.
Toronto Condo Team's goal is to make your condo accessible and feasible to potential buyers. We regularly update our listings to allow your condo to be seen by many people, including visitors on our website. Unlike other marketing strategies, internet marketing attracts potential buyers from all over Canada.
Approximately 95% of purchasers begin their search on the internet. Our website may also display your condo in a more personalized manner, successfully attracting potential buyers.
Advantages of Using Internet Marketing
- Convenience and quick service
- Keep track of the people interested in the condo
- Illustrate the number of potential buyers
- Search Engine Optimized content
- Your condo is advertised across Canada and not only restricted to Toronto
- Handle multiple customers at once
- Feasible for prospective buyers
We deliver your condo offers straight to people's mailboxes via direct mail. We include brochures, booklets and sales letters in direct communications to potential consumers.
The following are some of the distinct advantages of direct mail marketing:
- Highly targeting
- Greatly measurable
- High Response Rate
Social Media Marketing
Social Media Marketing is an essential part of any marketing campaign's success as it boosts visibility, awareness and helps the units sell rapidly. Other advertising tactics require more time and effort than social media marketing
In addition, social media marketing reaches a larger audience than any other way. At Toronto Condo Team, we're able to reach a vast network of individuals and potential buyers through social media. Even a tiny start with a limited audience might help the campaign go viral if done correctly. Furthermore, our skilled marketing team ensures all marketing initiatives align with our goals of selling your condo for the highest possible return.
Some of the most notables benefits of using social media marketing to sell your condo are:
- Condos advertised to a large number of audiences
- Incoming traffic is usually the built clientele
- Integrating keywords for easy ranking of the posts
- Customers can connect via social media instead of face to face
Professional Condo Photography and Videography
Professional photography and videography play a very important role in any marketing campaign and can significantly elevate the presentation of your condo unit. High-quality photos and videos communication information to masses on a larger level than any other medium and attracts them.
At Toronto Condo Team, we photograph and film every project under our care to highlight its features and appeal to potential buyers. These photos and videos are then used by our marketing teams to create eye-catching advertisements for your properties. The more appealing a marketing campaign is, more prospective buyers will be interested in your place. Right kind of photography and videography goes a long way to design perfect adverts for any product.
More potential buyers will be interested in your property if your marketing effort is appealing. The right sort of photography and videography goes a long way toward creating ideal property advertisements.
Professional property photography and videography:
- Reaches a wide range of people in a short time
- Effectively communicates your message to recipients
- Provide vital visual and audio information on condo features, layout and amenities
- Can be used on social media and websites to further your reach
- Effectively communicates essential information to potential buyers
- Quickly reach mass audiences
Modern and Welcoming Condo Staging
Expert condo staging may be necessary to sell quickly and get you the largest return. Professional stagers have mastered the art of bringing life to a condo that would otherwise look ordinary to potential buyers. The Toronto Condo Team works with leading designers with a keen eye for detail to bring your condo or loft in Toronto to life.
Professional stagers can transform even a tiny area with the right furniture, paintings, drapes, accessories, and displays!
With around 4,000 condo residences in Toronto and the GTA posted for sale every month, it is vital to make a positive first impression. Modern and welcoming staging ensures your home is ready to impress the second its front doors are opened. As it takes only 8 seconds for buyers to decide whether or not they like your home, professional staging has never been more critical.
Increase the value of your house with professional staging and set yourself out from the competition.
- As per statistics from the National Association of Realtors, the typical staging expenditure fluctuates between 1-3 percent of the home's asking price, earning a return of 8-10 percent!
- List price decreases the longer a house is on the market. Staging your property might help you sell it faster and for a higher price.
- 84 percent of purchasers place high importance on photographs in internet listings. Home staging is even more vital as 98 perfect buyers can't imagine using the empty space.
- Staging costs are usually less than your initial price decrease. It often gives more than 500 percent return on investment and is a tax-deductible expense.
- Modern condo staging and high-quality listing photos encourage potential buyers to visit your home
- Home staging offers warmth and a sense of belonging.
- Realtors are eager to present an adequately staged condo as homes are more desirable and have a better chance of selling for the highest possible price, with transactions materializing faster
Keep the following in mind when buyers make an appointment to visit your condo:
- Get out of the condo!
- Make showing hours accessible for buyers. There's a lot of competition in the market today. Making it easy for potential buyers to visit and experience your condo can make or break their purchase decision.
- If you have a renter in your condo, you must give them 24 hours' notice before scheduling a showing. If the sale is quick, it will be less disruptive for their routine, so their assistance in decluttering and keeping the place clean will go a long way.
- Make it simple for potential buyers to inspect the facilities. Ascertain that the agents have easy access to a FOB so that they can demonstrate the amenities of your building.
Receiving Condo Offers
The Elements Of The Offer Include:
- Inclusions and Exclusions
- Closing or Possession Date
Negotiating An Offer
Once an offer is received, we'll review it together and decide if we want to accept, counter or refuse.
Buyers will offer a deposit as a promise to the seller that they are financially capable and ready to commit to buying the home.
Meeting Condo Selling Conditions. Unless a purchase agreement is free of any conditions, when an offer is accepted, conditions make a sale "conditional." This means that buyers cannot complete the deal until each offer condition has been either waived by their respective expiry dates or fulfilled.
Condtions Are Met
Unless a purchase agreement is free of any conditions when an offer is accepted conditions make a sale “conditional.” This simply means that the deal cannot be completed until all conditions that are part of the offer have either been fulfilled or waived by their respective expiry dates. The two most used conditions used in condo offers are the condition of Status Certificate & The Condition Of Financing.
Buyers will typically have an opportunity to do a final walkthrough of the home before the closing date to ensure that it's in the same condition as before the offer was made.
If you like guidance on the real estate closing process in Ontario, our dedicated Toronto Condo Team law firm partners will explain it to you. Lawyers usually correspond with your mortgage broker, bank or credit union to discharge outstanding mortgages, or transfer new mortgages in your name. They also wire money and concluded the real estate closing letter to you & the buyers legal representative on time to meet buyer and seller deadlines. Once the title is registered and the keys are delivered, the deal is done.
When closing your condo, your Lawyer will contact you to inform you of the final closing date. We recommend our clients contact their financial institution and provide the updated closing date at this time to guarantee that everything is in order financially and that your final closure goes as smoothly as possible.
The Lawyer will provide you with the following information through email one to five days before closing your condo:
Final Statement of Adjustments
A Final Statement of Adjustments references the buyer taking possession of your condo and a break down of the transferring of the funds over to you. Certain items that are found in the statement include information on adjustments such as:
- Sale price
- Balance due on final closing
- Status certificate
- Discharge fee
- Law society levy
- Art levy
- Development charges/education levy
- Parkland contribution
- Tarion enrolment fee
- Realty taxes
- Property taxes
- Occupancy fee adjustment for the month of closing
- Total deposits paid
- HST Tax/Rebate
Final Closing Costs
Condo sellers costs are normally minimal compared to the buying side. The selling side consist of a few things such as paying realtor commissions, legal fees and disbursements, and mortgage payout costs to break mortgages before they are done.
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