Do you have a condo to sell and are starting to research what you need to do to make the process go smoother? Not a bad idea! Selling a condo is a bit different than selling a house.
There are several things you need to know to ensure you'll maximize your success. Let's take a look at the essential things to sell a condo fast.
What is a Condominium?
Before covering the best tips for selling a condo, you should have an understanding of what a condo is and isn't.
A condominium, commonly referred to as a condo, is a type of housing development in which individual units are privately owned. The term derives from Latin and has been traced back to a document from 1st century Babylon. In these developments, each unit may be owned by different individuals or entities.
Condo owners are generally part of an organization, known as a Homeowners' Association (HOA), that is managed by a board of directors. This board is comprised of other unit owners, and they are responsible for the regular operations of the condominium complex.
Along with ownership rights and privileges, all condo owners must also pay HOA dues, which is a mandatory requirement for condominiums.
Keep in mind, Townhouses are similar to condos but exactly the same.
How to Sell a Condo Fast
Now that you understand what a condo is let's take a look at some tips for speedy condo sale success.
Have an Already Prepared Marketing Plan
Before starting to sell your condo, it's important to have a well-prepared marketing plan in place. This will help you cut through the noise and get your property seen by the right people.
The most vital part of any marketing plan for real estate is proper pricing. Without the right price, the rest of what you do will be ineffective. To establish the right price you need a skilled real estate agent who know the local condo market well.
The key will be picking out appropriate condo sales to establish accurate pricing. Real Estate agents call these comparable sales. These "comps" will become part of the comparative market analysis the Realtor prepares for you.
Look over them through the eyes of the buyer. If other owners have made significant upgrades and you haven't that matters!
Being unrealistic with your price serves no purpose other than delaying the sale and possibly causing you to get less than you should.
Put Your Home on The Market During The Best Selling Season
In every location there is a best selling season. If you want to maximize your profits and time on the market, it is best to market your condo at the best time of the year to sell.
A local real estate agent should be able to provide you with this information. Be leery on an agent that tells you any season is the best and to put your home on the market now.
You've probably found an agent that cares about one thing - themselves! Avoid this type of real estate agent.
Have an Effective Marketing Plan
The best real estate agents will establish a game plan to market your condo unit effectively.
Some of the basics for marketing any home will be to have a professional photographer take the photos. The difference between a professional and an agent taking photos is night and day.
You will want your condo to look its best in all of the top sites that home buyers visit online.
When a buyer goes to their favorite site and sees a listing that looks horrible, they will not schedule a showing. You will have lost a potential buyer.
Market What's Best About Your Community and Your Unit
While general real estate marketing is crucial, so is making sure the potential buyers know what's great about your community and unit.
A great agent will put together marketing brochures that point out the exceptional traits found in your condo and neighborhood.
Do you have a kitchen with high-end appliances or luxurious countertops? How about wood floors throughout when other units have mostly carpet?
These are the kind of amenities that need to be showcased.
When marketing a property in a competitive market, showcasing the advantages of the location can be key to enticing a potential buyer. Factors such as the quality of local schools and easy access to major highways are key selling points and should be emphasized accordingly.
There are reasons not to buy a condo that you need to convince buyers to overlook.
Have Your Condo Looking Its Best
Last but no least, you want your condo to have a stunning appearance. When buyers walk inside, "pride of ownership" should be on the minds of most buyers.
Plan on de-cluttering your unit. Make it spotless. If the buyer can see themselves living in your place, you've accomplished your goal.
The majority of all buyers today want turn-key homes. If there are any glaring problems, you'll want to address them before listing.
Final Thoughts on Condo Sales
Whether you're selling in a buyer's or seller's market it makes a difference to put the effort into your sale. Even in hot markets, you can get more offers and a higher sale price when you take these steps to sell faster.
In a buyer's market you'll put yourself ahead of the competition, ultimately putting more money in your pocket.
Selling a condo is a big responsibility, but can also be an exciting and profitable venture.
Best of luck!