I get asked frequently:
- "Why did this condo sell and this one did not?"
- "Why did this condo sell so fast?"
- "Where did they come up with this price?"
Selling a London Ontario condo, even in this strong real estate market, can find some sellers leaving money on the table or their condo taking longer to sell!
Last minute walk-throughs, inconvenient calls, price adjustments and the possibility of being stuck with two mortgages are real concerns. If you are not completely prepared before you list your home on MLS, it could hurt your bank account
The difference between a profitable, smooth transaction and a break-even, or worse yet, an unhappy experience is often a fine line. In the majority of cases, it comes down to the subtle know-how of your Realtor. By utilizing the knowledge of a good listing Realtor than understands condos, you'll ensure a quick, profitable sale of your condo.
Below are some of the reasons & faulty perceptions that can harm the sale of your condo.
Refusing to Make Profit Inducing Repairs- It always costs you more money to sell 'as is' than to make repairs that will increase the value of your condo. Even minor improvements will yield as much as two to three times the repair cost at the time of sale.
A good Realtor will be able to point out what repairs will significantly increase the value of your condo. Seemingly small fix up jobs can have quite an impact.
Provide Easy Access for Showings- Accessibility is a major key to profitability. "Appointment only" showings are the most restrictive while a lock box is the least. However, there are certain considerations to take into account: your lifestyle, time frame for the desired sale and your relationship with your Realtor.
The more accessible your condo, the better the odds of your finding a person willing to pay your asking price. You never know if the one that couldn't get a viewing was the one that got away.
Priced Too Low or Priced Too High- One critical reason to work with the right professional is to make sure the property is priced appropriately for a timely and profitable sale. If the property is priced too high, it will sit and develop an identity as a problem property. If it's priced too low, it could cost you considerable profits.
The real estate market in London Ontario has subtle nuances and market changes . Those should be re-evaluated by your Realtor every 7-10 days to help you maximize your return
Relying Solely on Traditional Methods To Sell Your Condo- The Realtor who is innovative and willing to offer new strategies for attracting condo buyers will always outperform the Realtors who rely on traditional methods.
Demand around the clock exposure, innovative lead generation methods and lead accountability. These services exist and your Realtor should offer them to help sell your condo.
Market Timing to Seasonal Selling- Just as a broker who continually follows the trends of a stock, your professional Realtor continually follows trends of your home market. They will know if the market cycle is poised to net you the most money. Disregard believing property sales are seasonal, such as "sells better in spring than winter."
Property is always selling!
Refusing to Make Cosmetic Changes- The prospective condo buyer's first impression is the most important. An unbelievable amount of condo sales have been lost to unkempt entry ways, cluttered rooms, bad stains, unpleasant odours...all the seemingly little things.
Wasting Time With An Unqualified Buyer- Your Realtor's responsibility is to screen a buyer's qualifications before valuable time is lost. Be sure to align yourself with the right professional. Don't negotiate with unqualified buyers.
Don't Test The Market- Never put your property on the line to sell unless you are serious. The right professional will find buyers. If you are harbouring indecision, go look in the mirror if you are unhappy with the results.
Believing You are Powerless to Make a Difference- Be a part of the process! Innovative Realtors who offer new strategies to attract condo buyers will always outperform Realtors who rely on traditional methods.
Take an active role with your Realtor to see what you can do to facilitate your sale. That does not mean you have to market the property, or show it to strangers or do an open house by yourself!
Networking with your co-workers, friends & social media often produces the potential sale of a condo. It's surprising how many condos I sell that are are sold this way.