Selling a Condo in London Ontario?


 

                               Selling a condo in London Ontario

  When you’re getting ready to put your condo for sale on MLS in London Ontario, there are a number of things to think about, to prepare for, and to organize. 

  •  Most buyers select their home based on EMOTIONS.  Once their decision is made to buy, they justify their purchase with LOGICAL reasons:  facts and features.  So, it’s most important to make your condo appeal to all senses.  Your property is NOT the only condo the buyers will see.  You are competing with other condos in the market.

  • Every seller wants to realize as much money as possible when selling their condo.  The natural inclination is to price  high, thinking you can always come down in the future. 

  • A listing price that is too high frequently nets the seller LESS money than an original price at market value.  Why is this?  Because, when most people looking for condos in your price range, they will reject your condo in favour of other condos in a reasonable price range.

 

 I Sell Condos ,Not Just List Them, a Huge Difference !

 We accomplish this first by doing a supply/demand analysis in the immediate area for any house or condo that requires  marketing.

 Most Realtors have access to  market information; it is the valuation and experience of what that information means to the marketing of a home that matters. Plus, we have invested in some special softwrae that allows us to acquire ALL the pertinent information to give our clients the facts, even if it the harsh reality of the market.

 Opinions can be costly, especially for real estate , so we double and triple check our numbers to be able to give our clients the best possible acurate advice.

       Real Estate Fact: The Seller Is Solely Responsible For How Much, and How Quickly Their Home Sells!              

                         Be Prepared and have all the facts when selling

    Once you understand  and grasp these important issues, you’ll know how to price and sell your condo for the fastest, most profitable sale.

  Also, with this information, you’ll never pay too much for any home you buy for the rest of your life.

 How to Really Increase The Chances of Your Condo Selling:

 


Be Very Careful When Setting a Selling Price For Your Condo


                       What to be Careful of When Setting Your Selling Price

  Meeting with a REALTOR   

   Meeting a Realtor

 

 You have decided to sell your home and have a fairly good idea of what you think it is worth. Being a sensible home seller, you schedule appointments with three local real estate representatives, (or a friend of a friend who has a friend). They set up a time with you and maybe arrive with a “Competitive Market Analysis” (which no longer is an accurate tool, I’ll cover that in another report) and they each recommend a specific sales price.

 Amazingly, two of the Realtors have suggested prices that are lower than what you expected. Even though they have backed up their recommendations with recent sales data of similar homes, you remain convinced your property is worth more.

 When you interview the third Realtor’s figures, his or her numbers are much more in line with what you think your home is worth. Or they may have even suggested to you a higher price. Wow! Now you are happy and an exited home seller, perhaps already counting the money.

   A Sales Practice Called “Buying a Listing”

 If you are like most people, you have chosen Realtor number three. This is a Realtor who seems willing to listen to your input and work with you. This is a Realtor that cares about putting the most money in your pocket. This is a Realtor that is willing to start out at your price and if you need to drop the price later, you can do that easily, right?

 After all, everyone else does it! Wrong!

 The truth is that you may have just met a Realtor engaging in a questionable sales practice called “buying a listing.” He/she “bought” the listing by suggesting you might be able to get a higher sales price than the other realtors recommended. Most likely, he or she is quite doubtful that your home will actually sell at that price. The intention from the beginning is to eventually talk you into lowering the price.

  Why do some “buy” listings this way?

 There are basically two reasons: A well-meaning and hardworking Realtor can feel pressure from a homeowner who has an inflated perception of their home’s value. On the other hand, there are some who engage in this practice routinely.

Overpricing a property in London Ontario

  If you start out with a price that is too high, there is likelihood you interviewed other Realtors. They did not get the listing, of course. They got “beaten” out by someone telling you what you wanted to hear.

  If your listing Realtor routinely engages in “buying “listings, he/she has probably has done this to other Realtors in the same way. Word gets around that their homes are overpriced and the home seller has an inflated value in mind. This can be very difficult to resolve.

 In short, you may have ended up with a Realtor who was good at selling you, but not good at selling your home. And you are willing to pay them a fee for it?

   wasting your time

 

  It is human nature for you to want the highest price for your home. However, when you choose the Realtor who promises what you want to hear, it often leads to stress and frustration. Most of the time, it will take you longer to sell your home. Possibly, and this happens, you will end up selling at a lower price instead.

 Or maybe as a result of reading this, you will choose one of the “good” Realtors in the first place. They are out there, you know!

What Happens Behind the Scenes?

  If you start out with too high a price on your home, you may have added to your stress level—and selling a home is stressful enough! There will be a lot of “behind the scenes” action taking place that you don’t know about. Contrary to popular opinion, a professional listing Realtor does not usually attempt to sell your home directly to a homebuyer. That would be inefficient.

  Pro’s market and promote your home to hundreds of other local Realtors and even Realtors from the GTA areas who do work with homebuyers, dramatically increasing your personal sales force. During the first couple of weeks your home should be a flurry of activity with buyer’s agents coming to preview your home so they can sell it to their clients. (See my report “When is the most important time for a new listing)

   If The Price Is Right

    If you and your Realtor have overpriced, fewer Realtors will preview your home. After all, they are Realtors, and it should be their job to know local market conditions and home values. If your property is dramatically above market, why waste time? Their time is better spent previewing homes that are priced realistically.

  Dropping Your Price Too Lat

  If you start out with a high sales price, then drop it later—your property is “old news”. You will never be able to recapture that flurry of initial activity you would have had with a realistic price. Your property could take longer to sell.

   Price reduced

  

  Even if you do successfully sell at above market price to an uninformed buyer, your buyer will need a mortgage. The mortgage lender requires an appraisal. If comparable sales for the last six months and current market conditions do not support your sales price, the property won’t appraise. Your deal falls apart. Of course, you can always attempt to negotiate the price, but only if the buyer is willing to listen.

  Your property then goes “back on the market”. Other Realtors will know this, as will their buyers, what do you think their response will be to your home?

 Once your home sits on the market awhile, it is harder to get a good offer. Potential buyers will think that you might be getting desperate, so they will make low offers. By overpricing your home in the beginning, you could actually end up settling for a lower price than you would have normally received.

 In summary, when you decide to sell your property, why not work with someone who knows the market and is financially and emotionally strong enough to guide you? Who will not tell you what you want to hear. The truth hurts but you might as well hear it now than 3 months later! To get results, let’s discuss your options and let you start packing!


Selling a Condo in London Ontario? The First 10 Days Are Critical!


  When selling a condo in London Ontario, The first 10 days are critical and will make the difference how quickly and how much!

        New listing

The most important time for a new listing in London Ontario is 2 days before it officially goes on MLS and the 8 days after!

Why 2 days before? From experience, I have found that when you and your Realtor have prepared and gathered all the necessary marketing tools the following occurs:

  • The listing documents are completed accurately and thoroughly, no mistakes or missing information
  • All the pictures are taken, edited or retaken to show your condo the best way possible.
  • Care can be taken to describe your condo in the best light.
  • All the marketing material is ready
  • All the websites are loaded, virtual tours are ready
  • You can do the final touch ups or any cleaning that may be required.
  • The For Sale sign (if allowed! Many condo corporations in London Ontario have restrictions about 'For Sale' signs) is up and any directional signs if needed are placed
  • Extra keys are cut

Day 3 to Day 8:  This is when buyers and their agents are searching the Internet for buying a condo in London and certain streets for something new. When excitement is the highest. You can now:

  • Be ready for all showings, have all the marketing materials and home information ready for that one buyer who loves your condo!
  • You have at least one weekend when historically condo viewing is the busiest.
  • If no serious offers, the pricing or the marketing is wrong after 10 days!

                            Sell your condo in London Now!

Once day 11 starts, do something drastically to attract new buyers to your condo!

  The way a transaction starts is indicative on how your sale will go, quickly or a long rocky road before you sell your condo.                   

 Listing with a Realtor who has a reputation for being thorough will never do you any harm. Who uses the Internet properly, has a follow up system and the finances to see your property through to the final stages.

Ensure that before the sign goes up and the listing gets to the MLS, everything from the lock box, listing brochures and presentations is in place and ready to go. Make sure your listing person has a system to let you view the comments and feedback about your condo on a special listing website . Do they have a check list (I have 133 ) that they share with you before it even gets on MLS?

Do not let others impede the selling of your condo.

In summary, the most important time for a new listing when selling a condo in London Ontario is BEFORE it gets on MLS.

 More Tips and Ideas 


My Perspective On Selling a Condo in London Ontario


         First impressions are everything

 A recent study has shown that over 94. 6% of all homes sold were viewed for the first time on the internet by the eventual buyer. This is an enormous change in a short time for the real estate industry and has literally made how well a real estate company in London  “markets” a property their most important skill set.

  I truly get it that technology plays a huge role in the success of selling a home but at the same time, understanding that real estate is still a people business! 

  Courtesy, professionalism and good work habits are an integral traits of a very good Realtor.

  From virtual tours of your home from  a buyer's desk top or handheld device, we spare no expense to ensure our listings are presented online in the best possible way. Along with  distinctive signage, social media, blogging and on over 50 websites, your condo is exposed !

  The pictures and other web based presentation tools are now truly the difference between a buyer seeing and potentially buying a home and a buyer simply deleting it from their search never to be considered again as a viable purchasing option.

 We create a personal website for all of our listings so we can direct buyers to as much detail about our listings as possible.  When you go on to most real estate companies websites to look at a particular home for sale, your home and every other agent's home is shown as well. Who is competing with whom?

                 searching for a house in London Ontario

 There are many condos for sale in London Ontario and making your listing stand out is my mantra!

  Market Based Pricing

 When the initial list price for a property is too high for the current market, it guarantees that the property will be on the market for an extended period of time. A consequence of an extended time on the market is that potential buyers develop an unfavorable opinion of the home prior to even viewing it.

 Rational or not, buyers often believe that there must be something wrong with a property if it has been listed on the market for a long period of time. To avoid this, Envelope Real Estate Brokerage uses an exhaustive market based comparison approach to insure that your home is priced right from the start, allowing us to sell your property for the best possible price in the shortest time possible.

 When a real estate person suggests a list price for the sale of a home based on what the real estate person thinks the seller wants to hear instead of what the market will bear, then that real estate person is misleading  their potential client. People’s time and money should not be wasted and listing a condo too high is a huge waste of everyone’s time!

                      Condo did not sell in London Ontario

  Homes have a value and there is accurate data that illustrates what that value is.

 Knowing your target buyer

 Every property has a target buyer audience. That audience is different for every property type, whether it is a two story double car garage house, Old North or Old South property, a downtown condo with city views, or a one floor detached townhouse adult orientated community.

 Identifying and marketing for the specific buyer audience that match up with your listing is crucial to the successful sale of a home.

 The key is knowing what the marketable aspects of a certain type of property are, how those aspects appeal to different types of buyer audiences & the best way(s) to make buyers aware that those appealing aspects exist within the specific property being listed.

 This is where skill really shows up. How many descriptions of houses have you read that says stuff like: '4 bdr, 3bath, dble.gr, 5 appliances, nice back yard, act fast, it won't last'Exciting, not. 

Or the wannabe Hemmingway' Outstanding 4 bedroom magnificent adobe nestled among the verdant street landscape that will tug at your heart when you tear yourself away to care for your employees who love you" Yuk!

                          sold

 The sale of your home is worth hundred's of thousands of dollars and there is no need for you to throw away thousands of dollars because of misleading information, lack of thoroughness or 1990's  marketing!

  What about:

  • A firm that is known  to have a reputation for professionalism?
  • A firm that invests a considerable amount of time & money exposing real estate to attract qualified buyers?
  • A firm that has at its fingertips a contact list of skilled trades, movers, cleaners & legal & financial professionals?
  • A firm that qualifies possible buyers before thet get to see your home? (See my Dedicated Buyer Program. I attract qualified capable buyers daily!)
  • A firm that will tell you the brutal truth and not just what you want to hear?
  • A firm that sells properties, not just list them?

                                                 We will make sure your condo will sell

  •  A firm that is well prepared before any property even gets near the active London Real Estate market?

​ Those extra few days, effort and diligence spent is to make sure your property is market ready and saves home sellers days if not weeks waiting for an offer and that is worth every second of preparation it takes.

 Ty Lacroix A House Sold Name


The 12 Step Condo Seller Best Practice Model


   Regardless of the present condo market, (which is quite good, by the way!) to maximize your condo's selling price there are steps you can take to ensure that your condo sells, reducing the stress and maintaining control.

                          12

 1 Keep the reason you are selling to yourself and your professional condo lister.

 Do not reveal your motivation for selling to anyone else because they may use it against you at the negotiating table. When asked, just say that your housing needs have changed.

Different goals will dictate different startegies

 What is more important to you: the money you walk away with or the length of time your property is on the market or both?

Do your homework before setting your price

  The average buyer will look at 15-20 homes before making a decision. That buyer will now have a basis of comparison, and if your condo does not compare favorably with others in the price range, you will not be taken serious by prospects or their sales representative. The result can be that your condo will sit on the market for quite a while and knowing this; new condo buyers on the market will think there is something wrong with your condo.

Oh no! More homework!

(A good professional condo lister should do this for you) Find out what condos in your neighbourhood have sold for in the last 6-12 months, and research what current condos are listed for. That is how a prospective buyers and their Realtor® will assess the worth of your home.

5 Maximize your condo's potential

  You may not be able to change your condo's location or floor plan, but you can do a lot to improve its appearance. The look and feel of your condo generates a greater emotional response than any other factor. Before showings, pick up, straighten up, unclutter, scrub, scour and dust. Present your condo to get a "WOW" response from prospective buyers. Allow the buyers to imagine themselves living in your condo. The decision to buy a home is based on emotion, not logic.

                                     cleaning your condo

Choosing a Professional condo Lister

  The person you choose to market your home are partners with you and as you know by now, not having the right partner can be costly and time consuning! 

 Make it easy for buyer's to get information on your condo, 24 hours a day, 7 days a week.

  Buyers calling for information on your home value their time as much as you do. They also do not want to be hassled or frustrated because they cannot get a hold of your real estate person or that some of the information in your listing is incorrect. 94.6% of condos sold have been previewed over the Internet! Make sure whom ever you choose has a great web presence!

Try not to leave the condo empty.

  Studies have shown that it is more difficult to sell a condo that is vacant because it looks forlorn, forgotten and simply not appealing. As well, buyers may think because it is empty, you are motivated to sell fast and for a lower dollar.

Deadlines can be a serious detriment

  Don't try to sell by a certain date. This can add real pressure on you and even harm your negotiating strentgh.

10 Keep emotions in check.

    Do not be offended by a low offer or certain demands from a buyer. A  professional condo lister can turn negatives into a positives . You may have an advantage over others who get caught up emotionally.

11 Be wise-disclose

   Be proactive, by disclosing any problems or defects ; you are giving the potential buyer confidence that you are not hiding anything. This also will prevent any  liability or legal issues to follow.

12 Ensure your offer is correct and complete

   Ensure that all terms, conditions and responsibilities are spelled out in the offer and that you fully understand them. A professional condo lister will take the time to educate you on the conditions and terms and will insert additional clauses if required to further protect you.

.offer on your condo

 

   One of my strong points is that I take the time before we start to market the home to discuss and review the pros and cons of different strategies and walk you through the steps of the selling process so that you are comfortable and more knowledgeable.

  Over the years my clients have said they were more at ease with the process and quite pleased with the results!

 


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Contacts


Ty Lacroix Broker of Record
519-435-1600(Office)
519-435-0501(Fax)

181 Commissioners Road W
London, Ontario, N6J 1X9
Canada


Michael Theisen Sales Representative
519-435-1600(Office)
519 435 0501(Fax)

181 Commissioners Road W
London, Ontario, N6J 1X9
Canada


Lori Administrative Manager
5194351600(Office)
519-435-0501(Fax)

181 Commissioners Road W
London, Ontario, N6J 1X1
Canada


Linda Listings Coordinator
519-435-1600(Office)
519-435-0501(Fax)

181 Commissioners Road W
London, Ontario, N6J 1X9
Canada


Cathy Sales Administrator
519-435-1600(Office)
519-435-0501(Fax)

181 Commissioners Road W
London, Ontario, N6J 1X9
Canada


Beth Marketing
519-435-1600(Office)
519-435-0501(Fax)

181 Commissioners Road W
London, Ontario, N6J 1X9
Canada


Sutton Group Envelope Real Estate Brokerage Inc.


181 Commissioners Road W. London Ontario N6J 1X9

Phone 519-435-1600 Fax 519-435-050

www.enveloperealestate.com

www.condosinlondon.com

Ty Lacroix Realtor

Sutton Group Envelope Real Estate Brokerage Inc.                  Condos in London Ontario



              MLS