Regardless of the present condominium 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 in a reasonable time, reducing stress and maintaining control.
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, say that your housing needs have changed.
2 Different goals will dictate different strategies
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?
3 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 favourably with others in the price range, you will not be taken seriously 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; buyers will think there is something wrong with your condo.
4 Oh no! More homework!
(An excellent 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 what is now listed for sale and at what price. That is how 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 generate a more significant 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 involves emotion, not logic.
6 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-consuming! Questions you may want to ask a Realtor?
7 Make it easy for buyers to get information on your condo, 24 hours a day, seven days a week.
Buyers are 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. Over 97% of condos are previewed over handheld devices, smartphones, tablets and desktops! Make sure who you choose to market your condo has a presence in all four models!
8 Try not to leave the condominium 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.
9 Deadlines can be a serious detriment
Don't try to sell by a specific date. Deadlines can add real pressure on you and even harm your negotiating strength.
10 Keep emotions in check.
Do not be offended by a low offer or specific demands from a buyer. A professional condo lister can turn negatives into a positive. 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. Disclosures will prevent any liability or legal issues to follow. I even get a status certificate and pay for it so that a buyer and their lawyer do not have to wait ten days to say yes or no, and for my clients, we cut down on the limited time or eliminate it all together.
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 circumstances and terms and will insert additional clauses if required to protect you further.
One of our company's principles is that we 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!