Selling a Condo Tips

If you’re thinking of selling a condo, there’s a lot to keep track of!

This blog will share the best selling a condo tips to ensure that your place sells fast and for the most amount of money!

If you want to set your condo apart from others on the market and attract more buyers, then this blog will be beneficial for you.

Read on for our top 9 selling a condo tips.

Check out these top 9 Selling a Condo Tips

1. Decide on the RIGHT listing price
2. Hire a realtor that has experience selling condos
3. Stage your condo properly
4. Decide what improvements will have a high ROI
5. Get your condo docs together
6. Know your condo fees, assessments, and past history
7. Prepare for the home inspection
8. Be accommodating with showings
9. Pack and tidy up at the same time!

For more details on the importance of each point, keep reading!

Decide on the RIGHT listing price

When selling your condo, you’ll want to make sure that you price right the first time. The first week is your opportunity for the most traction on your listing, and if you price too high to start you might lose an opportunity for a willing and able buyer.

Review the comparables for both active and sold properties with your realtor. Compare how your home matches to those, and determine the best strategy from there.

For more information on how to choose a listing price, check out: Home Pricing Strategies 101

Hire a realtor that has experience selling condos

The condo process requires knowledge on strata documents, buildings, depreciation and more. It’s important that you hire a realtor that has experience selling condos and is familiar with the process and the target market.

An experienced realtor will be one of your best assets for selling your condo fast and for the most money – they’ll know the market, how to price a condo, and how to communicate important condo information that someone not familiar with condos may not know.

Stage your condo properly

A condo is typically a smaller space that a townhouse or detached home, so it’s important that you use the space effectively to make it feel open and spacious.

Staging your condo – whether professionally or just sprucing it up yourself – can increase your selling price significantly. Real estate is emotional, and if you can make a buyer fall in love with your condo then you’re more likely to get a higher price.

Decide what improvements will result in the highest ROI

Not all improvements will give you the same return on investment, so it’s important to analyze your competition and determine whether the average comparable property is renovated. Typically you’ll find the highest ROI in the kitchen and bathrooms.

Get your condo strata documentation together

It’s important to have your condo documentation ready and prepared. This is typically a fee that your realtor will cover for you, and that they’ll have to order from the property management company.

By having these documents ready before you look at offers, it will allow buyers to review the documentation in advance and possibly shorten the subject removal period or remove the subject to strata documentation all together. Having the documentation together in advance can also help to lower the risk of a collapsed deal, as the potential buyer will be aware of the state of the strata in advance.

Know your condo fees, assessments, and past history

One of the common questions a buyer will ask is regarding the current maintenance fees, any recent increases, special assessments (aka levies) due and what has been paid in the past 5 years. Having all of that information together for the buyer will help them feel at ease knowing that you are prepared and open to answer their questions.

Prepare for the home inspection

When you get an accepted offer it is likely that it will be subject to home inspection. If you know the dishwasher isn’t working, or you’ve been meaning to replace the bathtub faucet then now is the time to do it. You’ll want to make sure that the home inspection goes as smooth as possible, as this is typically where buyers get cold feet.

Be accommodating with showings

The more people that see your place, the more offers you’re likely to receive. If you can be accommodating with showings and have an open house at the “standard” Saturday & Sunday 2-4PM time period that buyers are expecting to be out searching for homes then your exposure will increase. More exposure = more money & a faster sale.

Pack and tidy up at the same time!

You’ll want to make sure that all your stuff doesn’t fall out of the closet as soon as a buyer opens it, so use the home selling process as a time to start packing and possibly move things to a storage unit. The tidier the place is the more likely the buyer is to perceive it as well taken care of.

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Are you thinking about selling your condo? Call or us text today at 604-319-0200. Or email us at [email protected] to start a conversation!