Selling Your Condo
You've decided it's time to sell your condo and you are looking to get the best possible price for it. Marketing your condo to reach the most amount of eligible buyers is the goal. Below are steps involved when preparing your condo for sale.
Work with a Professional Realtor
The knowledge and dedication of your Realtor is crucial to the successful sale of your condo. A good agent will ensure a smooth, successful and stress-free sale.
Determine your Selling Criteria
- Know your Condo. Become familiar with your property taxes, building amenities, square footage, upcoming changes to maintenance fees and other costs which could affect the value of your condo.
- Research, Research, Research. You need to know the state of the current market in your building. What are properties in your building being listed and sold for? How long are they on the market?
- Price. After you have done your research and have checked out what similar properties in your building and area are selling for, set a realistic price which is usually based on price per square foot. Don't forget to take into consideration things like the view, what floor your unit is on and what upgrades were done to the condo.
- Cater to Buyers. Go through your property and put yourself in the buyers shoes. Look at it from the perspective of the prospective buyer. Take notes on all items that need to be repaired or replaced. Below is a checklist of items to check in and around your condo.
Prepare your Condo for Showings
Condos that are not prepared for showings are one of the main reasons why people fail to sell. We all know the saying, “first impressions last a lifetime”- the same thing goes for your condo. If your home does not look its best, it will likely result in a sales disaster. This means checking both the inside and outside of your condo.
While there isn’t a lot you can do regarding the outside of your building, buyers will notice some of the following:
- From the street, does the building have “curb appeal”? Does your lobby show well?
- Is the balcony/terrace clean?
- Are the amenities well-kept and in working order?
Does the inside need a fresh coat of paint? Perhaps something neutral to appeal to the masses?
Are the appliances clean and in good working order?
Are the plumbing and electrical systems updated and in functional condition? Does your building have a Kitec plumbing system?
Are the carpets or other floor coverings clean and in good condition?
Do you need to re-caulk around your sink, shower, tub and/or windows?
Are all light fixtures working properly?
Research the Local Market
Know your neighborhood. Buyers will have a lot of questions. They will want to know about schools, shopping, restaurants, parks, hospitals, transportation, new housing developments etc. Be prepared to answer their questions.
Nowadays it is important to have an effective online presence. Most buyers begin their search online, and this trend is on the rise. Your Realtor should have the tools necessary to expose your home to a wide range of online sources.