6 Tips to Selling a Condo
1. When to sell a Condo?
The good news is that condos tend to sell faster than single family homes even in a down market, because condos are typically smaller, cost less, and have lower maintenance costs. Lauderdale by the Sea condos are selling remarkably faster than last year. So don’t assume your condo will sit for long: prepare to move quickly if an offer rolls in.
The time of year might be another strategic consideration. Traditionally, spring is the best season to sell a house, and the winter holidays are the worst. With local condos winter months may take longer to close, but only by about 30 days. Since your property is located in a tourist area, people are here year round. Predominately winter and spring. The internet has leveled the selling seasons. Buyers are looking year round for your highly desirable area.
2. Pricing Your Condo
This is probably the trickiest part of selling any property. Price it too high, and a lot of potential buyers won’t even take a look. Price it too low, and you will lose out on a good chunk of change. But the great thing about condos is that you are surrounded by similar, or even identical units. This makes it much easier to get comps, which are at the recent sales prices of similar properties in your area.
Keep in mind that even subtle differences can spell the difference of tens of thousands of dollars. For instance, renovations, floor level and views will impact the value. If I’m your real estate agent I will pull comps and do current market research to help recommend an asking price: you can also get a report on your condo sales and listings by calling 954-288-9310.
Setting a listing price that is too high frequently nets the seller LESS money than an original price at market value. Get it right the first time and to avoid losing money.
3. Stage Your Condo
Since condos can be a bit more uniform than freestanding houses, you might have to work a bit harder to make it stand out (especially if other units in your building are for sale at the same time). To show your condo at its best, you’ll want to clean it, make repairs, and declutter your personal possessions.
Because condos tend to be smaller than single-family homes, it’s easier for furniture and other items to make spaces feel cramped. To give the illusion of more space, give away or box up and remove everything that is not absolutely essential. Don’t forget to clean out storage areas. Clean clutter free areas look more spacious.
Walk through and make notes of areas that need small cosmetic touch-ups. Fix areas that are obviously in need of attention or repair. Clean grout and fresh paint can make a big difference. Buyers may see small signs of neglect as a sign of larger problems. So focus on things that you have grown accustom to that you barely notice, like the fact that a door sticks. Annoying right? Buyers will think so too.
4. Marketing Plan Blitz
Once your condo is shiny and spotless, it’s time to start the marketing process. With condos, this largely means emphasizing your complex’s unique selling points.
Condo amenities are important selling points. The location of the pool. Number of parking spaces. Fitness center equipment. Security. Hurricane window and doors are a big plus. Make sure to play them up and show great photos.
One of the best features to a condo is the turn key lifestyle. Many buyers are looking for the hassle-free living experience they don’t have with a single-family house. Especially out of town buyers. Having the freedom to lock the door and leave without worrying about the property is a big plus.
Then there are qualities unique to your condo. If your condo has a great view or private balcony make sure to include that in your marketing materials. Updated kitchens and baths are a plus. Washers and dryers in the condo are better than a walk down the hall.
5. Be Prepared
Potential buyers are going to need to have condo documents and the management companies contact information. Paperwork and management contact information is easy to share via the internet. Have those items ready. Also, rules and regulations vary greatly between buildings. Have on hand the rental rules and budgeting issues facing your condo. Legal problems need to be identified and remedied before sitting down at the closing table. It’s important to review your title and whether your property is in conflict with local restrictions, laws and condo bylaws. A competent Realtor will help identify and avoid these issues before they become “problems”.
6. List with a Realtor
Preferably a Realtor who lives in the area. Vacation buyers are on a shorter time schedule and having a Realtor nearby and available, might be the difference between your condo and another.
Condos do not allow signs by the street. A great Realtor that will spread the word about your property, so a qualified buyer will find you. A Realtor who specializes in condos will know the best practices with which to share your property and have the tools to give your condo the best exposure.
Professional pictures and videos are a must. A good Realtor has a professional on his or her team.
It’s a great time to sell. The economy is on an upswing and Broward County Florida is highly desirable due to tax incentives like portability. Do you want a new view, more or less bedrooms or a newer building? Or are you ready to cash out of the condo market altogether, listing with a local Realtor is your first step.
Cathy H. Seckel, GRI Realtor
Call /Text 954-288-9310 (Direct)
The K Company Realty, Pompano Beach