Your Condo Is Not THAT Special
Most sellers insist that their condo is special and deserves a higher list price than other comparable properties. Sometimes this justification of a higher price is made because of upgrades, other times it’s because the seller is misinformed or just unrealistic.
We have to keep in mind that some upgrades are not to everyone’s taste; such as floor colours or cabinet colours. Remember that 90% of condos sell within 2% of asking price and therefore, it is important to price your condo right the first time you put it on the market. Overpriced listings quickly become stale listings and buyers lose interest quickly.
Pro tip: Typically speaking, when selling a unit, an owner can expect to recover only 40%-60% of the value of any given upgrade.
Sellable vs. Livable
Many properties that are on the market are either owner-occupied or vacant, and it is hard to keep it in a very clean condition. However, some things are a bare minimum requirement when choosing to place your condo for sale.
– Depersonalize your property by putting away personal items in boxes or drawers, since the
rule of thumb is; less is more. If you have a vacant property, it is strongly suggested that you ask your agent for staging services. By investing sometimes $2,000 in staging services; your property will not only stand out from others on the market, but it has also proven to sell faster and for more money, than you are listed for.
– Painting & minor repair work: Paint your unit white or beige if you have colourful walls. If you have a leaky faucet, you should get a plumber to look at it. Buyers are very picky and notice things like leaky faucets and burned out light bulbs.
– Tenants: Selling a property with tenants can impose its own challenges. We understand that sellers do want the mortgage expenses covered while the property is listed, however, they must also understand that tenants often do not want the property to sell. This can result in the seller getting less money than expected for their property.
– Pets: Sellers need to know that selling a property with a pet can be difficult. Some buyers are absolutely scared of your pet and others have allergies or sensitivities to the odour of pets. When your property is listed, it is best to leave your pet with family members for the duration of the selling processor to take the pet out with you while your property is being shown to potential buyers.
Your Agent Matters
Despite the belief of many, the agent you select can have a profound effect on how fast your listing sells and at what price. The most common mistake that sellers make is that they choose their agent based on convenience rather than practicality. Meaning, sellers often select an agent who is a family member or a friend, rather than the agent who is the most capable of doing the job. Based on our experience, many clients end up in an uneasy situation with a realtor who is their family member or a friend after that agent fails to sell the property.
There is a huge benefit to choosing an agent who is an expert in a certain area, and many sellers completely underestimate the value of having a local expert agent help them sell their home. Not only does the local expert know the market, he or she knows similar properties, may have sold previous properties similar to yours, therefore knowing the expectations of buyers, as well, the local expert knows many agents with buyers and what they’re clients are looking for. This can only help the value of your property and the time it takes for your property to sell.
Pro tip: Before you hire an agent that is a family member or a friend ask yourself this simple question “Will I be able to fire my friend or family member if they can’t sell my property?” And keep in mind that this will do to your relationship.
We understand that some sellers feel obligated to list with their friend or family member; however, there may be consequences if they decide to go that route.
For many sellers, these 3 condo sales tips are sobering truths which they need to hear. Since selling your home is the biggest financial decision most people make, it’s important to be well informed and understand the pitfalls that come with making bad decisions. Poor choices cannot only cost thousands of dollars but also potentially ruin great relationships.
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