In 2020, around 923,000 homes were sold, which shows many of us want a lifestyle change, whether it’s upsizing or downsizing.
Each property type has a different selling process, so it’s important to know what to expect. Perhaps you’re worried about missing a vital step and potentially jeopardizing your condo’s selling process.
If so, then don’t worry. We’ve got your back when it comes to real estate property sales. Here are seven key tips to selling a condo quickly.
1. Hire an Experienced Realtor
When you’re selling your condo, it’s important to hire a real estate professional who is trustworthy and understands the process. Search online or consider referrals to find a realtor who is an expert in your area.
When you meet, ask the realtor questions to gauge whether they’re the right choice. For instance, find out how many condos the realtor sells annually, whether they have any references, and how they market condos. Reputable ones know how to price, market, and successfully sell condos in the current housing market.
2. Know Condo Association Rules and Regulations
Condo owners are part of a homeowners association (HOA) and their rules affect marketing and selling their property. By law, you must tell the buyer about your HOA membership so they know what to expect regarding the HOA’s rules and regulations.
Further, tell your HOA that you’re selling because many require a home inspection and may ask for any outstanding fees you owe.
3. Consider Home Improvements
A fantastic way to stand out against competitors is by choosing home improvement projects that result in the highest ROI.
But before spending a fortune renovating your kitchen or bathroom, analyze other listings to see what they’ve done. For instance, they may have upgraded their appliances or invested in new countertops.
It’s a good idea to repaint the walls, update light fixtures, and get your floor professionally cleaned. Most condo associations maintain outdoor spaces but if yours hasn’t, declutter and pressure wash the area to set a good first impression.
And if you have the budget, consider upgrading single-pane windows to energy-efficient ones, as it’s eco-friendly and buyers will appreciate cheaper utility bills.
4. Set the Right Listing Price for Your Condo
Your realtor should know roughly a good listing price for your property and how long it’ll take to sell by looking at others on the market.
Most single-family homes sell faster in the spring because families want to move in the summer so it doesn’t disrupt the school year. But this isn’t the case for condos because many owners are single, newlywed, or retired. Plus, most condos don’t have a yard, so boosting curb appeal with a well-landscaped outdoor space isn’t an issue.
You can accelerate the process by choosing the right price for your condo. Consider the cost of surrounding units, but note that factors can affect it. For example, how long the condo has been on the market and whether it’s in the middle of the hallway (as it’s noisier) can affect pricing.
5. Schedule a Home Inspection
Before listing your condo for sale, hire a home inspector to assess your property so they can identify any current or potential problems.
The inspector will check your appliances, heating or cooling units, and plumbing to ensure they’re up to standard. If there are any problems at all, you need to know sooner rather than later.
Note that if you don’t get an assessment, then condo buyers are more likely to withdraw from the property sale transaction.
6. Stage and Sell
Home staging is a key part of the selling process because it helps buyers visualize their lives unfolding in your property. This is even more crucial with condos, as units in the same complex are homogenous, so make yours stand out.
To help you stage your home, consider your target demographic. Condo buyers usually don’t want a high-maintenance property, especially if they’re looking for a vacation home. So make sure you’ve replaced old appliances, deep-cleaned the property, and have relatively new furniture.
Further, create more visual space, such as moving furniture into another room so there’s no clutter. It’s also wise to add plants so your home is warm and inviting, especially if you’re in a city.
And don’t forget to clear any odors. Open the windows and burn scented candles or incense so your home smells heavenly.
7. Market Your Condo
After you’ve staged your condo, snap high-quality photos to highlight any unique features and amenities. This creates a compelling listing that the realtor can add to their website and social media channels.
You should also ask the realtor whether to do an open house. This may be unnecessary if there are multiple condos for sale in your complex, but otherwise, it’s a fantastic way to meet prospects and sway them to make the purchase.
Create an inviting atmosphere by letting natural light in, serving refreshments, and playing soft music. You should also let guests flick through pamphlets that highlight key features of your condo and complex.
Don’t worry if you don’t get any offers instantly. Open houses are a great way to get feedback about your condo so you can address and fix any problems.
Those Are Our Tips for Selling a Condo
Hopefully, after reading this article, you now know the ins and outs of selling a condo.
Make sure you find a reputable realtor, know your condo association’s rules, and get an inspection to check everything is in good shape. You should also stage your condo before hosting open houses and spread awareness about your listing online. Happy selling!
Did you find this article on real estate sales to be helpful? Then check out our posts on everything from property management, land sales, and home improvement.