Getting the highest possible price for your condo sale is both a science, and an art. Doing it right can make a significant difference in the final sale price of your condo, how long it takes to sell, and how seamless the entire process is from beginning to end.
Many of the steps for increasing the value of your condo, are similar to those used for selling a house. On the other hand, marketing a condo unit correctly can be very different, and ultimately affect your final sale price for your home.
Unless your experienced in real estate marketing, this is where choosing the right real estate agent to assist you can make all the difference in the world.
I’ve included some of the top steps you can, and should, take to make your unit stand out from the rest and maximize the value of your home. If you have additional questions, or would like some help with your home sale, feel free to contact me directly. My contact information is below.
Get your Home Ready to Sell
Of course, a fully renovated condo will command a higher price, but unless an expensive upgrade is essential to the sale of your condo, you should avoid these costly upgrades. Many times, the cost of these outweigh the increased value it affords your unit. In these cases, save your money and use it on improvements to your next home.
Instead, focus on making improvements that bring you the greatest return, and highest price improvement, on your investment. The good news is, that many of these improvements are relatively inexpensive, and can be completed in a short period of time, as well.
Here are some of the lower cost items that typically yield the best improvement in price.
- Repainting with a neutral or white color
- Freshly caulking the bathrooms and kitchen areas
- Fix any leaky faucets
- Replacing light switch and outlet covers
- Make sure all light fixtures work
- Replacing doorknobs and handles
- Do a deep cleaning (especially those hard to reach places)
- Ensure windows are clean and sparkling
- Replace outdated appliances and light fixtures
- Replace carpeting and refinishing hardwood floors
A good realtor will do a thorough walk through of your home with you and advise you on the items that will be most affordable and create the best potential return for your efforts based on what features buyers are most looking for in your particular market.
Know your Condo Association’s Rules, Regulations and Fees
Surprisingly, this is one of the areas that I often see ignored by many condo owners and realtors, but is an area that can significantly influence both the price of the condo and the ease at which it is sold.
Typically, condos are managed by a Condo Association, known as a Homeowner’s Association (HOA) which sets covenants, conditions and restrictions (CC&Rs), or rules, which regulate, or place conditions, on certain activities, including the sale of your condo.
While most condo owners are aware of the CC&Rs of their association, many buyers are not. Some CC&Rs may be restrictive, but many others help protect the value and enjoyment of the property and help spell out amenities available as well.
Many HOAs have restrictions on items like; condo usage; right of first refusal; whether or not pets are allowed; where, if any, can you place a ‘for sale’ sign, etc.
Additionally, there may be rental caps, which a potential investment buyer would need to know, or even an Architectural Control Committee (ACC) which regulates modifications or alterations to the unit.
By conducting a detailed review of these documents, you can help the marketing and attraction of the unit by highlighting those that add to the lifestyle of the condo complex. Additionally, you can avoid having buyers back out at the last minute due to rules, restrictions, fees or assessments that they weren’t aware of when they made the offer to purchase.
Most contracts will include a contingency that allows the buyer to back out if review of the CC&Rs don’t meet their requirements, so having the documents available upfront will save a lot of time and headache later on.
Pricing Your Condo Effectively
Now that you’ve prepared your home to sell, selecting the price that will bring you the most number of offers at the highest price for your property will be key.
Some homeowners want to price their property high and well above the current market price. While this is within their right, and a few get lucky, the reality is that overpriced homes typically yield a lower final offer, than pricing the home appropriately.
Think about it from the potential buyer’s point of view. Over pricing a home makes it take longer to sell and often results in price reductions along the way. As a buyer, what are you thinking about a property that isn’t selling and the price keeps going down, especially in this hot market? If you’re like most, you would assume there is something wrong or defective about the property, causing less buyer interest, fewer showings and lower offers.
On the other hand, pricing too low may bring you a flood of potential buyers, but may not achieve the highest price possible for your condo.
This is where the expertise of a good real estate agent can really help. They will…
- Perform a ‘competitive market analysis’ for your property to see what similar condos in the area are selling for.
- Assess both the current supply and the demand for similar units in the area
- Factor In the price impact of the following, in addition to the location and condition of the unit
- Number of bedrooms and bathrooms
- Total square footage of living space
- The floor number the unit is on
- Amenities available and proximity to areas of interest
- Views from the condo, and more
By pricing your condo effectively, you can drive the greatest amount of interest and potential buyers to visit the property and encourage the most amount of competition to potentially drive the price even higher.
Effectively marketing your home requires much more than putting a sign up and adding your condo to the local MLS system. This is where a great agent will make the biggest difference for you.
A great agent will take the time to assess and inventory the specific characteristics and selling points of your condo, its amenities and the location and community, to develop a comprehensive marketing strategy for your home.
Aligning the features offered by your condo with those that are currently most desired by buyers, creates the most amount of interest and prospective offers on your home. Some of these include:
- Location as it relates to points of interest, shopping, public transportation or highway access
- Lifestyle Amenities provided by the association including a pool, tennis courts, fitness center, etc.
- Parking, landscaping, yard access, maintenance provided and more
- Unit features like new appliances, upgrades, extra storage and location within complex
- There are too many to list here, but these should give you a good starting point
The next thing a great agent will do is determine the best method to create maximum exposure for your condo and its highlighted features, to the greatest number of potential buyers.
This starts with using a professional photographer and copywriting to show off your home’s best features, and developing a comprehensive digital, social and email marketing campaign that reaches the greatest number of buyers most likely to be interested in purchasing your condo. Brokerages that have a wide-networks of agents can also increase the exposure of your home.
Getting and Keeping your Home ‘Show Ready’
If you’ve priced your condo appropriately and marketed it effectively, you should begin to see potential buyers looking to see your home in person. It’s critical to put your home’s ‘best foot forward’ when buyer’s view your home.
We’ve already covered items like painting, cleaning, etc., but there are a few other items which need to be discussed to make your home be even more appealing, stand out from the rest and have buyers envision themselves living there.
- Declutter – This is often more important when selling a condo vs. a house, since condos typically have less living space. This includes all rooms, countertops, closets, storage areas, etc. Most buyers are looking for enough space for themselves and their families to live comfortably. You don’t want anything that minimizes the available space offered by your unit.
- Remove Personal Photos & Memorabilia – This may sound counterproductive, buy while these items will often give YOUR home a more warm and cozy feeling, you want potential buyers to envision it as THEIR home. Your best bet is to pack up these items early and get them ready for your new home.
- 30 Minutes to Showtime – Once your home is listed, you could receive requests to see your home at any point during the day, and sometimes with short notice. It is strongly encouraged to be as accommodating as possible in showing your home. Many buyers are from out of town or have limited time to view homes. You can minimize the inconvenience by making sure your home never has more than 30 minutes of tidying up before the buyer arrives. You’ll be surprised that It’s much easier to do once you’ve decluttered your home.
Getting the highest price possible for your condo sale shouldn’t be taken lightly. It requires a level of knowledge and expertise from a trusted agent, and a partnership with the homeowner to work together to a successful transaction.
If you’d like assistance with your own condo sale, feel free to contact us directly. We’re committed to offering our clients the ultimate professional support, expertise, 5-Star Service and side-by-side partnership throughout the process and beyond.