Selling condominium properties can be a challenge for home owners.
#1 - Find out the rules from your condo board or association. There may be limits on who you can sell to and you may have to get pre-approval to do so. It is best to find this out in advance so you can plan for it.
#2 - Hire a realtor who specializes in selling condominium properties. A real estate agent who knows the market can be an invaluable resource since they can help you price your home for sale and can help get the condo in front of eligible buyers.
#3 - Find out about all of the condos features and list them. If you have a gym or a pool in the building, mention that as well in any sales ads you write about your condo.
#4 - Write a great sales pitch for your property. Your real estate agent can help. You can also look at other condo sales ads in the area to find out what people are looking for. If other ads list a roof deck on the building, that can be an indication that such a deck is of interest to buyers. If your building has one, you will want to be sure to mention it.
#5 - Post ads on the MLS (multiple listing service) as well as in online classifieds and other real estate classified services that target condo owners. This will help potential buyers to find your condo.
#6 - Make sure your condo is priced in line with the market rate for other similar condos. Again, your real estate agent can help with this process.
#7 - Stage your condo. Just like selling a single family home, you want to make sure that your condo looks its best before buyers come. Storage space can be especially important in a condo, which tends to be smaller than a single family home, so make sure to declutter so buyers won’t fear that they’ll have no space to keep their stuff.
#8 - Hold open houses. You want to make sure it is easy for buyers to get to the open houses as well. If, for example, your condo is in a gated building or a doorman building, make sure you arrange to have the building gate open or the doorman let people up You don’t want to place obstacles in the way of a potential buyer seeing your home.
#9 - Prepare for a condo inspection. Most buyers will want to bring in a home inspector for the condo, just as they would for the home. Fix anything you need to fix, making sure to do so according to the rules of your condo association.
#10 - Be up front about fees and costs to buyers. If a buyer can’t quite afford the condo fees or association dues, it is better to know that up front before you and the buyer spend a lot of wasted time on a sale that won’t go through in the end.
Selling your condominium can be simple if you follow these ten tips and get the right help from a realtor.