4 Tips for Selling Condos

Written by Posted On Sunday, 24 February 2019 22:29

Condos are an affordable option for buyers who want their own home, but there comes a time when many owners want to move on. Selling a condo isn’t like selling a home. You’re catering to a specific market of buyers, and you need to be strategic when marketing condos.

Use these four tips to sell condos more quickly.

1. Know When to Sell

Condos have lower maintenance costs compared to detached single-family homes, and condos tend to sell more quickly even when markets are down.

Still, it’s important to consider when to sell. The time of year can be a strategic consideration. As a general rule of thumb, spring is the best time to sell properties and winter (particularly the holidays) is the worst.

But with condos, conventional wisdom may not apply, especially if the property is located in a vacation area. In this case, you’ll get the best price and the quickest sale at the peak of tourist season.

2. Know What the Association Allows

Every condo association has rules that dictate what you can and cannot do with your unit. You’re probably well aware of these rules by now, but they’ll also affect your sale.

The condo association may restrict who you can and cannot sell to. The buyer may also have to be approved by the association, and you may not be permitted to put a sign in front of your unit.

Find out all of this information before you even list your condo. Understanding the rules will help make the sale go as quickly and smoothly as possible.

3. Promote Amenities

Condos may not have big backyards to boast about, but most communities do have amenities that detached homes don’t normally offer. Promoting these amenities will help get more potential buyers through the door.

Let’s say that you own a condo in Myrtle Beach, South Carolina. You may promote that your property:

  • Is a short distance from pristine beaches
  • Is in an area with more than 100 golf courses
  • Has an on-site gym
  • Offers a community pool

It’s also important to focus on the selling points of your particular unit. Maybe your condo has more storage space, or you’ve just remodeled the kitchen. Focusing on your unit’s unique selling points is important because there are few things to distinguish one unit from another.

Your real estate agent can help you create a list of amenities and assets that buyers will be interested in.

4. Staging

Staging is important for any property, but it’s especially important when selling a condo. In communities where units look the same, staging can set your home apart from others.

Hiring a professional stager may be the best option, but you can also do it yourself. One of the key most important things is to remove personal items, like family photos. This will allow buyers to envision themselves living in your home.

It is especially important to remove clutter from storage areas. Storage is already limited in a condo. Eliminating clutter will make the space appear larger.

Selling a condo isn’t like selling a home, but they can move quickly if the right steps are taken to stage and market the property.

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James Stevenson

Hi, My name is James and I've been involved in the property and real estate industry for 10 years now. I hope people will like to read about my thoughts and experiences in the industry and please contact me if you want to discuss my articles further!

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