Tom Lee ABR CRS GRI LTG SRES's Blog
Ready to sell your condo? As a first-time condo seller, it sometimes can be tough to streamline the process of finding interested property buyers and getting the best price for your residence.
Fortunately, we're here to help you simplify the process of selling your condo.
Here are three tips that every first-time condo seller needs to know.
1. Check Out the Prices of Comparable Condos
When you price your condo, it is important to set realistic expectations from the get-go. And if you ask too much for your property, it may linger on the real estate market for an extended period of time.
On the other hand, an informed condo seller will have real estate market data that he or she can use to gain an advantage over the competition.
How does your condo stack up against similar properties? Perform an in-depth assessment of the competition, and you'll be able to price your condo accordingly.
Check out the prices of recently sold and currently available condos. By doing so, you can better understand how to price your condo competitively.
Also, spend some time performing assorted condo interior and exterior repairs before you add your property to the real estate market. This will allow you to boost your condo's appearance both inside and out and make your property an appealing choice to condo buyers.
2. Conduct a Property Appraisal
Hire a property appraiser to inspect your condo. That way, you can receive expert insights into your condo's strengths and weaknesses.
During a condo evaluation, a property appraiser will review all aspects of a property. He or she then will provide you with an in-depth report that you can use to understand potential problem areas with your condo.
A property appraisal is a valuable learning opportunity, and you should try to make the most of it.
Choose a property appraiser with condo experience. This professional will be able to take a close look at your condo and help you prioritize potential repairs.
In addition, review a property appraiser's findings closely. This information will help you determine the best ways to enhance your condo and ensure it can stand out from the competition.
3. Work with a Real Estate Agent
When it comes to selling your condo, it is always a good idea to work with a real estate agent.
Hiring a real estate agent with condo experience is a must, particularly for a first-time condo seller. This real estate professional will teach you about the ins and outs of the housing market and help you promote your condo to the right groups of property buyers.
A real estate agent will set up condo showings and open houses and negotiate with condo buyers on your behalf. Plus, he or she will offer honest, unbiased condo selling recommendations to help you get the best price for your property.
Don't leave anything to chance as you get ready to sell your condo. Take advantage of the aforementioned tips, and you can accelerate the process of selling your condo.
21 Bradlee Road, Medford, MA 02155
When you put your home on the market, it would be nice if you could just put a “For Sale” sign out front, then the home would magically sell. Unfortunately, that’s not how it works. Most home searches begin online today. Then, buyers move to open houses and private home showings. Whether you live in a condo, townhouse, or a single family house, there’s ways that you can increase the amount of traffic to your home showing. The more people that see the property in person, the more likely someone is to buy it! You’ll need to work with your realtor to effectively market your home and make it easily available for home showings.
Don’t Require That Your Agent Be The Only One Who Shows The Home
The MLS is where properties for sale are listed and how realtors help their clients find homes. The listing should state that you have a lockbox available to allow other realtors to get into the home with a client. They will call first in order to set up an appointment for a showing. Also, don’t be restrictive for your showing times. Of course, your home won’t be available 24 hours a day, but you need to be flexible. Work with your realtor to set appropriate times for potential buyers to do walkthroughs.
Outside The Box Marketing Strategies
Aside from simply listing the home and posting it on social media, try other marketing methods. Maybe you can do some direct mailing to the neighborhood in order to announce that the home is for sale and showings are available. You can also put ads for the home showing in the local newspaper, on Craigslist and on Facebook message boards.
Don’t Forget The Buyer’s Agent Commission
Most likely, your listing agreement states that the buyer’s agent and the seller's agent are splitting the commission on your home 50/50. You can raise the amount of the commission and give the buyer’s agent a higher percentage to make the home more attractive to both realtors and buyers. Realtors are more likely to want to show the home, if they have a little extra incentive to bring clients to your home for sale. The money you get from the sale of your home is yours, so use a little of it to get your home sold faster, possibly for a better price.
Organize A Neighborhood Open House
If there are a few other homes in the neighborhood for sale, ask your realtor to try and coordinate with other agents to hold all of the open houses during the same hours on the same day. Real estate agents tend to love to work together because it gives mutual benefits to both parties. This strategy will attract a larger crowd because people who attend one open house will drive by with curiosity, or notice how close the open house listings are together and plan to visit all of the showings during that day.
If you plan your home showings right alongside your realtor, you should have your home sold in a timely manner to the right buyer for a great price.
Where you live may reveal a lot about your personality. The style of house that you live in may also indicate whether you're someone who prefers solitude to human connections or whether you're more introverted than extroverted. What your home location and style won't do is completely remove the organic need that humans have to connect with other living beings.
Rental housing communities prioritize building resident connections
This is where the importance of building strong residential communities comes in. Strong residential communities don't just happen. It could take months, even years, of work to build a strong residential community.
Managers of apartment units get it. Heads of permanent housing organizations need to start focusing on building community in areas that they manage. Actions that help to build strong residential communities cause neighbors to meet, communicate and interact. Examples of these actions include:
- Nature hikes - Parents or legal guardians sign permission documents for minors and accompany minors on the trips.
- Talent shows - In addition to providing residents a way to connect, talent shows give residents a chance to showcase their creative side.
- Holiday events - Christmas tree lighting events, winter sled rides and summer barbecues are a few holiday events that can bring residents out to interact with each other.
- Neighborhood clean ups - Instead of relying solely on local government to clean up their neighborhood, residents can schedule a date to work together to clean up their own or another community.
- Sporting events - Pick a sport (i.e. baseball, softball, basketball, flag football, ice hockey). Fun can be generated among dozens of people playing and watching athletic events.
Strong housing communities aren't just for rental properties
Housing associations may not prioritize building resident connections as assertively as managers of apartment units or a network of housing rental units. Driver of the change could be the length of legal and financial agreements that residents bind themselves to.
Move into an apartment or rent a house and you could legally cut your strings with the landlord in as little as 30 days. Spot mold, termites or a dangerous material like asbestos and you could break a rental agreement within days of giving the rental unit management office notice about the issue.
Because of these types of legal scenarios, keeping renters in housing units is not a given. Smart rental unit managers know this. Therefore, they take steps to not only attract but also retain good renters. Pool parties, giveaways, holiday gatherings, movie nights and sporting events for children, adults and some singled out just for pets are ways that managers of rental units retain good renters.
Whether these managers realize it or not, it's these same activities that help to build and strengthen community. As residents attend the events, they can't help but to see or maybe even strike up a conversation with a neighbor. Over time, these initial meetings could build into friendships. Neighboring conversations and meetings can also make a specific community feel "right" and hard to leave.
Neighbors may start to band together and support each other more deeply. They might also get more involved in social and community events that impact larger areas, perhaps a region of the city or county. When this happens, entire cities can get stronger.
It's this benefit that no town can afford to do without. This benefit is also what housing association management teams and other residential home ownership organizations may need to emulate. After all, great housing is about more than brick and mortar. Great housing is truly about community.