How to Sell Your Condo
Selling a condo can be a complex process, but with the right guidance and approach, it can also be a smooth and successful experience. In this blog post, we'll share some key tips and strategies for selling your condo and getting the best possible price for your property.
Getting your condo ready for sale means more than just putting a “for sale” sign in the front yard. Before you list your condo and invite prospective buyers in, you’ll need to declutter and depersonalize the space by removing personal possessions like family photos, religious items, and political items. You want potential buyers to be able to imagine themselves living in the condo, and it can be difficult to do that if they are bombarded by personal reminders. For more information on the benefits of decluttering your home, read Decluttering for the Intentional Home.
You should also remove any clutter. This includes unnecessary furniture, knick-knacks, and anything else that takes up space and makes the condo feel cramped. Get rid of anything that you don’t absolutely need—this includes anything that takes up space on counters, walls, and other surfaces. Strive for a clean, open, and neutral environment to make the condo more appealing to buyers. For things that you absolutely want to hold on to, try to stow them away in organized closets or cabinets. You could even rent a storage unit if you have larger objects or too much to be stowed within the unit, keeping your belongings safe during the transition.
Your condo is more likely to sell quickly when it looks its best. Start by cleaning the condo from top to bottom, dusting, vacuuming, mopping, and wiping down all surfaces. You should also wash all windows and blinds, declutter closets and pantries, and make sure the bathrooms are sparkling clean.
You should also make any necessary repairs. This includes repairing any broken windows or doors, fixing any leaky plumbing, and tightening any loose hinges. Hire a professional to do the work for fixing big-ticket items. You should also have the HVAC system inspected and serviced if necessary.
Finally, take a look at the condo from the outside. You'll want your landscaping in good condition and the exterior of the condo to be free of dirt, cobwebs, and debris. A fresh coat of paint or sealant on the exterior of the condo could go a long way.
Setting the right price for your condo is essential. Obviously, you are going after a good return on your investment, but you don't want to price it so high that it turns away potential buyers. The best way to set the right price is to research comparable condos in the area and see what they are selling for.
You should also factor in any upgrades or renovations you have made to the condo since you purchased it. If you have made any improvements, you could potentially ask for a higher price, but if you have done nothing to the condo since you bought it, you should stick to the market value. Be sure to include any selling fees in your budget, such as closing costs and agent commissions. To attract more buyers, consider setting the condo price slightly below its market value.
Creating a listing on UnrealEstate.com is the first step to getting your condo sold. UnrealEstate.com gets you nationwide exposure while also saving you time and money by cutting out the middlemen and ditching unnecessary fees. It's easy to create a listing, simply register as a seller and then fill out your listing information, including photos, location, and amenities.
We highly stress taking plenty of high-quality photos of the condo, both interior and exterior, so that buyers want to schedule a viewing. It seems superficial, but unclear or poorly-lit photos can easily turn someone away from wanting to see your condo in person. By posting your contact info in your listing, potential buyers can reach out to you with questions and concerns for a smoother selling process.
Advertising through social media is another great way to get your condo sold. Social media sites like Facebook or Instagram allow you to share your listing with your community, and hopefully, your network can pass it on to someone interested or in the market. Before buying an ad, ask friends and family to re-share your post. To advertise on these sites, you'll need to create an ad that is specifically targeted toward the audience you are trying to reach.
Create a social media ad that is visually appealing and includes all the necessary information about the condo. Set a budget for your ad and track the results to ensure that your marketing strategy is effective.
Without prying into their personal life, try to understand what is driving the buyers’ decision before starting negotiations. This knowledge can help you tailor your negotiation approach to better suit their needs and reach an agreement that works for both of you. Knowing the current local market trends and what buyers are looking for in the area will help you when it comes to setting the right price and negotiating with potential buyers. Understanding what they are looking for and what matters to them can help you craft a winning negotiation strategy that meets both parties' needs.
Preparedness and flexibility is the key to successful negotiations. Have all of the necessary documents and information ready to present to the buyer, such as the condo's HOA agreement, recent sales in the area, and other relevant documents. Figure out what terms you would like to propose to the buyer regarding the payment plan, closing costs, and other relevant details.
Negotiations will run better when you are open to different terms and conditions that the buyer may propose. Anticipate that the buyer might ask for a lower price or a different payment plan, and try to accommodate by asking for a favor in return (like if they are willing to cover the closing costs or something that works out in both parties' favors).
Hiring an attorney to review the contract before you sign it is a must when selling a condo. A lawyer can make sure the contract is legally binding and covers all your bases. Your lawyer will also be able to explain any legal jargon that you don’t understand, and make sure that all contracts and documents are in order. Make sure to have your attorney present at the closing, or have them review the documents before signing.
It’s also important to have an attorney ready to answer any questions you may have about the sale, taxes, liens, or other liabilities. This is particularly important if you’re selling the condo as part of a divorce, or if you’re dealing with complex issues such as a title dispute. In the end, a present attorney can protect you from unforeseen circumstances and confirm that you are getting the best deal possible.
Before signing the closing documents, it’s important to review the contract carefully. Make sure that all of the details of the sale are outlined clearly and that you understand what you’re signing. Double-check that you’re not responsible for any potential damages or repairs after the sale. Our blog post, What are hidden fees when you buy a condo, outlines a comprehensive list of fees you might not catch at first.
When both parties are ready to proceed, all documents need to be properly filled out, signed and notarized. This involves the deed, the title, and the closing statement. Finally, both the buyer and the seller should receive a copy of these documents and a receipt for the closing costs. After confirming the transfer of funds, the sale is final and you’re ready to move on with your life.
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