October 14, 2019
Preparing condos for sale can be a little tricky because you have to put into account everything from the current state of the market, the history of the market, the value of the condo, the value of the area around the condo, and in some instances, the buyers’ perception. It can be hard for people who are not professionals to do this, but the guide below should be of help.
Selling a condo is a little bit different compared to selling a house. There is a good chance you have sold a house before, but not a condo. Condos are becoming more and more popular every year, and it is important to know about the differences so you can be well prepared when you finally make the decision.
When selling a house, you own the property and you can decide where to put the for-sale sign which helps in showing the property. This is not the case with condos. There is the Condo board or property management who are going to dictate where you can put the lockbox. For Sale sign is not allowed because the lane outside the front door is shared between more than one condo. Another thing to keep in mind is some condo boards don’t allow open houses.
When you control one part of a unit in a building, it will involve working with the management, but that doesn’t mean you cannot work together.
Order the status certificate
One common mistake people make when selling a condo is failing to order the status certificate. You can get the document for $100 from the property management, and it shows the financial health of the building. Many of condo purchases are usually conditional on the buyer and lawyer reviewing the document. When you order this certificate on time, you will end up having a smooth and efficient sale. If the buyer is interested in the document, you can pull it out and give it to them.
Ensure the property looks the same as in the photos
You should have the property looking the same way it looked in the marketing photos. It doesn’t have to be 100% but try having it as close as possible. The buyers fell in love with what they saw on the photo, so don’t disappoint them. If they don’t see what they expected, they are going to be disinterested and turned off. Be honest because it is the best way to sell the property. You should also make sure you have put your valuables somewhere else because you can easily lose them just for the possibility of a sale.
If there are tenants, what should you do?
You should provide the tenants with a 24-hour notice before showing. It is a good idea to give the tenant a complimentary cleaning because it is in your best interest to have the property in the best light. You should inform the prospective buyers about the tenant because they might be interested in doing the same. You should be accommodating to both parties.
You should prepare the condo the same way you would prepare a house. You have less space with a condo compared to a home, which makes it very important to have less clutter. You should try your best to show the space in the best possible way.
Staging is an art that can go a long way in helping you sell the condo. Try your best to show the capabilities of your property. Have open spaces that imply the amount of stuff that can go there and the different purposes of that space.
Selling a condo is not that complicated, as long as you use the above tips.