Tips for Selling Your Condo

For those of you who are already counting your capital gains on your recently purchased condos, my advice is never to underestimate the power of staging and marketing materials. With all the new projects being announced every few weeks and the large number of other sellers looking to lock in their gains now that the downtown market is no longer piping hot, how will your unit stand out, sell fast, and sell for the best price?

In no particular order, here are some things sellers overlook:

Price it right. Think about your pricing strategy based on your investment goals, timing, and budget. Price it too low and you may leave money on the table. Price it too high and and you risk pumping up your days on market only to over-correct often by a series of painful cuts.

Get the word out. Market your condo using a variety of demand generating vehicles beyond the MLS such as online, newspaper, direct mail, open houses, etc.

Stage it. If you have tenants, consider incenting them to keep the place looking tip top. If it’s vacant, consider professional staging so buyers can develop an emotional and apsirational bond with the unit.

After you’ve staged or at least freshened it up, don’t just whip out your PowerShot and upload the photos. Spend some extra time or money to take photos that really sell your property. Buyers often decide whether they want to view your unit by the second photo, don’t blow it.

Delight the buyer. From the ease of viewing, availability of background info on the unit and it’s advantages, rationale for the price, and responsiveness to buyer questions and offers, take a page out of Nordstrom’s book. For many buyers, an unresponsive seller, rude listing agent, or lack of timely information about the unit can drive a buyer to the unit down the hall.

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As an example of the power of staging and professionally taken photos, compare the pictures below which are for a unit I’m representing in Avenue One.