When selling your condo, whether it’s in a buyers market or a sellers, you’ll want to get it listed and sold as soon as you can. This will help ensure your chances of moving quicker to your next dream home, and can help you get a more preferable price before the listing sits on the market too long.
By the end of this article, you’ll know what steps you need to take in order to sell your condo quickly, regardless of the market conditions. Let’s dive in.
Table of Contents
- Make Sure You’re Ready to Sell
- Find a Trusted Realtor®
- Understand Any Fees, Assessments or Other Legal Items
- Consider Staging
- Market The Condo
- Working with Showing Requests and Open Houses
- Consider Clauses Buyers Can Include
- Working With a Fair Real Estate Agent
- Frequently Asked Questions
Disclaimer
The information contained in this content is general in nature and businesses/persons should consider whether the information is appropriate to their needs. Legal and other matters referred to in this article are based on Metro Vancouver Lifes’ interpretation of laws existing at the time and should not be relied on in place of professional legal advice. Please consult with the respective professionals during the process of selling a condo.
Make Sure You’re Ready to Sell
First, you need to really assess if you’re ready to sell, by asking yourself if you’re ready.
This may sound obvious, but there can be times when a hot housing market can bring out the emotional buyers who want to capitalise on the gains they’ve seen.
Maybe you saw your neighbours for sale sign and got excited about potentially buying a new home. Be sure the reason you’re thinking of selling is sound and well thought out.
Recommended Reading: 8 Items To Think About BEFORE Selling Your Home
Find a Trusted Realtor®
If you’re selling a condo, you’ll need to be familiar with strata documents, buildings, depreciation, and more.
It’s important to hire a real estate agent who has experience selling condos and is familiar with the process and the target market. An experienced agent will know the market, how to price a condo, and how to communicate important real estate deal information that someone not familiar with condos may not know. This can be a huge asset in selling your condo quickly and for the most money.
Why a Realtor®
One of the specialists you work with during the home-buying process should be a REALTOR®.
A REALTOR® is responsible for making the transaction as easy as possible for you. Not every licensed or registered broker or salesperson is a REALTOR®.
To be a REALTOR®, the agent must be a member of the Canadian Real Estate Association (CREA) and adhere to its strict standards and REALTOR® Code of Ethics.
Understand Any Fees, Assessments or Other Legal Items
A buyer will frequently inquire about the current maintenance rates, any recent hikes, any outstanding special assessments (also known as levies), and what has been paid over the last five years. The buyer will feel more at ease if you have all of that information ready for them and are willing to answer any questions they may have.
When selling a condo, there are sometimes an HOA or Strata involved which can make the process more difficult because there are more rules, regulations, and fees to deal with. Look into those specifics and have those details ready to provide to other real estate agents or potential buyers.
Consider Staging
When selling a condo, it is important to stage the home in order to make it more appealing to potential buyers. Staging can help make the condo appear more spacious, bright, and inviting, which can help increase its value and make it more likely for a quick sale.
Steps to take before staging your condo
1. Declutter
As a first tip, the less clutter you have in your condo the better. This means reducing the amount of stuff you have in your condo, storing away items in storage, or putting items in storage that you’re not using.
2. Let the Light In
Open up your curtains and blinds when you have people coming to view your condo. This will make your condo feel bright, airy and make it feel more spacious.
3. De-Personalize Your Condo
When you’re selling your condo you want the buyer to be able to imagine themselves living there. This means removing any personal items such as family photos, collections, and anything else that is unique to you.
4. Arrange Your Furniture Effectively
The way you arrange your furniture can make a big difference in how your condo looks and feels. Try to arrange your furniture in a way that makes your condo feel open and spacious.
5. Clean Your Condo
A clean condo is a must when you’re trying to sell. This means thoroughly cleaning your condo from top to bottom, including the windows, floors, and surfaces.
Market The Condo
As the saying goes, "you can’t sell a secret." In order to get people interested in your condo, you need to market it in the right way. Marketing is key to selling a condo in real estate, as it can help you reach a larger pool of potential buyers.
There are a number of different marketing strategies you can use to sell a condo in real estate. You can start by listing your condo on popular real estate websites. You can also use social media to reach a wider audience. You can also hold open houses and host events to generate interest in your condo.
The most important thing is to make sure your condo is marketed in a way that will appeal to potential buyers. With the right marketing strategy, you can sell your condo in no time.
Working with a trusted real estate agent will be your answer to effectively marketing your condo through the above strategies and beyond.
Working with Showing Requests and Open Houses
Selling a condo can be a difficult and stressful process, but there are some things you can do to make it easier. Here are three tips for selling your condo:
- Accommodate all showing requests. It may be inconvenient to leave your condo for an hour on a Sunday morning, but it’s important to be flexible with prospective buyers’ schedules.
- Don’t restrict showings. Allowing potential buyers to see your condo whenever they want will make the selling process go more smoothly.
- Be prepared for showings. Having your condo in show-ready condition at all times will make it more likely that you’ll get an offer.
All of this stress can be taken care of by a strong real estate agent that will conduct showings.
Consider Clauses Buyers Can Include
There may be clauses added in by the buyer during the offer stage that you’ll need to be ready for. This could include clauses to allow for certain inspections, requirements for updates and more. And these usually need to be complete before the offer will close.
That’s why it’s important to work with a reputable real estate agent who can guide you through the process of which offer will be the best for your situation.
Working With a Fair Real Estate Agent
Choosing to work with a real estate agent can be one of the best decisions you can make when it comes to buying or selling a property.
Agent’s expertise is used extensively to help you navigate through the ever changing real estate market.
When you work with a fair real estate agent, they’ll make sure to charge you a fair commission for the effort required to sell your home for what you’re looking for.
Frequently Asked Questions
How Long Does It Take To Sell A Condo?
The amount of time it will take to sell your condo is highly contingent on two things: the current market conditions in your area and the desirability of your condo. If the market is particularly hot where you live, your condo could potentially be sold within a day or two. However, if the market is cooler, it might take weeks or even months to find a buyer.
Can You Sell A Condo With Tenants?
You can sell a condo with tenants. If the rental agreement is month-to-month, you may just have to give the notice required in your province to the renter. On the other hand, certain buyers might not mind taking on renters for a period of time if they can’t move in right away. For more information on how this works specifically to homes in British Columbia, read this government resource on selling tenanted properties.