Most condo sellers hope to sell their condo at the desired price in record time. However, many times sellers see their sitting in the market for too long, wondering why is that, especially if they are selling in a high-in-demand market like Downtown Toronto.
Sellers can use the vibrant Downtown Toronto real estate market to their advantage, but it does not mean that they should rely on the favorable conditions only. Selling a condo requires work. It is more than just placing a For Sale ad and hoping a buyer will come along.
Sellers need to get homebuyers on their side with the right marketing strategy, the right price, and good value for money. This is exactly where most of them make mistakes. Here are the top 3 things sellers should avoid:
Not getting a listing agent on board
Going without an agent means going without the great connections they have to get you in touch with potential buyers. Listing agents have an incredible network of valuable contacts. They will be quick to spread the word among their fellow agents about the new listing – your condo which immensely increases your chances for more condo showings. On top of that, they will help you with marketing, valuable tips that increase condo worth, and negotiation tactics to get the most out of the deal. They will also know what is legally binding, helping you avoid any legal issues.
A good real estate agent will be there from the beginning to the end, making sure you are taken care of in all aspects of the selling process.
Setting the wrong price
Wanting to sell your condo for as much as you can get is understandable, but the market is king in determining prices. If your asking price for your Downtown Toronto condo seems more than what condos in your neighborhood sell for, condo buyers are likely to pass on the opportunity.
On the other hand, pricing your condo too low won't attract condo buyers either. Even if you are in a hurry to sell, a low asking price can make it look like that there is something wrong with the condo. Condo buyers will wonder what hidden threats could lie behind it, and they are probably not going to take the risk to find out.
Pricing is a sensitive matter and one of the most difficult decisions to make. A listing agent comes in handy here as well. They will know more about the market conditions, comparable prices in your area, and how the condition of your condo affects your condo worth. Sellers tend to be subjective about the price, while a listing agent never is. They are not emotionally attached to the condo so they will have a better sense of what is realistic and what is not.
Not making the condo sale-ready
Making the home sales-ready means making it presentable before it goes on the market. Spend some money on small updates to generate higher ROI (Return on Investment). No one says you should remodel the kitchen or the bath from scratch, but repainting your kitchen cabinets, changing outdated faucets, or refreshing the walls for the sake of the sale is a way to get the attention of buyers and sell at a higher price (find more about it here). Today, most condo buyers are millennials and they like move-in ready condos. They want features that improve the looks of a condo and they are ready to spend a few bucks more for the convenience.
Bonus tip: Don't neglect marketing and advertisement
Your condo may have all the desired qualities, but if you don't get the word out, it could easily go unnoticed. Targeting the right audience at the right place is key. The best way to do so is through your listing agent. They will target the right groups through MLS, local websites, most popular real estate national websites, banners, and flyers, and make sure your condo gets the exposure it needs.
How to advertise is as important as where to advertise, so make your condo worth a second look.
We see so many listings with dishes peeking in the background, an overfilled coatrack in the corner, and even floors with items scattered all over it. Such photos (usually taken with a cell phone) don't send the message you want to convey. Make your condo show-ready before the photoshoot. This means cleaning, decluttering, staging, and accentuating your biggest selling features. That's the kind of advertisement that gets condo buyers to dial your number.
For more selling tips, make sure to contact me.