How To Sell a Condo or Co-op

People buy a condo for different reasons than they buy a house. Knowing what motivates a condo buyer will help you market your condo using descriptive phrases that will be attractive. Remember that the condo you are trying to sell is more than a building; it is a location with cooperative amenities that can appeal to many different potential buyers.

Step 1

First things first.  To make your condo ready for sale, you need to clean and spiff up the place. If there are small, nagging little repairs that need to be made, contact your maintenance contractors immediately and get those done. If you can move out most of your stuff to leave rooms open and fresh, do so. And, if the landscaping crew has been a bit sloppy, ask for special attention to get the outside of your unit looking good. The polishing up is merely cosmetic, but it can help clench a sale for an interested buyer.

Tell everyone you know that you are selling your condo. That includes your condo neighbors, your coworkers, friends, and local merchants. This type of viral marketing can be amazingly effective, especially since many of the people you know may want a condo for the same reasons that you did. Also be sure to list your condo on FREEhomeownerlistings.com. It’s free and gets lots of exposure. If you plan to use an agent to help sell your condo, now is the time to find one that you feel comfortable with. You can find qualified agents in your area at Respond.com and most major realtors also have specialists to assist you in selling your condo.

If you decide to use a real estate agent or broker to help sell your condo, you have three types of listing options: An open listing that allows one or more brokers to offer the property and also gives you the right to sell the condo yourself and not pay a commission; an exclusive-agency listing with one broker that still preserves your right to sell the property yourself; or an exclusive-right-to-sell listing which gives only one broker the right to represent you and guarantees the broker a commission.

Step 2

How to advertise your condo for sale.  Although you will want to have basic information on size, number of bedrooms, and bathrooms, the key task in selling your condo is using “grabbers” that reflect what your potential buyers are looking for in selecting a condo. These grabbers might include:

  • Near mass transportation or business areas – “Walk to work”, “No more commuting.”
  • Easy access to shopping, theaters, and art venues.
  • If your location is near a golf course, lake, or ocean, be sure to highlight that, including access opportunities that are associated with residency.
  • If your condo management offers special amenities for residents, these can be great selling points for your condo – “bike security”, “storage for delivered groceries”, “exercise facility”, “nearby walking trials.”

 Other features of your condo for sale that will be desirable to buyers include:

  • Covered parking or for some areas, any reserved parking may be very important
  • Little luxuries in your condo for sale can push a potential buyer over the edge into signing a contract such as hardwood or bamboo floors, granite countertops, Sub-Zero refrigerator, and Bosch or Viking appliances.
  • Don’t forget - Elevators may be important to some older buyers.
  • And, if your condo may be attractive to younger families, be sure to mention access to and quality of local schools

After you have thought of all the special features of your condo that may attract buyers, put that information onto flyers for posting, emails to send to your friends and friends of your friends, and distilled to its essence for classified advertising.

Step 3

Condo’s etc. offers this additional thought for someone selling their condo - Offer Buyer’s Incentives such as:

  • A condo warranty.
  • Prepaid association fees for a year.
  • Credit toward the buyer's closing costs.
  • Buy down the buyer's mortgage interest rate.

Offering plasma TVs or vacations as an inducement to buy seems to be less successful than those incentives that are tied to the property itself.

Jason Kay recommends searching for condo listings at FREEhomeownerlistings.com.
 

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