How to Sell Your Condominium for the Highest Price Possible?
- July 20, 2023
- By Cody Battershill
5 Tips to Selling Your Condo for the Best Price
How exactly should you go about selling your condo in a way that maximizes its value? We all want to sell our properties for the most money possible, so it makes sense to take some small steps to give ourselves the best chance of getting the highest offer possible.
Below are a handful of simple, but effective tips to help guide you towards a successful sale! If you are thinking about selling your condominium, get a 100% free, no-obligation competitive market analysis today! Also see:
Hire a Condo Specialist Realtor®
Engaging a condo specialist real estate agent when selling your condo can be crucial for obtaining the highest possible price due to several reasons:
1. Expertise: Condo specialist agents have a specific understanding of condos, their unique features, and an intimate understanding of the segment’s market dynamics. Their specialist knowledge can help set a realistic yet attractive price, create bold marketing strategies, and provide professional negotiation tactics that reflect the best interests of potential condo buyers.
2. Experience: Condo specialist Realtors® will undoubtedly have previous experience selling condos like yours. They can leverage this experience to avoid potential pitfalls, navigate any challenges, and streamline the selling process to the highest bidder.
3. Network: Condo specialist real estate agents often have an extensive network of potential buyers and other agents who are interested in condos specifically. This network can be beneficial in finding the right buyer who is willing to pay a premium price for your apartment. Never take networking sales for granted – they happen more often than you think, especially in tight markets!
4. Negotiation Skills: A condo specialist agent will assist in brokering a deal between you and prospective buyers. Their negotiation skills, rooted in their understanding of the condominium market, could help you secure a better price.
5. Effective Marketing: Utilizing their expertise in the sector, condo specialist real estate agents can create an effective marketing plan for your apartment from the ground up. Ask your agent about what their plan is for your property.
Time Your Sale Accordingly
Selling your condo at the right time of the year is very important for several reasons, especially if your goal is to get the highest possible price for it. Here are a few reasons why:
1. Real Estate Market Dynamics: The housing market has its peaks and troughs throughout the year. These are linked to numerous factors such as economic conditions, employment rates, and consumer confidence levels. Therefore, listing your condo when the market is on an upturn can raise the final selling price.
2. Buyer Activity: Certain times of the year typically see more buyer activity. In Calgary, Alberta, for example, the spring and summer months are when most people are looking to buy, as they often want to move before the new school year starts and avoid relocating during the bitter cold winter. More prospective buyers can result in increased demand, possibly resulting in a higher sale price.
3. Home Presentation: Selling your condo during a time of potentially clear weather, like the spring or summer months, allows you to make the most of natural light and warmer temperatures. This makes the property appear more inviting and can boost its curb appeal. It also means there will be less mess from slushy boots and shoes during showings, and less cleaning for owners.
4. Neighbourhood Sales: If similar condos in your building or neighbourhood have sold recently for good prices, it could be an ideal time to sell yours as well. Potential buyers and real estate agents may predict the local market trend from those sales and perceive your condo as a worthy investment.
Make the Best First Impressions
Making a positive first impression when selling your condo is very crucial if you want to achieve the highest sale price, for the following reasons:
1. Creates Instant Appeal: When potential buyers first see your property, they form an opinion practically instantly. A condo that looks appealing – i.e. fully cleaned, decluttered and staged - at first glance will attract more interest, leading to higher offers or even a bidding war.
2. Draws Buyers In: Buyers browsing listings online often judge properties based on their initial appearance. A well-presented condo with professionally done photos will entice buyers to look further and consider your apartment seriously.
3. Puts the Buyer at Ease: First impressions also affect how a buyer examines the rest of the property. If the initial impression is positive, they are more likely to overlook minor flaws and not search excessively for issues – although this isn’t guaranteed. We always recommend potential buyers to go through every showing with a fine-toothed comb.
4. Shows Readiness of the Condo: A positive first impression sends a message that the condo is well cared for and ready to move in. Buyers are usually willing to pay a higher price for a property that does not require immediate maintenance, work, or repairs.
5. Stimulates Emotional Connection: Buying a home is not only a financial decision, but an emotional one as well. A great first impression can help potential buyers envision themselves living in the condo and make them more attached to it, thus enhancing its perceived value.
Stage Your Condo for Showings
Staging your condo for viewings is part of making a good first impression. Here are a few tips on how to go about staging your condo effectively to sell it for the highest price possible:
1. Cleanliness: A thorough cleaning is the first step; it is critical that every part of your apartment must look well-maintained. This step not only includes cleaning surfaces but also inside cabinets, drawers, appliances etc. Also make sure that your condo is odour-free, as a bad smell can throw potential buyers off with just a whiff.
2. Exterior Appeal: Your condo’s exterior (if you have one able to clean) is the first thing potential buyers will see. If you can, ensure the entrance is inviting and well-lit. Little touches like a new welcome mat, potted plants, or a freshly painted front door can make a big difference in making a good first impression during showings.
3. Furniture Arrangement: Reduce the amount of furniture if possible and rethink their placement. The goal is to make the space look bigger and allow potential buyers to visualize living in it. Ensure there is enough space for people to move around easily.
4. Ample Lighting: Proper lighting can make your condo look more spacious and inviting. Make sure your windows are clean to allow natural light in and all drapes or blinds are open. You might also want to consider adding more light fixtures or using brighter bulbs to enhance the lighting in particular rooms.
5. Décor Choices: Try to keep the décor neutral. Not every buyer will have the same design taste as you, so it's safer to stick with colours and styles that are universally appealing.
6. Depersonalize: To help potential buyers envision themselves living in the condo, remove personal items like family photos, children's artwork, or unique collector items.
7. Home Staging: Consider hiring a professional stager. They can provide tips tailored to your condo's strengths and can appropriately stage key rooms.
8. Internet-Based Advertising: In today's digital age, promoting your property online is crucial. Good quality photos and virtual tours can attract more prospective buyers.
Have an Exceptional Marketing Plan
Part of selling your condo for the highest price possible is having a professional marketing plan in place to get the most attention from potential buyers. Your condo specialist may or may not utilize the following methods:
1. High-Quality Photos & Virtual Tours: The first sight of the condo the buyer will get is through the photos you post online to the MLS® or whichever IDX listing service in your area. High-resolution pictures capturing the best features of the condo is a must. Consider including a virtual tour as well, which gives potential buyers a real-life perspective of the home, making them feel like they're walking through the condo themselves.
2. Effective Description: A well-written, detailed, and persuasive description highlighting the unique features of your condo is essential. Mentioning the location, nearby amenities, recent upgrades, the view, and unique perks will attract buyers. This description should be written in a way to romanticize the best parts of your condo for anyone reading about it.
3. Social Media Marketing: Use various social media platforms like Facebook, Instagram, Twitter, or LinkedIn to promote your listing. These platforms can quickly reach a broad audience. Your realtor may also decide to run targeted ads that focus on people interested in real estate within your condo's geographic area.
4. SEO Optimization: Use a condo specialist Realtor® with a highly search-engine-friendly website that shows up for condo-related keywords. Doing so will increase the chance that your condo will be seen as part of the “featured listings” by potential buyers online.
Get in touch with Calgary condo specialists and professional Realtors® with RE/MAX House of Real Estate today! We are looking forward to helping you accomplish your condo selling goals in the Calgary Metropolitan Area and are confident we can make your next transaction a huge success!