Selling a Condo: Top 10 Pitfalls

September 23, 2010

Selling a condo can be an emotional moment depending on the circumstances that surround the sale. As such, many sellers often miss the opportunity of getting the sale price they want because they are too focused on selling or their own personal problems than on presenting. Buyers want to know that the condo they are planning to buy is one that will guarantee comfort, safety and not add unnecessary expenses to their budget on a monthly basis. As guidelines, some of the key pitfalls to avoid are:

Elevated Selling Price

The selling price that you plan to establish has to be based on typical condo sales in the area in question. Some owners forget this detail and only focus on the profit that they want to get once the have found an interested buyer. The higher the price, the more people will expect from the condo being sold and the more likely the chances of them losing interest in the actual condo when they feel they can get a cheaper price. Always be realistic with the price you have in mind and base it on the market trends that are in effect to sell a condo.

Lack of Curb Appeal

No matter how attached you are to your condo, when it is time to sell it then you should cut all strings. This means remove all personal items and pictures so that when potential buyers walk in they are seeing the place they plan to live for a few years and not your own home. Though this might be one of the most obvious points, many sellers do not make an effort to ensure that they are marketing their condo by appearance and just by well rehearsed lines and sales posture. The more appealing a condo and its owner are the higher the chances to sell a condo and get the price that you plan for.

Working With The Wrong Realtor

If you plan to hire a realtor, it is imperative that you hire someone that has years of experience in real estate and is capable of identifying a real buyer from a mere looker. Not only will this save you time, it will also save you money, planning and much more. Your realtor should be professionally equipped with the necessary knowledge to know the necessary steps that have to be taken to make the necessary investigation about the purchasing power of the buyer in question and their credit standing. You should not be required to remind you realtor about his or her responsibilities, if this is the case then it may be best to get a new realtor.

Binding Contracts That Guarantee Little Flexibility

If you are hiring a realtor estate agency that specializes in selling condominium, then chances are you will be given a realtor to help sell your condo. Before you actually sign the contract that the real estate agency gives you, take the time to read it through carefully to ensure that you are the person that will be in charge at all times. In the event your realtor is not performing according to what was expected, you should have the right to fire him or her and choose another real estate agency if necessary.  You should also ensure that the real estate agency does not simply replace the realtor that you fired with another one without consulting you first to ensure that you are satisfied with their services.

Limited Marketing Tactics

Gone are the days when anyone that wanted to sell a condo had to just prepare an ad to get this done. With more and more condo sales in Toronto, the real estate market has become quite competitive and buyers more demanding about what they are expecting for their money. You should also not be led to believe that having a open house will guarantee that you will sell your condo. Many people that appear at open house are more interested in seeing what you have to offer, than actually buying. You should therefore ensure that you are using all the possible marketing tactics to get potential buyers to your condo for the price that you have in mind.

Focusing On The Wrong People

If you plan to sell a condo for the fist time, then you will need to know how to identify legitimate buyers from those that are just curious to see that your condo looks like. Many sellers  end up wasting a lot of time with people that have no interest in buying their condo and when they finally find this out they would have missed the real buyers.

Holding Out Too Long

Many people who want to sell a  condo, want the highest price they can get. This mindset blinds them for seeing the possibility of selling at a slightly lower price. They hold out on selling at the fist offer they receive, with the belief that they will get many more offers. What they discover as time  extends itself is that they are not getting the price they want and are forced to sell at a even lower price than previous offers that they received.

Expensive Reforms

It is good to ensure that you are taking the necessary steps to prepare your condo to be competitive on the market. However, you should also ensure that you are not spending above what you can manage with the hope of impressing potential buyers. If you are not able to cover the reform in the selling price, then chances are you would have lost your money in giving your condo a sale appeal. Look at what is needed and compare the current appearance of your condo, with what is being offered on the market. If you really need to make repairs and reform before selling your condo then consult an interior decorator to get some ideas.

Incomplete Contracts

Consult a real estate  lawyer to ensure that you have covered everything that is important in the contract. A contract is not made up based on sale price and names, there are a lot more details that will have to be added to ensure that you do not lose anything when you sell your condo. Not only can lack of information or failing to cover certain items in a contract prove to be dangerous, it can cost lots of money if you sold it to a ill intentioned buyer that wants to take advantage of your ignorance.

Wrong Attitude

Do not hunt down potential buyers with persistent phone calls, because this can be a real turn off. Give all your potential buyers room to breathe and think without trying to manipulate them to buy your condo. A good attitude is known to increase condo sales.

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