To sell your condo suites over the last couple of years hasn’t always been easy – mostly due to market conditions for condos in the last couple of years. Some neighbourhoods have an abundance of condos for sale. Other neighbourhoods, the single family homes are more desirable than an apartment condo. The general market, the pandemic allowing more people to work from home (and need more space to do so), have all affected condo sales.
Working with a large number of condo sales, I’ve helped condo owners get their unit sold, when there are many other suites listed for sale in the same building. I work with my clients to understand their own goals for the sale of the condo, and then I develop a custom marketing plan specific to their suite. When I create my marketing plan, there are many elements (beyond these 3) we are reviewing in preparation for your sale.
If you are getting ready to sell your condo, then there are 3 essential ways to ensure your condo stands out to potential buyers. Keep these in mind as you interview and meet with real estate agents, to find the one who can best represent your suite.
1. Price Matters To Sell Your Condo
Especially when there are multiple condos listed for sale in the same building, your price for your unit matters. I work with my clients to help them understand recent sold history int their building. We also review the current suites for sale and their pricing, marketing and days on market. It’s really important that if your condo suite has superior size or inferior finishes, that your unit is priced accordingly to the others.
If your pricing is off, then buyers will easily bypass your suite. If a buyer feels your price is too high when they look online, they may bypass your suite and view the suites they feel are more ‘reasonably priced’. You do not want a buyer to bypass a showing in your suite due to price.
In one of my past condo sales, a building had a history of listing high to start, sellers would drop prices over 4 months. Eventually the condos would sell, all for a predictable price range. As I discussed this pattern with my seller, who needed to sell quickly, I offered a different pricing strategy. Instead of starting traditionally high, lets start closer to the final selling prices – with room to negotiate still. Her condo unit sold in 42 days, instead of the traditional 120+ days – because we started closer to where we knew we’d end in pricing.
2. Your Condo Online Images Matter
Your photos are your first showing. Professional photos of not only the suite, but of all the amenities the building offers. A buyer is not just buying your suite, but buying into the building. Make sure parking stalls, fitness rooms, social areas, courtyards, and views are included in the professional photos. Is there a shopping close by, or a park – be sure to highlight neighborhood amenities as well.
I go a couple steps further with my clients, as each furnished suite gets a complimentary staging consult with my interior designer. She helps you use what you have in your suite to make sure your home looks the best it can be in photos. Then, we also do a walk through video recording – this helps buyers better understand the layout in the suite. These online photos and videos help buyers visualize your suite. If the other suites are missing any of these elements, you will most certainly stand out and get more online views.
3. Your Condo Needs Creative Exposure
When your real estate agent is presenting their marketing plan, you may want to ask what forms of creative exposure they provide. I once had a condo suite that was competing against 7 other suites in a building.
It was winter, and this unit had a lovely forest view (instead of a parking lot view or shopping centre view that other suites had). I set up an open house event with all the other listings, so all suites were open for the open house. Instead of just sitting in the suite, I set up the condo to look like a lodge in a ski chalet – with vintage ski equipment, cozy blankets, and served hot apple cider and snowball cookies. I was dressed in ski gear and along with the stunning forest views, I had information on local bird watching information and binoculars available. Out of the 7 suites that open house, my suite got talked about by not only buyers, but other residents in the building, for long after that open house was over. Now that is creative exposure!
If your condo has a tennis court – I’m going to market it to the local tennis clubs and schools in the area. If your condo has a workshop, I am going to promote it to the local MenShed group. There is something unique about each building and suite – and my job is to find the creative angle to get your suite more exposure beyond MLS. I am also going to ensure it gets social media exposure on Facebook, Instagram, Kijiji and YouTube. Not all buyers are watching MLS everyday – so catching their attention online is crutial element to get your suite some creative exposure.
Condos are Different
For many homes, just putting a sign up in a neighbourhood will bring showings and buyers. Apartment style condos take more work to get exposure to enough buyers to find the one willing to write an offer.
Condos may take a little longer to sell and it may be more challenging, but with the right real estate agent, the right price, the right photos and the right creative marketing plan – you will have great success to sell your condo!
PS. Curious about the current market value of your condo – submit a request to get a condo valuation by email – always with no pressure or obligation to you! Just click here to share the details I need to know about your condo – and I’ll get to work for you!