Top 7 Condo Sellers’ Mistakes you can Avoid
Selling a home can be emotionally draining and tough. The problem is magnified when selling the condo itself is hard. Some factors or mistakes can make a condo hard to sell. Here are some mistakes to avoid if you want your condo to sell fast and for the best price;
- Listing without preparing to sell – Sellers should never skip the preparation step in selling a condo. Clean, declutter, repair and depersonalise your home before listing. Buyers are wary of the ‘as is, where is’ in the listing. It connotes issues regarding the property’s condition or documentation, hence they will be on the lookout for problems, which would either be used as a negotiating control or as a decision point. So, you can only lose potential buyers or sell at a much lower price.
- Pricing too high or too low – Appropriate pricing is key to attracting the right buyers. Pricing too high will drive buyers away while pricing too low will cast a doubt on your property’s integrity. Buyers will think that your condo has some issues, thus, the price. Or, that you are a distressed seller, which will put you at a disadvantage at the negotiation table. Real estate pricing is complicated. It does not only take your purchase price and costs as its basis, it also takes into consideration the average market price, the number of similar properties in the market, the country’s economic condition and a lot more.
- Hiring the wrong agent – There are several classifications and expertise amongst Toronto real estate agents. Most agents can work on any given transaction, but many focuses on a certain field of expertise. While a rural acreage agent can help you sell a condo, he or she won’t be as effective and efficient as a condo realtor. When selling a condo, choose an agent who has the expertise and exposure to the condo market and industry.
- Not using professional photos – Your condo’s photos will introduce your home to its next owner. Buyers will not view homes that do not look good on the MLS listing, websites and other marketing channels. Grab prospect buyers’ attention with professionally taken photos. These professionals can also help you stage the home to capture its best features.
- Showing the condo yourself – It is never a good idea for the sellers to be present during showings or open houses. Buyers will feel as if they are almost intruding on a private space. Your goal is to make the buyers comfortable in your home – to make them feel ‘at home’. Not hiring an agent and showing the condo yourself will create an awkward tension as the buyer will not feel comfortable pointing out or discussing faults or great features with you.
- Refusal to negotiate – Home and condo sellers must always be prepared to negotiate. Selling is a two-way process that involves the buyer and the seller. Give the buyer a little handle in the negotiation. Listen to what they have to say, if they point out a problem, offer to fix it or adjust the price. Another aspect of negotiation is the possession date. What is convenient for you might be impossible for the buyer. Try to find a common ground with the buyer before you completely reject the offer.
- Not hiring an agent – A professional real estate agent specialising in condos will help you from the first step of selling your condo to closing the deal and documentation processes. The agent can appropriately price your home, effectively promote the listing, negotiate the sale and handle the paperwork.