Tips To Sell Your Condo Fast: 10 Best Tips For Selling A Condo

by Richard Morrison
January 20, 2020
Selling
0

Selling a condo can seem daunting, but it doesn’t have to be with the right preparation and knowledge. As a realtor with over 10 years of experience in the condo market, I’ve seen it all. From underpriced units that sold in days to overpriced listings that sat for months, proper planning and execution are key for a successful condo sale.

Table of Contents show

Key Takeaways: How To Sell Your Condominium

Research and share condo association documents and rules upfront.
Price competitively based on recent comparable sales and current competition.
Thoroughly prepare your unit for showings and open houses.
Gather relevant documents like warranties, manuals, and improvement invoices.
Make minor repairs and affordable upgrades to freshen up your condo.
Hire a real estate attorney to protect your interests during the transaction.
Declutter and clean to showcase your condo in its best light.

1. Research Condo Association Rules and Documents

Before listing your unit, you need to fully understand the condo association governing documents, fees, and rules. Share the declaration, bylaws, budget, minutes, reserve study, and any other relevant documents with your realtor and attorney to determine if there are any red flags.

Make sure you disclose all fees, dues, assessments, rental or pet restrictions, and other rules upfront to potential buyers.

2. Price Your Condo Right

Pricing is everything when selling real estate. If you price too high, your condo may sit on the market while buyers snatch up more reasonably priced units. Price too low, and you leave money on the table.

Work with your agent to study recent comparable sales and current competition. Look at location, size, amenities, upgrades, and condition to determine fair market value. Price slightly below similar active listings to generate quick interest.

3. Hire an Experienced Realtor To Sell Your Condo Fast

Not all real estate agents are created equal when it comes to selling condos. You need someone intimately familiar with condo purchases who can guide buyers through the unique process. Ask prospective agents how many condos they have sold, what their average days on market is, and if they have a list of past client referrals.

4. Prepare for Showings and Open Houses

Showings and open houses are inconvenient but necessary evils of selling real estate. The more potential buyers who see your unit, the more likely you are to land a great offer.

Deep clean and stage your condo to make it appealing and spacious. Remove clutter, personal photos, and oversized furniture. Add decor touches like plants and artwork. Make repairs ahead of time. Keep showing times flexible and accommodate every request.

5. Gather Important Documents

Beyond the condo association paperwork, you also need other key documents ready for buyers. Gather warranties, instruction manuals, home improvement receipts, utility bills, and any other applicable documentation.

Potential buyers want to see service records for furnace, AC, appliances, water heater, etc. Have invoices for upgrades like flooring, countertops, and bathrooms on hand.

6. Make Minor Repairs and Stage Your Condo

You don’t necessarily need a top-to-bottom renovation, but some minor fixes and improvements can go a long way. Replacing worn flooring and painting dingy walls are affordable ways to freshen up your condo. Repair leaky faucets, sticky doors, cracked grout and other small flaws.

Consider hiring a handyman to take care of an assortment of minor repairs for a reasonable flat rate.

7. Hire Real Estate Attorney

In many states, real estate transactions are handled by attorneys rather than agents. But even in states where it’s not required, hiring a lawyer who specializes in condo sales can provide helpful protection.

They will review all contracts, association documents, title work, etc. to make sure your interests are covered.

8. Declutter and Clean To Get Your Condo Ready

Packing up and decluttering your condo serves double duty – you get a headstart on your move while also showcasing your condo in its best light. As the saying goes, less is more. A tidy, minimalist look allows potential buyers to envision the condo as their own.

In addition to packing up your belongings, give every surface and fixture a thorough scrub down. Clean windows let in maximum light. Wash flooring, sanitize bathrooms and kitchen, dust ceiling fans and baseboards.

9. Plan for Home Inspections

Home inspections are a normal part of real estate transactions. When you receive an offer, it will likely be contingent on a professional inspection. Rather than crossing your fingers and hoping for the best, assume that an inspector will find every flaw.

Walk through your condo with a critical eye. Check appliances, plumbing, electric, HVAC, windows, doors, walls, ceilings, vents, and anything else that may need attention.

10. Interview Multiple Real Estate Professionals

I can’t emphasize enough the importance of having the right real estate agent in your corner. Don’t just go with the first one you find or randomly pick a name out of the phone book. Vet several candidates to find the ideal fit.

Ask the tough questions – years of experience, average sale price, number of days on market, number of condos sold, marketing strategies, reviews.

Navigating the Condo Minefield

Selling a condo introduces extra layers of complexity compared to other real estate transactions. Contending with condo associations, title issues, sharing walls with neighbors, restrictions on pets and rentals, and more unique condo challenges can quickly overwhelm first-time sellers. But armed with the right knowledge, condo sellers can adeptly navigate these potential minefields.

Condos Associations

Condo associations, which are essentially like Stratas for multifamily buildings, are a defining feature of condo ownership. While they provide certain benefits like shared amenities and community rules, condo associations also wield immense power over properties. As a seller, you need to ensure you follow all regulations during the sales process.

Most buyers will make their offer contingent on reviewing the Strata rules, bylaws, budgets, meeting minutes, and other official docs. Not disclosing this paperwork upfront can delay closing or even derail the deal entirely if the buyers find something concerning in the fine print.

Title Challenges

The legal ownership documentation of a property is known as its “title.” Condos can present unique title challenges that don’t affect single family homes. For instance, you own your individual unit, but shared elements like lobbies, elevators, pools, and more belong to the association. Easements and overlapping boundaries can further complicate the title.

Your attorney will handle the title work to ensure it transfers cleanly from you to the buyers. If there are any issues like pending litigation, outdated descriptions, unreasonable restrictions, etc. these must be dealt with before closing.

Shared Walls and Neighbors

One unavoidable downside of condos is sharing walls with neighbors. Noisy or obnoxious neighbors can detract from your lifestyle and even make selling more difficult if they make showings an unpleasant experience. Pay attention to any concerning behaviors like loud music or yelling.

Pet and Rental Restrictions

To maintain a desired community environment, many condo associations impose strict limitations on rentals and pets. For instance, some complexes cap rental units at 10-15% of total properties, so check if your condo is even eligible to be rented out.

Make sure all your marketing materials are transparent about any restrictions on pets or renting out the unit. You don’t want to bait and switch buyers who expect to move in with their German Shepherd or plan to generate rental income.

Overcoming Obstacles During a Condo Sale

Selling a home is never completely seamless, and condos bring added layers of complexity. But forewarned is forearmed when it comes to avoiding pitfalls. Here are some of the most common obstacles that can arise during a condo sale and tips for overcoming them:

Multiple Offers In Real Estate Market

In a hot market, you may find yourself fielding multiple competing offers on your condo. While that seems like a good problem to have, it can present some challenges. You don’t want to accept an offer only to have a better one come in an hour later.

Give yourself adequate time to receive all offers before reviewing them. Have your agent request “highest and best” from bidders who meet your basic criteria to pit them against each other. Don’t get pressured into accepting an early offer until you’re confident it’s truly the strongest.

Low Appraisal Can Make It Hard To Sell

Lenders require an appraisal to ensure the loan amount is justified by the property’s fair market value. If the appraisal comes in lower than the contract price, the buyers will need to pay the difference in cash or renegotiate with you.

Ensure you’ve priced right from the start using thorough comparable analysis. Highlight upgrades and improvements the appraiser may overlook. Provide comps the appraiser doesn’t have proving your price is justified. Negotiate credits or repairs to bridge the appraisal gap if there is one.

Delayed Closing

Snags like an unpaid water bill from the condo association, title problems, or inspection issues can delay closing. Make it a priority to take care of any known liabilities with the association ASAP. Order title work immediately and resolve problems early.

Difficult Buyers

Even the most perfectly listed condo can attract problematic buyers. They may make unreasonable demands, drag their feet on paperwork, try to nickel-and-dime you over repairs, or act dodgy when asked to verify funds.

Don’t reward bad behavior. Politely stand firm on your listing terms and don’t cave to manipulative tactics. Your agent should run credit checks and employment verifications to sniff out red flags. Don’t be afraid to walk away from a toxic deal.

Key Condo Sale Success Strategies

Drawing on first-hand experience from my decade-plus as a realtor, here are some of my most effective strategies for ensuring a smooth condo sale:

Host Open Houses Strategically – They can attract looky-loos more than serious buyers. But an open house right before offers are due could motivate interested buyers.
Market Specifically to Condo Buyers – They want lower maintenance living and amenities. Families tend to prefer single family homes. Target your messaging accordingly.
Provide Strata Info Upfront – Don’t wait for buyers to request rules, docs, and estoppel certificates. Gather everything early to share proactively.
Incentivize a Quick Sale – Consider credits at closing or other perks to motivate buyers and give yourself an edge over competing listings.
Negotiate Appliance Inclusions – Kitchen appliances tend to convey, but clarity on washer/dryer, window AC units and other items prevents issues.
Underpromise and Overdeliver – Downplay small defects that you can easily repair before closing rather than letting them torpedo the deal.

FAQs

Q: What tips can I use to sell a condo fast?

A: To sell a condo quickly, pricing the unit correctly is key. Additionally, staging the condo to make it more attractive and appealing to potential buyers is also important. It’s also helpful to hire a real estate professional who has experience selling condos and knows the local real estate market. Lastly, make sure to advertise your condo in multiple places and hold an open house.

Q: How can I list my condo for sale?

A: Putting your condo on the market requires you to first get it ready for sale by making repairs, decluttering, staging, and ensuring that any necessary permits from your Strata are obtained. Once the unit is ready for showings, you will need to decide whether you will work with a real estate broker or if you will list it yourself. After the listing is created, be sure to promote it in multiple places.

Q: Are there any special considerations when selling a condominium?

A: Yes! When selling a condominium there are several factors that must be considered such as obtaining permits from your Strata, understanding local zoning laws related to condos, and negotiating contracts with potential buyers or their agents. Additionally, depending on where you live there may be additional elements involved such as co-op boards or other rules associated with certain buildings or complexes.

Q: How do I get my condo ready for sale?

A: Before putting your condo up for sale make sure all necessary repairs have been made and all clutter has been removed from the space. Consider staging the unit so potential buyers can visualize themselves living in the area as well as adding curb appeal by sprucing up landscaping or painting exterior walls if needed.

Q: Is working with a real estate broker worthwhile when trying to sell my condo?

A: Working with an experienced real estate broker can be extremely beneficial when trying to sell a condo quickly and at top dollar since they have access resources most individual sellers don’t possess like MLS listings which expand exposure of properties exponentially compared traditional methods of advertising such as print media or classified ads.

Q : What tips should I keep in mind when pricing my condo ?

A : Pricing your condo correctly is key if you want it sold quickly . Be sure not take into account personal attachments, rather base value on comparables, location, condition, amenities, etc . Also factor in current market trends along with information given by experts like local appraisers , lenders , or real estate professionals .

Q : What’s an important tip for selling my condominium ?

A : An important tip for selling your condominium is making sure you understand all local zoning laws related specifically condos . You will also want hire experienced real estate professionals who specialize in condos. This will ensure that paperwork is handled efficiently and correctly during negotiations between yourself and potential purchaser.

Conclusion

When thinking about selling your condo, it is important to make sure that you have taken all the necessary steps to ensure you sell your condo quickly. You need to consider the price for your condo, as well as the best way to market it. Real estate investors can help you understand how to market your condo, and how it differs from selling a single family home.

You should also learn how to make your condo stand out in the complex and create a great first impression when potential purchasers come by. Making sure that everything is in order before putting your condo on the market for sale will help make the process of selling go much smoother.

Taking time to prepare and make sure that everything is ready for the sale of your condo will give you the best chances of success when wanting to sell quickly.

Ready to turn your real estate dreams into reality? Contact Richard Morrison, Vancouver’s top realtor with 20+ years of experience. As a Medallion Club member and RE/MAX Hall of Fame award winning agent, he’s the expert you need on your side. Whether buying, selling, or investing, Richard’s personalized approach and deep market insights ensure a successful transaction. Reach out to Richard today at (778) 900-2235 and make your real estate journey seamless and rewarding.

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