How to Effectively Sell and Market Condos

How to Effectively Sell and Market CondosCondos have their own unique selling points and challenges that associations must be aware of before putting it on the market. First, be sure to obtain Condo Association Insurance, then pinpoint the right time, price, and marketing tactics.

When to Sell

The good news is that condos tend to sell faster than single-family homes even in a down market, because condos are typically smaller, cost less, and have lower maintenance costs.

The time of year might be another strategic consideration. Traditionally, spring is the best season to sell a house, and the winter is the worst. But with condos, conventional wisdom might not apply. If the complex is in a vacation area, you’ll get the best price right before the tourist season hits.

The Worth

If the price is too high, then potential buyers won’t even take a look. If the price it too low, you’ll lose out. A great thing with condos is that units may be surrounded by similar, or even identical units. This makes it much easier to get comps, which are the recent sales prices of similar properties in your area.

Keep in mind that even subtle differences can spell the difference of tens of thousands of dollars. Condo end units are considered quieter than those in the middle and, as such, can command a higher price.You must identify the association’s bottom-line price.

Staging  

Since condos can be a bit more cookie cutter than freestanding homes, you might have to work a bit harder to make it stand out. Shows condos at their best by cleaning it, making repairs, and decluttering any possessions. Since condos tend to be smaller than homes, it’s easier for furniture and other items to make spaces feel cramped. To give the illusion of more space, remove everything that is not absolutely essential.

Once a condo is in top condition, you can make small cosmetic touch-ups. Consider cleaning the grout or painting the walls. Fix the things that are in obvious need of repair. Many buyers see small signs of neglect as larger problems, so be sure to attend to the little things you may have barely noticed. Condo association insurance is needed to ensure proper protection.

Marketing

Associations must emphasize the complex’s unique selling points. One of the best features to accentuate when selling a condo is the lifestyle of ease that comes with condominium ownership. Most buyers are looking for the hassle-free living experience that they can’t find with a single-family detached house. They’re free to lock the door and go on a trip without worrying about their property.

Other important selling points unique to condos are the amenities of the complex. Does the complex have a pool? Fitness center? A parking garage? A meeting room or lounge? Concierge services? Emphasize those aspects and present photos.

Expand on  individual condo aspects. If a condo has a view, convenient location, or any recently remodeling, be sure to include that in marketing materials.

 

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