There is not a lot of time from the moment you list your condo to when your first prospective buyer contacts you. No matter what the housing market looks like, condos are usually the more affordable option and you will almost always find a buyer.
That’s in stark contrast to home sales that can take months just to prepare. Here are six other ways selling a condo is different than selling a home.
1. You Market the Building/Community as Well as Your Unit
When you sell a home, it’s not your job necessarily to sell the neighborhood or the community. But when it comes to selling a condo unit, the condo building and community features are all part of marketing your individual unit.
Think of the things that attracted you not just to your unit but to your condo building or community and use that to market your building to prospective buyers. Is your HOA great? Are there a lot of community events? Do your monthly condo fees pay for extras like cable?
2. Your HOA Can Hurt or Help Your Condo Sale
Speaking of your HOA, the fact is, some homeowners associations do more harm than good when it comes to selling your condo. Your unit may be great. Your asking price may be spot on. But if your condo association is disorganized, unresponsive, unprofessional or too strict, it could be a harder sell.
3. Timing When to Sell Is Different for Condos
You sell a home when the market is right. You sell a condo when the season is right. Many condo buyers are looking for a second home, vacation home or a winter home. Promoting your seaside condo at the start of beach season is one of the ways the timing is different for selling condos.
4. It’s Easier to Get the Asking Price Right
Homes differ widely based on style, age, quality, size and more – a lot of times within the same neighborhood. Finding components to strike the right asking price is something you really need an agent for when selling a home. When selling a condo, units barely differ at all and the price for one will likely be the same for another.
5. The Types of Buyers Are Different for Condo Sales
Condo buyers are different from typical homebuyers. Your prospects may all be investors looking to use your condo as a rental property. They may offer an all cash deal. They may want to speed up the close. Dealing with investors is different than dealing with homebuyers and closing the deal will take the help of a good agent.
6. It Takes a Little Extra Effort to Market Your Unit
Do you have an end unit? Is your unit on the other side of the community, away from a noisy highway? To market your individual unit to prospective buyers, it may take a little extra effort to convince buyers to choose your unit over another one when they are practically the same. Staging can help a lot in that regard.
Have a condo that you’re looking to sell? I can help. Contact me today to learn more.
Heidi Logan is a real estate agent in Center City Philadelphia.
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