Tips for Preparing to Sell Your Condo
The condo real estate market in big cities and their surrounding areas, like Toronto and Mississauga are currently very strong. Condo ownership provides many benefits to traditional single family homes, like being able to live close to public transport, parks, entertainment venues, and more.
It is important to take the time to understand how selling a condo differs from traditional homes so you can make your home attractive to numerous potential buyers.
Step 1: Hire a Real Estate Agent with Experience in Condos
One of the most common reasons some condos do not sell successfully is selecting the wrong real estate agent. Sure, any licensed realtor can list your condo, but not all are successful at knowing how to market it to attract buyers, like one with expertise in selling condos.
Step 2: Review the Selling Process
There are specific processes required to sell a condo that do different from traditional single family homes. Your real estate agent will review these with you in greater detail. Make sure to ask any questions if you are unsure of any process.
Step 3: Review Condo Association Regulations, Rules, Assessments, and Fees
It is beneficial to obtain a copy of the current condo association regulations and rules and have these available for potential buyers. In addition, you should note any special or annual assessments you pay annually, as well as monthly fees in the listing.
Step 4: Prepare Your Home for Sale
Work with your realtor to correctly stage the home for potential buyers. This is also a good time to make sure all maintenance is up-to-date on appliances. Additionally, make any minor repairs and do a deep cleaning of the home.
Step 5: Prepare for Inspections
Home inspections are part of selling a condo and you need to be prepared for these. If you already took the time to complete Step 4, you should be in pretty good shape.
Step 6: Retain the Services of a Real Estate Lawyer with Experience in Condos
At some point you will need to hire a real estate lawyer to assist with closing processes. The sooner you retain one, the better, as they can assist with reviewing sales proposals and other documents related to the sale of your home.
Step 7: Trust Your Realtor and Their Marketing Expertise
Part of selling your condo is how it is marketed, which if you chose a realtor, who specializes in condos, you will be covered. Aside from listing the home through multiple channels, open houses can be beneficial to attract more potential buyers.
Step 8: Decide on a Listing Price
Working with your realtor, you can determine how much to list the condo for initially. Part of this price has to do with comparing data from comparable condos in your area that have sold recently. Another factor that determines listing prices is the current real estate market in your area.
For more information about how to successfully sell your condo or to check out the latest listings if you are looking to buy a condo, contact me, Square One Mississauga realtor, Shawn Gandhi, who specializes in condo selling and buying, by calling 905.795.1900 today!