What are 10 helpful tips you can use to sell your condo?
First, learn about the process of selling a condo in Salt Lake City. One of the biggest mistakes condo owners make when selling is thinking it’s the same as selling a single-family home, so educate yourself on the condo-selling process so you know what to expect throughout that process. One of the easiest ways you can do this is by discovering helpful resources.
Second, know the condo association’s rules, regulations, fees, and assessments. One of the major differences between selling a condo and selling a single-family home are the homeowners association’s rules, regulations, fees, and potential assessments involved. When selling a single-family home, it’s unlikely an HOA is involved, which typically makes the process easier. You’re obviously aware of the pros and cons of an HOA, but that doesn’t mean potential buyers will be, so be aware of them and disclose them to any buyer.
A common real estate contract contingency made by condo buyers is the ability to review the HOA rules and regulations. This contingency states that the purchase contract is contingent on the buyer and their attorney reviewing the HOA’s rules and regulations. Before listing your condo, gathering any HOA documents will save you a lot of time. Not having proper documents readily available is one of the biggest reasons these kinds of closings get delayed, so you must be proactive and gather that information beforehand.
Third, hire a Realtor. Who knows better how to sell a condo than a Realtor? One of the culprits of unsuccessful condo sales is hiring the wrong Realtor, so hire one who knows how to sell a condo. There are some obvious signs you’ve hired the wrong Realtor that you need to be aware of. For example, if you get your agent’s voicemail every time you call them you’ve hired the wrong Realtor. Frequent communication with your Realtor is critical, especially when selling a condo. There are many tips for interviewing agents when selling a condo, and some specific questions you should consider asking, including these four:
- How many condos do you typically sell in a year?
- Do you have preferred lenders who offer financing on condos for potential buyers?
- Would any of your past condo sellers be willing to discuss their experience with me?
- How do you market condos to prospective buyers who are actually interested in buying a condo?
Fourth, decide on the right listing price. The two most important factors in the sale of a condo are price and marketing. By hiring the right Realtor, you’ll have marketing covered. When it comes to pricing your condo, though, there are many mistakes you need to avoid. For example, pricing your home high to leave room for negotiations can be a very big mistake. While there’s no formula to determining the exact right listing price for your condo, there are excellent methods and data available that can improve your chances at choosing the right listing price.
Fifth, get your condo ready for the market. The first couple of weeks your condo is listed for sale should be the busiest for showings. You only get one opportunity to make a great first impression on buyers, so it’s vital your condo is ready for the market. Correctly preparing your condo for the market requires time, effort, and—potentially—money. If you decide to stage your condo, make sure you evaluate it so you know what it will be worth.
Sixth, decide whether open houses are worth it. There are both pros and cons to open houses that you need to weigh before making a decision, and the Realtor you hire will likely have their own opinion regarding open houses. My personal opinion is open houses are awesome. Open houses allow all of the buyers to come into the property at the same time. Quicker access to more buyers means your home will sell for more money in less time.
Seventh, accommodate showing requests. Restricting showing requests is one of the worst mistakes you can make when selling a property. While it may be inconvenient to leave your condo at 1 p.m. on a Sunday, it may be the only time a prospective buyer has to view your condo. Any time a seller is difficult with showing requests, it raises the question of whether they’re actually interesting in selling the property. Sellers who understand that preparing and accommodating for showings can be inconvenient are less stressed about the whole process.
Eighth, prepare for inspections. When selling a condo, it’s likely the buyer will want their own inspections done on it. A great way to prepare for these it to check the functionality of your systems and appliances and do your best to eliminate potential issues before they become issues. The inspection period is generally short (10 to 14 days), so make it count.
Ninth, hire an attorney. This is optional in the state of Utah, but hiring an attorney who’s experienced in condo closings can assist you with the reviewal of HOA documents and other documents.
Lastly, start packing. Since the ultimate goal of selling a condo is to get the property sold, it makes sense to begin packing and preparing for the move. It’s somewhat common for sellers to wait until the last minute to do this, and that doesn’t makes sense to me. Packaging and preparing early can greatly reduce the amount of stress you endure. Putting things in storage and boxing them up can also help with decluttering. Lining up a moving company in advance is also important, because these companies are often booked weeks in advance. Waiting until the last minute can create a huge issue if there are no reputable moving companies available.
If you have any questions about selling your condo in Salt Lake City or the Wasatch Front, just give me a call or send me an email. I’d be happy to help you.