Are you thinking of selling your condo? Well, you have made a good decision. It is possible to sell condos within just three weeks. At Bread Company Condos Toronto, the professionals assist real estate investors to receive multiple benefits on their investments, by converting a single condo acquisition into several condos over time. If you wish to buy a brand new valuable condo, this is the best time to sell your old condo and purchase a new one. Read this blog and find out more about selling your condos in a quick time.
- Analyze days on the market range for similar condos:
DOM or days on market means the number of days- the property was displayed on the market. For example, if you are selling a condo and a buyer notices your advertisement and decides to purchase after 2 weeks of the advertisement, it means DOM is 2 weeks. See how similar properties are sold and how many days they are sold.
Approach real estate agents in your locality and check about the market prices and trends. Check them how long does it take to sell a condo and how many condos are currently available in the market for sale. When you get a list, you can see the DOM mentioned for each unit. See similar condos to yours like the type of unit, floor location, and square footage and find out a time frame for the condo to sell. Remember, fast sale differs from one property to another. However, this range offers a better benchmark.
- Determine what enhancements are worthwhile:
If you want to make reasonable money by selling your condo, you have to invest or spend some money. Before listing the condo officially, you have to prepare the condo for sale. According to the unit status, you have to give a total makeover or at least a fresh coating of paint. Renovations are expensive, so you have to plan and decide how much money you are going to spend on renovations.
If possible, visit open houses that look like yours that are located in your building to review the enhancements they have made. Also see how they have listed pictures and described their condos. This way, you will get an idea of what is attracting the buyers and what kind of inventory you are competing against. Think of improvement that is possible for you. Just think of yourself as a buyer and decide the improvements.
- Think about ways to reduce listing costs:
Most sellers think about how to reduce or skip the realtor agent’s commission that is almost 5 to 6%. In reality, real estate agents try to make the selling process simple. It is always best to take their assistance though you are taking the FSBO (for sale by owner) route. If you want to reduce listing costs, request for negotiations. Nowadays, real estate agents are open for negotiation and they do not charge the fixed 6% commission to all sellers. Another way to reduce expenses is by staging the property on its own.Read more →