Selling a condo in today's economy is different than it used to be. The impact of COVID-19 has distorted prices and demographics in many markets. The exodus from urban markets to suburban markets has also had a downward impact on demand. The most pronounced impact is behind us in 2020, with many urban areas seeing heavy gains in late 2021. So, how can you sell your condo in this environment?
People are spending more time online, so it's easier than ever to get attention for your property. The main question is what method will get you the highest price for your condo at the least effort? Two main methods are, hiring an agent or doing it yourself. Its not 1999 anymore, tools for selling yourself are more advanced. So keeping more money in your pocket is easier than ever.
Hiring agents is the accepted default way to go. Everyone has a friendly family friend real estate agent who will be glad to take you on as a client. There are clear pros to selling with an agent. They will guide you through the transaction steps. They will tell you to clean up you place for pictures. Post them online for you. Write a description and post it to a few online sites to spread the word. They will inform you when people want to tour your property and open the door for them while you are not there. They will connect you with their favorite title company to handle final paper work. Note that title company charges a separate, flat fee.
As you can see, the main pro of working with an agent is that they will hold your hand through a pretty standard process. You won't have to do the tasks mentioned above and can hang back and wait until you they get you a few offers.
The main con of working with an agent is the commission they charge. The steps outlined in the section above are very standard. Does completing those steps really worth $20,000 dollars that you might get charged? Can you take some pictures of your home? Can you write a description of your property? Can you post all this information online? Can you let in few prospective buyers on a tour? Can you accept offers and pick the best one? Can you contact a local title company and ask them to handle closing documents? If you answered, yes, to the questions above you might make enough money on your condo sale to buy a new car. How do like BMW? Many agents drive BMWs, now you can see why.
The main pro of selling your condo online for sale by owner (FSBO) is that you are in full control of the deal. This means you will reap the financial benefits of the deal without anyone else. You will have full confidence that there is no double dealing. That your agent isn't helping their agent friend on the other side get a good deal at your expense. No one will be steering your hand toward a faster close on less favorable terms. You will get the full value of your property.
The are 2 main cons of selling your condo online for sale by owner. Con number one is that you will have to set up an attractive listing. Con number two is that you will have to show your property to buyers. There are no more cons. Both of these things are not very time consuming and with modern technology tools they are a breeze. Does doing those two things worth $20,000 extra dollars to you?
Weighting pros and cons of selling with an agent versus selling yourself. The scale is tipped toward selling yourself, or for sale by owner (FSBO). Read on below to see the easiest way to accomplish that and get the most for your property.
How you price your condo is the single most important step that can make your selling process easy or tough. The first step is to understand the local market and find out how much similar condos are selling for. Make sure to consider, size, amenities and location in your analysis.
The most important piece of advice in terms of pricing is to underprice your initial list. There lies an important strategy. If you overprice, no one will even checkout and engage with your property because the price is a non starter. If you underprice, more people will think it's a deal. You don't ultimately have to sell your condo under the market price. You should definitely list it under the market price to attract initial interest. Once you get a few tours and offers it will be much easier to start a bidding war and get a higher price. This higher price often ends up being even higher than the market. Bidders get too absorbed and emotionally attached to the property.
There are a number of site where you can list your condo, such as:
We recommend listing on all of those sites because there is really no down side to doing so. It does take some work to create logins but the extra reach you get is worth it. Once you have a set of good pictures and a description, all it takes is reposting it from site to site. We do recommend pointing back to your OfferMarket listing on the other sites. This is because OfferMarket is much more than a catalogue of properties. It is a self-checkout for real estate.
OfferMarket, has tools, like Co-Pilot to help you navigate the selling process. Co-Pilot is like a virtual agent that guides you through the selling process. Not only will it help you post pictures and description, it will help you schedule tour request. Help you communicate with potential buyers and review their offers.