Condominiums can be tricky beasts. While they often get lumped in with single-family homes in terms of sales data, ultimately the sales process could not be any more different. Condos have their own unique selling points and challenges, so it takes some strategy in how you effectively market them.
Generally speaking, condos are still a marketable property type, in fact, many owners prefer owning condos as opposed to traditional single-family homes because all the extra services such as lawn care and amenities are covered through their HOA dues.
However, one obstacle in selling a condo is figuring out how to price all the available common elements and amenities that accompany ownership into the overarching sales price. Trickier still is getting a seller to move away from cyclical sales patterns of which are more common with single-family homes. Lastly, condos can be challenging simply because they tend to be more spatially restrictive. This means you may have to really accentuate other aspects of the property to hook a prospective buyer.
While it may seem like the process of selling a house and selling a condo are night and day, the truth is condos can still be a lucrative part of your sales portfolio. You just have to know how to market them efficiently. Here are some tricks to incorporate into your sales process that will make selling any condo a breeze.
Make Common Elements Feel Uncommon
The great thing about condos is that they often offer outstanding features that you might not get with the purchase of a traditional single-family home. Use this to your advantage! Highlight that pool, gym complex, or fire pit, and make sure to integrate high-quality photos of these amenities into your listing. You want to make these common elements feel unique and uncommon compared to other associations.
Also, don’t hesitate to include statements about what is included as part of the HOA fees. Many buyers want the luxury of owning a home but don’t want to take care of a lot of those tasks to maintain it. That’s why buying a condo is great! Accentuate the fact that their dues cover lawn care, pool care, and other services where applicable.
Set the Stage for Success
Staging a condo properly is very important from a marketing perspective. Unlike traditional houses, condos can easily come across as cramped or have a cookie-cutter like feel.
Realtor.com notes that “because condos tend to be smaller than single-family homes, it’s easier for furniture and other items to make spaces feel cramped1.”
Make sure the property is staged in a manner that does not inhibit the flow of the space. Opening curtains to bring in natural light can always help provide the illusion of more space. Also, since you are typically working within a smaller footprint, make sure the small blemishes are addressed by the seller. Fixing the minor issues and slapping on a coat of new paint certainly will improve your chances of a successful sale.
Selling Season Is Every Season
Sometimes real estate sales can fall into a seasonal pattern where listings may decline during the winter months and pick back up again in the early spring. However, condos are unique in that they shouldn’t be majorly impacted by the current season. Sometimes your listing may be located in a vacation or tourist area. If this is the case, highlight those local conveniences. In this case, the cliché is spot on. It is all about “location, location, location.”
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1 Mandell, L. J. (2017, January 4). How to Sell a Condo (Nope, It’s Not Like Selling a House)>. Retrieved April 2, 2020, from https://www.realtor.com/advice/sell/how-to-sell-a-condo/