Condo ownership is a great way to build up real estate equity and buy your own property, especially when condos can be found at prices on the lower end of the market. But after you have owned your condo long enough to the point where you are ready to invest in a larger property, you will need to market and sell it to cash out on your capital gains. Here are some recommended tips to put into place when you are looking at selling your condo at a competitive price.
Advertise the Property
One of the first steps to getting your condo sold is to market it properly. Marketing your property in the right places, to the right buyer market, and showing off its attractive features are some of the key fundamentals to finding a buyer.
Advertise your condo for sale at local community areas where a buyer may frequent, such as a shopping center, library, or community recreation center. With the help of your real estate agent, or on your own, put together a flier that you can print off showcasing the property's interior and a list of its amenities. For example, this can include if the condo comes with access to a pool, fitness center, playground, or clubhouse.
Along with your real estate agent listing your condo online, you can also list your condo's details and photos on your social media web page. Each time one of your social media friends shares the listing, all their friends will be able to see the information and it will help increase the condo's visibility.
Check Similar Property Sales
Another recommendation for you to complete before you settle on a price list your condo at is to check the market to find out what other properties are selling for. For example, if your condo is in a group of buildings with similar condos, check to find out how much similar condos have sold for. This is a good indication of the true value of your property, especially if you can verify that the features and interiors of these recently sold condos are nearly identical to yours.
You can also compare your condo to those that are currently listed for sale. For example, if you see there are three condos for sale in your community that are just like your property, look at their for-sale prices. If they are all priced well below what you are considering listing yours for sale, you may want to list your condo at a similar price. Otherwise, buyers may overlook your condo and buy the lower priced units because yours is priced too high.