Step One: Deciding to Sell
When deciding to sell your condo you should take into account what time of year is best. Typically January and February are regarded as the slow months in the real estate market, however you will also have less competition and the buyers who do view your condo are often more serious. You should keep a close eye on the competition particularly in your building. Having a good understanding of the market will help you and your REALTOR® effectively price your condo.
Step Two: Hire a REALTOR®
Hiring a professional to sell your condo will not only cause a lot less stress on you, everything from paperwork, marketing, negotiation is taken care of. A REALTOR® will also advise you on how to best stage your condo for viewings.
Step Three: Obtain Condo Documents
Your property management company will have all the pertinent documents available that a buyer will want to view. Be sure they provide with the most up to date financialS, reserve fund study, condo board meeting minutes, declaration and by-laws. By having these readily available will make the selling process that much smoother.
Step Four: Sign a Listing Agreement
Before your listing hits the market you will have to sign the listing documents provided by your REALTOR®. Be sure to read them over and ask any questions you may have. The documents are there to protect you.
Step Five: Determine the Asking Price
Your REALTOR® will provide you with a comprehensive comparative market analysis. They will take into account the state of the market, what condos have sold similar to yours and what is active on the market that will be your direct competition. Pricing your condo competitively in the market is essential for a stress free sale.
Step Six: Prepare Your Home for Sale
A good REALTOR® will have connections to a home stager. The home stager knows what works best for preparing your condo and how the flow of the condo should be. For the best results it is highly advised to listen to their advice.
Step Seven: Market Your Home
This is where your REALTOR® goes to work for you. Marketing your condo for all it's worth.
Step Eight: Viewings
This is your time to shine. First impressions are everything for buyers so make sure your condo is show ready. Buyers these days are looking for move in condition.
Step Nine: Receive and Accept an Offer
Generally when accepting an offer you will see 4 conditions of sale. 1) Financing - there will usually be a 7-10 day period where the buyers will have time to arrange their financing through a financial institution. 2) Insurance - A buyer will need a letter of insurability stating the condo is insurable. 3) Inspection - Some buyers will, but not all will want to a inspect your condo. 4) Comprehensive review of the all condo documents.
Step Ten: Closing Day
Your condo is officially sold and it is time to move out. A good rule of thumb when cleaning and packing is to leave the condo the way you would want it left if you were the buyer. Make sure there is no junk left behind, clean all appliances, floors and countertops. Make sure bathrooms are clean. Be sure the elevator is booked for your move out. You should inform your property manager, utiliities, post office and insurance company.
If you are thinking a selling your condo we would love to help. Fill out this form and we will be in touch as soon as possible.