How Would You Sell a Condo in a Bad Market?

List your home on an Internet "For-Sale-By-Owner" portal.

The U.S. is experiencing a downturn in the real estate industry, and loans for homes, especially condominium properties, sometimes are difficult to obtain. Whether you are retiring and want to downsize your living space, relocating for employment or to gain space for a growing family, it's time to sell. Now that you have made the decision to sell your condo, you want the sale to happen quickly and smoothly. With planning and creative marketing, it is possible to sell your property in spite of a volatile real estate market.

Instructions

Preparing the Property for Sale

1. Depersonalize your condo by removing all family photos, memorabilia, rug and decor items that will not stay with the property. "Edit" out excess furniture, decorative throw pillows and all brick-a-brac. By removing clutter you will open up the space and allow potential buyers to visualize the condo with their processions.

   Remove small kitchen appliances and other items from counter tops. You want the counters to shine and look accommodating and spacious.

2. Inspect the condo for any signs of damage or areas that need repair. Make all repairs and ensure that electrical systems, built-in appliances and heating and air conditioning systems are in good working order before listing your property. The laundry room and utility areas should be clean and well-maintained. If you have a garage or storage area, remove all the clutter and store remaining items at an off-site location. Clean the area and give it a fresh coat of paint.

3. 

   A cluttered closet is distracting to a potential buyer.

   Tone down any radical decorating statements. Bright pink walls or orange curtains may suit your taste, but they can be off-putting to someone else. Most buyers prefer walls painted in shades of beige or white, which are a light but quiet backdrop for most decor.

4. Clean out cupboards and closets. Remove bulky items, such as sports equipment, to a storage facility. If cupboards and closets are stuffed, sloppy and crowded, potential buyers might perceive the condo as being short of storage space.

5. Clean, clean and clean some more. Make windows and appliances sparkle; clean the carpeting. Wash and wax hardwood or tile floors. Polish the exterior of cabinets and doors. Pay close attention to bathrooms. Redo grout for a fresh look on tile walls and floors. Deep clean the kitchen. All appliances should be shining.

6. Obtain comparative information on all condominiums that have sold in your building and the immediate neighborhood. Price your property competitively. Make sure that all of your condominium fees and assessments are paid in full. Review your condo regulations and determine if there are any clauses that would affect the sale. Some properties do not allow children or pets. Some units require buyers to be age 55 or older.

Marketing the Condo

1. Evaluate your property and the lifestyle it affords. Determine the average age of the residents and focus your marketing efforts toward that age group. Prepare an enthusiastic marketing brochure describing the condo, its amenities and location. Create interest by describing it on social networking sites. Network with friends, coworkers and other building residents. Distribute brochures. Build a web page featuring attractive photos and information about the property. The majority of buyers begin their search for a home on the Internet. Make sure your property is visible by listing it with an online marketing portal.

2. Market your property internationally. Foreign business people and students are looking for investments and living accommodations in the United States. Place an add in online versions of foreign newspapers. If you live in an urban area, contact the human resources department of major companies that are within a close commute to your condo. Many companies purchase condos close to their headquarters to accommodate traveling executives or aid in the transition of transferred employees. Advertise in local newspapers, in trade journals and online sale sites, such as Craigslist or eBay.

3. Consider offering special financing arrangements to buyers. Perhaps you can carry the loan yourself, with a significant down payment from the buyer. You may want to lease the unit with a purchase option, applying a portion of any rents collected to the down payment. Be sure that your condo rules allow such an arrangement.

4. If your condo has not sold in six weeks, hire a professional real estate agent and re-evaluate your price and terms.

References

• National Assocation of Certified Home Inspectors: How to Quickly Sell Your Home For More

Resources

• Condo: 5 Tips to Selling Your Condo Faster in a Down Market