How to Sell a Condo Quickly

Condominiums are subject to real estate market swings just as residential homes, if not more so. A condo is an especially attractive property to someone who would otherwise rent property to avoid paying the cost of a single family home. Condominium sales happen fastest for units that are in good repair, priced right and represented by a good real estate agent. The prospect of finding a private buyer offers good potential for profit, but other options for selling a condo quickly include real estate auctions and undiscriminating property investors.

Things You'll Need

• Real estate agent
• Property pricing comparison data
• Auction fees

Instructions

1. Make all necessary repairs before selling a condominium. Clean the walls, windows, floors and appliances as well as possible. Paint where necessary and replace any worn out flooring. Buyers will not be interested in properties that appear to be neglected when several other choices are on the market.

2. Hire an effective real estate agent to list and show your condo. Take the time to see how an agent does business by attending an open house. The agent should be prompt in returning contacts, familiar with condominium sales, enthusiastic about showing your property and able to present it to potential buyers with excitement.

3. Price the condo to sell. Obtain area sales data from your real estate agent showing home sales and prices. Compare your condo to comparable units that have recently sold to establish a fair market value for your unit. Set your price even lower than the market value to attract a buyer quickly. Price is everything many buyers.

4. Advertise by all means affordable. Use free web classifieds, place signs outside, buy local newspaper ads and list the property in popular local magazines and real estate publications.

5. Clear the clutter out of the condo. Leave as little furniture in all rooms as absolutely necessary and remove all personal touches, such as photos, trophies, memorabilia and objects of special interest including books and magazines. Open spaces allow buyers to imagine arranging their own items within rooms.

6. Put your condominium into a real estate auction if you do not find a buyer quickly enough. Join an auction and pay the associated fees. The price will either be set at a guaranteed minimum, or left open for buyers to start at a figure lower than the desired price so the bids will raise it.

7. Sell your condominium to property investors who advertise a promise to "buy any properties." These investors will surely offer much less than the market value, but will be ready to close the deal fast. Sell to such a buyer if selling a condo quickly is more important than profit or loss.

References

• The Condo Column: How to Sell Your Condominium
• Best Chicago Condos: What's Your Condo Worth?
• Bankrate: Need to Sell a Condo Quickly? Try an Auction