The condo resale market is very strong in Malaysia. Condo owners across the country are looking to take advantage of strong sellers’ markets. Selling a condo is considerably different than selling a single-family residence however. Just like there are important tips for buying a condo, there are some very important tips for selling a condo.
Depending on your location, it’s possible you’re going to face a significant amount of competition when selling a condo. It’s important that if you’re selling a condo in a competitive market, you know what it takes to make your property stand out.
Below are the 10 best tips for selling a condo. Condominium owners who follow these tips give themselves a huge advantage over their competition.
- Learn About the Process of Selling A Condo
One of the biggest mistakes made when selling a condo is believing it’s the same process as selling a single-family residence. The first tip for selling a condo is to educate yourself on the process so you understand what to expect throughout the process.
One of the easiest ways to educate yourself on the process is to discover helpful resources, like this one, on condominium selling. Sellers who understand things such as how long does it take to sell a condo, how much does it cost to sell a condo, and how to prepare and sell a condo on a budget improve the chances of a smooth condo sale.
- Know Condo Association Rules, Regulations, Fees, & Assessments
One of the major differences between selling a condo and selling a single-family home are the Joint Management Body (JMB) rules, regulations, fees, and potential assessments. When selling a single-family home, it’s unlikely that an JMB is involved which typically makes the process easier because fewer parties are involved.
Before listing your condo for sale, gathering any JMB documents will save a lot of time in the future. Not having the proper documents readily available is one of the top reasons a real estate closing is delayed, so be proactive and gather them beforehand!
- Hire A Professional Certified Agent Who Knows How To Sell A Condo
One of the common culprits of unsuccessful condo sales is hiring the wrong agent. When put condos for sale, it’s critical that you hire a professional certified agent who knows how to sell a condo.
There are some obvious signs that you’ve hired the wrong real estate agent to sell your property that you need to be aware of. For example, if you get your agents voicemail every time you call them, you’ve hired the wrong agent. Frequent communication with your real estate agent is critical when put condos for sale.
- Decide On The RIGHT Listing Price Of Your Condo
The two most important factors in the sale of a condominium are price and marketing. By hiring the right agent you’ll have one of the two factors covered. The next tip for selling a condo is to decide on the right listing price of your condo.
There are many mistakes made when pricing real estate that you must be aware of when put a condo for sale. For example, pricing your condo higher to leave room for buyer negotiations can be a big-time mistake.
Hiring the Realtor® will also help you decide on the right listing price for your condo. An experienced agent will know how to determine the market value of a property and provide their recommendation for a listing price.
- Get Your Condo Ready For The Market
The first couple weeks that a condo for sale should be the busiest for showings. There is only one opportunity to make a great first impression on prospective buyers, so it’s vital your condo is ready for the market.
The most important takeaway with this tip is to just be sure that when your condo is officially for sale that it’s ready to be viewed by prospective buyers. One of the quickest way to turn off a buyer is to have them walk into a property that’s a complete mess or a property that clearly needs repairs.
- Start Packing & Preparing For The Move
Since the ultimate goal of selling a condo is to get the property sold, it makes sense to begin packing and preparing for the move. It’s somewhat common that sellers will wait until the last minute to begin packing and preparing for their move, which doesn’t make a lot of sense.
Whether your plan is to move to a new city or move to a bordering neighbourhood, packing and preparing for the move is important and can greatly reduce stress. One of the most basic tips for preparing a condo for sale is to declutter and make the property look spacious, so putting things in boxes or storage even before listing is a smart idea.
- Accommodate Showing Requests
Another important tip when put condos for sale is to accommodate all showing requests if possible. Restricting showings is one of the worst mistakes made when selling a property.
- Prepare For Inspections
There are dozens of reasons to have an inspection when buying a home. It’s important to realize while selling a condo that it’s likely the buyer will want to have their own inspection.
Another great tip for selling a condo is to prepare for the inspections. Most sellers don’t realize there are some great ways to prepare for inspections when selling a condo. Tasks such as checking the functionality of your condos plumbing, windows, lighting, and appliances can eliminate potential issues resulting from a buyers’ inspection.
- Hire A Lawyer Who Has Experience With Condo Closings
Lawyers who specialize in condo closings are there to protect your best interests and make sure that the proper procedures are followed.
- List Your Condo In An Online Property Platform
Online property platform can be a good marketplace to sell your condo. One of the recommended online property platform is Wonderlist.my as there are thousands of home buyers and investors waiting for a good deal that could be one of your potential buyer.
Read More >> Getting Good Condo Deal