Selling An Investment Condo: 7 Tips to Get the Best Price
So, you’re thinking of selling a condo that is an investment property. There’s a lot to consider when selling an investment property and this blog will share our top tips to get you the highest sale price for your property.
Traditional real estate markets are strongest in the spring and weakest in the winter from December to January. Common wisdom would have you list when there are the most buyers, in that spring timeframe.
There are exceptions, though. If you’re selling an investment condo that’s in a vacation area, then the best time to list will be the months preceding your busy seasonal rental period. For a ski area that would be the fall. If it’s in a summer resort area, then late winter or early spring.
Getting ready – small projects
When you’re selling an investment condo the biggest thing to consider is the space. Because condos are smaller than houses, space is always a challenge. You want to do everything you can to make your investment condo look as spacious as possible.
- Closets – empty out those closets and put half of what you pull out into storage. This will it look like there’s loads of room instead of jammed to bursting.
- General decluttering – Clear off all your surfaces and pack away those personal items. They’re special to you, but just more stuff to a potential buyer.
- Downsize the furniture – store any unnecessary tables, and furniture. Leave lots of space to walk around. If you’ve got a bed that takes up most of your bedroom, consider buying a smaller one to make the room look bigger.
- Clean and then clean again. Buyers like clean. Not just the obvious spots. Clean inside cupboards, inside closets, anywhere a door or drawer can be opened.
- Get your windows cleaned and, while you’re at it, minimize your window treatments.
Getting ready – big projects
If you want to really add value when selling an investment condo look at doing some targeted renovations.
Not all improvements will give you the same return on investment, so it’s important to analyze your competition and note what they are doing.
Here is our list of the top five condo renovations that add the most value:
- The kitchen. Simply put, kitchens sell condos.
- The bathroom. Focus on updates that make the room look bigger.
- New appliances. Remember, you’re also competing against brand new builds.
- Floors. Hardwood is king if you can afford it.
- Closet organizers. A simple, but effective way to make your closets look bigger.
If cash flow is an issue, our Property Concierge program can help. We perform the renovations that will add the most value and you don’t pay until we sell your condo so you’re never out of pocket.
Choosing a price
This is probably the hardest part of selling an investment condo, or any investment property. Price it too high and buyers won’t even look. Price it too low, and you leave money on the table.
Here you have an advantage over houses. You’re surrounded by similar properties, some probably in the same building. Your realtor will be able to pull a lot of comps for you and zero in on the right price for your unit.
When you’re looking at other units, remember that even where you are in a building can mean differences of tens of thousands of dollars.
Staging your condo for sale
Once you’ve done your preparation and landed on your list price it’s time to stage your condo for sale. Staging in a condo is very different than staging a house.
When staging a condo, it’s all about making the space look bigger. And the smaller your space, the better it needs to look. If you’re selling a luxury condo, that is different again because you’re appealing to a very specific buyer.
When staging, you need to consider who your ideal buyer is and put yourself in their shoes. Try to see the space through their eyes and stage accordingly. Professionals are a real help in this area.
How to market when you’re selling an investment condo
Think about your ideal buyer when you’re selling an investment condo. Every property has an ideal buyer who is willing to pay more because the property is exactly what they are looking for. Who are they and what are they looking for? Once you have that, emphasize the aspects of your property that will stand out to them.
Think, too, about where they discover properties and make sure you are appearing in the right places. Your realtor can help you with that. Some general tips include:
- Pictures & video are critical. It’s harder to shoot a condo than a house, but pictures are what will generate interest. It’s definitely worth hiring a professional photographer.
- Focus on the ease of ownership and hassle-free living a condo offers.
- If you have a strong rental history and your potential buyer is looking for an investment condo, be sure to highlight that.
- If you have a great view, promote that.
- And, of course, highlight any renovations you did to get your condo ready to sell.
If you’d like a personal assessment of your investment condo we’d be happy to provide you with some thoughts and an idea of pricing. If you want to renovate without paying out of pocket, then definitely get in touch and we’ll explain our 4-step process to get you the highest price when selling an investment condo.