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Selling a Condo in London Ontario

Selling a Condo Apartment or Townhouse in London Ontario The Right Way Takes Patience & Smart Choices, Here’s Why

Every apartment or townhouse owner I have ever met wants their condo to sell for as much as they can. That’s understandable and it’s not luck that makes that happen, it’s applying proven strategies, marketing and experience that will encourage condo buyers in London to reach for their chequebooks!

Here are eleven from our 156-step condo seller plan when selling a condo.

1.            Disassociate Yourself.

  • Say to yourself, “This is not my home; it is a condo– a product to be sold much like a new home builder will do it. It is bricks and mortar!
  • Make the mental decision to “let go” of your emotions and focus on that soon; this condo will no longer be yours.
  • Picture yourself handing over the keys and appliance warranties to the new owners!
  • Say goodbye to every room.
  • Don’t look backwards — look toward the future.

2.            De-Personalize.
Pack up those personal photographs. Buyers can’t see past personal artifacts, and you don’t want them to be distracted. You want buyers to imagine their photos on the walls, and they can’t do that if yours are there! You don’t want to make any buyer ask, “I wonder what kind of people live in this home?” You want buyers to say, “I can see myself living here.”

3.            De-Clutter!
People collect a tremendous quantity of stuff. Consider this: if you haven’t used it in over a year, you probably don’t need it.

  • Why not donate it or throw it away if you don’t need it?
  • Pack up those knickknacks.
  • Clean off everything on kitchen counters.
  • Put essential items used daily in a small box that can be stored in a closet when not in use.
  • Think of this process as a head-start on the packing you will eventually need to do anyway.

4.            Rearrange Bedroom Closets and Kitchen Cabinets.
Buyers love to snoop and will open closet and cabinet doors. Think of the message it sends if items fall out! Now imagine what a buyer believes about you if she sees everything organized. It says you probably take good care of the rest of the condo. This means:

  • Alphabetize spice jars.
  • Neatly stack dishes.
  • Turn coffee cup handles facing the same way.
  • Hang shirts together, buttoned and facing the same direction.
  • Line up shoes.

5.            Rent a Storage Unit.
Almost every condo shows better with less furniture. Remove pieces of furniture that block or hamper paths and walkways and put them in storage. Remove extra leaves from your dining room table to make the room appear larger. Leave just enough furniture in each room to showcase the room’s purpose and plenty of room to move around. You don’t want buyers scratching their heads and saying, “What is this room used for?”

6.            Remove/Replace Favourite Items.
If you want to take window coverings, built-in appliances or fixtures with you, remove them now. If the chandelier in the dining room once belonged to your great-grandmother, take it down. If a buyer never sees it, she won’t want it. Once you tell a buyer she can’t have an item, she will covet it, which could blow your sale. Pack those items and replace them if necessary.

7.            Make Minor Repairs.

  • Replace cracked floor or counter tiles.
  • Patch holes in walls.
  • Fix leaky faucets.
  • Fix doors that don’t close properly and kitchen drawers that jam.
  • Consider painting your walls neutral colours, primarily if you have grown accustomed to purple or pink walls.
  • (Don’t give buyers any reason to remember your condo as “the one with the orange bathroom.”)
  • Replace burned-out light bulbs.
  • If you’ve considered replacing a worn bedspread, do so now!

8.            Make the Condo Sparkle!

  • Wash windows inside and out. If you live in a high-rise apartment condo building, forget the part about washing the outside windows!
  • If a townhouse or townhome condo, rent a pressure washer and spray down sidewalks and exterior.
  • Remove cobwebs, even in the furnace or storage rooms.
  • Re-caulk tubs, showers and sinks.
  • Polish faucets and mirrors.
  • Clean out the refrigerator.
  • Vacuum daily.
  • Wax floors.
  • Dust furniture, ceiling fan blades and light fixtures.
  • Replace worn rugs.
  • Hang up fresh towels.
  • Clean and air out any musty-smelling areas. Odours are a no-no.

9.            Scrutinize.

  • Go outside and open your front door. Stand there. Do you want to go inside? Does the unit welcome you?
  • Linger in the doorway of every single room and imagine how your condo will look to a buyer.
  • Examine how furniture is arranged carefully and move pieces around until it makes sense.
  • Make sure window coverings hang level.
  • Tune in to the room’s statement and its emotional pull. Does it have impact and pizzazz?
  • Does it look like nobody lives in your place? You’re almost finished.

10 . Understanding Price vs Time

time is money in real estate in London Ontario

Since the dawn of private property rights, the age-old buyers’ and sellers’ dilemma has been simple: What is the most critical; price or time? Believe it or not, this conundrum underlies and controls every seller’s decision to sell, and every buyer needs to complete a purchase.

For sellers, this boils down to the need to sell within a set time frame or instead to hold out for the best possible price, and as you might guess, for buyers, it’s the need to buy within a set time frame or to purchase a home for the lowest possible price.

So here is the secret to pricing your condo to sell in London Ontario– It’s not what you think the condo is worth; it’s what a reasonable buyer will think your condo is worth and willing to pay.

You may be thinking – Hey, wait, if I left it up to a buyer, they would pay me as little as possible for my condo in London Ontario. True, they would. But in the real world, every buyer knows that you, the seller, have no obligation to sell your condo at any price. To purchase your condo, the buyer will have to make you an offer you can’t or won’t refuse. One that will motivate you to pack, hire a local mover, wave goodbye and say sayonara.

Successful condo sellers understand that a Realtor’s responsibility is to provide marketing, expert advice, and negotiating services. Your Realtor does not own your property or make the final pricing decisions; you do, and ultimately your asking price will determine how quickly it sells and at what price.

Focus on the Major Key Issues & Be Realistic

The most common mistakes sellers (and some Realtors) make when choosing a price:

  • Putting the property on the market at an unrealistic price, and the property must be priced on a comparative basis to other similar properties. (I should add that everyone thinks their home is different, but buyers and their agent doesn’t think so.)
  • They are not cognizant of a seller’s market or a buyers’ market.
  • Thinking that buyers aren’t comparing your place, on a dollar-for-dollar basis, with every other apartment or townhouse condo on the market

Many sellers will argue that their condo has an insurance replacement value, an appraised value, or a tax assessed value, but unless your insurance agent, your banker, or tax assessor is willing to write you a cheque for the condo guess what? None of that matters. A condo without a buyer has no value in the marketplace. Sure, it might have value to you, the seller, and again, it might have value to your banker, your insurance agent, your Uncle Bob, your hairdresser, your friends at work, your drinking buddies or your bridge club or your appraiser. But none of these are buyers!

hand over the keys, your condo sold!

Choosing a Realtor To Sell Your Condo Apartment or Townhouse In London Ontario

When selling your condo in London Ontario, be it an apartment or a townhouse condo, you have a choice of 1,900 + Realtors. Yet, we sell more condos than the average Realtor, and one of the many reasons is we have designed and implemented a 122-step process that we use every time. Getting a thorough understanding of these points will give you 100% confidence in your decision to sell your place, with whom, what to expect, and how to maximize your bottom line and minimize the hiccups!

How Much Is My Condo Worth in London Ontario?

How Much is my condo worth in London Ontario?

We’ve all seen the boring, plain, everyday marketing that offers free valuations without even seeing your home! Or “Free Home Valuation Reports” cards in our mailboxes or the dreaded cold call “I have a buyer who is interested in buying your condo.” A Comparative Market Analysis is a report supposed to provide an anticipated sales price or price range for the subject property.

Really?

How can anyone value your home accurately without physically seeing your place and doing the necessary two to three hours of research? Have you ever bought anything “at ” ballpark price’? or “general price range?” “The market price?” After advising & guiding hundreds of sellers to sell their homes over the years, every house or condo sold was a price we agreed on. Semantics aside, you deserve a price that many willing, qualified buyers will pay.

Getting a property valuation in London Ontario takes more than 5 to 10 minutes, our property valuations are 2-3 hours.

A comparative market analysis (CMA) is a process Realtors use to determine the market value by comparing it to similar properties that have recently been sold and those currently listed for sale. A CMA is a crucial tool for listing Realtors as they determine the price that a seller will list their house or condo for sale, and it’s also a tool for buyers agents advising their clients to make competitive offers. Conducting accurate, consistent CMAs isn’t easy. Most Realtors are not taught this skill in their pre-license real estate classes, so many enter the business without this vital skill or lack the patience to dedicate the time to learn how to price a home correctly, especially condos.

Why Our Exclusive London Ontario Condo Value Analysis Is Effective

It’s a complete top-to-bottom room-by-room analysis not just of the value but every aspect of your place to identify items that may affect your sales price. Our analysis enables us to identify the selling features or what you can do to help sell quicker or receive a higher price.

       Our Process For Selling Your Condo In London Ontario

the best is yet to come after we meet and we explain how to sell your house or condo in London Ontario
  • You let us know that you would like a no-obligation, no-cost valuation of your townhouse or apartment condo.
  • Arrange a mutual time to meet.
  • We will prepare for our meeting with the research on prices, demographics and current market conditions.
  • You will not have to sign anything or listen to blah blah blah stuff, malarky, posturing, showcasing or verbal diarrhea.
  • When we get to your place, a quick introduction and a tour of your unit where we will perform a room-by-room review.
  • When completed, sit down with you and address your concerns, fears or the anxiety you may have about moving.
  • Have a conversation about:
  • If necessary, there are a few minor things you can do at a minimal expense to show your condo in the best light.
  • Why pricing your condo correctly the first time will give you a better return 9 out of 10 times.
  • Why, when and where to market your unit assertively to attract qualified buyers who are excited to buy your condo!
  • Understanding that there are four types of buyers in this market and why you want to avoid three of them!
  • Understand the difference between Market Value, Perceived Value & Appraised Value and what effects those three will have on your asking price.
  • What are your legal obligations? To your lender?  To the buyer? To the Condo Corp?
  • How does being in a Sellers Market in London Ontario affect your asking price & do negotiating skills matter?
  • How to handle showings & offers to yield the best results. (In my last listing, I had 119 showings and 37 offers!)
  • Leave with you our research and market reports and best practices to sell a townhouse or apartment condo in London Ontario.
  • Within 24 hours, I will get back to you with “The Price.” And why!
  • You then decide to allow us to sell your condo or not.

P.S.

We find selling a house or a condo the easiest part of the selling process; after both parties sign the offer, we truly earn our money!

  • Ensuring the lawyers on both sides of the transaction are informed and followed up with during the process.
  • Ensuring the Status Certificate is ordered and paid for. (We pay and do that)
  • Cooperating with appraisers, inspections, mortgage lenders
  • In some cases, keeping the transaction on pace and solving challenges.
  • Ensuring our 81-point checklist for closing a sale is completed sequentially.
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