How to Get Multiple Offers on Your Condo?
The real estate market is starting to heat up and we have been able to secure multiple offers for many of our sellers. As you can imagine that creates a favorable environment to get stronger offers and better sales prices.
Create Value In he Eyes of Buyers
The key to getting multiple offers and a great price is to price your condo in a way that creates value in the eyes of the buyer.
For example: let’s say the last condo like yours sold for $305,000. Now there are 3 condos like yours for sale –
#1 listed at $350,000
#2 listed at $370,000
#3 listed at $367,000
In this case – to create value for your condo I would suggest that you list it at $330,000. This puts you significantly below the next least expensive competitor ($350,000) which get the buyer excited (value) about your condo. More importantly it puts you in a position to capture a sales price around $325,000 or $20,000 more than the last sale! And as a seller isn’t that what you want?
Hire a good Realtor who understands pricing, has a proven plan to market your property as a “Great Value” and who has a track record of success closing sales like yours. With the right Realtor you too can receive multiple offers and ultimately the highest sales price in the building.
What happens to my renters when I sell?
Great question. Usually what happens is rentals already booked simply get transferred to the new owner. You will likely have to turnover any deposits already collected to the new owner or their rental company at closing. The Title Company doing the closing will workout the proration – with you keeping all rental income up to the sale and the new owner keeping any rental income after.
You own the condo until it closes and most buyers will want to have renters in place when they buy investment condos so I would recommend that you keep booking as many renters as you can right up through the closing date. This should also be addressed while negotiating your sale so make sure you have a good Realtor with experience selling condos like yours.
I’m thinking of selling but my condo needs some fixing up and upgrades – should I do them or leave it to the new buyer?
I would recommend a couple of real easy and inexpensive makeovers.
- A fresh coat of paint goes a long way to making your condo fresh and new.
- Invest in New bedding (premium mattress toper, new quilt or comforter and pillows ). Buyers want to feel good when they walk into your condo and a comfortable bed goes a long way toward that. Think of what the beds look like in any high end hotels.
- Get rid of old box TV’s and put flat screen TV’s in the main living space and bedrooms. Also you can’t go too big with the TV’s.
You can spend a little money and get a big bang for your buck or you can spend a lot of money on new furniture, flooring, granite … and not see the return. A good Realtor will be able to advise you on what buyers will expect from your unit when you decide to sell it.
About The Author
My name is John Moran – I am the Team Leader for Keller Williams Realty’s At The Beach Team. Myself, John Skinner and all our team members are committed to doing the very best we can to get you the greatest return for your real estate investment and will strive to help you maximize your position whether you are a buyer or a seller.
I hope this information is helpful for you and if there is anything John Skinner or myself can do to help you in the future please do not hesitate to call or text us: John Skinner can be reached at 850-543-5763 and at JohnSkinner@AtTheBeachTeam.com and I am at 850-217-7618 and JohnMoran@AtTheBeachTeam.com
Note: Keller Williams Realty’s At The Beach Team sells more condos from Panama City to Pensacola than any other Realtor or team of Realtors – by double! The At The Beach Team also ranks in the Top Ten for combined sales (Houses and Condos).
More Real Estate Tips Like These
If you would like to see other tips about buying or selling real estate simply send me an email at JohnMoran@AtTheBeachTeam.com and I will be happy to email them to you. If you would llike to receive future tips – we typically send them out once a month – again simply send me an email and I will make sure you get them.
– John Moran