For Quick Condo Sale, Make it Stand Out

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In areas of the country where the condo market has been on overdrive, sellers can face major competition for buyers. The challenge is especially tough if several similar units in the same building or complex already are on the market.

Condo sellers in this situation need to think strategically, says Mark Nash, a real estate broker and author of “1001 Tips for Buying and Selling a Home.” Here are five ways to make a condo listing stand out from the competition.

Make sure the price is right. Are you planning to sell an apartment in an area where new condo projects are still in the construction pipeline? Be sure you don’t overshoot the list price. Those seeking to sell a condo in a complex where many similar units are available should do a painstaking review of other apartments that have sold during the previous six months.

Have one or more “brokers’ opens” at the home. These are open houses to which all real estate practitioners in the area are invited. As lures, they often feature food, entertainment or both. This is one way to get more showings.

Develop ‘resource lists.’ In addition to the usual advertising materials and brochures, he recommends that you develop community “resource lists” with your target audience in mind. For example, young, childless purchasers might be interested in an exhaustive list of restaurants in your area, including ratings and reviews. Families may like a roster of local day-care centers, while empty nesters could be grateful for information on cultural or recreational attractions.

Add glitz to the kitchen and bathrooms. Many condos have galley-style kitchens that are relatively small. But that doesn’t mean they can’t be given the sort of pizzazz that will set them apart. If you believe that selling your home could be challenging, you may be willing to spend a few thousand dollars to upgrade your kitchen, Nash says.

Consider incentives. You might choose to advertise that you’ll give the people who purchase the apartment a large plasma TV, or, offer supermarket gift certificates good for several months’ worth of food.

Source: Chicago Tribune, Ellen James Martin (08/25/06)

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The Moxley Team   | August 30, 2006

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