Consider the DOM of the condos in your building. This will give you an idea of how fast they are selling. It includes similar square footage, floor, and unit types, as well as vantage points. This will give you an idea of how long it will take to sell your condo for a given price. Do you want to sell your condo faster? You can reduce the price by a little and increase your DOM. This data can be viewed on websites like Redfin and Zillow.
Find Out What Improvements “Pay Off”.
Deciding whether to make improvements or “sell as-is” is a big question to owners looking to sell their property. There are a few factors that will determine whether or not you make improvements. Are you able to afford the repairs? Are you able to visit the property while contractors work? Are you able to predict which repairs will be successful and which ones won’t?
You don’t have the money or the resources to make the “right repairs”, but you are not close enough to the property, rehab is an option.
You may have enough cash to handle renovations, or you might be a local resident with the time and resources to do so. This raises the question, “What renovations should you make?”
You can find the online listings for community comps. You can see the listing photos to determine what is being sold and not. To get a feel for similar properties, you can visit open houses. As a potential buyer of this building, imagine yourself. What changes will make your unit stand apart from the rest? Or compensate for its less desirable aspects? These are the best renovations you can make.
Collect Documentation And Go Over Any HOA Rules.
You should know your condo like the backs of your hands. This requires you to be familiar with all rules and regulations of the Homeowners Associations. A homeowner association is a private association that was created by a realty developer to manage, market, and sell homes and lots within a residential subdivision.
You are ready to answer any questions buyers may have. Prospective buyers will ask about the amenities included in the high-priced HOA fee (gym access, pool access, etc.).
Rental restrictions, i.e., limits on the ability of buyers to rent the property are a hot-button issue for prospective buyers. HOAs can restrict rental units because too many could have a negative effect on the value of the condo community. There are two types of rental restrictions:
Modern governing documents often include restrictions on how many rented or leased units or lots are allowed within a development. These restrictions are usually found in documents that have been updated from original developer documents. There are two types of lease restrictions. The first restricts the number of residences that can be leased within a development. Development cannot have more than 20 residences leased at once. The second type requires that all new owners live in the residence for a certain period of time (e.g., one year) before it can be rented. The second type restricts the number of leased units because it discourages investors from purchasing them. Most owners who are willing to live in the residence after the initial period will likely stay. There are many variations to each type of restriction.
To Use A Realtor Or Not?
Are you able to manage the sale on your own? If you are able to manage the sale yourself, a 6% commission can be expensive.
It can be slow to work with a realtor. Working with a realtor involves: interviewing different realtors; negotiating an agreement for the listing; preparing the house to be shown – all of this before the house goes on the market. A commission of 5 to 6% is then taken out of the sale. Although this is not to say that a realtor can’t be helpful, it should be noted that it is a costly service. Not to be overlooked, people can get their licenses as realtors in just two weeks. This is not a difficult task.
Selling a condo directly to a cash buyer is the fastest method to sell it. Cash buyers will buy the condo “as is” without any repairs; will have cash reserves, which means that there are no appraisals or lengthy mortgage approvals. They specialize in purchasing a property that requires updating. Cash buyers eliminate all red tape so closing is quick and simple. The best part is that you don’t have to pay thousands of dollars for a realtor to show your property.
You should not pay the ridiculous 6% commission if you decide to hire a realtor. Agents are willing to negotiate and will often settle for 1 or 1.5% commissions.
This post was written by Dayana Susterman Dotoli. Dayana is the head real estate agent for the Tiffany House In Ft. Lauderdale Beach. Dayana has assisted over 150 individuals with buying, selling, and leasing at Tiffany House. The Tiffany House Residences is a 12 story tower, offers 129 residences, including 1, 2 and 3-bedroom condominiums and townhomes, with exclusive, resort-style amenities and views of the Intracoastal Waterway and the Atlantic Of.