Toronto is widely regarded as one of the hottest property markets in the world, with housing and condos both subject to high prices and continuous sales. This makes it an especially interesting market for buyers, who must navigate thousands of listings to search for that one perfect spot. When it comes to condos, there is no shortage in Toronto, which makes the selling process somewhat difficult. However, by adhering to a few tried and tested solutions, you will be able to sell yours without much difficulty.
The key to selling a condo in Toronto is to stand apart from other listings in order to attract buyer attention. This will help expedite the selling process by attracting interested parties quicker, and helping them make decisions at a much faster rate. From there, it comes down to who is willing to sign on the dotted line first.
👇 Here are the tips you need to know when selling your condo in Toronto.
SELL FOR THE RIGHT PRICE
It’s tempting to want to sell your condo in the highly competitive Toronto market for the largest possible dollar amount, but you’ll need to determine a competitive, yet realistic asking price if you want to make a successful go of it. For that, you’ll have to take into account certain factors such as the location of your condo, the square footage, any included amenities, proximity to stores, transportation and services, and current market conditions. It’s also good to do some research and find out what other condos in the area might have sold for in the last few months. Setting the right price from the beginning can attract more potential buyers, and cut down on time that would otherwise be wasted due to buyer disinterest or price drops.
PRESENTATION MATTERS
When selling your condo, you’ll want to dress it up to the nines and stage it in the best possible light. This creates maximum impact with buyers who want to see the condo in its most optimal condition. Remember, every buyer has an idea of how they want to decorate and lay out their own furniture and items, so make sure they’re doing it while the condo looks its absolute best. Make sure to clean up and declutter the space, remove unnecessary personal items, and create a clean and welcoming space that will make a great first impression.
HIRE A PROFESSIONAL PHOTOGRAPHER
It may not seem necessary to some, but hiring a professional photographer to capture high-quality images of your condo will go a long way towards creating a buzz on the marketplace. High quality photographs make a huge impact with buyers, and can significantly enhance your listing to attract more attention online. Remember, this is where most buyers start their home buying search, so take advantage of the digital space by making sure your condo dazzles the eye. Also, it’s wise to consider including virtual tours or videos that can provide a comprehensive view of your property, and entice buyers into scheduling a live walkthrough.
HIGHLIGHT UNIQUE FEATURES
If your Toronto area condo has a particularly unique feature or distinguishing characteristic that you believe will attract attention, then be sure to emphasize them in your listing. This can include everything from a fantastic view, to updated appliances, or convenient amenities that will make life easier on the buyer. Remember that would-be home owners are busily comparing multiple properties and stacking them against one another to narrow down a shortlist. Any advantages your condo possesses can help it stand apart, and lead you one step closer to a sale.
TAKE ADVANTAGE OF THE RIGHT DIGITAL PLATFORMS
Listing your condo on popular Toronto real estate websites and social media platforms isn’t just a fantastic way to reach a broader audience – it’s practically a requirement nowadays. Be sure that you’re leveraging the power of digital marketing to create eye-catching listings that will attract potential buyers, and don’t skimp on the details. Ensure that your listings are well written, with no spelling mistakes, and formatted for an easy and informative read. Use bullet points if possible to highlight key features of your condo that will draw the eye, instead of burying them within a large paragraph.
HIRE A REAL ESTATE AGENT
When it comes to selling a condo in Toronto, it is absolutely recommended that you hire a reputable real estate agent who specializes in the local market. These individuals are highly experienced, and can provide valuable insight, while handling complex negotiations and navigating the complexities of the selling process on your behalf. While it might be tempting to involve yourself in every part of the selling process, the simple truth is that real estate agents have the experience and knowledge on hand to facilitate a sale at a much faster rate, while using their expertise to handle things like bidding wars.
DON’T FORGET AMENITIES
Yes, it’s wonderful if your condo just happens to be within walking distance of the TTC, a five-star restaurant, and the grocery store, but don’t neglect the amenities within your own space. If your condo building offers attractive amenities such as a gym, a luxurious swimming pool or concierge services, make sure to emphasize those benefits in your marketing campaign and all subsequent materials. Most buyers are quite interested in the perks and conveniences that these amenities provide, and even though you may consider them secondary, your buyers may have made them a priority.
BE FLEXIBLE WHEN IT COMES TO SHOWINGS
Showings are a natural part of the selling process, and a requirement. You’re going to have more than a few interested parties vying for your property, and they will come from all walks of life and backgrounds, not to mention working hours and family sizes. Make it as convenient as possible for potential buyers to view your condo by accommodating showings during evenings or weekends, as it may increase your chances of attracting serious buyers. Alternatively, you may hire a real estate agent to handle these tasks for you, while raising the likelihood of a sale.
GATHER ALL YOUR DOCUMENTS
Make sure to have all your documentation related to your condo organized and ready to go, such as the corporation’s financial statements, status certificate, property disclosure statement, and any warranties or renovation permits that may be of interest. Having these documents readily available can help expedite the selling process and move you forward with your goals. Plus, it will help avoid a lot of legal issues that may arise, which can complicate the sale if left unchecked.
CONCLUSION
A proactive mindset is required in order to sell a condo in Toronto, especially given how competitive and hot the market always tends to be. Don’t stray from the above tips, or it may take longer to sell your condo, which can introduce a lot of complications. If you’re still unsure you can handle the task of selling your condo, then we recommend adhering to one of the best tips – working with Fine Homes Real Estate. Not only do we understand the markets in each of Toronto’s distinctive districts, but we also know how to market, present and close condo sales with efficiency, in the least amount of time. Let us take the stress out of the situation, while you sit back and plan your future. That’s the Fine Homes Real Estate way, and we’ve helped thousands of sellers achieve their goals, while maximizing their earnings at the same time. Contact us today to learn more.
