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A real estate market favouring buyers requires more than just fair pricing from condo-home sellers who want to obtain a sale and full value for their property. As builders of new homes advertising in this magazine will tell resale buyers, marketing is needed, but that means more than just a big splashy advertisement. Let's look at what resale sellers could do in Calgary today to obtain their sale without discounting their price or spending a fortune on marketing.
The greatest fear of all product buyers is making a mistake. In resale condo apartments and townhouses, one way to reassure buyers is to offer a pre-sale inspection report on the home and the building that houses it. For a few hundred dollars the seller can show those viewing the home that in-suite maintenance has been done and that the building is also well maintained. If the report has negative comments, the seller and their condo-specialist Realtor can pursue the Condo Board and the property manager to address those items.
Another way to reassure buyers is through advance disclosure of the condominium documents regarding the building or the townhouse development. A binder can be on display in the suite, so that those viewing the property can immediately see that the condo development has money in its reserve account, and that minor issues are being addressed each month by the Board of Directors. Even better is a feature-sheet reference to the condo corporation's own web site, which should have all documents posted for public review at any time. If your building doesn't yet have such a web site, ask that one be created.
I've found that openness about documents gives prospective buyers confidence that they're at least dealing with a seller who will honestly disclose any issue that might exist. Buyers aren't as concerned these days with an issue, as there is always something that needs fixing, but they fear large issues that some sellers won't disclose. Honest sellers and buyers who develop trust usually overcome an in-suite or common-property issue through a trustworthy reassurance, or by negotiating some compensation on the final sale price.
Marketing via the Multiple Listing Service, of course, should include well-written promotional copy without errors in spelling or grammar. It should offer numerous wide-angle colour photos that start logically with a view of the condo building's front, the lobby, and then progress through the suite. If a suite's interior photo is far more promotional, the 10 photos that the MLS can accommodate should start there, but Realtors and buyers still need to see the building to evaluate its "curb appeal", and because they might well recognize the location.
Most high-caliber Realtors today have their own web site on which to market listed properties, although informative and up-to-date condo-specific and Calgary-specific web sites are far less common. A condo home seller deserves marketing beyond our Realtors' MLS service and the national www.Realtor.ca (formerly www.MLS.ca) marketing web site. Their property should be on a condo web site that is well known and promoted through other media.
Feature sheets waiting for potential buyers at the condo property should be more than just a print-out of the MLS listing. Full-colour sheets should present photos that will remind shoppers later of what they saw, and list all essential information about the property without using any of the acronyms and abbreviations that make MLS listings hard to read.
Staging can be valuable when marketing a condo home, but I don't recommend spending much money in this area. Properties should be squeaky clean, uncluttered, tidy and well maintained. A few potted plants or a vase of flowers adds a touch, but anything further and buyers may think you're selling furniture rather than a condominium home. We want buyers to imagine THEIR furniture in the suite.
The best Realtors have other ideas that may be called upon to overcome impediments to sale, and I'm presuming here that the seller has long since given up on the idea of selling without a Realtor and without the professional errors and omissions insurance that Realtors carry. From clarifying the status of the parking to dealing with the noisy dog next door and through to marketing with an assumable mortgage, sellers need to review every possibility and address every issue with their condo-specialist Realtor. If only one out of the five or 10 listings on your block will sell this month, it should be yours.
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