Since you’re seriously considering selling your condo unit, you should also be serious in preparing to sell it. This requires doing a bit of homework.
I have seen too many failed attempts to sell condos because owners skipped doing the homework. You can ask an expert to do this for you. But if you are attempting to sell on your own, then PLEASE don’t skip this section.
Now that we are very clear on that, we suggest the following steps to guide you in preparing to sell your condo:
1. Identify who are buying your type of condo
Just like any transaction, you should be able to figure out who you are selling to. Are they single BPO executives working near the location, or a 3 member family whose child’s school is near? Knowing who they are will help you identify their needs, and address those needs when you attempt to sell to them.
How do you do this? For starters, you can start with yourself. If you purchased huge condo and live there now, what made you stay there? Or look around who your neighbors are, where they work, what they do during their free time in the condo (do they use the amenities). You could acquire these information by asking around your neighbors, your friend from the condo corporation directors, or your friendly broker who sold you the property in the first place. If they don’t know themselves,it is likely that they know someone who does. Make sure to list this information down, as this will be a valuable reference once you start selling.
2. Identify the price at which people are buying condos similar to yours
This is way easier to do than the first step, since there are multiple sources of information you could easily access. A good place to look for it are online listings in the same building. You could go to olx.ph or bahay.ph , look for your building, and see if there are similar units being listed like yours.
Another way to look for the right price of your unit is to have it appraised by a qualified appraiser. It might cost you a bit, but at least you would get an unbiased opinion of the market value of your property.
Lastly, you could always talk to a broker you trust to give you a quote. This still remains to be the easiest way to get a price for selling your condo.
So you researched who your client is, and at what price can your condo unit be sold. Hopefully you spent at least a couple of days asking around and getting some confirmation that you were on the right track.
Now we can continue and select the strategy that you would act on to sell your condo. There is no particular ranking here, and you could choose to employ all of them if you would like to.
Strategy 1: Tap your Network
At times like this, you can see how important a well tended network can be in finding a buyer for you. Since you came prepared, you could be very specific in looking for the right types of people and sell at the right price. You can directly ask people if, for example, they know a couple who is about to get married and already looking for a small condo. You can also ask around for a bank executive who is looking to have someplace to stay in the area. Once you get the referrals and introductions, you will be ready with both the offering and the price.
Strategy 2: Get Listed Online
Selling real estate online is now easier, thanks to platforms like www.olx.ph(formerly sulit.com.ph) and www.bahay.ph Both platforms offer a degree of freedom, especially in describing your offer to potential buyers. In your custom ads, you can demonstrate your knowledge of your buyer by highlighting the particular benefits valuable to them, and price it right.
Getting a higher exposure online is one way to sell your unit faster. You may also contact a brokerage firm active in promoting properties online to help you sell your condominium unit but you have to be very careful using this strategy, not all brokerage firms have a good reputation. Zipmatch.com have an established online brand, I think their website offers free property listing and their expert agents might have clients for your unit.
Strategy 3: Get a Professional Broker
Ultimately, one of the best strategies you can use is to look for a professional real estate broker. Real Estate Brokers are licensed professionals who can give you a lot of help in terms of finding customers, closing the deal, and dealing with the paperwork. They usually have made the right connections and maintains a list of interested buyers/investors who might be the right fit for your condo. Your research here will payoff since you will be able to identify if a particular broker would be able to help you. For example, if you’re selling a Php 10 Million condo, approaching a broker who advertises Php 3 Million condos for sale is NOT the right of broker to approach. It is highly likely that they do not have access to the market you are looking for.
Preparing for the sale and employing the right strategies will be the key to your success in selling your condo. If you do it right, you’ll be enjoying the fruits of you labor in no time at all.
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