Jamesr, Home Buyer in Chicago, IL

Best ways to sell condo

Asked by Jamesr, Chicago, IL Sun Sep 18, 2011

Help the community by answering this question:


I would recommend having a theater group on hand to re-enact your condo board minutes, and of course, cookies baking in the oven
3 votes Thank Flag Link Mon Sep 19, 2011
Seth: What kind of cookies?
Flag Sun Jul 7, 2013
Reach out to a few agents to interview and see who you feel would be the best fit for you. On average using an agent will net you more than selling it yourself.
0 votes Thank Flag Link Wed Mar 12, 2014
My wife and I had our condo on the market and we were getting some interested buyers, but the problem was that they weren’t able to get financing because our complex was not FHA certified. Our HOA didn’t realize that FHA certification was required on the entire complex for individuals to obtain FHA insured financing. Without it, we limited our buying pool to only cash investors. We’ve then learned about Association Online and they stepped in to help us get FHA certified quickly. It was so simple for us – they organized all the information and knew how to submit all that was needed for approval. Now the condo is certified for another two years, and ours is sold! You can contact Association Online at http://www.associationonline.com or call them at (970-226-1324).
0 votes Thank Flag Link Wed Mar 12, 2014
where are you located? can you please provide us more detail about your condo? Size? condition of unit? Condition of HOA?
0 votes Thank Flag Link Sun Mar 9, 2014
Contact a few brokers who sell your building successfully and interview them to learn whose marketing plan you feel most confident in. Let me know if I may be of further assistance.
0 votes Thank Flag Link Sun Mar 9, 2014
the best way is to let me come over and tell you what needs to be done to get the most money..
0 votes Thank Flag Link Sun Jul 7, 2013
Depending on your area, you are probably competing with hundreds of condos in your area. If you want to get noticed than you need to stage and remove clutter, have several quality photographs, and have it priced competitively. The most activity on your unit will happen in the first couple weeks, so if you are priced too high you may have scared away a buyer. You can leave some room for negotiation, but it should be done very carefully.

If your unit stands out in its price range, then it is only a matter of time before it gets sold. But you may want an experienced negotiator to help you get the most from the buyer.
0 votes Thank Flag Link Wed Jul 11, 2012
Dear James,

That's the million dollar question!

After selling homes for many years, I learned that you need a personalized Marketing Plan for your property. Depending on location, size, price and a multitude of other factors that you do not share here, there are different ways to market the home and ultimately get it sold for the most in your pocket.

I will strongly advise you to interview 3 agents that are familiar with your neighborhood, listen to their suggestions and go with the one that you think will do the best job for you.

Kind Regards,

Lumi Ispas
Century 21 SGR
0 votes Thank Flag Link Sat Oct 1, 2011

1. Hire a Local Real Estate Agent that understands your needs.
2. Set a fair selling price.
3. Be objective.
Most sellers find it difficult to be objective. You have lived in your house for years and have formed an emotional bond. You think that the cost for the new wallpaper in the kitchen or the new carpet in the living room should be included when setting a price. Unfortunately, that new carpet you just installed may not impress a buyer who wants tile or wood floors.
4. Thoroughly clean your house.
5. Have your carpets professionally cleaned.
6. Touch up your walls with new paint.
7. Light some candles.
Fragrance candles are good if they all have the same scent.
8. Outside maintenance is important for a good first impression.
9. Store clutter away.
Put everything that is on top of your dressers into drawers. Put all of your bathroom toiletries inside drawers or cabinets and hang some nice guest towels on the rack. If you are in the middle of moving to another home prior to selling your home, please be sure to store boxes in the garage.
10. Pets and litter boxes should be out of sight.
11 After all the above is complete, insist that there are as many pictures posted as your MLS will allow. With buyers using the internet to search for homes, you need to stand out. Homes with few or no pictures take longer to sell than those with multiple pictures.

Best of luck.
Web Reference: http://www.SeanSeckar.com
0 votes Thank Flag Link Mon Sep 26, 2011
Hi James,

Know your competition. What else is available and how does your unit compare? Find out what makes yours stand apart and be sure to highlight that.

Know your association. Be crystal clear on the rules and regs up front. It can be a huge waste of time and energy to begin negotiating a contract only to find out that the Buyer cannot live with something. Also, know the financials. Are the reserves fully funded? Is there any chatter about upcoming special assessments? Have there been many distressed units where the owner had not been paying the Association dues?

Know what kind of Buyer you need to attract. Here in Florida, financing for condos is a HUGE issue. Can a unit be bought be bought with a conventional loan? Will 20% down pass or does a Buyer need 30% down? A few associations are cleared for FHA loans. If yours is, then be sure to promote that. If the association is not financiable, it is better to communicate that you need a cash buyer.

I hope this helps! Jill Thomas
Web Reference: http://jillwillsell.com
0 votes Thank Flag Link Wed Sep 21, 2011
Price it competitively to sell from the start, and hire a good Broker. Also, find out from your HOA if you or potential buyers may rent the condo. That way you can target investors as well.
0 votes Thank Flag Link Wed Sep 21, 2011
Clean the place make sure there is no clutter and hire a good agent who does the showing for you.

Simir Shah
312 970 0289
0 votes Thank Flag Link Tue Sep 20, 2011
The comparables should be in your asking price range and the condo should be shown with no clutter clean and inviting to the buyer. Get the listing out there, use as many internet sites as possible,post flyers in your area and use a professional you feel at easy with and have the confidence in your agent that they will do the best job in selling your condo. Debbie Bergthold-Smith Classic Real Estate 708-267-5552
0 votes Thank Flag Link Mon Sep 19, 2011
Know your buyers. If you are selling a condo - your buyers will be in certain demographics. Most likely - first time home buyers in their 20's. To folks in that age group, Internet is the world and Facebook is their way the interact with the world. Consider hiring an agent how know social media not from a seminar but from his/her own experience. Word of mouth is sometimes the most trusted way of learning about good deals and there is no better place to spread the message than social media. Especially among younger folks.
0 votes Thank Flag Link Mon Sep 19, 2011
hire a professional, hire a professional with experience, hire someone that answers your concerns,...listen to the professional and do what is suggested..it will sell for the most money possible.
Web Reference: http://www.joeschiller.net
0 votes Thank Flag Link Mon Sep 19, 2011
Best way to sell your condo in this market, is price it right, and make sure it shows well.
Web Reference: http://AmericorpRe.com
0 votes Thank Flag Link Mon Sep 19, 2011
With the 'Internet' marketing any property became easier, more cost affective and made it simple for the entire planet to see your property. All agents do 90% of the same things to 'market' your property. (The problem in this market is that not that many folks around the planet are interested or if they are they cannot get a loan or are waiting for a more stable job market) Only about 20% of those things actually ever contribute to getting it sold and the 10% variations that some agents use are irrelevant to ever getting your property sold, but those agents like to use them to 'differentiate' themselves from others.........a complete marketing bit of silliness.
It is not an over simplification to suggest that it's all about price, but depending on your price point/neighborhood and when you bought and what you paid, if you cannot compete on price for whatever reasons, your chances of selling are less regardless of any marketing your agent does. Buyers know prices!!
0 votes Thank Flag Link Mon Sep 19, 2011
Hey James,

Everyone's going to go over some of the same bulletpoints but you can only get so much from random Trulia comments. I've had many years' experience working in almost all Chicago neighborhoods so I have great ideas of what you can expect, what to do to get your house or condo ready to go on the market, an excellent marketing campaign for your house/condo and more. It's as simple as us coming up with a time to meet at your home so I can get a good idea of what your home can be priced at in relation to other comparable properties. We'll get the listing agreement signed, I'll schedule a professional photographer and we'll get your home on the market. I'm available to do all showings myself (no lockboxes) and am available to sit at open houses as well!

Call or email me when you're available.

Jeff Stewart
REALTOR®, @properties
3101 N. Greenview Avenue, Chicago, IL 60657
309-269-3499 CELL
0 votes Thank Flag Link Sun Sep 18, 2011
Provide as much information as you can about the development, and make sure it is easily accessible. Make sure to include in the listing about the best way to park for potential buyers.
Web Reference: http://www.teamhybridre.net
0 votes Thank Flag Link Sun Sep 18, 2011
Since the majority of all property is sold via a listing, hooking up with a good Realtor is the best way. But if you have an inkling you might want to try and sell it FSBO, pricing it to market is the most important aspect. I think everyone should try to sell their own place at least once in their life. It's in markets like these that it becomes even more apparent the value of a good partnership with a Realtor. Good luck whichever way you go!
0 votes Thank Flag Link Sun Sep 18, 2011
Prepare your home for the best possible presentation to home buyers (presentation is everything!) Price it right and make sure you're working with a good Realtor who is tech savvy! Call me anytime for any reason! Aislinn Ryan 847-707-1590
0 votes Thank Flag Link Sun Sep 18, 2011
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