Selling Your Condo Privately - Is it worth it?
There's no denying it, wanting to sell your condo privately seems straight forward and is very tempting. Everyone wants to save money and get a good deal, that's just human nature. But what if I told you that I can actually save you money, sell your condo hassle free and save you some valuable time? Fact, most condos that go on the market privately are eventually sold with the assistance of a licensed realtor. Let's dive right into what you should know before you make that big decision.
There are three main factors to selling your condo: Price, Exposure and Condition. Two of these you can control but the most important one doesn't come as easy as you may think.
1.Price: There's research involved in establishing fair market value for your condo. In order to effectively establish the right market value, you first need to look at the recent solds, expired contracts, cancelled contracts and current active listings in your area (this is not available on public MLS). You will then need to factor in neighbourhood demographics, trends and current market conditions such as lending rates and current events.
2.Exposure: Did you know that the "For Sale by Owner Company" only lists your property on one real estate board? Worse yet, that real estate board may not even be the local real estate board. What good is having a listing on the Toronto Board when you're selling a property in Burlington? There are 41 real estate boards in Ontario and the reason your “For sale by Owner Company” only lists on one board is because of money and time. It costs money for your listing to be listed on each individual board and resources that requires time. Not only will I list your condo on the local board but I will list it on all the relative boards where your buyers will most likely be coming from. So if your condo is in Burlington, I will make sure that buyers/agents in Oakville, Milton, Burlington, Hamilton, Waterdown, Mississauga, and Brampton will see it. Most buyers are working with agents within the area they are looking to purchase, therefore, you NEED to be visible to those agents on the local boards.
Example: A condo in Burlington listed privately has no outside or window For Sale sign because of the condo corporation's restrictions and is only listed on the Toronto Real Estate Board. This listing has little to no exposure for local agents and a buyer for a condo in Burlington will mostly likely not be coming from Toronto. People don't buy what is not available and listing your Burlington condo on the Toronto Board is effectively not available to your target buyers.
3.Condition: You have complete control, whether you sell privately or with the assistance of a realtor. I am a full service realtor and when you hire me, you will receive professional staging (by an outside company which I pay for), high definition photos, virtual tours and many other helpful tips to assist you in bringing your home to its optimal sale condition. This results in a higher sale price with a quicker sale and effectively helps you earn more money.
Those are just the three main reasons but there are many more reasons why you should hire a licensed realtor.
What about your time? Will you have to leave work early to set up a viewing? What about missing an important occasion because you have a last minute showing? Sure you can schedule your open houses and showings to a time that suits you but remember one thing, a potential buyer does not work around your schedule.
What about those showings or open houses, would you normally let a stranger into your condo just because they say they are interested? I know I wouldn’t. As realtors, we take certain precautions and make sure your showings and open houses are done with your safety and property in mind. Each potential buyer has a licensed realtor that represents them and we adhere to strict rules and codes of ethics that helps to protect you and your property.
If you do find a buyer who is interested, what next? Do you have the negotiation skills to be able to sit down and get the most for your condo? Do you have the time to pre-screen them, are they even qualified? Do you know all that legal and real estate jargon? These may seem like silly questions but you’d be surprised on how many people are out there who will waste your time.
At the end of the day, selling your condo privately does not add up to the savings you may think it does.