Listing real estate for sale isn’t always the same, especially when it comes to marketing a condo rather than a house.
Selling a house vs selling a condo doesn’t require cookie-cutter planning and execution. While they both call for our innate real estate sales talent, there are slight differences such as choosing, pricing, and marketing each type of listing.
Location Is Crucial
Whether we’re selling a house or a condominium the location will play a huge role in how quickly the property moves. It is important with all real estate for sale. However, when listing a condo, the location plays an even more intensive role in how long it will take to sell.
For example, a condo listing downtown in a bustling city will get snatched off the market. They also sell well in vacation destinations as condos are often a second family home purchase.
On the other hand, a listing that backs up to a highway or lost in a suburban sprawl may take a bit more time to move. When selling a single-family home, however, a cityscape may work against the agent. A family doesn’t want their children chasing their ball into a busy road. So while suburban sprawl may work against a condo, it’s almost always a ideal for single-family homes.
Price Is Vital
As with all real estate sales, selling a house or a condo in good time requires proper pricing. Sometimes a real estate agent has to work with their client to get them to understand how pricing works. Sometimes emotion and time spent in a family home can make it hard to get to the bottom line of the price. When selling a condo it is easier to avoid this situation. Generally, there will be other very similar units for sale that help an agent and the owner set an appropriate but comparable price.
Do remember that there are very minor ways that the price of a condo can grow. End units tend to be worth more to buyers because they are known to be much quieter. Also, take note of all the amenities offered by the Homeowner’s Association or condo company. Many condos come with pool and spa access, a gym, and private parking. If the condo sale comes with any of these amenities, it can set the price higher than the average condo.
Marketing Is Integral
Once we determine that our listing is in a great location and priced properly it’s time to put it on the market. Just like other aspects of selling a house vs. a condo, these two listings should have a different marketing strategy. Marketing a condo requires us to make our complex shine. This means highlighting the unique features and amenities we mentioned above. These features are meant to make life easy for tenants. Therefore, it’s important to let them know how much easier this condo will make everyday living.
A single-family home requires a different focus. While an HOA may not be a deal breaker for this sect of buyers there are other essentials to highlight. This type of buyer will be very interested in the condition of the house. Convey this through photography and an accurate description of all marketing materials. It is also wise to showcase large yards, privacy walls or shrubs, and any new or updated appliances.
Selling a house and selling a condo require their own strategies. Understanding how to find the right listings, how to price them, and how to market them can prepare a real estate agent to sell any type of residential property.