Marketing Strategies when Selling Your Vancouver Condo
In the previous episode, we discussed the best time of year to sell your condo. Today we’re going to talk about marketing strategies for selling condos in Vancouver that bring together many of the topics and concepts we’ve discussed in previous episodes.
Many think that selling a condo in Vancouver is simply a matter of listing it on Realtor.ca at a price pulled from thin air with non-professional photos and little or no thought to light, exposure, and colour.
This is a good way to proceed…
If you don’t want to sell your condo or you are not interested in getting the best possible price or outcome.
Customized Market Strategies for Selling Condos Works Best
Condos in Vancouver in most cases are quite unique. This uniqueness requires specific marketing strategies for each property. (Something we specialize in!)
That said, here are a few basic things that should always be done when selling a condo in Vancouver.
Comparative Market Analysis based on Good Data by a Qualified Realtor
The foundation of a marketing strategy for a condo in Vancouver is a rigorous market analysis based on real data.
I am immersed in Vancouver’s real estate market 7 days a week. I see properties all day every day and I am constantly analyzing the real estate market and the properties I see on behalf of both buyers and sellers.
When selling a property having this insight at your disposal is invaluable in reaching the Sellers goals when selling a property.
When I work with Sellers, the first thing I like to do is visit the property I am being asked to market so that I can have the best possible data on the subject property.
Once I have seen the property, I do a rigorous analysis of the property using comparable market data often referred to as a Comparative Market Analysis. (Discussed in detail in Episode 3)
In a nutshell, I look at comparable properties the building or complex in question and in the surrounding area. The jargon for the property used is “Comps” or “Comparables” as these properties are similar to yours in terms of age, size, configuration, etc. If there is some difference between your property and the “Comps” I adjust the numbers accordingly. We also look at the strata plan for the building, depreciation reports, and any other pertinent documentation. We also look at the most current REBGV statistics package to get a clear idea of how the market is performing in your area.
All the data I use for the market analysis is shared with the seller and I will be able to explain using market data the value of the property.
This conversation is confidential and is not shared with anyone.
Effective Customized Pricing Strategies for Your Needs
Once the seller has a clear idea of the market value of the property and what is happening in the real estate market for properties like theirs, the foundation has been set for the Seller to select a pricing strategy to reach the Sellers goals.
I help by laying out various proven and effective pricing strategies for the Vancouver real estate market customized to meet the individual needs and requirements of the Seller and the property.
how to price your Condo to meet your goals. Today we’re going to discuss marketing strategies to get the best price for your property in Vancouver.
There is only one chance to make a good first impression. A vast majority of buyers start their search on the internet. The first thing they see of a listing is almost always the pictures of the suite. Not having pictures or having bad pictures of the condo will turn off most buyers and they will pass your property by.
If the buyers aren’t turned off, they may use the fact your property is poorly marketed to get a big reduction in price. Check out this great video with more details on the advantages of professional photography for real estate listings.
Access to the Property
A property that has the broadest possible audience will sell in the shortest amount of time for the most amount of money.
Properties that are easy for Buyers to view (ie appointments with 24 hours notice or open houses) are going to appeal to a broad audience. These properties will have a far higher chance of getting sold for the most amount of money.
The inverse is true. If Buyers cannot the most beautiful property ever, most of these Buyers will not be interested in buying it.
It is key to have reasonable access to a property to get it sold in the shortest amount of time for the most amount of money. Reasonable access is private appointments with 24 hours notice and open houses when and where applicable.
Market Ready Condition
To sell a condo for the most amount of money in the shortest amount of time, it must look as good as possible. The property needs to be clean and tidy and in a good state of repair as we only have one chance to make a good first impression. Here is some great advice on how to prepare a condo for sale. Here you will find what to avoid when preparing a condo for sale.
Stay Tuned! In the next episode, we are going to discuss Agency Relationship and what to expect from your Sellers Agent!
Want Numbers on the Vancouver Real Estate Market?
Check out the Monthly Vancouver Real Estate Statistics courtesy of the REBGV
Looking for info on How Much it Costs to Sell a Home in Vancouver?
Check out this great video on Vancouver Realtor Fees!