Boston‘s real estate market is beyond competitive, but that doesn’t mean simply listing your property guarantees an easy sale. Every type of home, from single-family houses to triple-deckers, has a unique set of challenges and selling points to consider. And while selling your condominium may seem like a breeze, there are several things to keep in mind.
Hire an expert.
Adam Geragosian, a real estate agent with Gibson Sotheby’s International Realty, says, “The best possible advice I can give is to hire a reputable agent for purchase or sale. Having experienced representation through the biggest investment of your life will help make sure you come out on the good side of a real estate story.”
He adds that to be competitive, you must choose an agent who has expertise in your market and who has the numbers to back up the marketing strategy he or she is proposing.
[Read: 4 Real Estate Trends to Know Before Selling Your Home in Boston.]
R. Wayne Lopez, a principal with RESIS, short for Real Estate Sales Integration Solutions, agrees. “Hire a real estate professional that has that market knowledge and expertise,” he says. “An agent should be able to add value and clearly articulate their value.”
Be competitive.
Condo sellers have to figure out how to make their properties stand out in the crowd. Lopez says, “It’s important to have an effective marketing strategy in the Boston market because it is very competitive. Beyond hiring the right agent, sellers need to make sure the property is showing in the best possible condition, as first impressions are everything right now.”
[Read: 3 Things Boston Home Sellers Should Ask Before Hiring a Real Estate Agent.]
Sellers must be able to step back and look at their condo through a potential buyer’s eyes, Lopez says.
He recommends clients declutter, paint and consider hiring a stager, all of which are relatively low-cost investments. Lopez also stresses that professional marketing materials, high-quality images and digital floor plans are extremely important.
Make sure the price is right.
Ted Pietras, an agent with Gibson Sotheby’s International Realty, says it’s important that condos are appropriately priced, even in this hot market. “Overpriced homes still sit for a while and need reductions after two to three weeks if they’re not sold by then,” he says. “If it’s very overpriced, then you’ll get no offers, and it will sit. Pricing in the reasonable range will help to get possible multiple offers and even get over the asking price.”
If a condo is overpriced, it can result in multiple price reductions, which is not ideal. It can drag the process out and end up wasting everyone’s time.
Geragosian agrees, saying, “Buyers are far too educated right now to pay for something that is overpriced.”
Watch out for common pitfalls.
Pietras says besides overpricing the condo, another pitfall for sellers can be waiting too long to sell. “Sell now,” if you’re on the fence, he says. “Don’t wait until the next year or two. At some point in the not-too-far future, the market will adjust itself downward. Once it adjusts, these prices are gone for a long while.”
[Read: 5 Things to Consider If You’re Selling a Luxury Boston Home.]
Another thing sellers should be wary of is jumping into a deal without doing their due diligence. Geragosian says, “Sellers have to be very cautious to not take an offer that seems too good to be true because it usually is. Sellers need to make sure the buyers are truly committed and qualified before accepting an offer. I try to remind seller clients the offer price means nothing if we can’t get them to the closing table.”
Make sure the buyer thoroughly understands the condo association rules.
Condo associations rules can add another layer of complexity to a sale. Lopez says this is where having a condo expert is vital. “It comes back to pitfalls that a real estate professional can avoid.”
Geragosian says, “There are many moving parts within a condo association. I review every set of condo documents prior to listing, to verify all information presented is accurate.” Making sure you portray the building and condo association rules accurately is critical, he explains. “I have seen everything from agents representing listings with false owner occupancy ratios, to false allowable rental periods, to pet policy restrictions, to not disclosing upcoming assessments within the association.”
Providing the wrong information can cause sellers serious problems in the long term. “Buyers will often walk away from the deal or ask for substantial credit when these situations arise,” Geragosian says.
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5 Things to Know About Selling Your Boston Condo originally appeared on usnews.com
