The Pitfalls You Face Selling Your Condo

Posted by Jennifer Mackay on Monday, June 18th, 2012 at 5:47am.

Jennifer | Panama City Beach Condos

In today's condo sales market owners are faced with increasing difficulties selling their condo properties.

If a condo for sale is not being shown or have a contract written within the first 30 days, an owner should assume there is something wrong some where.

In many instances, condos for sale sit on the market for longer periods of time than necessary for reasons that include:

Pricing

The condo is probably priced incorrectly, and usually much too high. If the condo is not priced comparable to other units in the same or similar complexes, the condo is NOT going to sell.  It doesn't matter how much a seller wants to get for a condo, what matters is how much will the market bear and how much are buyers willing to pay.  Pricing a condo competively will get the unit sold 100% of the time.

Many agents are trained to take listings whether they are over priced or not hoping to get a price reduction from the owner over time. The problem with this logic is simple: Once a unit hits the market it has a 30 day chance of being "new" to the MLS. You only get 1 chance in the MLS to be a "new" listing and if the condo is not priced competively, once the 30 days expires it becomes an "old" listings.

Traditional real estate training methods teach agents that "the agent with the most listings wins". This could not be further from the truth as in reality "the agent with the most SELLABLE listings wins"  there's a big difference in those two methodologies

Marketing

edgewater beach condosIf a properly priced condo does not get as much exposure as possible within the first 30 days, it often becomes an "old" listing once the initial 30 days expires.  This is often the result of the agent not being able to market the property effectively.  

In today's real estate market it is imperative that not only should there be lots of photographs of a condo for sale, but also a video, placement on the top visited local real estate websites (and no, I'm not talking about Zillow or Trulia which we'll save for another blog discussion).

Agents have traditionally been taught to place the listing in the MLS, perhaps an advertisement in a paper or one of the many free real estate books you find at the convenient stores.  Unfortunately, these advetising methods no longer reach the maximum number of potential buyers.  More than 90% of condo are looking for properties on the internet and most of them are NOT from the local area. It is important that the visibility of an agents website is both national and internationally visible.

If agent uses only a company generated website, or has no website at all or their website can not be found in the various search engines, chances are your condo is going to be on the market for a very long time and cost you quite a bit of money in the long term.

Visuals are Key

In today's real estate market it is imperative that not only should there be lots of photographs of a condo for sale, but also a video and as much additional information as possible which may include sellers disclosures and more.

Many times when browsing for properties, potential buyers see one maybe two photographs of a property and request additional photos. Have substantial photographs in the listing help buyers see as much of the condo as possible before making the decision to "view" the condo.

If your condo listing only has one or two photos, chances are it will be on the market for quite awhile as others with more photos are shown daily and yours is simply passed by due to lack of visual appeal of the listing.

Property Management Issues

The property management company does not take calls 7 days a week - When visitors arrive to Panama City Beach, often Saturdays and Sundays are the most convenient days for them to view properties.  If a management company doesn't take phone calls, or allow condos to be shown on weekends chances are the unit is not going to sell quickly and cost the seller quite a bit over time.

The management company won't allow the condos to be shown unless it has been cleaned - Prospective buyers just want to view island reserve condos at nightthe layout, view and the furnishings.  They really aren't that interested in whether there are towels on the floor or not as they can see "past" cleaniness issues.  It is imperative that a condo be available to show whenever possible and that includes evenings and weekends.

A Conflict of interest between the listing agent and the property management company exists.  If the property management company also sells condos, there exists a conflict of interest.  This conflict may result in decreased access to the condo for showing by prospective buyer agents. The reason being the management company wants the listing and hopes the seller will become disillusioned with their agent for not selling the unit and move the listing to the management company for sale.

These are just a few of the pitfalls owners face when selling their condos in todays real estate market. If you are dealing with any of these pitfalls perhaps you're not using the most effective agent or method to sell your condo.

At PanamaCityRealtyGroup.com and Panama City Beach Condo sales we understand the frustrations of having a condo for sale that sits on the market and gathers "dust". We know what it takes to sell condos in today's market as well as tomorrow's market.

We constantly watch market trends and sales techniques to ensure our customers properties are not only fully marketed, but more importantly sell quickly and for the highest amount possible.

Contact us or call us (850) 774-6582 today to list your condo for sale in Panama City Beach Florida

Jennifer Mackay
Contact me directly
Direct: 850-774-6582
Fax: 850-522-3967
The Panama City Real Estate Team

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