If you’re ready to sell your condo, you probably feel a sense of excitement and relief. You might be looking forward to moving on to another property or neighborhood in LA, or maybe you’re planning on leaving the area altogether. But before you start packing up your things, it’s essential to know everything that goes into selling a condo in Los Angeles.
The housing market in LA is constantly shifting and changing based on industry trends, and those changes impact both buyers and sellers alike. That’s why it’s essential for anyone who owns a condo in the city — or anywhere in California — to understand how to proceed with their condo sales quickly and at the right price. This guide will discuss what makes condos unique and advise getting top dollar from potential buyers.
How to Sell a Condo in LA?
If you are considering selling a condo in LA, it is essential to know that many challenges await you. If you wish to overcome them and get the best deal, follow this guide till the end.
Know the Market
A seller is only as good as their knowledge, so you should do your homework. As a seller, you need to know what the market is like and what your competition looks like. You also have to know all of the details of your property, including its history and condition. The more information you have about your condo in Los Angeles, CA (or wherever else you plan on selling), the better off you’ll be when negotiating with buyers.
Highlight the Unique Features of Your Property
In selling your condo, it’s essential to highlight the unique features of your property. If there are renovations or updates that you have done, talk about them. What makes this unit stand out from others in terms of location? How much work has been done on your unit, and what features are selling best in your area?
The more information you can provide the buyer’s agent, the better equipped they will be to create a marketing plan for you that will sell your condo faster for a higher price. You should also ask them how much other units like yours have sold for recently so that you can make sure both parties are aware of how market conditions affect value based on location and condition.
Set the Price Slightly Lower Than the Fair Market Value
If you don’t want to be in a situation where your condo sits on the market for months or even years, setting the price slightly below fair market value is critical. This way, if you are willing to negotiate with buyers who are looking at your listing at that price point and they have cash in hand (or can come up with a large down payment), there’s a good chance they’ll still be interested.
Offer Incentives for Quick Occupancy Times
Offering incentives for quick occupancy times is a great way to attract buyers who want to move in quickly if you’re a seller. You can include these incentives in your listing or mention them verbally during negotiations.
An incentive like free upgrades can entice buyers looking into purchasing a new condo but don’t want to wait until the developer finishes building it. Another option will be free furniture if your unit comes furnished with some items already in place (this is common).
Sometimes sellers even offer closing costs as an incentive if they need their unit sold quickly and aren’t worried about getting back the money spent on fees associated with buying and selling real estate in California.
Provide Detailed Information About Your Condo and Its Surroundings
Include detailed information about your condo and its surroundings. Showcasing your property is essential to attract a buyer, so take time to capture every angle with photos of the rooms, kitchens, bathrooms, and common areas. Don’t forget to include pictures of the neighborhood and community at large and any nearby amenities like restaurants or grocery stores.
Describe the building itself. Condos have different layouts and features depending on their location; be sure to describe them in detail in your listing description so prospective buyers know what they can expect when they visit your home.
Provide information about the condo association that governs how you live together as owners within a building or complex of units (such as lawn maintenance services). This will help potential buyers decide whether or not they want these services included before purchasing their unit within the same complex someday down the road (or perhaps even now).
Give details about how safe each community is by providing crime statistics for its area(s) rather than just giving general descriptions like “good schools” or “nice neighbors.”
Suppose there are any problems with crime rates near where you live. In that case, potential buyers won’t be caught off guard since it was disclosed beforehand via official channels instead of being discovered later on through personal experience after moving into an area; without proper research ahead!
Make a Good First Impression
During negotiations, the first thing to remember is that the buyer will be looking for a reason to walk away from your condo. If you can’t answer their questions, or if there are things about your property or building that don’t appeal to them, likely, they won’t make an offer. To avoid this outcome:
- Be prepared with answers. You should have researched the neighborhood to know its strengths and weaknesses; you should know about any recent developments in the area; and if possible, you should have even visited other units in your building to get a sense of what buyers will expect when they come by.
- Be friendly and welcoming – but not too friendly! The buyer needs space and time to consider whether this place is right for them; if they feel pressured into making an offer immediately on sight alone (or worse yet, being followed around by a hyper-enthusiastic realtor), then they’ll probably walk away before ever getting close enough to decide whether they like it or not.
We know that selling a condo in LA can be stressful, but it doesn’t have to be overwhelming. With some preparation and research, you can make the process as smooth as possible for yourself and your buyers.