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Archive for the ‘Sell Your Condo’ Category
Thursday, September 10th, 2009
When it’s time to sell your condo and put it on the market, many people wonder if they are better off selling as a “by owner” or using the services of a realtor. The reason for the quandary is typically a financial one. It is a common myth, actually, that the seller will net greater proceeds from the sale if they sell it themselves. In reality, buyers are typically looking for the “by owner” to drop the price of the realtor’s commission as much as a whopping 6-10% below the price of comparable homes listed by real estate firms. Otherwise, they can find more selection of homes and a more trusted sale if they use the services of the realtor.
Time is money
How much is your time worth? If you don’t use a real estate professional, expect to spend at least 100 hours selling your condo – assuming there are no problems! Considering your work, family, and personal commitments, is that the best use of your time?
Selling a condo is a big deal. Most people don’t sell more than two homes in their lifetime, so it’s not something they develop expertise in. There are ever-changing laws, ethical practices and practical considerations that you don’t want to learn on your own through trial and error or relying on a book or information off the Internet. It’s just not worth the risk.
When selling a condo Your REALTOR®…
1 – Helps you understand the home selling process from putting your home on the market through closing
2 – Advises you as to the right price for the home based on their knowledge of what comparable condos are being sold for
3 – Assists you in determining the necessary home improvements required to get your property in the best selling condition possible for the lowest cost possible
4 – Develops your personalized condo marketing plan and places your listing on the exclusive Realtor® Multiple Listing System to reach as many buyers as possible
5 – Handles the showing of your property so your schedule is not tied up keeping appointments with prospective purchasers
6 – Conducts informative and professional tours of your home through open houses
7 – Negotiates the offers to purchase to obtain the highest price possible for your condo
8 – Tracks the various phases involved in meeting your contractual obligations as the seller
9 – Leads you through the home inspection phase and negotiates on your behalf
10 – Coordinates the supporting contractual paperwork required for settlement
11 – Organizes the details of your settlement amongst all parties to ensure a smooth transition
Tags: Chicago condo company, Chicago Condos, Chicago condos for sale, Chicago Real Estate, sell a condo
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Wednesday, September 2nd, 2009
Selling your condo can be a difficult decision and many people wonder if they are better off selling as a “by owner” or using the services of a realtor. The reason for the quandary is typically a financial one. It is a common myth, actually, that the seller will net greater proceeds from the sale if they sell it themselves. In reality, buyers are typically looking for the “by owner” to drop the price of the realtor’s commission as much as a whopping 6-10% below the price of comparable homes listed by real estate firms. Otherwise, they can find more selection of homes and a more trusted sale if they use the services of the realtor.
Benefits of Using an Agent
Time is Money
How much is your time worth? $________ per hour. If you don’t use a real estate professional when selling your condo, expect to spend at least 100 hours – assuming there are no problems! Considering your work, family, and personal commitments, is that the best use of your time?
Selling your condo is a big deal. Most people don’t sell more than two homes in their lifetime, so it’s not something they develop expertise in. There are ever-changing laws, ethical practices and practical considerations that you don’t want to learn on your own through trial and error or relying on a book or information off the Internet. It’s just not worth the risk.
When Selling A Home Your REALTOR®…
1 – Helps you understand the home selling process from putting your condo on the market through closing
2 – Advises you as to the right price for the condo based on their knowledge of what comparable houses are being sold for
3 – Assists you in determining the necessary home improvements required to get your property in the best selling condition possible for the lowest cost possible
4 – Develops your personalized home marketing plan and places your listing on the exclusive Realtor® Multiple Listing System to reach as many buyers as possible
5 – Handles the showing of your property so your schedule is not tied up keeping appointments with prospective purchasers
6 – Conducts informative and professional tours of your home through open houses
7 – Negotiates the offers to purchase to obtain the highest price possible for your condo
8 – Tracks the various phases involved in meeting your contractual obligations as the seller
9 – Leads you through the home inspection phase and negotiates on your behalf
10 – Coordinates the supporting contractual paperwork required for settlement
11 – Organizes the details of your settlement amongst all parties to ensure a smooth transition
Tags: Chicago Condos, Chicago condos for sale, Condominiums in Chicago, condos in Chicago, sell a condo
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Friday, August 21st, 2009
Selling a condo in Chicago in today’s market place is not as tough as one might imagine if they only listened to radio, newspapers and TV. There will be more than 30,000 condos that will close in 2009 in the Chicago area. We’re on track to sell just as many condos this year as we did last year as an industry. Just think of 30,000 condos selling. That’s a lot of condominiums. How is it that these thirty thousand sold and you’re having trouble selling yours?
Selling a condo doesn’t have to be impossible, you just have to take the right approach and prepare. The first step is choosing a real estate agent to represent you. Make sure that the agent has experience in selling condos and selling condos in the area that your condo is located in. Many agents are part time in this business, which is how people get started. But if I were selling a condo, I’d want my agent to be full-time with no other job than real estate. Ask the real estate agent that you hire several questions about being available for you and for buyers when they call from the advertising.
The next step in selling a condo in Chicago is to choose a price the condo will be marketed for. There is no step more important. If you mess up on this one you could market the condo for months and never attract a buyer. You waste your time, the real estate agents time and the condo will have an overpriced stigmatism possibly forever regardless of you lower the price in the future. I’ve seen sellers in this position having to sell lower than market value because they’re product was on the market so long that people thought there was something wrong with it. The only thing wrong was the price was so high right from the start.
The third piece of the puzzle in selling a condo in Chicago is you have to have an explosive campaign to market the condominium. You’ve chosen your real estate agent, you’ve priced the condo to sell and now you’ve got to tell everyone you can about this product being available.
If you follow these three steps diligently, you’ll find there’s a very solid chance you’ll sell your Chicago condo. Thirty thousand plus will sell theirs this year, why not you? There are over five hundred that sell every single week in the Chicago area.
Tags: Chicago Condos, condo, condo selling, condos, selling a condo in Chicago
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Wednesday, July 22nd, 2009
When selling your condo, you will need to list your condo for sale with your real estate company. What should you expect? The moment of truth has come and you’re prepared to choose a real estate company to represent your condominium in Chicago for sale. You’ve interviewed three agencies and after listening to their presentations you decide to pick the one you like best. Now what? What happens now that you’ve signed a listing agreement for six months?
When selling your condo, you really want to make sure that you participate in the process. Of course you can sit back and let the Realtor do their thing. That’s what you’re paying them for, right? Or you can really get involved to help the real estate company in every way possible.Â
To sell your condo quick, one of the most important aspects is pricing the condominium right. Your real estate agent should bring you statistics on four categories: active condos, condominiums that are under contract, condos that have sold in the area and condos that were listed for sale but never sold. These condominiums are called expired listings. From these four categories, you and your real estate agent should begin to start seeing a fair market price for your condominium. The key is to make sure that you’re not above the competition. You’re a consumer like anyone else. You’re going to go after the best deal. The same adheres to the condominium buyer. He or she will be analyzing the exact same data as you. They’re going to know what condos are for sale in the area and what one’s closed for what price.
Setting the price is the most important part to selling your condominium. Not that is done. What’s next? The real estate agent will come back to the real estate office and input your condo listing into the computer. So now your property will be viewed by all the real estate agents in the industry. There are tens of thousands of realtors with access to the Multiple Listing Service. When they are in front of a buyer and the requests information on a condo, they access all the listings available. When a buyer wants to see your condo through another real estate agent, that agent will get a hold of your agent to set the appointment. If that realtor sells your condo, the two companies will split the commission.
Tags: Condo Sales, Condominium, sell a condo, sell a condominium, Selling Your Condo
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Sunday, July 12th, 2009
The time has come for you to sell a condo. You’ve heard from everyone about the horrors of the market place and how they’re saying that now is not the time to sell. What are you going to do? There were over 30,000 condos that sold in Chicago in 2008. It appears as if the numbers are going to be similar again for 2009. Condos are selling. There are all types of sales happening now it’s just a matter of how you’re positioning yourself against your competition.
Here are a few things to go over on selling your condo. First, if you want to sell a condo, you have to clean it up. Get all the trash and old junk that has been lying around for years out. Remember back when you first moved in to your condo and how little you had. It was the very first week when everything was taken from your boxes and put away in its appropriate space. There was no clutter. Everything had a spot and there was no excess. Then as time went on, more and more knick knacks came and junk just started piling up. You’ll need to do a spring cleaning to get all this out. Clean the condo to a degree they term “spring cleaningâ€.
You really want to sell a condo? The next step in selling your condo once you have the clutter out, you’ll need to do a cleaning like it was a Holiday Inn. Get out the detergents and the rug cleaner and make that place smell as fresh as the first day you moved in. Get rid of the musty odors of you. You might not notice them because you live in the condo but they’re there. After the spring cleaning comes the industrial soap cleaning of every spot in the condo. The term, you can eat off the floor must apply. If the walls are worn from the years of bumping into them and they need a fresh coat of paint, this would be step three. A coat of paint is the cheapest way to clean and renovate a condo.
Now you’re ready to call your Realtor over. Let them appraise the condo to see what they think it could sell for. Selling a condo in today’s market place is just like anything else, you have to be out your competition. Do you think everyone else will go through all this trouble? Now way. Your condo will show great.
To sell a condo today, price it right, keep it clean, get the junk out and hire the right Realtor and company. Before long you’ll be in your new condo!
Tags: condo, condo selling, sell a acondo in Chicago, sell a condo, sell a condo in Miami
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Thursday, July 2nd, 2009
What do you need to know when selling your condo? The answer seems simple but maybe not. Selling your condo is different from selling your home because the type of person you will market to is quite different and you must consider if you will use a real estate agent or not. Many people think that any real estate agent can sell anything. Nothing is further from the truth. Think of it this way, would you go to your family doctor if you needed heart surgery, probably not. The same is for real estate agents. It is important to find an agent who specializes in selling condominiums and knows all the ins and outs specific to this type of property and how best to market and sell.Â
The real estate market is improving but can be challenging times for sellers. Extra effort today is required when selling your condo and listed below are a few tips that will help.
- Staging a unit can have a very positive effect especially if the property is vacant.
- If the unit is occupies keep in mind to keep the place clean and tidy. Bathrooms should be clean and never leave dishes in the kitchen sink.
- Restrain pets and make sure there is not pet odor. You may not smell it so have a friend or relative come over and ask them to be candid.
- Be flexible with showings. Remember no one is going to buy your property if they cannot see it.
- If you are at home when someone want to see your unit, leave. Potential buyers will feel uncomfortable and will not talk freely with their agent if you are hanging around.
- Have available a list of all the amenities offered in your complex and important information regarding transportation and entertainment.
Now you are ready to go but what else is there to think about when selling your condo. Make certain you have copies of the by-laws and fees for maintenance of outside areas. Go to the association and get a copy of the current budget and their financial statements making sure the potential buyer is aware of any proposed improvements that may come at a cost before the final papers are signed. It is important you provide information regarding what your fees cover spelling out use of the recreational facilities and who is approved. Obtain a copy of the certificate of insurance showing how much the condo board purchased to cover damages to common areas as well as have available a copy of your policy covering your unit. One last thing you want to have available is your certificate of title. The title certificate indicates you are the owner and can sell the condo.
Tags: Chicago Condos, Chicago condos for sale, Chicago Real Estate, Condominiums in Chicago, condos in Chicago, sell a condo
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Saturday, June 27th, 2009
Looking to sell your Chicago condo? Selling a condo in Chicago can be a challenge in these economic times, but certainly not impossible. Let’s look at some statistics. In 2008, in the Chicago area, 30,000 condos sold and closed. Of the 30,000, about half closed in the suburbs and half in Chicago. Of the half or close to 15,000 Chicago condos that closed, River North was the leader with approx 2,300 closed condos.
If you’re looking to sell a condo in Chicago, it can happen, but you should consider a few things first. To begin, it’s so important to choose the right representation. What real estate company do you want to help you sell a condo in Chicago? All real estate companies are not the same. Make sure you focus on a company that specializes in your product. There are real estate agencies that focus on homes more than condos and vice versa. If you’re looking to sell a condo, make sure you choose a condo company.Â
Now you’ve chosen a real estate company that focuses on selling condos in Chicago. The next step is the Realtor in the company that will be representing you. Call the managing broker of the office. Get them to tell you the top three agents in the company. It is mandatory to get a top agent. So many people do not understand how the real estate companies work. All the agents working for a name brand are independent contractors and get paid when they sell a condo. They do not get paid unless they sell. Some agents are part time and some are full time. Do you want a part time agent selling your Chicago condo? Do you want he or she waiting on tables when a lead from the sign comes in and they can’t get back to the client eight hours later? This is such an important step. Go to the office and interview the top three agents to see who you feel comfortable with. Now you’ve chosen an agent. What next?
Now the Realtor will do a study of what condos in Chicago sold for over the last six months. This is called a CMA or a comparable market analysis. This will tell you and your agent what is active, under contract, expired (didn’t sell while it was on the market) and all the sold condos in your area. Once you and your agent decide on the price to list it, you’re well on your way to selling your Chicago condo.
Tags: condo selling, condos, condos in Chicago, sell a condo in Chicago, selling condos in Chicago
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Tuesday, June 23rd, 2009
To many people selling your condo or home may sound pretty simple. The truth of the matter it is not as simple as most people think. Selling a condo is much different from selling a home with different marketing techniques, different types of buyers and financing that is geared specifically to condos. Here are a few areas that you will want to think about before you put your place on the market.
- Make a list of all the amenities that will be included in the association dues.
- Write ads highlighting all those amenities such as, pool, landscaping, snow removal, exercise rooms, etc.
- Advertise in local publications but don’t stop there. Websites such as Craigslist and Facebook are used extensively today to market properties. More importantly engage the services of a real estate agent with expertise in the property type and market area.
- Think about who you are marketing to. Senior citizens and first time buyers are excellent potential buyers for condos.
- Consider you location and what it means to prospective buyers. Are you near mass transit, office complexes, schools, parks, etc.
- Use phrases that will peak buyer’s interests. Minutes from transportation, walk to work, never shovel snow again.
- Let your friends and neighbors know you are selling. You would be surprised at how many properties sell because of conversations with colleagues at work or social gatherings.
Now you are ready to go but what else is there to think about when selling your condo. Make certain you have copies of the by-laws and fees for maintenance of outside areas. Go to the association and get a copy of the current budget and their financial statements making sure the potential buyer is aware of any proposed improvements that may come at a cost before the final papers are signed. It is important you provide information regarding what your fees cover spelling out use of the recreational facilities and who is approved. Obtain a copy of the certificate of insurance showing how much the condo board purchased to cover damages to common areas as well as have available a copy of your policy covering your unit. One last thing you want to have available is your certificate of title. The title certificate indicates you are the owner and can sell the property.Â
Selling your condo can be a lot of work but that is why hiring a real estate agent may be the best value for you. They can handle showing, negotiations, getting all the proper documentation among other things that can make a sale go smoothly.
Tags: Chicago Condos, Chicago condos for sale, Chicago Real Estate, Condominiums in Chicago, sell a condo
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Saturday, April 18th, 2009
Selling a condo in Chicago today has never been tougher, but when fully analyzed, can be achieved with a few simple moves. First, let’s break down what is happening in the industry right now. There are more foreclosures happening than ever before. The amount has doubled year after year for the last three years. And it doesn’t seem to be letting up. It’s predicted that 2009 will have double the foreclosures than in 2008. What can a person do when selling a condo in Chicago when there is so much inventory that is being wholesaled?
Are you really ready to sell a condo in Chicago? What I mean by that is, are you ready to do everything necessary to sell the condo? When so many condos are on the market, you really have to do things that make you stick out. You have to make sure you have the cleanest, best remodeled and that your price beats out the rest as well. Remember, if you sell lower than you want, don’t worry so much about it. You can make it up on the buy. The price for condos have dropped just like any other real estate throughout the United States right now. So what. Make it up on the buy. Let me explain. If you sell your condo for $35,000 lower than what you think it’s really worth or you bought it higher than that and your pride gets in the way of a so called mistake when you bought it a few years ago, so what. See the sucker and buy the next condo at a price even better than the $35,000 discount. It’s all a game. The deals have never been better and you can cash on this game right now.
To sell a condo in Chicago takes a professional. It’s important that you get someone that sells condos for a living. Someone that specializes is the key. There are a few very good condo brokerages out there but make sure you do your homework. I’d say of all the steps to selling your condo in Chicago, this is the most important of them all. Choose a Realtor dedicated to your type of real estate…condos. And then choose the Realtor that dedicates themselves to your area. If you’re selling a condo in River North or you’re selling a condo in Lincoln Park, choose a real estate company that specializes in condos and in these areas. It’s just common sense. Try to stay away from your friends that have real estate licenses because you know them. This almost never works out. Dissect yourself from friends here. This is business.
If you play your cards right, you can sell a condo in Chicago in this market. It takes push, a lot of spring cleaning to get your condo looking great and choosing the right condo professional.
Tags: Chicago Condos, condo, Condominium, condos in Chicago, sell a condo in Chicago, selling a condo in Chicago
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Friday, April 17th, 2009
Do you feel confident to sell a condo on your own? To sell a condo in today’s market place becomes quite a challenge. With the wholesale market currently in full swing with foreclosures and short sales going on, what is the average seller to do with a condominium they want to unload?
To sell a condo today, you have to pick the right real estate company to begin with. There are thousands of real estate firms but very few specialize on “just condosâ€. Think of the average Realtor that represents a home, a piece of land, an apartment building and a condo. It’s like going to a heart specialist to get your eyes checked. They might have a little background knowledge of it, but do they really know the eyes like an eye doctor?
A condominium specialist lives and breathes condos. They’re at it every single day and they only work with condo buyers. If you’re selling your Chicago condo, think of sitting across from a dedicated condo Realtor. Every single buyer that has come to him over the last six months are condo buyer because that is all he or she does. Every single person in their database of buyers are condos buyers, You’re a condo seller and they have only condo buyers. Makes sense?
Selling a condo under the conditions of having too much product unsold on the market, coupled with the market being slower than normal makes for a challenge, but not impossible. You have to make sure you price the condo right and the condo is in fantastic condition. Clean all the clutter out of the rooms and put a fresh coat of paint on the walls. A twenty dollar gallon of paint will pay back huge dividends. Do some major spring cleaning and get rid of the junk and musky smells.
How do I choose the right Condo Realtor? Interview until you find the one. It should only take three to five before the right one appears. Remember, Realtors are human and all of them are different. Choosing a Realtor is probably the most important part to this selling scenario. They will be the ones bringing in the condo buyers. Make you’re selection wise and you could be on tract to getting that condo of your sold.
Sell a condo, insure a condo or financing your condo can be preformed by a company called OwnACondo.com, head quartered in Chicago, Illinois. They can be reached at 866.696.2266.
Tags: Chicago Condos, condos, sell a condo, sell a condo in Chicago, selling a condo
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