The previous frenzy in condo sales appear to have reached a peak and are slowly unwinding and in some areas of Malaysia. The housing market has found itself swamped with unsold homes that have acted to stabilize prices or to push them down further. The main problem appears to be a glut of unsold homes.
So even before you can start thinking about selling your condo, you need to understand that the current market situation is working against you. And, you need to get your act together so that you can remove the hurdles that are piled up against you for your intention to sell your current condo home. Thailand Life says that half of all the condos are selling for more than their original price while the other half are selling at less than their initial price.
These are the kind of conditions that are dominant in the condo market these days, and you need to devise the ways and means of successfully selling your renovated condo unit in a volatile market. Here is a list of ten tips that have been put together for combating the situation you could encounter. You must operate in a smart way so that you are well ahead of the competition because you will be able to attract your buyers better:
Work with the Competition
Under these circumstances, don’t hesitate but approach your competitors immediately and try to gauge the type of problems they are encountering and the solutions they are introducing to address their issues. During such times of market volatility, they won’t hesitate to share important information about their trading situation. They will be amenable in discussing prices, trends, numbers, buyers and other sellers. They will open up and many types of solutions that can help them and you achieve some measure of success in selling condo units. This rational and cooperation will enhance your chances of selling your renovated condo and provide the competition with valuable information from your side.
Know the Prices
This is a crucial area to investigate and discuss. You certainly don’t want to sell your condo at a price that is less than its original price. After all, you’ve spent a fortune on renovating it and upgrading its status over the years, and you want to apply a price that will reflect the actual value of the condo when your resell it. Buyers will inevitably look at buying a condo at a low price, and one of the dissuading factors is how much you’ve put into renovating the unit. To know what kind of prices buyers are asking for, you also need to be able to convince them of the true value of your home. This approach is much better than selling your condo at less than its value.
Buyers Know the Values
You’d be surprised to know that buyers know what is good value and anything below it. They have been on the buying trail, they know all the tricks that sellers put to them, and they aren’t likely to fall for any cheap tricks. If the value of your condo is genuinely what you are asking for, they will bargain with you, but they know that your bid is genuine, and they will take you on minus a small percentage. They know that by acquiring your condo, they are sure they can resell it again at more or near the same price they bought it for.
Go for the Highest Value
DDProperty says, if you can manage to offer the maximum value for your used condo and buyers know that it is a genuine offer, they will accept it without a second thought before they buy a condo that you have put up for sale. It would be to your advantage if you can get the highest value for your condo but before embarking on achieving this goal, make sure you ask around for values of condos in your area and how much they are selling for on the market. This will help you That way you have a minimum offer to fall back onto if there is irresistible pressure from buyers to drop down from your highest value.
That Internet Wizard
If you want to be versatile and efficient in your selling approach, get one of your family members or friend to design a suitable website for you. More buyers are looking to the internet in their quest for phenomenal deals. Once your website is up and running, you’ll be able to view the market in all its different aspects. You’ll be able to advertise your condo online for all the buyers to see that gives all the essential details that point to the real value of your product.
But don’t stop there as there are so many ways you can advertise your condo to potential customers. You can send emails to your contact. You may decide to use various advertising platforms to extend your reach to customers locally and globally. Use banners on your website or implement another marketing strategy to get you message across. But never forget that your aim is to get the message about the true value of your condo across into plain view supported by its enticing features.
Offer help to Buyers
It is a well-known fact in the real estate world that buyers usually lack the cash to make upfront payments especially for closing costs. Again your target should be in achieving a price that reflects the true value of your condo. By volunteering to pay for all the closing costs that buyers incur in the deal, the savings to them will certainly enable them to produce the amount you are looking for.
Fishing for Buyers
Don’t let your fishing efforts to gain buyers for your condo stop at your laptop screen and the methods you use to advertise your product. Get a bit more personal and send messages even through postcards to tell your working colleagues your condo is up for grabs at the right price. Don’t be surprised when you see your postcard message being shared by your family members to their friends and your workmates to their friends. Many companies are ready to handle this side of your selling venture for you.
The Yellow Pages
The assistance of an expert in carrying out this kind of advertising for you can easily be found in the Yellow Pages where they can easily be found under the heading “Direct Mail Advertising”. These companies are manned by professional staff who are intimately familiar with the advertising game and are always ready to help you if you are in need of selling a product such as a condo.
Bonus for Realtor
To cap off a successful time of discussions, negotiations, advertising and legal help, the finale should take the form of a bonus for your real estate agent. If you advertise it online, you will never get a shortage of agents fronting up and offering their services to you.
The selling strategies mentioned above are powerful tools to make your condo offering attractive to potential buyers. By using them you will be able to offer a price, they’ll find very difficult to refuse, and they just have to cough up the price or miss out on an excellent deal.