How To Effectively Re-sell Your Condo
Condominiums have become a commodity in the recent years. Its current and instant marketability have invited consumers to avail condo units in the Philippines. These allow them to choose a home in the most strategic locations of their choice. Not only that, but real estate investment offers a few more options when opting to buy a condo. It tells you that re-selling or leasing-out your condo after a couple of years of purchase, or even soon after the purchase and furnishing, is already a good guarantee of earning your money back.
Ranking fourth best property investment market in 2014 out of 23 Asia Pacific cities in a report done by Urban Land Institute (ULI) and Pricewaterhouse Coopers (PwC) is the City of Manila. According to which, “Manila is a top property investment pick” and that there is a great outlook for the city’s property sector, including condominiums in investment prospects. In addition, real estate companies in the country like DMCI Homes are expanding vastly. Just recently, in February 2014, they had a ground breaking for another accessible condominium, the Levina Place in Pasig.
Rest assured, being in the market of condominium sales and purchases, even when competitors have been multiplying in numbers, is a good business and will definitely give you a good amount of money for you to purchase your own house or another condo of your choice. If you are now thinking of re-selling your condo unit, then here are some effective tactics that will help you win this sale amidst all the competitors.
1. Stay on the Loop of Your Network
People are more likely to buy properties from sellers that have been recommended by families, friends, and even acquaintances from the workplace. There is more confidence and assurance that owners of these condominium units will give them a fair price and good quality for what they have paid for. Also, there will be less of a hassle for both parties in this case.
Tell people within your network, such as in the workplace, school, or family, that you are to lease-out your condo or are selling it. Chances are, some of them already know prospective buyers and will help you out in communicating with them. However, even when others freely volunteer to do such, some may still ask for commission to become your broker or to make referrals for you. In such a case, it is always smart to negotiate and prepare an amenable amount of money.
2. Add Ads
A common way to advertise that you are re-selling your condo unit is to put a sign or note in your condominium bulletin board, but marketing strategies say that it is not enough. Other prospective buyers are already eyeing a condominium online and others may not even know that they are already ready for a condo purchase.
To widen the prospect’s number, you should make several listings in the advertisement pages of both online and printed materials. There are website listings that people visit when looking up a condo unit and printed magazines and newspapers that welcome publication materials for properties being sold. In the workplace or in school, bulletin boards for such are also good areas to invite people.
3. Ride the Technology Drive
People are experiencing technological boom in the recent years. Rather than to waste time because of Manila traffic and to spend for commuting from one area to another, eyeing a condominium online is more efficient and is less aggravating since the internet provides for contact information and even photos that can take the interest of a client.
The smart technologies’ effect to real estate industry involves an easier access to choices of properties on sale, which people can just look up online through Google and real estate sites. Smart phones, which are designed to let you take and view pictures, allow prospect buyers to see what your condominium unit has to offer them in the fastest time and easiest way possible. With social networking sites such as Facebook, Twitter, and Instagram, advertising is just as easy as clicking a button. To advertise such real estate investment, you can easily upload photos of your unit, highlighting features that will interest clients. Post them and ask for your friends to share them through blogs and other online media.
4. Meet and Greet Your Market
Know who your prospective buyers are. It is important to consider the location of the condominium and to whom does it become accessible. Are college universities near the place? Is the condominium accessible to working areas like Makati, Ortigas, or Taguig? Knowing these will guide your marketing strategies, like knowing what to highlight in your online or printed ads.
5. Highlight and Be on the Spotlight
When re-selling your condo, do not forget to highlight the features that interest your target market in your sale announcement. In addition to photos that introduce to them the visual aspects of your unit, details are of equal importance.
Consider what people usually look up through the internet, or ask about considerations in wanting to buy a property like the location, availability, amenities within the condo premises, and the developer of the condominium. The location should highlight the nearest malls, workplaces, schools, churches, and transportation facilities, to give out information about its accessibility. Also, keep in mind that if the builders of your condominium are high-end quality producers like DMCI Homes, then this will add an impact to prospect buyers.
6. Build and Sell
Condominium in the Philippines is marketable either sold as it is or furnished. However, as people are now seeking for convenience, a fully-furnished unit will be more attractive to many, especially to college students and professionals, and will be a more competitive property in the market.
People are generally interested to view well-maintained and fixed condo units either through their Smart phones or through a visit. You may develop and build on fixtures, include furniture for their convenience, and just add the expenses on top of the value of your condo unit. It is both a professional gesture and pleasing to have your property ready by reducing clutter and highlighting the good points of your unit.
7. Know Your Facts
The price you set when re-selling your condo should be relative to its current market value. Unreasonably high price will only leave your potential buyers to question you and will take a long time before you can sell it. To avoid this, check out the current market value. It is now easier because you can just look it up online.
Know how much a brand new condo unit costs in the area and compare it to the price of a similar condo unit, like yours, that is also being currently sold. Peg the price relative to the market of condominium in the Philippines, but take into account a margin for expenses, like the commission and household expenditure for fixing the unit.
8. Be Patient and Negotiate
There is no better way to market your condo unit than by good, direct, and smooth communication. Learn and know how to convince them that your condo is a great find. However, know the difference between being a good sales-talker from looking desperate.
Let prospective buyers know that you are as interested as them, buying the unit from you and you selling it to them. But do not go for desperation and hurry, as this will lead them to take advantage of the price you have to offer. Negotiate with their needs and wants, then compromise. Take time in making negotiations with clients and evaluate their sincerity and capacity to pay.
9. Set a Date
Set a date with your client, a deadline wherein all your negotiations will be met, transaction payments will be dealt with, and signing of documents will be done. It is both a professional gesture and a strategy to set deadlines as potential buyers will know that your condominium unit is not going to be available in the market for long thus, convincing them to purchase it as soon as possible.
Condominiums are good investments and assets that have appreciating value. With a fast-paced development of real estate in the country, know that there is money in re-selling or enrolling your unit for lease, whether you do it because of a want for upgrading to a bigger unit or as a form of business you want to venture in.