Do you want to sell your Chicago condo? Here’s some advice from those in the know about how to move your condo off the market…
1. Price Your Condo Aggressively – The Chicago condo market is very competitive and has a lot of inventory, which means you have to price your property aggressively to get buyers’ attention. One real estate expert recommends setting the asking price at least 1% lower than competing listings to help the property sell. Whether you have a high-rise unit in the downtown Loop or a duplex condo in an outlying neighborhood, this pricing strategy can be an essential factor in your sales plan. Try looking at stats for condos that sold recently in your area and see how many days it took for certain price points to sell. This can be a good indicator of what buyers are willing to pay for a condo in your location.
2. List Your Condo Online – The Internet is the No. 1 place home buyers go to look for real estate listings. For this reason, you need to put your Chicago condo listing online for it to get the most buyer traffic. The best way to ensure your listing is getting picked up by multiple real estate websites is to post in on the MLS (Multiple Listing Service). Real estate companies such as Dream Town can take Internet exposure one step further by giving your condo listing prime positioning on Chicago’s most-visited real estate sites.
3. Post Photos of Your Condo – An online listing should always include photos of the property. The more photos the better. Take pictures of every room in your condo, as well as the outside of the building and any communal amenities such as an exercise room or pool. It’s a good idea to hire a real estate photographer to take the photos so your Chicago condo is portrayed in the best light (literally and figuratively). A lot of professionals can make virtual tours from still photos that you can post on video sharing sites (like YouTube) to extend the virtual reach of your condo listing even more.
4. Stage Your Condo – Some Chicago condos sell themselves while others may need a bit of work to “wow” potential buyers. You can start by de-cluttering and depersonalizing the place. Remove photographs from the walls and shelves; put away the mementos and collectables; box up and store the books, DVDs and other odds and ends. Rearrange furniture to feature a room’s best asset and take out excess furnishings to make the condo feel as spacious as possible. Choose neutral paint colors and add splashes of bright tones with accent pillows, vases and other finishes. If your condo is outdated, you may need to put some money into freshening up the property. Focus the renovations in the kitchen and baths because these are the rooms that “sell” a home.
5. Use Buyer Feedback – After a showing of your condo your listing agent should be able to tell you what buyers said about your property, either from personal account or by speaking with the buyer’s agent. This information lets you know what buyers like or don’t like about your condo and what you should change to make the listing more desirable. Try not to take offense to negative buyer feedback—instead use the critique constructively to make your condo something Chicago buyers want to purchase.
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