Successful Condo Selling: Securing The Best Price

A Year Later This Condo Townhouse Still Remains The Highest Price Sold In Development

Sold for $10,000 More Than Any Other Unit

It was June 22, 2010 when I sold this Greater Toronto Area (GTA) condominium and exactly one year later it still remains the highest price that the complex has ever received. What a great legacy for my sellers in knowing that they were able to secure this incredible price and a year later it remains the benchmark. Since our spring 2010 sale other units have sold or have been listed. however not one has been able to usurp this incredible price – this 2 bedroom unit even sold higher than 3 bedroom units.

So, how did we do it? What I can do is outline some of the key actions applied by both my sellers and myself which managed to get this property its record price. In our mid-march consultation we determined that it was critical to differentiate this property from any other units that were presently for sale or had sold in the past. Since all the condo townhouses shared the same common elements (indoor pool, sauna, squash courts, etc.) so the property itself had to be positioned and perceived as being exceptional value to any potential buyers.

Historically units were selling in the low $350’s so we determined that this unit would be presented to those buyers looking for a move in condition building. We targeted young professions who be either childless couples or a single parent. Pricing the condo we felt that around $375,000 would tactically work as it would be within the specific price range our buyers would be considering.

Staging was next, so we budgeted $1,200 for painting touch ups and minor repairs. This was money well spent as the condo showed exceptionally well…so well that most buyers were not concerned with the dated appliances. We loaded plenty of photos, both interior and exterior, as we wanted the online experience to be spectacular.

During the week we listed the house we implemented a very strong online marketing plan: using social media platforms, multiple website penetration, e-mail contact points and other media outlets. I reviewed daily all our traffic touch points and adjusted them accordingly to maximize our exposure. The open house both Saturday and Sunday were busy with approximately 30 groups through.

On the monday following the open house we had multiple offers who matched our targeted demographic group. So how did the night end? Over asking price, with only a condition of status and closing date my sellers required.

At the core of any successful sale is a strong and detailed strategic plan and this one worked flawlessly. Will be calling them today to catch up.