Condo Selling 101

Market Your Condo

There are countless ways to create awareness of your condo for sale. Marketing tactics range from sticking a sign out front to sending emails directly to active buyers. If you use a listing agency, they will take care of these measures for you. But, just so you know what's going on behind the scenes, we'll break it down into the basic marketing approaches to sell your condo.

MLS Listing
Your condo will be submitted to the MLS (Multiple Listing Service), which is a large database of properties for sale designated by metropolitan area. This is used by real estate agents and buyers to search for listings. Users have the ability to conduct searches by selected criteria such as property type, number of bedrooms, neighborhood, price range, property details, and other specifics. Your listing is available online and can be pulled into different real estate websites, used by various buyers and Realtors.

Print Ads/Classifieds
Your local newspaper should have a Real Estate section with property listings and residential development ads. Standard classifieds are fairly limited in space and may or may not include a photo, but it allows you to highlight the main features. Many real estate agencies get frequent user deals on ad space to cut costs. Prime placement and larger ads are a possibility, too, depending on your listing agent's marketing plan. Some communities also have real estate-related publications that target the buyer audience. Ask your agent about the options and which are most effective.

Online Exposure
Today's buyers use the Internet more than ever to search for homes. According to the National Association of Realtors' Home Buyer Profile for 2008, 87% start the home buying process on the web. Your listing is already accessible online through the MLS system, but you can increase your Internet presence with strategic web marketing. For that reason, you want to choose an agency with a strong website and high visitor traffic. Pretend you are a buyer and conduct a search online for condos and see what comes up. Investigate the agencies behind the top search results and see what condo selling services they provide.

Direct Mailings
Many listing agencies have a database of potential buyers who use their website or have expressed interest in purchasing a property in some other way. Buyers can be alerted to the condo you are selling with direct mail or email. Postcards or brochures about your listing can be sent right to the buyer. And, in this technological age, email is a very fast, inexpensive channel for distributing information.

On-site Sign
Put a sign out front. This can be as simple as "FOR SALE" or be more informative with a few property highlights and interior photos. Buyers are known to drive around neighborhoods they like looking for places for sale. It will also help buyers locate your condo for open houses and showings. But check with your condo association for regulations about advertising your unit for sale on common grounds.

Brochures and Info Sheets
Buyers who drive around neighborhoods in search of properties for sale appreciate getting more information on the spot. Keep info sheets or brochures in a weather-proof box at the front of the building. Your phone number or agent's contact info should be prominently placed on anything you distribute. These can also come in handy for open houses and showings. Include unit features and building amenities in bulleted lists (easy for quick reference). Chances are buyers have seen multiple condominiums in their search and your leaflet provides a convenient reminder/record of your place.

Flyers and Bulletin Boards
This may be an old-school approach to attract buyer traffic, but it is a simple step that can prove worthy. Ask local business-owners and community organizations if you can post a flyer on their bulletin board. Coffee shops are usually pretty lax about this and some areas have outdoor kiosks specifically for notices and event promotion.

Note: Always ask to see a marketing proposal before hiring an agent. The marketing budget is typically factored into their commission, so you want to make sure you're getting your money's worth.