Condo Selling 101

Know Your Buyers

Selling a condominium is different than selling a house. There are certain conveniences and advantages with condo ownership that buyers are looking for in their next home. Once you recognize these differences, you can use them to attract buyer awareness and interest.

Think about who your buyer audience is and why they want a condo as opposed to a single-family home. All kinds of people like to live in condos, but you can pinpoint particular aspects of condo life that appeal to specific buyer needs. Less maintenance, more available amenities, onsite services, safety and security, less property taxes, downtown location, shared expenses, cooperative structure, etc. These are all aspects of owning a condo that you don't typically get with owning a house.

These types of attached property features are important to many condo buyers. That's why it is important to include them in your individual listing (we get more into this in Identify Selling Points [link to section]). Quite often, buyers are purposefully looking for the perks associated with buying a condo.

For example, after a lifetime of housework and yard work senior citizens who do not want to care for an entire property any more may find the upkeep of a condo more manageable, especially when shared outdoor space is the duty of hired help.

It is also a common trend for empty nesters to downsize their family home to a condo after the children have grown and moved out. Established homeowners on the verge of retiring are also known to purchase condominiums as second residences or vacation homes. If your condo is in a destination city, your potential buyers could easily be out-of-towners wanting a home away from home in their favorite place to travel.

With an aging Baby Boomer generation (the front end of which is in their 60s), your buyer population could easily include an older crowd. While not ready for a nursing home by any means, these buyers may appreciate amenities that make life easier, such as front door valet service, in-house cleaners, intercom entry, on-site fitness center, snow removal and salting… even common features like elevators can be a big bonus to someone who doesn't hop up stairs as quickly as they used to!

That's not to say younger buyers are to be discounted. In fact, the largest demographic of buyers today is 25 – 34 year-olds, according to the National Association of Realtors. They make up 33% of home buyers, with 35 – 44 year-olds coming in second at 23%. Oftentimes younger buyers are drawn to condominiums for price and modern amenities. Condos are generally more affordable than single-family houses, which can be good for early career salaries. The age group is also technologically savvy. As consumers, they spend money on the latest and greatest laptop, MP3 player, video gaming system, etc. When it comes to buying a home they accept nothing less. High-tech built-ins such as wiring for high-speed Internet, plasma TVS, iPod docks, and surround sound audio are frequently available in newer constructions and rehabbed units. Keep this in mind when marketing your condo.

Pet owners are another segment of buyers with special needs. They are in search of a condo that not only allows animals, but may also be near parks or other places to walk the dog. Some condominiums have dog runs or outdoor space that could appeal to those with four-legged friends. If your condo building caters to the pet owner, make sure your advertisements relay that message.

Because large cities do not typically have room for single-family homes in the downtown vicinity, the condo market tends to dominate in city centers. Think of city dwellers as potential buyers. What's important to them? Perhaps proximity to mass transit (lots of city folk don't own cars). On the other hand, those that do have vehicles will need parking (garage, street, or lot). Since private backyards are scarce on crammed city blocks, a nearby recreation area is a major plus. And availability of good schools is always an excellent promotional point, whether you're in the Chicago Loop or suburban Midwest.

Knowing who your potential buyers are can help you narrow your target audience and understand the best selling points to include in your listing and advertisements. You can even tailor your marketing efforts to be directed at a segmented piece of your whole buyer group by advertising in specific publications or locations.