Every sale requires some strategy and that is why it is important to follow a certain approach when selling your condo in Los Angeles. Buyers are taking advantage of the favourable mortgage rates to secure some real estate investments and that means the business is still on, especially in LA which hosts a plethora of activities from different industries. Condos for sale Los Angeles is becoming a hotcake because of the way things are in this great city. With both a mix of an urban setting and a natural feel, one can make a great experience selling their condo. However, there is a way to do it. Here are 5 tips to help you sell your condo in Los Angeles quickly:
#1 Do Important Renovations Only
A few modifications of your condo can make all the difference in fetching much more money than you would have gotten without remodelling your condo. Therefore, it is important to prepare your condo for sale by making some important renovations. Make sure you do it right lest you end up spending a lot of money that cannot be scooped back following the sale. Renovations should be done on things that will catch the eye of the buyer. Your objective is to make your condo appealing to the buyers in the market.
#2 Assess How long Comparable Condos Take to Sale
Commonly known as “days-on-market” (DOM) range, it is important to get to know how long it took sellers of a similar condo to accept an offer from a buyer. You may also want to check how long it took for the real estate agent and the seller to seal an agreement. There are many sources online that you can consult to get guidance on how to go about selling your condo. Make comparisons based on floor location, square footage and the type of unit. You can know what to expect from this evaluation.
#3 Carefully Study what’s in a Buyer’s Offer
Once you have received an initial offer from a client, don’t rush the process. Take time to review what it’s in the offer. Look at such clauses “Acceptable to buyer” since they allow someone to add unnecessary requests or items. Look at the time frames and ensure that they are not long. Otherwise, the sale may not happen in such a case where the review times are long and so on. Check closely guide by the homeowners association (HOA) rules to ensure that there are not extra addendums that will make the deal sour.
#4 Find out the Best Alternative to a Negotiated Agreement
The best alternative to a negotiated Agreement, commonly known as a BATNA is very helpful in the negotiation process. For that reason, you need to decide on what would be your asking price. Ideally, it should be above the lowest price you can take for your condo. It will give you room to go further down in order to close in a sale. Therefore, make sure the asking price is not too close to the lowest price you can accept. Ask experts for help. Luis Pezzini of Pezzini Luxury Homes is a leader in the Los Angeles Real Estate business and could be of help on such matters.
Selling your condo in Los Angeles is not difficult if you understand your property well and have gotten to know how you can minimize your listing costs. If there are renovations to make, be advised on what will be of interest to the buyer. Otherwise, you may end up doing renovations that won’t be profitable to you at the end of the day!