How a Buyer Decides Whether or Not to Buy Your Condo

What makes the difference in getting your condo sold?

Yes, price is phenomenally important, as is condition and other factors.

When people buy most anything, however – and especially real estate! – they always do one thing: COMPARE.

Your ability to stand out amongst the competition will be the key to getting your condo sold for the most amount of money.

That’s why when you sell your condo, you should know not only the great things about your unit and your condo building, but also how those things COMPARE to other condo units and condo buildings in the same area.

Those are the details that can be used to most effectively market and find the right buyers.

Here’s an example…

Suppose someone is looking to buy a condo near a metro, and he is leaning towards something near the Rockville Town Center – a garden-style building if possible.

He would like utilities included in the condo fees. And he must have an in-unit washer and dryer.

You have your garden-style unit at the Americana Centre on the market, and this buyer happens to walk into an open house being held by your agent – let’s say it’s a good friend or family member.

Unfortunately, the agent holding your open house is likely very uninformed – seasoned agents rarely hold their own open houses, especially for lower dollar amount properties.

These duties get passed off to the “new guy.”

But let’s suppose the new guy is somewhat capable.

He or she would probably mention how your unit is perfect for the buyer, because it checks all the boxes – which is true.

However, the buyer isn’t looking at your unit in isolation.

The buyer is looking at your unit IN COMPARISON to other units/buildings.

Instead of saying “this unit is perfect for you,” a much more effective thought to convey would be along the lines of…

“Based on your criteria, this is the only place that will work for you…

…the Rockville metro has four condos within walking distance….

….The Fitz, The Victoria, The Palladian, and Americana Centre

….The Fitz does not include all utilities, The Victoria is a high-rise, and The Palladian misses on all points…

….the Americana Centre high-rise buildings, even if you would consider them, do not have washers and dryers in-unit; they are in the hallway…

…in fact, the only condos in 20850 and 20852 that include all utilities are The Forum (near White Flint metro), Bethesda Park, and the Grosvenor buildings….

….The Forum is a high-rise, Bethesda Park is not near the metro, Grosvenor Park I-III are high-rises, and Grosvenor Park IV (the Grosvenor condo with garden-style units) does not have washers and dryers in-unit.”

Make sense?

The specifics are always different, but the overarching point remains the same.

Having a full command of all the condo buildings/options allows a seller to deeply understand its pros and cons, and properly position the unit from a marketing/sales perspective – both in-person and online.

It’s invaluable.