It is only natural to want to sell your condo for as much as possible. However, your selling approach, timing, and choice of real estate company have a major impact on the final sale price. In this article, we explain five practical tips for maximizing your condo sale price, along with important points that are often overlooked.
What are the five tips for selling your condo faster and at a higher price?
1. Identify the right time to sell
The best time to sell a condo should be judged on two axes: building age and market conditions. As the building gets older, its asset value declines, so selling earlier is generally the better approach. Check market conditions using the real estate value index published by Japan's Ministry of Land, Infrastructure, Transport and Tourism, and aim to act during an upward price cycle.
2. Compare multiple real estate companies
There are no fixed rules for real estate appraisals, and valuation figures can vary significantly from one company to another. Be sure to request appraisals from several companies and choose one with a strong sales track record. Using a bulk appraisal service is an efficient option.
3. Choose the brokerage agreement that fits your objective
There are three types of brokerage agreements:
- General brokerage agreement: You can work with multiple companies. This suits popular properties, such as those near stations or with a newer building age
- Exclusive brokerage agreement: You focus on one company. It can strengthen lead generation through portal listings and flyer distribution
- Privileged and exclusive brokerage agreement: Only one company may be used, and even self-found buyers are not allowed
4. Actively communicate the property's strengths as the seller
Real estate staff understand the basic facts about the property, but the advantages only the seller knows well, such as the quality of water-related facilities, the condition of shared spaces, and nearby amenities, should be communicated proactively. This helps prospective buyers picture their life there more clearly.
5. Build your sales plan with enough time
On average, it takes four months to complete a sale. Ideally, you should move forward on a four- to six-month schedule with enough margin. If you rush, you are more likely to accept price reduction negotiations and increase the risk of a loss.
What should you watch out for when selling a condo?
Do not make the selling period too short
If you try to sell in a hurry, you are more likely to accept price reduction negotiations. Secure at least six months and allow yourself enough time to choose the right real estate company as well.
Prepare the interior before viewings
Prospective buyers will view the property while it is still occupied. A cluttered interior creates a negative impression and gives buyers a reason to negotiate a discount. Keep the home tidy and clean on a regular basis, and make sure it is in excellent condition for viewings.
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Frequently Asked Questions (FAQ)
Q. When is the best time to sell a condo?
The best time is when the building is relatively new and market conditions are in an upward phase. Check market conditions regularly using the real estate value index published by Japan's Ministry of Land, Infrastructure, Transport and Tourism.
Q. How many companies should I ask for an appraisal?
We recommend requesting appraisals from at least three companies. The differences in valuation figures will help you understand the appropriate price range.
Q. How long does the sale usually take?
The average is four months, although this varies depending on the property and market conditions. We recommend planning on a four- to six-month timeline with enough margin.
Q. Do I need to tidy up the room before a viewing?
Yes, absolutely. First impressions during a viewing directly affect the sale price. In addition to tidying and cleaning, make sure to pay attention to odors as well.
