Finding a Real Estate Agent to Sell Your Condominium

Do you really need an agent? If so, who’s the right person to represent you?

Whether you’ve owned your condominium for five months or five or fifteen years – and whether or not you’ve ever lived in it – selling it in today’s market presents different challenges than when you purchased it.

Like many sellers, your first impulse may be to list your condo for sale ‘by owner’ in the hope of eliminating commission costs and putting extra money in your pocket. That sounds good, but, unfortunately, it seldom turns out to be as easy as it sounds. And remember you get what you pay for.

For one thing, ‘by owner’ listings simply don’t get as many viewings by real estate agents. Since most buyers in today’s market work with an agent, that means your condo will be seen by fewer buyers. Fewer buyer viewings means that your condo is likely to linger on the market for a longer time which in a declining market is dangerous and in tun it makes the unit less appealing (agents and buyers perceive that there’s probably ‘something wrong’ with listings that don’t sell, even if your condo is in perfect condition!). And when they don't sell it is usually the price, the condition or the market exposure.

For another thing, even if you seek the help of a low-budget self-selling company, you will have to figure out (among many other things) how to price your condo, how, when and where to advertise and market it, how to prepare it for sale, how to qualify potential buyers, how to assure the security of your condo and possessions, how to handle objections, how to write a contract that will stick, how to avoid post-sale problems, and how to negotiate on your own behalf without emotion. Of course, you will also have to keep your condo in tip-top shape for the entire listing and selling period and be available at odd hours for showings. With condominiums that have spectacular city views at night it is not uncommon to get requests for even showings.

If all of those things sound manageable, before you post a For Sale By Owner sign, consider the words of real estate expert Bernice Ross. In her book, Waging War on Real Estate’s Discounters, she explains that “Homeowners who ‘save’ commission costs by representing themselves in the sale of their home typically net 5 to 15% less by doing it themselves.”

Finding the Right Agent for You and Your Condo

Okay, let’s say you’re convinced that your life will be less stressful and you’ll probably sell faster for a higher price if you use a Realtor. So how do you find the right real estate agent?

First, you should be aware that selling a condominium is not the same as selling a house.

Condos have unique issues, including limited access; some of the better high-rise buildings do not allow open houses on Sunday or Tuesday caravan or showings on the weekends. Homeowners Association dues, requirements, disclosures and documentation; limits on For Sale signage; designing marketing that will reach qualified condo buyers; dealing with investors; and a collection of features and responsibilities of ownership that are far different from single-family houses.

So, of course, you want to make sure that your real estate agent has experience selling condominiums.

In fact, there are a number of questions you should be asking potential real estate agents:

• How long have you been in the real estate business?
• Do you specialize in a geographical area or a particular type of property?
• Do you work mainly with buyers or sellers?
• Have you sold any condominiums in my community or neighborhood?
• Have you sold any condominiums in my building?
• Do you live in a condominium?
• What’s the outlook for today’s condo market?
• What is ‘staging’?
• What, if any, changes would you suggest I make to my condominium before I put it on the market?
• Can you recommend service-people or vendors to assist me with those changes?
• What kind of disclosures do I need to make when I sell my condo?
• Are there any inspections or reports I should get before I list?
• How will I establish the right price for my condominium?
• What is your plan for marketing my condominium for sale – for attracting the maximum number of agents and qualified buyers?
• How do you handle buyer objections (for example, traffic or noise issues, older appliances, pending lawsuits, etc.)?
• If I call or e-mail you, how long will it take you to respond?
• What do you do during the escrow period?
• Can you help me find a new home either locally or out of the area?
• Do you have a list of previous condo clients that I can call for personal and professional references?
• Why should I work with you instead of with my friend, relative, neighbor or another real estate agent?

A word of caution: naturally you want to sell your condo for top dollar. But please keep in mind that our market has changed. We are not in the market of 2006 or 2007. All of the westside is still the jewel of .Los Angeles but there is more and more inventory on the market. You may think that a higher selling price will attract more affluent buyer or leave room for negotiations. But higher-priced condos don’t get seen by more buyers – they are seen by fewer buyers and they linger on the market unsold for longer periods of time.

They often miss the very best window of opportunity for sales, which occurs in the first month of the listing period. By pricing your condo at or slightly lower than market value, based on comparable sale properties, you will attract more agents, more buyers, and maybe even multiple offers than can drive the price up over asking. There are some agents that just think that it takes longer to sell a condo period. I do not agree with them. Price is the issue and the condition of the unit is as well. Many people do not want to have to do a lot of work when they move in - they simply do not have the time to do the work and doing constuction in a high-rise is always more costly.There are building rules, architectural committees and everyone that works on the units must be fully insured.

I am shocked sometimes when an agent takes a listing and does not ask why the  seller is moving. And why they don't ask the seller to box up many of their items such as personal  photos and other items that will make the space look larger. LACL works with you the Seller as a team - we together will have to prepare the unit for sale, price it properly and declutter it. No photos should be taken prior to  it being ready to be seen. bs is to help you establish the right price for your condominium. Over-pricing does not help you, but there are many real estate agents who will agree with your top-of-the-market pricing just to get your listing. Before you agree to work with an agent, consider the agent’s recommendations and references carefully and don’t hesitate to ask tough questions! Ask them for a list of the properties they sold and what they started out and what they sold for. I always tell the truth and because of that lose many listings and am sad when two months later the other agents that get the listings then beat up the Sellers and reduce the unit to where I thought it should start at and the seller has lost two precrious months of marketing time in a declining market. You yoursel know when you walk in a space and it feels fresh and open and you can imagine yourself there as opposed to feeling cramped and cluttered and not knowing how you could put your own stuff in there.

One of the things that sets us apart is the mobile office concept we employ at LA Condo Lifestyles. Using the Jaguar XJ8L, we are able to give our buyers the best of service. Sometimes we pick up our internet leads at the airport and take them to see property. I am able to sit in the back of the car with the client and not have to worry about manuevering thru traffice. When alone I have my laptop and air card on and can receive emails and answer them. When I am in the car with the driver I am able to talk freely on the cell phone and focus on my business not driving and talking. Utilizing the exceptional techology afforded by the XJ8L, we can literally write and print contractson the spot, have access to the MLS and even use the cooler outfitted in the trunk for buyers as we take them on tours from building to building with snacks and lunch when needed. We never have problems parking and are rarely late. The Jaquar XJ8L is truly a one of a kind state of the-the art rolling mobile office

We would love to help you sell your Los Angeles-area condominium – and we are always available to provide information and to answer even your toughest questions! You can reach us at info@LAcondoLifestyles.com or 310-278-6033.