Planning to sell your condo unit? Read these tips as you still have a chance to boost your property’s selling price
Condos are some of the most in-demand property types in the market today. Boasting a winning combination of prime location, exciting and exclusive amenities, and top-notch security, it is not difficult to see why condos are quickly becoming the dwelling of choice of many Filipinos.
However, as is common in a buoyant real estate market, the competition for buyers of secondary-market condos (or resale condos) is as tight as ever. For condo sellers, in order for their property to stand out from the crowd, they need to be creative not just to attract as many inquiries as possible, but also to increase the property’s value.
In this article, MyProperty.ph has put together a few tips on how boost your condo’s worth and get the attention it deserves, courtesy of two experts: former chairman of the National Real Estate Association Philippines and now chief advisor of ThinkInvest Andy Mañalac, and Jake Loria, and founder of Calonge-Loria Investments.
1. Paint matters
According to an analysis of over 50,000 homes sold in the United States, those whose kitchens were painted in warm yellow hues were bought around $1,300 or Php61,100 above house value. Kitchens with earthy tones like dove gray and sage green were also able to help rake in yields higher than expected.
A kitchen painted with warm hues and earthy colors do not intimidate buyers from trying to keep a kitchen pristine-white clean, thus they tend to purchase the home. (Photo via Shutterstock)
The choice of color not only increases or decreases a condo unit’s price, but it also affects the potential buyer’s mood once he checks out the area. Fresh paint and its color is essential to a unit as it can dramatically change a space’s feeling and also signals that the unit has been taken care of and is in tip-top shape.
2. Deal with the questionables
Once a buyer enters a condo unit, he or she is bound to inspect the place inside out so try to eliminate things that might draw their attention and bring to question certain things, such as weird décors and broken tiles. Questions asked about the unit for issues in the units that could have been dealt with earlier lessens the probability of a sale.
Keep the unit clean and tidy to give the impression that the unit is just slightly used. Do this by removing clutters, doing maintenance and cleaning regularly, and making sure that everything is in its proper place. (Photo via Shutterstock)
“Unlike a house and lot, a condo unit is much easier to inspect and they will really notice every detail with their every turn. Keep in mind that each objection that a prospective buyer makes can be used to negotiate down your asking price,” Mañalac advised. “Keep those cabinets clean, those hinges in place, and handles firmly screwed. Shampoo your carpets, but if they’re really too old and torn out, just throw them away,” he added.
3. Opt for custom-made
Condo units usually have limited space and makes furniture and fixture shopping difficult. And most of the time, it takes a toll on their storage space. Loria highly advised to go for custom-made storages that will fit your unit’s layout perfectly.
Custom-made fixtures are perfect fit for condos, especially if the unit has a limited space. You can make use of every corner without compromising valuable living space. (Photo via Shutterstock)
“Custom-made cabinets, closets, and doors that provide more storage space tend to sway the listing price to a higher degree,” he stated. Having plenty of organized storage that most people want makes the unit spacious and easy to live in.
4. Be smart
Loria also gave credit to smart appliances as they can really sway unsure buyers because they are easy to use and maintain, can be connected to and controlled by a smart gadget, and are energy and money savers. As we already live in the digital age, smart appliances are on the list of must-haves for many when searching for a condo.
A tablet or a smart phone can control smart appliances without having to go near each one. Just a single tap can turn an appliance on and off, among many other features. (Photo from Shutterstock)
“We’ve had buyers agreeing to a premium selling price because the appliances of the unit they are interested in are up-to-date. These include new air-conditioning systems that lower or raise the temperature automatically, new generation television sets, fridge, and LED lights,” he said.
5. Go green
Having green utilities is a major plus. Going green means protecting the earth and reducing carbon footprint. Buyers who ask about green utilities are increasing every year. This tells sellers that a lot of people are already conscious about going green. They can invest on energy-efficient systems and appliances, such as a water filtration system to provide them clean and drinkable water from the tap, as well as solar powered panels.
Getting drinkable water from the faucet saves the owner from buying bottled water, thus lessening the unit's carbon footprint. (Photo via Shutterstock)
“This is important since the Philippines is considered as one of the most expensive countries in terms of electricity prices. These things do cost money but in the long run, they will provide a higher listing value and lower utility bills for the buyer. It’s a win-win solution,” said Loria.
6. Take note of the aesthetics
Step back and look at your condo unit like an interested buyer would. Does it exude a pleasant atmosphere? Is it clean or is it too cluttered? Do you think the layout is good or can it be arranged better? Mañalac suggests staging your unit as if it is a show unit, and to highlight the senses of interested buyers once they come in for them to really “feel” the unit to make a lasting impression.
A well-thought out unit layout makes an impressive and lasting impression on interested buyers. (Photo via Shutterstock)
“Make their inspection a pleasant experience and give all their senses (not only their eyes) a very good first impression. Turn on the air condition at least 15 minutes before they arrive, light up a scented oil burner, and play a soft cool music. Final tip, if you think that they are really qualified and serious buyers, serve them very hot coffee or tea. This should make them stay a little longer to establish an emotional connection while it also gives you a chance to build rapport, and possibly start negotiating to close the sale while they are emotionally high,” he said.
7. Photos are influential
When you list your condo unit online, your unit’s pictures represent your unit by showing what buyers can expect from your unit. These digital windows to your unit must be able to capture the attention of a buyer. A blurry or pixelated photo is as good as nothing. It is important to upload realistic photos that will highlight the best features of your unit. Mañalac recommends hiring a professional to provide you high-quality images.
Hiring a professional photographer can get you the best photos to showcase your unit's best features and angles. (Photo via Shutterstock)
“A lot of people do not realize the importance of taking not only clear photos but actually getting the shots from strategic angles to highlight the best features of the unit after you have done all the necessary repairs and deep cleaning. If you cannot do it personally, ask a friend or if budget permits, get a professional photographer. Some property listing platforms actually offer this extra service for a minimal fee,” said Mañalac.
MyProperty.ph will soon roll out a 360-degree photo feature to further help sellers promote their properties, and for the interested buyers to check out the whole property as if they are actually at the site to have a clear and honest view of the property.
To read more helpful tips for you and your home, you may click here.