If you own a condo, you’re already aware that the buying process can be complicated. What you may not know is, selling a unit requires just as much care. While an agent with local condo expertise can simplify the steps involved, it’s still crucial to ensure that you’re informed.

From the due diligence you need to perform to the critical decisions you’ll have to make, here’s what you should know…

1) Your tenant has rights

If your condo is an income property, now is the time to brush up on your legal obligations to your renters. To start with, you can terminate their tenancy if the people who are buying your unit plan to move in—but you need to give them proper notice (which means 60 days). However, that period must begin on the first of the month. So if you sell on August 18th, you owe your tenants 60 days starting from September 1st.

If your renters need to move out, you must also provide them with an N12 form (notice to end tenancy). When it comes to setting up showings, you’re required to give them 24 hours’ notice before entry.

2) You should know your ideal buyer

While many sellers assume their buyer will be a young professional, that’s not necessarily true. The truth is, those jumping into the condo market have a wide variety of needs and preferences.

Knowing who your space is best suited to—and staging and marketing it accordingly—can greatly improve your chances of success. Whether they’re a student, a downsizer, or a parent with children, reaching out to your most likely buyer is crucial.

3) Accurate pricing is crucial

When it comes to reaching your selling goals, pricing has an important role to play. Settle on a number that’s too high, and your condo could languish on the market. Too low, and you won’t receive the return you deserve. That’s why setting a price based on data is so crucial.

The first step is determining your home’s value as compared to similar properties. An agent with local condo expertise will begin by preparing an accurate comparative market analysis (CMA). This document looks at the prices of homes like yours—in terms of bed and bathrooms, square footage, condition, and other factors. From there, they’ll help you build a pricing strategy based on your goals.

4) Maximizing your space is key

When it comes to preparing your condo for the market, making the most of your square footage should be a major priority. It starts with a thorough decluttering, which will help ensure that your space doesn’t feel overcrowded.

Once your belongings are pared down, there are additional steps you can take to make your condo feel bigger, brighter, and airier. From using the right colours to rearranging your furniture, every step counts. An agent with staging knowledge can ensure that your unit receives the necessary preparations.

5) Get your documents together

To ensure that your condo sale goes smoothly, you should be as prepared as possible. There’s some paperwork you’ll want to round up, from records of home repairs to mortgage statements to past utility bills (which can help buyers understand how much they can expect to pay). You’ll likely also need to obtain a copy of your status certificate once you find a buyer. Your agent and lawyer will help you understand what’s required.

There are many steps and plenty of coordination involved in selling a condo, but the process doesn’t have to be overwhelming. By knowing what to expect and working with an agent who understands the local market, you can help ensure that your sale is a success.

For over 30 years, our clients have trusted us to minimize risk, offer unbiased opinions, and ensure their best interests are served. Contact us today to talk about your needs, by emailing us at info@christensengroup.ca or calling us at 416-441-2888 ext. 772.