Like any subsect of Toronto’s expansive real estate arena, the city’s distinctive condo market is subject to seasonal trends, conditional fluctuations, and long-term evolution. With that in mind, during periods where demand from end-users is relatively low, condo sellers can target their listing to a separate and distinctive category of buyers – investors.
Successfully positioning your condo as an attractive investment opportunity can significantly enhance its marketability. Beyond offering you an advantage when the condo market is less active overall, highlighting your unit’s investment potential can attract buyers with substantial financial commitment, elevating your final sale price.
Looking to sell your condo? Our strategic advisory services can ensure you accomplish your present and future goals. Call us at 416.772.4723 or reach us by email at evan@christensengroup.ca.
Rental Activity Impact
As Canada’s largest urban area, Toronto’s residential rental market is substantial. Commanding some of the highest rental averages across the continent, owning a dedicated rental property in Toronto opens the door to extraordinary returns both through passive income and long-term appreciation.
Despite fluctuations in other aspects of the traditional real estate market, the city’s rental landscape remains active and brimming with opportunity. This has created a small yet active pool of buyers in today’s market who are searching for Toronto with high investment potential.
With that in mind, condo owners looking to sell can capitalize on investor interest by tailoring their listings to match the needs and priorities of this distinct type of buyer. This process can be incredibly intricate as marketing a condo for investment purposes is not merely about listing it for sale. Rather, sellers must assemble a compelling value proposition that resonates with investors who are looking for a profitable, low-maintenance, and relatively secure venture.
Approaching the sale of your condo? Consider these related blogs for more advice.
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Presenting Your Condo as a High-Value Asset
Despite persisting interest from investors, Toronto’s contemporary condo market is still competitive. Therefore, should you be looking to sell, you’ll need to undertake crucial steps to present your condo as a stand-out asset.
Highlight Tenant Appeal
One of the primary characteristics of Toronto condos is amenities. Features such as swimming pools, fitness centres, concierge services, security, rooftop terraces, and co-working spaces add appeal to prospective tenants and enhance the rentability of a condo. With that in mind, incorporating these features into your marketing strategy allows investors to envision the appeal for future renters.
The same idea applies to any other standout features of your condo. For instance, smart home technologies like keyless entry, smart thermostats, and energy-efficient lighting, tend to attract a higher-quality tenant willing to pay a premium. If your condo includes any of these features, emphasize them as added-value components that will likely yield a stronger return on investment.
Present Your Condo at its Best
Beyond appealing to future tenants, investors will also want to be impressed by your condo on a personal level. They’ll be looking for a property they’re proud to put their name on. Therefore, it is imperative to properly prepare your condo so that it looks its best and stands out from other inventory.
Strategic staging can also illustrate value ads for investors. For instance, flex spaces, such as dens can be repurposed or presented as sleeping hoarders transforming a standard one-tenant property into a two-tenant property.
Seeking more investor-focused insights? Explore these related readings from our blog.
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Selling Your Condo With Active Tenants
If you are an existing landlord, you are already familiar with the advantages of owning a dedicated income property in Toronto. However, when the time comes to sell, there will be unique implications if you have existing tenants.
First, it is important to understand that you do not need to proceed with an eviction process simply because you intend to sell. In fact, some hands-off investors are actively searching for a property with built-in tenants due to the convenience it offers. That said, your unit may be more marketable without tenants in certain circumstances. Your real estate agent will help you determine which arrangement will offer you greater market value.
Should you decide to market your property as vacant, you will need to adhere to various regulations and tenant protections. More specifically, you must provide adequate notice and follow the legally-approved process for eviction. Keep in mind that this may impact your ideal selling timeline.
Furthermore, if they are still under their lease agreement, they may not be evicted until the lease agreement ends. In this type of circumstance, your buyer must be made aware that they cannot evict or move into the unit until the lease is up.
Hoping to achieve a great condo sale? Our team has decades of industry experience to support your goals. Call us at 416.722.4723 or reach us by email at evan@christensengroup.ca.
