Advice for a quick sale ( investment property )

[Bila]

Just gave the boot to a realtor who wanted the listing and expected the other agents to sell.
Anyway...trying to sell privately ...Did it before but for a family home, it took a week.
This condo was listed for 6 months, had visits, no offers :-( ...the condo fees are high ( compared to newer condos) so i am offering a year of condo fees paid ...good strategy ??? Anyone struggled with condos before ??
What do you think of the listing ?? The condo is empty now, tenants left December1

http://www.kijiji.ca/v-view-details.html?adId=1040126171&uuid=599e743a-b401-482c-91e1-ca578b62a2fc

 

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[Bila]

Merci

 

[lleone]

From looking at the photos, it looks very clean, clutter free and I don't see anything that stands out as an issue. The question is why didn't it sell in 6 months. I'm assuming you have a multiple listing system that the property was on that is accessed by all the agents there. If so, then the most likely reason is price. How are you priced compared to other units on the market?

A good way to assess this is to do a search for all the listings that are similar to yours. If you were a buyer, which one would you buy 1st, 2nd, 3rd, etc...
Most people are bias when it comes to assessing their own unit, so maybe ask a friend to do it. If you really think it is priced correctly, then it may be a function of demand and absorption. For example, if only 2 listings of your type sell a month and there are 20 listings on the market competing with you, then it's going to take a while. I will say that high condo fees (and yes I think your idea of paying a month up front is excellent) is a deterrent to a lot of folks (this especially happened in Florida). Try to price it so that all factors considered, you would be the next unit to sell.

 

[Bila]

Thanks for the feedback

1-I underpriced a bit ( taking in consideration that i am paying A YEAR of condo fees ($3000 )
2- the problem in the area is supply ...too many condos, brand new condos are being leased by real estate developpers because they cant find buyers.

 

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[lleone]

I understand....I've seen that several times. If you don't have to sell, maybe put a renter in and try to wait it out (assuming you could at least get close to breaking even).

 

[Chitown]

@Bila

Have you thought about conducting a property auction? There are companies who perform those duties in behalf of sellers here in Southern California. Of course, I don't know if such options are available in Canada.

I wish you well with your property!

 

[Bila]

Thanks Chitown.

I have been leasing it for the last 5 years, i know i will not have an issue finding tenants again ....
Will see if it will attract some visits

 

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[Bila]

I understand....I've seen that several times. If you don't have to sell, maybe put a renter in and try to wait it out (assuming you could at least get close to breaking even).

Yes, with the lease i can break even, but wanted some seed money ffor other venturess ( fastlane type wink wink ) .will see how it goes ....will update

 

[Bila]

Wanted to put it up again in case

 

[IrishSpring600]

Were the empty spots filled?

 

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[aldenatienza]

You can try asking a real estate agent for a buyers list then meet them and let them compete for the property.

 

[Bila]

Thanks for the input . A private investor is looking to see it Saturday. I put it back on the market for private investors a few weeks ago ..... So far 2 visited and low balled lol