One of the more effective ways of marketing your condo suite, especially with today’s social media resources is to define who is our most likely buyer.
In simplest terms… are we talking about first-time buyers, parents buying a suite for college-age children, move-up buyers, down-sizers, millennials vs seniors, investors and so on.
Sometimes your condo will be attractive to several of these buyer profiles at the same time which can broaden our buyer pool. Let’s discuss a few of them.
In general, the market for smaller condos (bachelor, 1- and 1+den suites) is heavily dominated by first-timers with a smaller portion being condo investors. Depending on if your suite is located close to Ryerson or University of Toronto, then we’d throw in opportunities for parents buying for their college age kids too.
First-timers are excited about become home owners but, because of their inexperience, they are typically more skittish when making a big decision like this and they’re fearful of taking on a large monthly mortgage, condo fee and realty tax payment.
A buyer agent representing them would want to make 100% sure they’re fully qualified for a mortgage and have maintained an excellent credit rating. As a seller, you’d want some assurances from that buyer agent about this.
As an aside, I’ve written a book entitled “Toronto Home Buyer’s Financing Guide” which helps new and even experienced buyers learn more about today’s mortgage market. It can be downloaded for free at HomeBuyersFinancingGuide.com.
Using the average age of today's first-time buyer, we can target that group on social media platforms and market your specific condo suite to them.
In the last few years, with the price of semi or detached homes skyrocketing, we’ve started to see more and more singles and couples, some with small children, moving up from smaller suites and staying within the condominium lifestyle. They’re typically in their thirties and are ready to settle down for the next stage of their life.
They’re often purchasing suites with larger square footage including one bedroom plus den or two-bedroom suites in buildings that have reasonable but not overwhelming amenities and are walking distance to parks, wee-people schools and public transit.
Specific features that this group considers important include granite counters, stainless appliances, a nice view, a locker and a well-maintained condo building with at least basic amenities like a gym. For some a parking space is crucial while for others it may not be an issue at all.
Downtown Toronto has become a vibrant, exciting place to live in the last few years. Singles and couples with grown children now are often selling their houses and adopting the condominium lifestyle. This group would also include the recently divorced or folks moving back to the city to be close to new grandchildren.
They’re loving having a gym to use and being close to walking and biking trails as well as restaurants and some nightlife.
They typically do not buy smaller suites… they’re more likely to search out suites with two bedrooms and at least 800 to 1000 square feet or more in size. A parking space is usually necessary as is a storage locker for some of their belongings left over from the bigger home.
Our job as listing Realtors is to match up your condominium suite with the largest appropriate buyer pool possible. Of course, it’s not an exact science but paying attention to the possible buyer demographics improves the success ratio of our marketing efforts.
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If you are going to sell your suite in the next 1 to 9 months, what you do right now can make a difference of thousands of dollars in your sale price, and there are some simple things you can do forthwith to make sure you get "Top-Dollar" when you do sell.
HERE ARE 3 FREE SERVICES YOU MAY WANT TO TAKE ADVANTAGE OF RIGHT NOW
First, is our FREE "Pin-Point Price" Analysis, where I can take a closer in-person look at your condo and prepare a very specific price for your suite. This price will be much more precise than the general range that you can get automatically from the site - and we guarantee in writing to sell your condo at the "Pin-Point Price" or higher in less than 32-days.
Second, is our FREE "Room-By-Room Review", where I do a 20-minute walk-thru and make specific recommendations about which fix-ups or improvements you should (and should not) do to prepare your suite for sale. I will point out the lowest cost, highest return improvements you can make to help sell your condominium quickly and for more money.
Third, if you would like, I will include your condo in our "Silent Market" of condominiums that are not yet on the market. Because we generate so much buyer interest from our website, Facebook and Google advertising and other proactive marketing, we may be able to find a buyer for your condo without even putting it on the market… saving you both time and money.
These 3 services are FREE. The Room-By-Room Review takes about an 20 minutes, and we can arrange a time during the day or evening, whenever is most convenient for you.