Selling Your Halifax Condo in the Digital Age!

Before the rise of digital advertising, the REALTOR® Standard in any given listing was to stick a sign in the front of the condo building, maybe pay for an ad in the local paper, and conduct an open house to get your condo sold. This was all it took to find a buyer, as the traditional way of property shopping was to check the paper or drive around the city.

Now, everything has changed.

According to Matterport, a company with cutting-edge technology to advertise listings virtually, 90% of buyers across all demographics use mobile and web technology to narrow down their list of properties to consider.

Real estate listings with digital advertising content receive 403% more inquiries than those without.

And

92% of buyers search the internet before ever contacting a listing agent about a particular property.

The rise of digital advertising and technological advancements has completely moved the real estate advertising-game from a simple yard sign to 3D virtual tours, social media, email targeting, listing alert systems, video chat viewings and so much more.

As a condo owner, when it is time to sell your property, you need an agent who understands the importance of digital advertising in today’s market. Someone who will be able to execute advertising in all corners of the internet, and make your listing the most appealing to virtual buyers. Have a look below at how we have made digital listings and advertising our forte:

First, let’s talk about the virtual tour.

What is a virtual tour?

A virtual tour is an immersive, 360-degree view of your condo. This technology allows buyers to click different points in the unit, and the software will bring them through those rooms, similar to walking through in an in-person tour. Buyers can rotate the angles of their perspective to view everything they would view in real life, without leaving their computer.

Why does this matter?

Virtual Tours are changing the game of real estate. Now, buyers can tour properties before they even request a formal viewing. That way, when your listing does receive viewings, you are having buyers coming through that already know they are interested in your condo. Virtual tours cut out a lot of the “browsing” folks, so you only need to prepare for qualified buyers booking viewings and stepping into your condo.

We offer all of our listings complimentary virtual tours of their condos, to help bring only motivated buyers to your door.

Social Media Marketing

Social media has impacted and changed all of our lives in the past two decades, and real estate is no different.

Social media is a great way to advertise your listing to thousands of people instantly. With our combined reach across social media platforms of over 3500 followers, many of these followers being buyers and other agents (who have access to different buyers), we take social media marketing very seriously. The minute your listing is live, we start marketing your condo across social media, to make it go from reaching the MLS system to thousands more.

Our social media strategy includes multi-day posting at specific, timed intervals to ensure maximum exposure, a combination of photo and video content, and paid social media ads. Paid social media advertising reaches beyond our followers, to other users with an interest in Halifax Real Estate.

Promo Videos

Our newest digital marketing strategy is to create promo videos for all of our listings. Many social media platforms which were traditionally only photo-based have switched to video being the predominant form of media over the past year. We keep track of current social media trends to ensure your listing is being advertised in the most beneficial way possible.

In these videos, we do a walkthrough of your listing, edited to catch users’ attention. That way, buyers who are not set up on any sort of listing alerts through a real estate agent, and can not access our virtual tours, will still get a walkthrough of your property prior to reaching out. This minimizes unmotivated buyers again, scheduling viewings and disrupting your day.

Email Marketing

Emailing is another powerful digital tool when marketing real estate. One of the most common ways to view new listings in today’s real estate market is through email listing alerts. Our team alone has over 4000 buyers receiving daily listing alerts in Halifax. Most, if not all of REALTORS’® automated listing alert systems are synchronized to the Nova Scotia MLS system, meaning as soon as your listing goes live, it is included in the following day’s listing alerts for any buyers with criteria matching yours.

Not only will your listing be marketed in this way, but we also take time to design additional marketing emails that target our database with every listing. These additional emails feature your listing’s professional photography, and all of its details and give potential buyers a clear means of reaching out to set up viewings. In these additional marketing emails, your listing stands alone to shine.

Monthly Newsletter

Another digital marketing strategy we have implemented to make your listings stand out is our monthly newsletter. At the end of every month, we create an email campaign to send to our entire database of over 4000 contacts, with tons of information on what is currently happening in the Halifax Real Estate Market. You can check out our past issues here. When you list with us, your listing is featured in its own section of our newsletter. That way, if any of our contacts missed your listing in their daily alerts or our target email marketing, then they can also catch it at the end of the month. We get great responses every month from our newsletter - many of our contacts have told us they look forward to receiving it each month.

These are just some of the ways we ensure your listing stands out online. Digital marketing is important now more than ever in Real Estate. 

Ready to sell your home? Work with us today!

Author: Jordan Gunn
Licensed Real Estate Assistant
Keller Williams Select Realty
The Andrew Perkins Real Estate Team

Frequently Asked Questions: Sellers Edition

Choosing to sell your condo can be an exciting and overwhelming experience. If you do not have any previous experience, you may have a lot of questions. To learn about the selling process, you can visit our page detailing it here. Even with understanding the process, you may have more questions along the way: this is totally normal. There are a lot of moving parts in the process, so we have outlined some common questions we have had in the past!

What does an appraisal mean when selling a condo?

An appraisal is conducted by a licensed professional who determines the value of your condo by conducting a thirty to sixty-minute visit in your unit in which they examine the condition, dimension and amenities of your condo. Appraisers should be an unbiased third party that simply evaluates your condo and determines what they believe it would sell for. This may be more or less than what a REALTOR® would determine, or an online evaluator. Essentially, the appraiser is evaluating only your condo, not the entire market. 

How much is my condo worth?

Your REALTOR® may price your condo differently than what it is appraised for, and also different than an online evaluator may say. This is because a REALTOR® takes into account three variables:

-the condition of your condo

-how it compares to other condos in your area

-the current market

This means that the price of your condo may fluctuate based on when it was evaluated. Only an experienced REALTOR® will be able to take all these factors into account to determine the correct price to list your condo. Without all factors taken into account, your unit may end up selling for less than what its potential is, or being priced too high to generate interest. 

What does conditional mean when selling a condo?

A conditional sale when selling a condo means that an offer has been accepted, but there is still conditions that need to be met for the sale to close. Many of the conditions are on the buyer’s side: they can include a property inspection, review of condo documents, lawyer review, review of the property disclosure statement, securing financing and securing insurance. Typically, the conditions a seller must meet is simply a lawyer review and providing the proper documents to the buyers. Once these conditions are met, typically indicated by a certain date on the agreement, then the sale is finalized. 

How much are closing costs when selling?

There are a few closing costs to consider when selling your condo.

Lawyer Fees and Disbursements

The average cost of legal representation in Halifax is approximately $800-$1000, not including disbursements, which could be anywhere from $200-$400 Disbursements include courier fees, photocopying, title search, registration costs. It is a good idea to shop around, as there is no set cost.   

Real Estate Commission

The typical Real Estate Commission in Nova Scotia is 5%. Split between a buyers agent brokerage, 2.5%, and the listing agent’s brokerage 2.5%. Please note. The commission is plus HST.

Estoppel Certificate

An estoppel certificate is an important document issued by the condominium corporation intended to give potential purchasers of a condominium unit information so that they can make an educated decision about their purchase. The certificate provides information about the specific condo unit and the condominium corporation.-- The buyer will request this either upfront or before closing. The cost is between $300 - $400, depending on the property management company and is typically paid for by the seller.

What is an estoppel certificate in the sale of my condo?

An estoppel certificate is a binding statement prepared by the corporation at the request of a unit owner or purchaser. It indicates the standing of common elements fees and reserve fund assessments against the unit, whether they are up to date, paid in advance, or in arrears. The Condominium Act and Regulations specify which items must be included. For example, the certificate will also contain such items as the names and addresses of the property manager and the officers of the corporation, the financial standing of the corporation, the reserve fund balance, whether any major capital expenditures or increases in fees are planned, and if there are any lawsuits pending against the corporation. A copy of the most recent declaration and bylaws are to be provided with this certificate. When selling your condo, you as the seller are responsible for the charge associated with producing an estoppel certificate. 

What happens to my mortgage when I sell my condo?

When you sell a condo with a mortgage, the first thing to do is find out roughly how much you still owe on the loan. Knowing how much you owe, it’s time to figure out how much you’ll be making from your home sale after all is said and done — and whether it will be enough to cover your outstanding mortgage balance, plus all the typical closing costs. If you are breaking your mortgage, you may incur a mortgage penalty as well. It is always a good idea to speak with your mortgage broker or banker before listing your condo, in case there is a penalty to pay for not completing your mortgage. If you have a fixed term such as a five year fixed rate term, your lender may charge you a penalty called an interest rate differential. If you are breaking a variable rate term, the penalty is typically three months interest.

When is the best time to sell?

The common consensus in the Halifax real estate market is that is it best to sell your condo in the Spring. The weather is starting to get nice, folks are out and about, and moving is generally easier. However, there are pros and cons to selling at any time of the year. A disadvantage in the spring is that there is more competition, as most people choose to list during the warmer months. If your condo is near a sought after school, it may be best to list it in the summer, as many parents look for property during this time. When you list on off-season (winter) there is much less competition. Also, job transfers typically happen at the start of the year, meaning there are folks still condo hunting in the middle of winter.

Who pays the REALTOR® fees?

The seller is typically responsible for the commission fee that REALTORS® charge. The percentage of the sold price is typically 4-6%. Half of this is paid to the buyer’s agent brokerage and a half to your representation. This cost is built into the sale price before the house hits the market.

How long does it take to sell a condo?

According to our MLS system, condos sold in on average 42 days this past year. Our Halifax Market has been extremely hot, so this is short in comparison to previous years. If we look at the past decade, condos sold in on average 91 days. Most REALTORS® will agree that if a condo does not sell within 8 weeks, then a price change may need to be made.

What is a title search?

A title search is the search of public records to ensure that the seller does in fact own the property. A search of all of the title records applicable will occur to determine if the title is valid. This will confirm the property’s legal ownership, the history of the piece of land and if there are any claims against the property.

What is the difference between list price and sold price?

The list price is the price at which you and your REALTOR® decide to place your condo on the market for. This will be the price that is advertised and submitted on the MLS system. The sold price is the price that the buyer agrees to pay with an agreement of purchase and sale. You are entitled to accept any price, however, your REALTOR® can advise you on making the best decision for your situation. Buyers can offer above or below the listing price, and whichever price you accept ends up being the sold price.

Why should I hire you to sell my condo?

Our team is experienced, professional and dedicated. We do everything in our power to ensure the success of a smooth, stress-free sale. We want our clients to enjoy the process from start to finish, and receive the maximum return. We offer a variety of complimentary services for each of our clients as well which can be found by visiting our Why Sell With Us page. You can also browse our Testimonials to see what our previous sellers have to say!

Still have questions? Call or email us today, we’d be happy to help!

Andrew Perkins

902-488-0012

Andrew@andrewperkins.ca

Preparing Your Condo for Viewings

When your Halifax condo is on the market, there is potential that many eyes will be peering in. You will have likely had professional photos taken, and a home staging completed. This kind of marketing will highlight all of your Halifax condo’s best features, and you will want to keep your condo up to those picture-perfect standards when curious buyers see the unit in person. 

The most obvious step in preparing your condo for viewings is to do a deep clean. While most understand this, they tend to overlook the fact that this deep clean must be maintained for the duration of your listing. 

There are several things that you can do to make it easier on yourself to maintain a high level of order and cleanliness while your condo is listed. Read through for some tips on how to set yourself up for successful condo viewings!

Deep Cleaning

We all know that a Halifax condo that is about to hit the market needs a deep cleaning. You are going to want to ensure everything sparkles. The obvious areas are the windows, countertops, baseboards, floors, mirrors, surfaces, bathtub and toilet. Areas that are sometimes forgotten are the trash bin, arranging toiletries, wiping out cupboards, dusting behind furniture and organizing underneath the sink. You do not know what your potential buyers are going to look at when viewing your condo, so you need to make sure you’ve got all of your bases covered.

Reduce your Clutter

Removing clutter is an essential component of prepping your Halifax condo to sell. You want your condo to feel as spacious as possible to incoming buyers because space = value. If you are toying between leaving something personal on the mantle or putting it away, you should probably put it away. The less personal you can make your condo, the easier it is for someone else to see themselves in it.

This goes for the closets too. Do not simply take all of your extra items and store them in your closet. Buyers will look in the closets to see if they would have enough space for themselves. A cluttered closet will not sell a buyer on your condo.

Take Control of Odours

Smell is a very strong sense and can sway buyers to or away from your condo. It is best to avoid scents in general so that they are not distracting to the buyer, and in case a buyer has a scent allergy. Try to cook milder dishes that do not leave scents lingering as well. If you insist on adding fragrance to your condo, opt for candles or air freshers with very common smells such as fresh linen, lavender or vanilla.

Leave the Unit

It is often very hard for a buyer to picture themselves living in your condo if you are present during the showing. It is also hard for their agents to receive honest feedback from their buyers on what they thought of your space. Sometimes, this feedback is crucial to adjusting your condo or listing to lock in a sale. 

Not only should you physically leave the condo, but you should also remove any family photos or decor specific to your family. This will aid the buyer in picturing themselves in your space.

Open Concept

Buyers in this day and age love open-concept condos. If your condo is built like this, you are in luck. If it is not, however, you can still succeed! Ways to make your condo feel more open-concept are to: remove bulky furniture, keep sightlines open, and rearrange existing furniture to invite people into the room. If you are not sure how to do this, there are professional condo stagers who can help you immensely. 

A Fresh Coat of Paint

A fresh coat of paint on the walls can do wonders when you need to renew a space. Walls get dirty and scuffed over time, and we do not want the buyers thinking about that when they are looking at your condo. If you are going to paint your walls, opt for a light and neutral colour that matches everything, and opens up the space.

Do Not Leave Anything Broken in Sight

This may seem like an obvious one, but it is still worth mentioning. You should fix things that are visually broken. This includes leaking faucets, missing tiles, broken handles or hinges and so much more. If you can see that it's broken, the buyer can too.

Adjust the Temperature

Make sure that the temperature in your Halifax condo is comfortable when buyers walk in. If your condo is too cold, the buyer may not feel like they can relax after a long day of work. If the condo is too hot, they may think there is not enough airflow. The most preferred room temperature is typically between 20-22 degrees Celsius.

The Bottom Line

Your top priority as a condo seller is to get your home sold. And not only get it sold but for top dollar. By following these tips, and any other tips that your REALTOR® or condo stager provides will not only make it easier to reach your goal, but to make the process much smoother from start to finish. When your condo is clean and marketable, it not only increases its value but can add a much more pleasant and excited buyer.

Questions about getting your condo sold? Call us anytime at 902-488-0012

Andrew Perkins