Condo Sale Question

**lotaguts** · 07-15-2008, 07:35 AM

Please help 2/2 condo is not selling, current realtor has it MLS listed. I am in the worst market in the country Coral Springs, FL Broward County. My condo is beautiful compared to other complex's near me. I have lowered it to basically break even. Recently, I added it for rent as well. My wife and I are expecting our third child and I am pulling hair with two kids in a 2/2 I cannot imagine three. I have good credit 760 fico (equifax) and good income. I am just being held hostage by my current home. Can my realtor being doing more than MLS ? I know she lists in some publications and the usual sites. (realtor.com, trulia.com, yahoo.com etc etc.) Any feedback is welcomed ....thanks

**jamesww** · 07-15-2008, 08:29 AM

I use direct mail and telemarketing that brings forth a great deal of success. The direct mail I use advertises a payment rather than the price of the property. And I use these methods to market to high income renters in higher end rentals.

Before I would go to this trouble I make sure that the property is priced right for the market. In a declining market you have to price at or below the most recent sales or you are wasting your time. Whether one is priced at a break even point or not is irrelevant to getting a property sold. What is important is that it is percieved as a value to potential buyers.

**CorettiHomes** · 07-17-2008, 08:50 AM

Is it possible you can do a bridge loan? This will enable you to get into a new place while you sell your current home with the good FICO score that you have it is something I would look into.

Good Luck...
-Joe

**thefunkybeat** · 07-21-2008, 01:04 PM

I'm in a condo in Florida and in your same situation.

(see my thread "I am SO screwed..." on this forum)

I'm trying to get out of mine and move to LA.

Anyway, I've had a couple of the investor owners that have units in my complex say that they always get the most responses from putting out those little "For Sale" signs by the side of the road. I haven't tried it myself yet, but it's worth a shot.

**Texas_** · 07-22-2008, 04:08 AM

From your description the problem is not staging or visibility, but perhaps simply too much competition in a tough market.

The question then is what can you do to make YOUR condo more appealing not only to buyers (by lowering the price) or to real estate agents (by adding financial incentives.)

Have you discussed upping the commission and adding a bonus to the selling agent? This can be a very effective incentive for a real estate agent to show your condo over the dozens of other 2BR condos on the MLS list.

I once took a listing for a couple who had a small vacant condo in a large building. They had listed it with several other agents and it was really stale after nearly a year on the market. Other units in the building were selling for more and they kept reducing their price... which probably had a reverse effect... since buyers figured something must be 'wrong with it.'

I took the listing, recommended they give the interior a fresh coat of paint (cost them about $200), we upped the price over the other active units, and added a nice big selling agent bonus, as well as an 8% commission. The unit sold in two or three weeks!

Bottom line for the sellers: They netted more, even after the steeper commission and bonus.