The beginning of today’s blog post might sound a little like the setup to a corny joke: When is a real estate sale not a real estate sale? When it’s a condo sale, of course! 

The truth is that, while there are many similarities, a condo transaction can be more complex than others. Whether buying or selling, there are some unique considerations that those dealing with single family homes don’t even have to think about.

For the best results and fewest headaches, you might consider the benefits of working with a condo specialist when buying or selling in Winnipeg. Let’s take a look at the difference this elevated guidance and service can make.

How Selling a Condo Is Different 

Not that selling any kind of house is easy, but condo sales can be particularly challenging. On the one hand, condos tend to attract many first time buyers and retirees, both for affordability and the convenient lifestyle they provide. On the other hand, your pool of potential buyers often excludes families and those who are upgrading their homes. 

Selling for top dollar can be an uphill battle when so many of your prospects are working with a limited budget. Fortunately, your condo specialist will know how to capitalize on the full value of your unit. 

The market overall can also help or hinder your sale, depending on current conditions. We have seen markets where the demand for detached homes was through the roof while condos generated less interest. The same situation can happen in reverse, and it’s important to know what is going on before formulating your selling strategy. These two principles will always apply:

1. Increased demand automatically lends itself to higher prices. 
2. Greater availability gives buyers more options and greater negotiating power, often resulting in fewer and lower offers. 

Increased competition between similar units is another hurdle condo sellers may have to overcome. You’ll have to plan twice as hard to make your listing stand out, especially when someone else is selling in the same building. 

Under the expert guidance of a condo specialist, you can make the most of every opportunity to maximize the results from your sale.  

No matter what type of house you’re selling, the resources below will help streamline the process:

• A Step-By-Step Guide For First-Time Sellers In Winnipeg
• Secrets To A Successful Condo Sale In Winnipeg
• 3 Things To Know Before Selling Your House In Winnipeg

How a Condo Specialist Can Help You Sell in Winnipeg? 

Winnipeg’s housing affordability is attracting buyers from all over the country as well as newcomers to Canada. That said, supply and demand can still fluctuate based on economic factors and world events.

Whether it’s a seller’s or buyer’s market, a condo specialist can help you achieve the best return from your sale. Maximizing your results comes down to three distinct advantages: 

• Marketing: A targeted marketing campaign zeroes in on your most likely buyer, those who are intrigued by the condo lifestyle. At the same time, we avoid wasting time or money trying to reach those who are not interested in your listing.
• Networking: Not every real estate agent focuses on the condo market. In fact, some avoid getting involved as much as possible. Those of us who actively specialize in condos typically have large databases of interested buyers, many of whom are actively searching right now. 
• Presentation: Many condo buyers have different priorities than those searching for detached homes. For the most part, they’re not looking for potential; they want something turnkey that they can move into right away with little to no work. Knowing this means staging and presenting the unit in a way that buyers can already “see” themselves living there. The differences between preparing a condo and a detached house are subtle, but they can also mean a faster sale and a higher price. 

How Buying a Condo is Different 

Condo seekers typically have a lot on their minds, even more so than detached buyers. There’s the usual budgeting, creating a wishlist, and then scouring the market before placing offers and negotiating. However, condo buyers have additional concerns beyond whether they like the unit and location. 

• Each condo corporation has different bylaws and rules for residents to abide by. 
• The maintenance and repairs of each building can also vary from one building to the next. 
• There are condo fees to cover the maintenance of all common areas. Knowing what repairs have been made and how frequently the building is updated can affect how often condo fees increase – and by how much.

Requesting a disclosure statement will reveal a lot of critical information you need to know before you begin placing offers. However, interpreting this data and understanding how it will affect you is another story. Before you go any further, you might want to check in with your local condo specialist!

Looking for even more resources to help you find and secure that perfect condo? You may enjoy the related reading below:

• Why Buying A Condo In Winnipeg Is Better Than Renting
• What You Need To Know About Disclosure Certificates When Buying A Condo
• Buying A Condo? What To Consider In Addition To The Condo Unit

How a Condo Specialist Helps You Buy in Winnipeg 

Most trained real estate agents can review the disclosure certificate with you. This is essential so you know precisely what you are getting into. However, a condo specialist will take this critical guidance and expertise to a whole new level. 

For example, our resident condo experts at Goodfellow Realty have a wealth of resources you will be hard-pressed to find anywhere else. Our extensive Dropbox folders contain detailed information on nearly every building in Winnipeg.

We can show you the disclosure certificates and tell you about reserve funds before you even see the unit in person. This meticulous attention to detail stems from a real love of the industry and passion for helping our condo clients find that perfect place to call home.

Do you have more questions about buying, selling, or investing in a condo in Winnipeg? Our enthusiastic condo specialists are standing by. Reach out today to info@goodfellowrealty.com or call 204-224-2551 to begin the conversation.