When you’re selling your luxury condos with prices that make the eyes of an average person water, there are always factors that could keep it from selling. And (not) to our surprise, it’s not just about the price per square meter of it.

Whether it’s something simple like needing to replace the carpets or something more complex like having legal issues, there are things that will get in the way of you being able to sell your condo.

Let’s go over some of these things so you can be aware and make sure they don’t happen to you!

Condo is cluttered

A condo full of clutter is a turn-off for buyers. It draws the buyers’ focus to disorder, rather than on your condominium’s features or elements you have put into it to make it feel like home.

In addition to drawing attention away from selling points, clutter affects how well a room is used—or not used. When potential buyer comes through your door, they begin to imagine themselves living in your condo. They are keen to know how much usable space there is available for them to use if they were to move into your condo after buying it from you especially since they’re paying a premium for it.

Prospects go to showings looking for that dream home experience. And it’s the job of the seller to provide an accurate picture of what it would be for someone else to live in your place—which won’t happen if potential buyers can barely see past all the random piles of objects.

Price is unrealistic

The biggest factor that keeps the condo from selling is price. If the condo is priced unrealistically, it won’t sell.

While there’s always going to be a market for luxury condominiums, buyers of this segment is not just going to throw money on a property for the sake of it.

As we know, the economic value of your condo relies on what someone is willing to pay while considering the money could be spent elsewhere. Therefore, the value of your condo should reflect current economic conditions. For example, if there was a big drop in currency or a rise in inflation, people tend to look for alternative investments and/or move their money elsewhere.

Be mindful that such an occurrence will affect a shift in the real estate market conditions (e.g. buyer’s market) and so you can’t expect your property to sell if you are overpriced.

If you’re unsure about the pricing of your property, talk to a trusted realtor so they can help you assess what other properties nearby are selling for or sold for, especially ones with similar features as yours.

Condo lacks appeal

When it comes to luxury condominiums, there are some things you just can’t change by yourself—for example, the exterior of the building, the amenities, and the house rules.

So focus on the things within your control especially when it comes to the interior design and overall impression of your condo. The condo may have been perfectly suited for you as its original owners, but if you’re planning to sell it for maximum profit, you need to cater to a wide audience.

It’s challenging enough to find luxury estate buyers in a competitive market. So it will serve your interests if you don’t limit the design to appeal only to a specific demographic. An example of this may be a Victorian-inspired interior that may wow the traditionalist generation but can keep away from being shortlisted by modern millennials.

The appeal extends to the items inside your condo such as appliances and furniture that may be outdated or are no longer working. If you know it needs an upgrade, don’t try to sell it on its own merit. The poor condition will be off-putting to potential buyers who have high standards.

In many cases, you have to pay for the changes and upgrades yourself before putting up your property for sale to save everyone’s time. It’s difficult for you as the seller or your agent to keep explaining time and time again to prospects the work the new buyer needs to be doing. What you want instead is to motivate buyers to pay you a boatload of cash for the work that was done in the first place.

If you want to sell your luxury condo quickly and at top dollar—or even get any offers at all—make sure it looks appealing before it hits the market, and if possible, invest in staging the property. Otherwise, nobody may even bother attempting to look at what’s inside when they’re browsing listings online.

Seller is in a difficult situation

Truth be told and we say this out of tough love—but one of the biggest issues that can hinder the sale of your condo is YOU.

Your involvement in the condo sale can either be under or overwhelming. The former pertains to you not taking the necessary actions to turn your condominium into a saleable condition, for instance through decluttering or pricing it right. Whereas the latter means you don’t know when to back off and allow things to happen on their own, or through the doing of a hired professional. Either way doesn’t bode well for the future of your condo sale.

Another thing that can stop you is your personal attachment to the property you’re wrapped up in that subconsciously makes it hard for you to let it go. If this is the case, then you need to be honest with yourself until you can stand by the reasons why you’ve decided to sell.

But at other times, the factor that can keep you from selling has something to do with the financial aspect of it—not emotional. Trouble can arise when a seller lacks foresight on the related fees incurred in owning or selling a property. This can be true, especially in a market that’s not so familiar to you. For example, a foreigner who owns a condo may have failed to pay taxes or condominium dues on time which can result in a penalty, thus forcing them to overprice their property to recuperate such losses.

Condo isn’t showing well

As a luxury condominium seller, you must understand how important it is for a home to look good when it’s on the market.

If you find that prospects aren’t showing up to showings, it could be because the condo is not prepared to be shown. It could be that you’re doing some renovation work on the property or that the condo hasn’t been cleaned for so long that it looks more like an old storage room than a cozy and homey luxury condo.

Another possible reason is you as the seller only set up showings that aren’t convenient for buyers. If you are dictating showing times that only fit your schedule, don’t expect buyers to fit your property into their schedule.

In addition, if you insist on staying during showings, the buyers may not be comfortable giving actual feedback on the elements of the condo. And when that happens, you may miss out on improving upon the saleability of the property. What’s worse, sellers risk the overall desire of prospects when they overshare their history with the property since the buyer gets the impression of everything that’s wrong with it.

Condo has legal irregularity

Initially, investing in a luxury condo means you’re buying from another entity that handles the documentation for you.

This can sometimes mean facing issues with the availability of the Condominium Certificate of Title (CCT) and/or Tax Declaration. For newer developments, it’s possible the title is still under process with the developer and this can then put you at a disadvantage against other sellers who may have a ready title.

Another legal issue that may need to be resolved before closing is the ability for the ownership transfer to take place. For example, if one partner has passed away without a will and there are other partners who have rights over their share of that property, then an extra-judicial settlement may need to take place first.

Further, before any sale can take place each partner may have different ideas as to what they want done with their shares of ownership. And so you will require help from a lawyer in this case to prevent further delay.

Takeaway

If you’re looking to sell your luxury condo, knowing what factors are holding it back from selling can be a great place to start. In this article, we’ve covered the most common issues and how you can tackle them. So if your condo isn’t moving fast enough or you want to know why other units in the building aren’t being sold, consider these tips for improving your chances of getting an accepted offer.

Nonetheless, hire the help of professionals where necessary and consult with an experienced real estate agent who specializes in luxury estates, especially condos. A great agent will be able to give you helpful advice and connect you with the right persons who will become a handful in improving your goals of selling your luxury condo.