How to Market your Ocean City Condo

How to Market your Ocean City Condo

How to Market your Ocean City Condo in a Buyer's Market?

Note: If you happen to be considering sale of a distressed property facing a Short Sale
or Foreclosure please call me for information specific to your situation.

 by Gail Garriss   June 10, 2010 Tweet
updated March 4. 2011. 
Realtor® and Associate Broker
Coldwell Banker Residential Brokerage
Ocean City, Maryland
866-275-4245

 ( This article was written regarding condominium property in Ocean City MD)

        Since the present market conditions here in Ocean City favor the Buyer, it might be helpful to try to think about the potential  Buyer out there you hope to find for your property.  How do you to get them to buy your condo, townhouse or beach home?  If you think how the Buyer goes through the process it will help you understand what you need to do to market your property for sale:

Buyers search.

This is a no-brainer.  The Buyer could be, but most likely is not from Ocean City –and could be located from here to California or overseas.  Most savvy Buyers are firing up their computers and jumping on the internet -or calling their agent to do it for them. Your property needs to be out on the web primarily on the MLS- but also on your Realtor®’s web site, the Broker’s website and any real estate based popular websites  such as Zillow.com®, homes.com®, YAHOO!®Real Estate, craigslist, trulia®, oodle, and more.

Of course, the “For Sale” sign on your property tells your neighbors you plan to sell.  Buyers today expect to be able to reach your agent by mobile phone and/or get information about your property via the web using their mobile device.

Today, clever Realtors®use Email campaigns to get the photos and descriptions of listings in front of their customer base, propective clients and website visitors.

Make your property easy to find.

Buyers Compare.

OK- The Buyer found your property and looks at the listing (along with a maybe a dozen others!) What’s the first thing they look at after location, location, location? PRICE , PRICE, PRICE!  Having your property overpriced in a buyer’s market is not smart.  Be smart and get the real current conditions of the market and what comparable properties actually sold for recently. Your Realtor® should have all this information.

 Yes, this can be a painful “reality check” for some sellers –but what good can come from listing your property at a price that Buyers shy away from?

 Price your property correctly for the market.

Buyers First Impression.

There is an old saying that you don’t get a second chance to make a first impression.  Chances are the Buyer will first see your property, either on the web or walking through your front door.  A clean, up-to-date, organized, un-cluttered and beautifully decorated property wins with Buyers.  Many large, wide angle, properly exposed photos of your property is a must on the web.  Buyers love photos. They love virtual tours and videos even more. When your agent holds an open house you want the "Wow!" factor working for you. The text description of the property needs to be an eloquent depiction of your property and all it has to offer.  Always check your listing once it has been posted for errors, omissions, and typos.

Make your property stand out and shine.

Buyers negotiate.

Hopefully, you have done all the right things to market your property and you receive an offer and not surprisingly in this market, it is probably below your asking price. Now is not the time to panic!  Here is where you put your Realtor® and his or her experience ( and your patience) to the test.  If, in fact, you do have a real buyer then it’s your agent’s job to get the best written offer possible for your consideration.  Customarily, you will have a back and forth negotiation with the Buyer to settle on the terms and conditions off the contract.  Even at this stage be prepared for the possibility of concessions. (e.g.  A home warranty to cover the Buyer concerned about your A/C system).

The truth is that the Buyer presently holds an advantage in this Ocean City market with so many properties available to choose from.

Prepare yourself for a negotiation to get your property sold.

Buyer signs!

Victory is at hand! However,  you haven’t settled yet -so hold off on the celebration.  There is still work to be done by both the agents to get you to settlement especially on two fronts:

The Maryland Condominium Resale Law protects the Buyer here, and specific paperwork must be presented to the Buyer concerning your condominium, commonly known as “condo docs”.  The Buyer has seven (7) days after receipt to review the documentation. The Maryland law provides the Buyer can walk away for any reason during this time period.

Plan on most Buyers having a property inspection by an independent third party unless you had one performed when you listed the property. The Buyer may ask you to take care of any minor repairs or cosmetic deficiencies found in the inspection.  In some rare cases, a defect may be turned up that requires that the Seller must repair, replace, or remediate to the Buyer’s satisfaction or they can walk away.

 Happiness is your Property Sold and Settled.

  end