Creative Selling Strategies - Pre Construction Condo - Toronto

6 Replies

Hey all,

Just a brief history, I purchased a 2 bed condo in Toronto, 10 mins from downtown, nice growing area back in 2013.  It closes in 1-2 mths but I want to try and reassign and dump the unit.  I've had it on the market (realtor) since Nov.  I dropped the price 20k in Jan, not a single bite since.  I've done the kijiji/craigslist advertising without luck.

At this point, it's heading no where and the builder has it for sale on realtor as per the strict agreements for assignments, so he's not working in my favor to sell the unit.  Are there any other strategies I can use to sell? Target big corporations who need the space for remote clients or consultants, investors (foreign), etc.   Does anyone have any guidance or tips on how I can push the sale of this because at the rate it's going, I'm not selling any time soon.

Regards,

Dan

@Danny Di  

Welcome to TOs condo glut.  There are many who think things are going to get worse in the coming months as demand continues to fall off .. despite the rate drop from the BoC

If you want to be rid of the units, get out at clean and forego any real expectation of profit. @Gary McGowan  may be able to help you out here as you are in his back yard.

Hey Roy,

Thanks for the response.  I'm actually out in Saint John for work, not too far from you.

The market in general I think is good considering over a quarter million people immigrate in to Toronto on a yearly basis.  It is a bad time of the year and all but I'm just trying to think outside the box with this one and how I can approach it.  I've already built a website showcasing the property and dumped cash on advertising which got me no where.  Looking for some more strategic approaches from the pros around here.

Gary is the man, already reached out to him :)

@Danny Di  

I interviewed a couple of agents to assign my unit.  One of them was an agent who specialized in condo assignments but wanted to charge 6%-8% in commission - so that didn't work. The other was an agent that I knew but lacked the experience in assignments.  So I approached the agent who actually sat in the model suite and also dealt with the walk-in buyers.  The upside to this was that the agent knew the inside and out of the sales of the building, i.e. inventory, units in demand and not, what the buyers are specifically looking for and walk-in buyers are a big plus (personally). The downside is that the agent will also be showcasing the builders units and then yours. However, typically builders allow assignments only when a substantial units of the building have sold, say 80% as an example, which means these are the more desirable units, the 10% are less desirable i.e. close to the garbage, no balcony, traffic noise, etc. If your unit has the better appeal and is what the buyers are looking for, you’d have a good chance in getting your unit scooped up. The key is exposure to the buyers who already have their foot in the door – this particularly worked for me.

Good luck.

@Danny Di  

Hmmm ... I was just in Saint John the other day to look at an apartment building.

I agree that TO has the annual immigration, but what percentage of those folks are in a position to purchase a condominium with cash (as immigrants normally cannot access credit until they are are established).

I think you are wise to want to sell your units and @Jennifer Tan  has some good ideas to help you unload them.

@Jennifer Tan  Great ideas.  The sales center is closed though.  I actually tried that approach last summer...I spoke to the guy who ran the sales center but I got 0 leads from him.  Do you have any recommendations for any agents in the city for assignments? I would pay maybe 5% if he got me a good price, just want to break even at this point.

A relative told me to dump 2-3k and furnish the place, maybe even give the furniture with the sale to make the unit look more appealing.  The layout is rather narrow, so it will be hard for people to move their furniture in, depending how big it is.  I hate to lose more cash but it may be good "gamble" at this point.

I've had 5-6 showings but no bites.  A couple people advised it was too small, a few didn't give reason.  I think the layout is killing me with the rental market.

I have a site where I was thinking about posting the unit for sale, it targets the chinese who are looking to invest and purchase international real estate.  The damage is $500 for a 3 mth listings.  Some reviews are decent, but some advised against it and the site led to 0 leads. Again, another gamble with my $.

Originally posted by @Danny Di:

 and furnish the place, maybe even give the furniture with the sale to make the unit look more appealing.  The layout is rather narrow, so it will be hard for people to move their furniture in, depending how big it is.

I just got my new Lakeshore condo studio 1.5 month ago and tried to rent it out. I don't want to brag but I did it. I had a similar complains about how small it looks. A friend of mine is a professional architect and I turned for help to him. He recommended to stage/decorate it with minimum expenses ( for me it happened to be 400$) just to show how you can arrange all different zones including entertaining area, dining, sleeping, office. Next day after I've done it the unit was taken.  And the  most important part I didn't buy any heavy furniture. So you might try it too.

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