If you’re having a hard time unloading your luxury high rise downtown condo, you may need to provide a few, high-value incentives to sweeten the deal. Efforts to give investors more for their money is one of the surest ways to make your unit stand out. Best of all, you don’t have to record any significant losses in the process.
1. Throw in Window Treatments or Furnishings
Some downtown Boston condo buyers absolutely love the way that units look exactly as they’ve been staged. If you have prospective buyers who can’t stop commenting on how attractive the current furnishings or window treatments are, offer to add these in to the property sale. This strategy can be doubly beneficial for sellers who own custom furnishings that won’t have the same level of practicality or appeal in their new units.
2. Offer a Credit for Non-Recurring Closing Costs
Rather than performing property repairs right before the sale comes to a close, offer buyers a credit for non-recurring closing costs. This credit will be given to the buyer as cash at the close of escrow. This way, new homeowners can have property repairs performed according to their own specifications and expectations, which limits the risk of frustrating delays.
3. Include an Incentive for the Buyer’s Broker
A buyer’s agent should advocate equally for all homes that fit his or client’s needs and preferences. There are, however, listing agents that market their properties to brokers who are already aligned with buyers. Offering the buyer a one percent commission is a great way to bring a sluggish listing to the forefront of market attention.
4. Pay for the Title Search
Offering to defray the buyer’s closing costs can prevent some of the last minute panic that investors often feel when considering the wealth of tangential expenses they’re taking on. If the buyer is handling title search and title insurance fees, offer to take these costs on instead. The costs of title insurance and the related title search typically range between just 0.5 and 1 percent of the purchasing price. Moreover, it may be possible to have these fees reduced by asking to have your original title search updated.
5. Hire a Mover
There are countless gestures that you can make to increase the appeal of your offer and to allay investor fears. Some sellers even go so far as to make the buyer’s first mortgage payment. Far cheaper and just as worthwhile, however, is to cover the costs of hiring a mover. This is one less thing that investors have to worry about and it can significantly lessen the stress of relocating.
Irrespective of the gesture you choose, it is important to ensure that you aren’t overstepping any legal bounds and that all related contractors or service providers are duly insured.
Looking at condominium listings in Downtown Boston? Reach out to Ford Realty and work with an agent who specializes in the area and can help you find the right penthouse, condo, or loft for sale in Downtown Boston for your budget and lifestyle.
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