If you are in the condo market and are thinking of selling your condo, you may want to learn these tips and tricks of what buyers are looking for, from a psychological stand point. We are going to discuss a few studies that will help you get into the brains of potential buyers and understand just what they’re thinking and feeling when they are viewing your condo. The results will surprise you.
While bedrooms and bathrooms might be hidden from view, it turns out that a vast majority of condo buyers develop lasting impressions within moments of stepping into a unit. A BMO report entitled the Psychology of House Hunting revealed that “eighty per cent of prospective buyers know if a home is right for them as soon as they step inside.” The takeaway from this study is to place the utmost importance on creating a great first impression from a condo unit’s entryway. That means organizing and decluttering – putting items into closets or bins so that the entrance is neat and tidy. You should also see what else is in eye’s view when taking that first step into the apartment. If part of the living room, den or kitchen are visible, allocate your renovation or staging budget here where possible.
A NUMBERS GAME
Subtle changes in the listing price of your property can also toy with buyers’ emotions. A study from Old Dominion University showed that buyers are wary of 9s near the end of a selling price. For example, a listing price of $379,999 could give the impression that the seller is trying to make their condo seem like a bargain, which could be a turnoff. Instead, pricing at $380,000 may be wiser. Buyers also appreciate specific pricing compared to round numbers, which means that $410,000 is favourable compared to $400,000. It gives the impression that the seller has done their homework in determining a fair and accurate value of the condo.
While you may be tempted to use expensive potpourri, candles or air fresheners to make your unit seem inviting, “complex” or unrecognizable scents could be confusing for prospective buyers. A study from Washington State University’s College of Business showed that complicated scents such as freshly-baked cookies are distracting. Instead, stick to simple and basic scents in your condo such as citrus, herb, pine or cedar. Sounds like backwards logic, but it works.
Make sure you cover these off as well:
- Air temperature should be cool in summers, and warm in winters
- 44% of buyers have purchased a property because they think it’s a good deal
- First time buyers have a higher excitement level when buying (52% compared to 48% of their counterparts)
- Ensure the tenants are on the same page as these tips if the property is rented
- Having and maintaining the property in an orderly and clean state brings in more money from the buyers
- Lighting is so important, ensure the buyers can properly see the place
- Declutter as much as possible
- If the property is vacant, you must stage it with quality furniture