When a Boston condo is listed for sale, the seller and their agent work together to create a strategy that positions the property to its best advantage when it goes to market.

The considerations are many and include but are not limited to marketing campaigns/strategies, preparing the property to show in its best light through repairs, refreshes, or staging, thorough evaluation of comparable listings and sales, how to engage with buyers and their agents, and so much more.

One new consideration is whether or not to pay buyer concessions.

If Boston condo sellers are willing to pay buyer concessions, should they disclose a specific amount?

It’s not required. They can just say that they will consider an offer that includes buyer concessions, and leave it open-ended. Let the buyer and their agent submit their request with their offer to purchase, and maybe it will be less than expected or zero!

What are the benefits of publicly advertising and/or telling buyer-agents that the seller will pay a specific amount for buyer concessions?

It clears the buyer’s mind of having to pay their agent’s compensation – green light to buy!
It buys favor with the buyer-agent, causing them to push harder for this deal to go.

The Boston home seller and listing agent have the ability to influence the outcome. They already spruce up the home and pick an attractive price to impress the buyers and their agents, wouldn’t it make sense to use the buyer concessions as another way to help cause a sale? Yes! By telling the buyer-agent the specific amount of seller-paid buyer concessions is one more way to influence the outcome.

Sure…..if it feels like you are giving money away then don’t disclose an amount.

But do everything you can to make it easy for the buyer to buy!

Boston condos for sale: Sellers avoid these mistakes

When you begin the process of selling your home, anticipating obstacles before they arise is vital.

Since selling your Boston Back Bay home can be a lengthy process that involves choosing an agent, estimating costs, preparing your home, setting the price, and finally finding the right buyer, the consequences of a mistake along the way can have wide-ranging implications.

Here are the most common mistakes sellers make and how you can avoid them.

1. Choosing the Wrong Boston Real Estate Agent

Choose a real estate agent who has your best interests at heart. Usually, an agent will charge a percentage of the sales price (around 5-6 percent), while others may charge a flat fee. Most agents’ commission is negotiable.

To ensure you select the right real estate agent, make a shortlist of agents in your area and interview them.

Check their credentials, get references from their past clients, and make sure they have experience selling houses in your area and within your price point. For instance, if you live in New York, interview a few Charlotte NC realtors before you make a decision.

2. Underestimating Real Estate Costs

Although many Boston Seaport condo sellers don’t realize it, selling a home is costlier than just the agent’s 5-6 percent commission. When you take closing costs, repairs, and other concessions to the buyer into account, a seller is actually looking at around 10 percent.

If, for instance, you have to move into your newly-purchased home before selling your old one, you’ll have to pay two mortgages, as well as other costs and repairs (like HOA fees, taxes, storage, and utilities).

3. Setting an Unrealistic Condo Price

Although everyone wants the best price for their Boston downtown condo sale, the amount you want and what the market will pay may be two very different figures.

Setting the right price for your home is a balancing act – you want to hit the “sweet spot” between asking too much or too little. If you can’t find that sweet spot, you may find yourself leaving money on the table or leaving your home to sit on the market for too long.

It’s a good idea to look at comparable houses to yours, or “comps.” Estate agents use these “comps” to get an idea of what your house is worth based on other homes in the area of similar size.

However, bear in mind that no two comps are exactly alike, so differences need to be accounted for and represented in the selling price.

4. Only Taking the Highest Condo Offer

While the highest offer for your home is exciting, it’s not always the best offer for your needs. In a real estate sale, it’s common for there to be contingencies – or conditions – that need to be met before the buyer will close the deal.

These contingencies are put in place to protect the buyer’s interests. For instance, financing contingencies and inspection contingencies can impact the timeline, certainty, and complexity of the sale.

For example, a buyer may make a high offer on your home that is subject to the buyer selling their existing house, or a buyer may make a high offer contingent to repair credits.

Selling a Boston condo can be a challenging experience, and it can be particularly confusing if you have never done it before. Many inexperienced sellers make tiny blunders that end up costing them a lot of money or dragging out the process even longer. First-time home sellers who are selling real estate in downtown Boston need to be careful to avoid these mistakes.