83% of Toronto Condo Assignments
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Selling Toronto Condo Assignments.
Toronto Assignment Condos are selling. Unfortunately, most Assignors (Assignment sellers) and their Real Estate agents, are not well versed in the art and science of selling assignments. In this article & video, I show you the eight most common mistakes of selelrs and their agents, and what to do about it. if you’re thinking of selling your Toronto condos assignment, or are unsuccessful selling yours, contact me and I’ll help you out.
8 Problems Preventing Condo Assignment Sales:
- Pricing – your price is too high, too close to the developer’s price, too close or higher than similar properties available or too close/too high to pre-construction units in the area.
- Terrible Marketing – your marketing sucks. Bad or no pictures, low quality floorplans (some are fax copies), not showing location or amenities, not showing the model home (or at least photos of it), and skipping out on information.
- Missing Parking, Locker and Extras Info – you did not list your parking, locker and extras/upgrades, it’s partial or completely missing. Who does this? You’d be surprised how many “professionals” do not list everything.
- Using the wrong Realtor and Lawyer – Assignment sales are very specific. You must ensure you have a knowledgeable and positive agent and lawyer to represent you. Too many agents and lawyers are afraid of assignments, so they develop negative attitude towards them. These are the wrong people to use because they will “kill your deal”. Before hiring your agent and lawyer (even if you have used them before), ask them a few questions to learn about their approach and go from there. More about this in the video.
- Your Marketing Cannot Be Seen – in order to successfully sell a Toronto condo assignment, you must use (or hire) the following channels: dedicated investor mailing lists, high trafficked blog posts, social media, paid advertising, private groups and private networks (ask me!), assignment groups, word of mouth, and more.
- The Offer Gets Destroyed in The Process – simply put, you got a good offer and somehow it got lost. Perhaps it was an emotional thing, or perhaps someone miscommunicated, one error lead to another, the agents, buyers or sellers did not act professionally… etc. 50% of all offers get rejected right away, and only about 25% of offers get looked at and considered for next stage. Be there.
- Terrible Lawyers – in my experience, more assignment offers got killed because or lawyer’s resistance than any other factors combined. Why is that? Probably because many lawyers do not understand assignments or the business behind them, and they adopt a negative-protective attitude that does not allow for the deal to happen. They ask endless “what if?” questions and the Seller (Assignor) gets tired and moves on to the next bidder. Lawyers for Assignors (sellers) can also kill the deal. So before taking on a lawyer – even if you used them before – interview them to ensure they are on your side and are there to ensure a safe and smooth transaction for you. If they display a negative approach to assignments, find someone else, that has a positive, can-do attitude.
- Botched Closing on Assignments – when transferring your Agreement of Purchase and Sale, you must ensure that the Assignee (buyer of Assignment) can actually close and will close. I speak about it at length in the video. In short – ensure they can close and intend on closing. Not just one but both conditions must check.
How to Find Toronto Condo Assignments For Sale:
You want to post your assignment condo in all the places that matter. We have several fantastic sites and tools to help you reach a larger audience and increase your chances of selling your Toronto condo assignment. These are:
- Assign-Condo.com: new assignment site – very good
- UrbanRealtyToronto.com – Yossi Kaplan’s main site with high investor traffic
- YorkvilleLuxuryRealEstate.com – Million Dollar Plus & Fancy stuff
- twitter.com/YossiKaplan – Yossi’s Twitter with approx. 5,000 weekly visits@
- Mailing Lists, Newsletters and Word of Mouth
- Private Investor & Realtor Groups
- Personal Contacts
People often tell me, “I see your stuff everywhere! ” – that is the results of hard, consistent work for many years. Rome was not built in a day, and you must find a Realtor that can fully support your needs.
Summary: Avoiding Costly Mistakes in Selling Toronto Condo Assignments
Assignment condo selling is tricky and takes significant effort, a lot more than listing on The MLS system. There is no central place to find assignments for sale (although some good sites such as Assign-Condo.com.
You and your agent must do all the work required to sell your condo assignment, you must pick the best and most fitting people for the job, and be consistent – keep going until you have successfully assigned.
Good luck everyone!
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