Real Estate

Listing strategy for Condos w/ Parking and Locker

  • Last Updated:
  • May 30th, 2019 11:11 am
[OP]
Sr. Member
Aug 7, 2005
835 posts
204 upvotes
Toronto

Listing strategy for Condos w/ Parking and Locker

Hey Guys

Hoping to get some consensus from some of you guys when it comes to listing strategies.

I'll be listing my condominium that includes parking and locker.

One listing agent is adamant that listing the unit w/ locker and parking spot is the best approach and will net a higher yield. He also wants to list the unit for 50k under what he believes is market value hoping to enlist a bidding war.

Another agent suggests creating multiple listings , one with just the unit and the parking spot and locker separately.

Which would you guys suggest to be the better approach?
3 replies
Newbie
Jan 30, 2019
96 posts
54 upvotes
How large is your condo and is it in a high-demand location? Those are important things to consider before you make any decision regarding how to market it.

I would not sell separately only because those that want a parking spot would probably not go for the separate listings, and if a parking spot is not needed, depending on the building, it is fairly easy to rent out. I would definitely not list a locker separately.

I'm not an agent....and I'm not too keen on hoping for a bidding war (if you don't get it, you'll end up having to 'list up' which doesn't look good or sell for less than it's worth). This, of course is a moot point if units are flying in days in your building and if you have a unit that has a very sought after layout.
Sr. Member
Feb 19, 2019
653 posts
672 upvotes
Stouffville ON
The exact strategy to sell your unit would be dependant on the location and the unit itself, however in general I would suggest selling the whole package together and listing at market value.



Parking is a sought after commodity for buyers, if one doesn’t need it they can easily rent it out
Locker is less of a factor, if you want to sell it separately you may have a hard time since people can rent it for very little per month.


Underpricing to get bidding war can back fire, even if the bidding goes above asking you may not get the price you wanted, on the other hand listing at market, and if you are in the very desirable location could still entice the bidding wars, and you can still sell at market without multiple offers.
Full Time and Full Service Realtor
Deal Fanatic
Jul 3, 2011
5647 posts
2835 upvotes
Thornhill
The answer is dependent on whether or not you only own the one unit in the building and if the parking and locker are attached to that unit's title.

If the parking and or locker is attached to the unit's title then they must be sold as a package.

If you only own 1 unit then your condo declaration will determine if a non-unit owner can own parking and or a locker without owning a unit. If they can be owned without owning a unit then you may sell them separately, if a unit must be owned in order to own parking and or a locker and you only own 1 unit then you must sell them as a package.

If you have more than 1 unit and the parking and or locker has it's own title but is linked to the unit you want to sell, then you can sell them separately or transfer them from the unit you want to sell to another unit you own.

IOW - have a Realtor who knows what the heck they're doing review the title and your condo docs before suggesting something you may not be able to do.
ReFuGeE wrote: Hey Guys

Hoping to get some consensus from some of you guys when it comes to listing strategies.

I'll be listing my condominium that includes parking and locker.

One listing agent is adamant that listing the unit w/ locker and parking spot is the best approach and will net a higher yield. He also wants to list the unit for 50k under what he believes is market value hoping to enlist a bidding war.

Another agent suggests creating multiple listings , one with just the unit and the parking spot and locker separately.

Which would you guys suggest to be the better approach?

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