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samatm

How to Market and Sell a Condo in CEBU

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samatm

Hi .. i have a great property I need to sell.  I posted it here on Linc and on Lamudi.com.   I have not had many inquiries..  a few.  But it seems my listing on Lamudi is buried even though I paid a premium listing.   Do you guys have other advice or tips on ways  or places I might market the property.    I just now listed it on  Craigslist (San Francisco)  and will see if that generates any inquires.    My posting here on LinC.    Also i noticed  I am not able to Bump this topic as used be be able to in the Classified Section..so it doesnt get many eyeballs. 

    

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Davaoeno

I am just  finishing buying a condo in Cebu . I am also looking to buy another condo in Cebu .

 

Here's how the process went down.  I heard about the condo for sale, the location , the price etc.  I checked on the building - thank you for your kind assistance Lee.  I made an appointment with the seller to see the place.  I put 200k in my laptop bag and flew to Cebu . I viewed the condo . Within 20 minutes  of  seeing it I had written up an Agreement and given the seller a deposit . 

It really can be that simple.   All that is necessary is for the seller to ask a price that is attractive.  If the price is right the place will sell. If the price is too high the place will just sit there unsold.  The more the place is overpriced the less replies you will get to your ad.  Forget how much you paid, forget how much profit you expected to pay - the market will tell you if the price is right.

And in the case of the condo i am buying the price was definitely right .  And I bought it .  Elementary my dear Watson ! :P

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Paul

I just bumped your topic. You cannot reply to it?

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shadow
18 minutes ago, Davaoeno said:

I am just  finishing buying a condo in Cebu . I am also looking to buy another condo in Cebu .

 

Here's how the process went down.  I heard about the condo for sale, the location , the price etc.  I checked on the building - thank you for your kind assistance Lee.  I made an appointment with the seller to see the place.  I put 200k in my laptop bag and flew to Cebu . I viewed the condo . Within 20 minutes  of  seeing it I had written up an Agreement and given the seller a deposit . 

It really can be that simple.   All that is necessary is for the seller to ask a price that is attractive.  If the price is right the place will sell. If the price is too high the place will just sit there unsold.  The more the place is overpriced the less replies you will get to your ad.  Forget how much you paid, forget how much profit you expected to pay - the market will tell you if the price is right.

And in the case of the condo i am buying the price was definitely right .  And I bought it .  Elementary my dear Watson ! :P

I think what he was asking is how did you find it? Was it listed somewhere? Where?

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delancey

The selling market is not efficient here, not a reflection on your property. It's hard to get clicks to a specific property and online resources are primitive and often fail to update.

You can either do a deep dive (fake and real brokers, online awareness, promo everywhere, etc.) and put up with the associated B.S. or expect months or years as reasonable time frame to sell it.

You can set a give away price too, obviously. So cheap or such good terms someone will find it attractive, as you already know. You will still have to increase exposure even for that.

I have a property for sale with Paul, too. It is pocket change and I currently have a five year time frame. If mine was as expensive as yours I would be trying to establish what price starts to get the fish to bite.

Best wishes.

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Davaoeno
1 hour ago, shadow said:

I think what he was asking is how did you find it? Was it listed somewhere? Where?

I'm not really sure how I found it .   I think maybe I mentioned I was interested in a condo and Lee told me there was one for sale .  

But i do scour the online ads daily .  Thats something i have done all my life. Houses, condos, cars - i dont care what it is .   I look for bargains.    I wasnt actually looking for a condo in Cebu. It just was such an attractive price that I figured " why not ? "

And Lee confirmed that it was a great deal. That is what I look for. And I am not the only one doing that .Even here there are people with money looking for bargains.

Edited by Davaoeno
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Alfred E. Neuman

Think Filipino: Rush Sale! Rent to Own! Ready for Occupancy! Owner Leaving!

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Lee
3 hours ago, Davaoeno said:

I think maybe I mentioned I was interested in a condo and Lee told me there was one for sale .  

You told me you were looking for a condo and I sent you links to the sites that I had seen online for condos and I guess you picked out the one you are buying.

As an answer to the op, from my personal experiences with friends who were selling, it can take a lot of time, some units that I thought were a steal still took over a year for them to sell, so the actual answer is patience.

Also as written above, it has to be within a persons price range and available to be seen, selling a pre-selling unit IMO is a lot harder unless someone who was looking to buy one in that area or that building hears about it.

Another thing is price, the item for sale has to be within the price range that a lot of people can afford, as I have stated many times on this forum , I have found units considerably under p2 million sell the fastest, so I suggest you market your studio separately than your other unit but also offer the two together, so three ads wherever you post them, one studio, one the other unit and the third both together, the higher the price, the harder it will be to get bites and especially when buildings offer terms and individuals usually want cash, so if the building is selling a unit for say p6 million, then yours has to be a deal way under that price for a cash buyer to want to buy it, so half to a million under and post what the building is currently selling those units for and how much you would be willing to take. 

Edited by Lee
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CommanderData

@samatm, your for-sale listing here on LinC caught my eye when you posted it.  I think your rooms are on the back side of Avida Tower 2? The way I interpreted it that would be true, please correct me if I'm wrong. Currently I rent at Avida Tower 1, and if I bought  one I'd really like a unit facing the Garden Block and restaurants and new mall that is underway.

You should make sure it's listed in the Craigslist and OLX Cebu real estate sections. I think your attempt at Craigslist in San Francisco would be a real stretch to ever get a reply with. When I cruise Craigslist I only pay attention to the stuff that is located in my selected area... meaning look in San Fran for property there, Cebu for property here, etc. 

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samatm
42 minutes ago, CommanderData said:

@samatm, your for-sale listing here on LinC caught my eye when you posted it.  I think your rooms are on the back side of Avida Tower 2? The way I interpreted it that would be true, please correct me if I'm wrong. Currently I rent at Avida Tower 1, and if I bought  one I'd really like a unit facing the Garden Block and restaurants and new mall that is underway.

You should make sure it's listed in the Craigslist and OLX Cebu real estate sections. I think your attempt at Craigslist in San Francisco would be a real stretch to ever get a reply with. When I cruise Craigslist I only pay attention to the stuff that is located in my selected area... meaning look in San Fran for property there, Cebu for property here, etc. 

Thanks Commander .. the  One Bedroom  Unit is a corner unit so it has views of the Office park / New Mall  And the Seaview Mactan channel .   The Studio is facing Mactan Channel.   Its also nice that these Units will take afternoon shade when the Sun is hottest.      With new  mall underway. The Location appeal keeps getting better.    Its really a solid buy for someone as it will be able to be let out immediately.   

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Lee

I had sent a pm in private and the op told me it was okay to post it in the open, so here it is.

The below is just my opinion.

I feel that using terms used by realtors are a turn off to buyers when buying from a private individual, so it is my opinion the below sentences are turn off's when used as they are, so maybe alter them, such as "great location"

 Post what is special about the unit and the building, does it have fiber for internet, if yes then post that, how many sq meters each are, how much the builder is now selling the units for and how much less you are willing to take than them. Forget about getting what they would sell the units for, they take term payments, you likely want cash, unless you are willing to take terms, then you would have to offer that in your ad. Put in the good features of your unit, how far away from the stairs, garbage, elevator etc, amenities at the building etc.

Anyway just trying to help, hope you sell it quickly but p9m is more than most people would be willing to pay or even have, and just as an example, p8.9m would sound much better than p9m and 2.9m better than p3m etc

Quote

 

Hurry, This wont last long!  

Location, Location,  Location !  

 The choicest business and mixed use address in CEBU. 

 much sought after  High Floor (25th)

This is a great investment as BPO people are always looking for a great place to live and to invest in.

 Making this a super bargain. 

 

I will add, maybe also offer a cash discount to buyers to make it even more worth buying from you than a new unit from one of the many buildings now out there pre-selling.

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CommanderData
15 minutes ago, samatm said:

Thanks Commander .. the  One Bedroom  Unit is a corner unit so it has views of the Office park / New Mall  And the Seaview Mactan channel .   The Studio is facing Mactan Channel.   Its also nice that these Units will take afternoon shade when the Sun is hottest.      With new  mall underway. The Location appeal keeps getting better.    Its really a solid buy for someone as it will be able to be let out immediately.   

 

Appreciate the info! Sounds like it's not as bad as I thought for the direction its facing.

I'm flying back into Cebu later this month, if you haven't gotten any other interest by then perhaps I could come take a look rather than dismiss the possibility of your place? Please feel free to shoot me a PM in the next week or two.

 

7 minutes ago, Lee said:

I had sent a pm in private and the op told me it was okay to post it in the open, so here it is.

The below is just my opinion.

I feel that using terms used by realtors are a turn off to buyers when buying from a private individual, so it is my opinion the below sentences are turn off's when used as they are, so maybe alter them, such as "great location"

 Post what is special about the unit and the building, does it have fiber for internet, if yes then post that, how many sq meters each are, how much the builder is now selling the units for and how much less you are willing to take than them. Forget about getting what they would sell the units for, they take term payments, you likely want cash, unless you are willing to take terms, then you would have to offer that in your ad. Put in the good features of your unit, how far away from the stairs, garbage, elevator etc, amenities at the building etc.

Anyway just trying to help, hope you sell it quickly but p9m is more than most people would be willing to pay or even have, and just as an example, p8.9m would sound much better than p9m and 2.9m better than p3m etc

I will add, maybe also offer a cash discount to buyers to make it even more worth buying from you than a new unit from one of the many buildings now out there pre-selling.

 

Some good points here, I agree that giving info on what is special for the unit and building helps when I'm looking at listings. Details on distance from stairs, elevators, garbage chutes are also useful for savvy buyers who want to live in rather than rent. Also agree you probably would improve potential replies with cash discounts and cost tweaks like using the typical USA real estate pricing (for example selling a $100K home would usually be listed at $99K).

I can say samatm has given some good details in the LinC ad that others do not in their ads. So many times I look at for sale or rent ads and the poster does not even mention the BUILDING NAME or what FLOOR the unit is on. That always irks me because those are a few of the first things I want to know other than number of bedrooms and price. 

 

There are so many options in Cebu right now that in order to sell a Condo a person really has to go the extra mile in the description and pictures, as well as be flexible enough to provide some sort of discounts and/or incentives . It's certainly nothing like the USA where I got a full-price offer on my house and went under contract within 24 hours of listing!

 

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Davaoeno

I have sold real estate in several countries.  And I find things are somewhat different here than in some other places .

 

Whereas in other places people are concerned about location, layout, amenities, proximity to community services etc etc etc  I find that in general pinoys have only one concern -  PRICE  !!  Given a choice between quality and cheap the average pinoy will always go with cheap .  [ I am not referring to the rich people where Miles High and Monsoon live! lol ]

The other important consideration is FINANCING ! . In my experience the average pinoy house/condo/car buyer doesnt worry so much about what the price is - if he can finance it - preferably over 15 or 20 years.  Tell them that if they finance it they will pay double they just shrug their shoulders. Today is today - and tomorrow , well, that might never come .

My house in Royal Pines. lot was 306 and house on 4 levels was 552 . with a pool attached.  I had that sucker advertised on every- and i do mean every- web site in Davao , and on some international sites. At 14 M it was not overpriced. But it took me 4 years to sell it . And in the end it sold because i took 1M down and the balance over 5 years @ 12% interest . Most foreigners dont have the cash, and forget getting a mortgage. 

And pinoy buyers, well, the ones who do have big cash want to buy new so they can brag about  it on facebook, and if you are a foreigner seller they expect you to give them a real sweetheart deal ! haha    But those things can be worked around  :P

So, for me the bottom line is this:

1. Decide if you really are serious about selling your units fairly quickly, because if you are serious it is going to hurt !  As I said previously forget about what " it should sell for ".   You might get that amount - some day .  If you want it sold now do as Lee told you and offer it for 500K to 1 M less than what the other units are going for .  And if you can - offer financing. Its not hard to paper it - and you will hold on to the title until they pay you off anyway .    I prefer to stick to the price and  offer financing.  [ with the house i mentioned above i was getting over 100K a month interest ]

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samatm

 

From: Davaeno earlier:

I have sold real estate in several countries.  And I find things are somewhat different here than in some other places .

 

Whereas in other places people are concerned about location, layout, amenities, proximity to community services etc etc etc  I find that in general pinoys have only one concern -  PRICE  !!  Given a choice between quality and cheap the average pinoy will always go with cheap .  [ I am not referring to the rich people where Miles High and Monsoon live! lol ]

The other important consideration is FINANCING ! . In my experience the average pinoy house/condo/car buyer doesnt worry so much about what the price is - if he can finance it - preferably over 15 or 20 years.  Tell them that if they finance it they will pay double they just shrug their shoulders. Today is today - and tomorrow , well, that might never come .

My house in Royal Pines. lot was 306 and house on 4 levels was 552 . with a pool attached.  I had that sucker advertised on every- and i do mean every- web site in Davao , and on some international sites. At 14 M it was not overpriced. But it took me 4 years to sell it . And in the end it sold because i took 1M down and the balance over 5 years @ 12% interest . Most foreigners dont have the cash, and forget getting a mortgage. 

And pinoy buyers, well, the ones who do have big cash want to buy new so they can brag about  it on facebook, and if you are a foreigner seller they expect you to give them a real sweetheart deal ! haha    But those things can be worked around  :P

So, for me the bottom line is this:

1. Decide if you really are serious about selling your units fairly quickly, because if you are serious it is going to hurt !  As I said previously forget about what " it should sell for ".   You might get that amount - some day .  If you want it sold now do as Lee told you and offer it for 500K to 1 M less than what the other units are going for .  And if you can - offer financing. Its not hard to paper it - and you will hold on to the title until they pay you off anyway .    I prefer to stick to the price and  offer financing.  [ with the house i mentioned above i was getting over 100K a month interest ]

 

Good Points.. and well written.  Thanks.       I perhaps am being over optimistic  as I think  that the price is not high but at market value.  ( That is what  new units being pre sold are listed as for turnover in 3 years in tower 4 )  as the units can be sold  separately or together.   It is not a House which are historically harder to sell here in the Philippines.   The location is very high demand with lots of income earners flocking to IT Park.    It is a choice location   Top floor,  Sea view etc..   

But Ya.. i know I am competing against a lot condos on the market.. and most are being sold at low  reservation fees low monthly payments etc..  I get that. I guess like you said.. it may hurt to move it quickly.   I just need to find more places to and ways to get the word out. 

SO I could go with  Lowering the price and  Financing the arrangement.  I  would just need a good lawyer to help put that together.   and more info on how to do it.   I guess for the studio. I  could go with something like  One Million Down and  40K a month or something.   Just throwing some numbers out there.. but some sort of arrangement  in being flexible.  

 

 

 

Edited by samatm
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Goetz1965

For the ones interesting in buying property or cars - always look for the forclosed offers of banks.
Most philippinos cant get their payments done so the bank will happily sell it cheaper again ...

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