Thinking of Selling Your Toronto Condo Assignment?
In this article and video, I go over the 8 most important secrets that you must know when selling your Toronto Condo Assignments. But first, a quick overview:
My 8 Assignment Selling Secrets:
- How to Price Your Toronto Condo Assignments?
- Create A Professional Presentation
- Parking, Lockers and Extras
- Pick The Right Assignment Agent (and Lawyer)
- 10x Your Marketing
- Working with Assignment Offers
- Avoid Bad Lawyers
- Closing On Your Assignment Deals
Sites to Post Your Assignments to:
#1 – How to Price Your Toronto Condo Assignments?
When it comes to pricing your Toronto Condo Assignments for sale, the Assignor (Assignment Seller) must pick a price that is attractive to Assignees (Assignment Buyers).
Your price must be within the market expectations, and below developer’s asking.
Why? Simply because all potential buyers want a deal – and that’s what you must give them.
If you are asking as much or over the area’s price, or above developer’s price, you’re going to find out that most buyers will gravitate towards buying directly from the developer, or look for a re-sale unit.
The idea is that Toronto Condo Assignments must benefit both the Assignor (seller) and Assignee (buyer) – as each want to feel that they got a great deal, hence, your price must reflect that.
Most Assignors tend to price their Toronto Condo Assignments too high.
The listings then sit on the market for a long time and while you’re waiting (and wasting your marketing resources), someone else is offering a similar Assignment for less. Not good for you!
If you were a buyer – which one would you pick? The cheaper of the more expensive one?
So, price your Assignments attractively, and competitively.
If you need detailed advise on how to price your Toronto Condo Assignments, contact me and I’ll give you a quick valuation: https://urbanrealtytoronto.com/contact
#2 – Create A Professional Presentation
Good presentation of your condo Assignment is just as important as picking the right asking price. Virtually all Assignors and their agents have no clue how to present an Assignment. They hastily copy the developer’s marketing material, use low quality faxed floorpans, and provide no info on the development. Ouch!
Remember when you purchased your condo?
The developer had shiny marketing materials, a knowledgable sales rep at the sales center and perhaps an interactive screen to show you the finest details. They helped you buying by making it clear to you. Now you must do that for your potential buyers, the Assignees.
Your future buyer is expecting no less, so make sure your presentation is fantastic and that your agent knows – or hires the experts – to make your Toronto Condo Assignment listings shine.
#3 – Parking, Lockers and Extras
What are the extras for your Assignment?
Do you have:
- Upgrades or special features?
- Discounts or rebates?
- Any other extras?
Make sure all are highlighted and explained thoroughly. You purchased based on these advantages, and you are selling based on the same advantages. So make the effort and make sure your condo Assignment listing is showing all the above.
#4 – Pick The Right Assignment Agent (and Lawyer)
Let’s admit it: most agents (and lawyers) have no clue when it comes to Assignments.
Assignments are not a part of the Agent’s training, nor lawyers. You can’t find any books or courses about this topic, either, because there are none.
So, in order to sell your condo Assignment, you must assemble a team of experts, starting with your agent – a dedicated professional who has successfully completed Assignment deals and is confident they can work with your Assignment, too.
To get Yossi to quickly assess your Assignment and let you know what can be done, contact him here.
#5 – 10x Your Marketing
Your Toronto Condo Assignment must have the best possible marketing. It needs to be clear and stand out. It needs to reach a wide audience – yet the right now, and it cannot be on MLS. How do you do that? Here are some of the media Chanels I use:
- Assign-Condo.com – dedicated site for Toronto Condos Assignments. Must post here!
- UrbanRealtyToronto.com – reliable Toronto Real Estate website catering to investors with many Assignments posted. Ask Yossi to get your Assignment on here.
- YorkvilleLuxuryRealEstate.com – for +1mil properties
- Investor Mailing Lists – I have +3,000 (over three thousand) investors on my lists and I send them Assignments for sale on a weekly basis. My list is one of the best ways to reach investors that are actively looking for deals.
- Social Media and Classifieds – there is a sea of Assignments posted on these channels. The problem is, that most are FAKE LISTINGS. They are posted by agents who do not have any listings, they take your call and then try to sell your something else. Be very careful here!
You will also find that when you post your classified ad, you will likely get spammed.
- Word of Mouth – My network of buyers, sellers and agents is amazing. I always let my network know of new opportunities that I have listed. It is the best way to ensure the right people know about your condo listing.
- Private Investors – do you have a list of private investors? I do!
#6 – Working with Assignment Offers
Assignment offers are very tricky. Here are some reasons why:
- You’ll get a ton of low ball offers
- It’s hard to estimate if the offer is real
- It’s hard to know if the buyer can actually close
- Agents write terrible contracts – complicated and preventative
- Lawyers complicate everything unnecessarily, bring more problems
- The TREB Assignment Form is very confusing and is lacking many clauses (upgrades, rebates)
- Calculations are tricky and often wrong, stressing everyone
So what to do?
The first thing is to get a sharp professional working for you – Yossi Kaplan or someone as knowledgable. The second is to understand that it takes three, maybe four tries to get an Assignment contact done.
You must be patient, courteous and willing to do extra work to have the deal closed. Support your hard working agent, they are there for you, 24/7.
#7 – Avoid Bad Lawyers
In my experience, HALF of the offers (50%) we write get kaiboshed (thrown out) by lawyers. It seems that every Assignment investor have had a problematic issue with a lawyer: the offer is good, both Assignor and Assignee want to do the deal, and have agreed on the details. And then comes the lawyer, and complains about the offer. Why do they do that?
- Many lawyers have zero to little experience with condo Assignments for sale
- Many lawyers do not understand the Assignment market at all
- Many lawyers are afraid that because they have no knowledge, there will be an issue, so they prefer advising against the deal rather than get the knowledge they are lacking, or simply admitting that they are not the right person for the job.
- Many lawyers get stuck in “Analysis Paralysis” where they keep piling more and more “What If” questions, until the seller had enough and pulls the offer.
Working with such a lawyer will “kill your deal”. Before taking on a lawyer for your Assignment deal, ask them: Have you successfully completed Assignments before? How many? Which projects? How do you like working with Assignments? Are you looking to help me close or will you give me unnecessary delays and problems?
If you are not sure about your lawyer, give me a shout and I will give you further information on how to select the best lawyer for the job.
Now, not all lawyers (or real estate agents) are the same. Since selling condo Assignments is such a specific topic that requires detailed understanding of the process, make sure you hire a well informed, pro-Assignment team to represent you.
#8 – Closing On Your Assignment Deals
Closing a condo deal, especially an Assignment one, has many moving parts. Developer (“Vendor”), Assignee, Assignor and lawyers for all three parties are involved. In addition, one or more Real Estate agents are involved. That’s up to eight people involved in one deal. As you can imagine, the more people, the more potential problems, especially if they are new to the Assignment market.
In closing, make sure you create a detailed to-do lists and put it in your calendar.
Some items you want to ensure are checked off are:
- All Dates and Payments
- Assignment Date
- Occupancy and Closing Dates
- All funds and tracking of funds
- Tracking Trust Accounts and Developer Accounts
- Tracking Developer rebates, discounts and extras
- Anything else
Selling your Toronto Condo Assignments can be fun and profitable, but it also very tricky and takes a lot of patience and specific knowledge to accomplish.
In this article, I shared with you some of my own secrets on ensuring your Assignment sale happens quickly and efficiently.
I also showed you some of the common pitfalls (mistakes and problems) to avoid – and how.
I explained how to Price your Assignment correctly, how to market it, and how to select the best agent and lawyer for the job.
Finally, post your Assignment as soon as you have decided to sell it. The sooner you post, the greater the chances you get a buyer.
As always, contact me with any questions or for quick consultation.
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