Selling

One of the first steps you’ll want to take is establishing the market value of the home. You’ve got a range of options to do so, including meeting with real estate agents and asking them to prepare a competitive market analysis, online valuation tools, or hiring an appraiser.

We always recommend meeting with a few agents to learn what their marketing plan looks like and make sure they will be the right fit for you. Remember it’s not who tells you your house is worth the most its who has the best marketing plan to expose your house to the right buyer and sell your home for the most. Avoid overpromising agents who underdeliver. The agent should walk you through the selling process and provide comparable sales that best resemble your home in the same neighbourhood. An overall update on current market conditions is also very important so we recommend asking about this if the agent does not provide it in their presentation.

Another important consideration to make early on is whether you are going to buy and sell in the same market area as this may change your strategy.

A common mistake sellers make is trying to time the market. The real estate market is unpredictable and governed by a range of different factors beyond our control. When you buy and sell in the same market, it reduces the risks of financial loss.

It’s a classic question, whether to buy or sell first and the correct answer is that it depends on the seller’s specific situation. Although one is often more recommended than the other based on whether it’s a buyer or seller’s market, the best answer is always to talk to an experienced agent who will guide you through all of the relevant factors to help decide what is best for you at that time. Your agent should discuss the pros & cons of both options, and ask questions about factors that will be relevant to the decision. For example, whether you are in the position to pay the cost of financing two properties if your home takes longer to sell than expected, and how specific your needs are on the new property you’re looking for, etc.

The listing price is determined between the seller and agent after having a detailed discussion and coming to a decision by working together. We recommend making sure that your agent presents all of the factors in detail and provides a comparative market analysis so that you can understand what similar properties in your area have sold for recently and pricing strategies that work best based on market conditions at that time.

Of course, we all know the essential elements to consider when deciding on the list price of a property. Those include location, property condition, renovations and market conditions. However, there are also lesser-known considerations like the sales strategy that best suits the sellers. For example, if it’s a seller’s market, you may list below market value to draw attention and then host an offer presentation. Timeline is another factor in this as well because the urgency to sell will influence your listing price.

There are a number of steps you can take that will add value to the sale of your home. One of these key steps is preparing the house to go to market. While it may be tempting to rush through this to get the property on the market as soon as possible, we don’t recommend it. Doing tasks like touch-ups, repairs, fresh paint etc. will make the property more appealing to buyers. After you’ve decided to sell your home, make sure you strategically only make investments that will provide a positive return.

During the listing process, the vital steps for increasing the sale price of your home are staging, professional photography, and a marketing plan that gets your property maximum exposure. Also ensure that your agent is an experienced negotiator. Carlos will be able to assist you in arranging any number of these, as he offers full-service representation and has a multitude of contacts in the industry.

As with many marketing strategies, there are pros and cons for open houses but they are ultimately a known strategy for creating interest.

Holding an open house will help create additional exposure for your property and this is the obvious main benefit. Often, those who attend may just be getting started in their journey, which means that you’ll likely get some who are not ready to proceed but it could also lead to their progression of the process and an experienced agent will be able to provide them advice and it may ultimately lead to additional interest. Exposing your home to more potential buyers never hurts.

Some of the downsides include curious neighbours or unqualified buyers; a low chance of an immediate sale; and of course, any privacy concerns. Talk to your agent and discuss this together, as it all depends on your personal preferences and circumstances. Your agent will be able to provide advice on whether it’s worthwhile for you in the current market.

Carlos has a number of resources to help his clients who are selling. These include the seller’s guide, which is available on this website and can be found under resources, comparative market analysis, and market trend updates.