Finding the Right Agent
Selling a home takes more than just putting a "for sale" sign out front. You need an agent with experience and training to help you determine the right price, who has an effective marketing strategy, can anticipate and solve any problems that come up during the selling process, and can negotiate the best possible price for your home. The right agent will help you with every part of selling your home, and offer you a smooth, hassle-free experience.
Why work with an agent?
When you're selling your home, there are numerous advantages to working with the right agent:
• They know real estate values in your neighbourhood and will help price your home competitively by preparing a market analysis of homes that have sold, competing homes that are still on the market and homes that were on the market but didn't sell.
• They will establish a marketing strategy for your home, ensuring that it's exposed to as many potential buyers as possible and sells in the least possible amount of time.
• They will take care of the tasks involved in selling a house, ensuring that the transaction is simple and low-stress for you.
• They are an expert in the home selling process and will advise you of your rights, options and obligations.
• They are an experienced negotiator and will work for you to get you the best possible price.
Effective Marketing
The right agent will market your home by exposing it to as many potential buyers as possible. The first step is putting it on MLS. But listing your property is only the beginning; the right agent will prepare a personalized plan that includes everything they plan to do to sell your property.
Pricing Your Property Right
If your property is priced too low, it may sell quickly, but you'll lose out on money. If priced too high, it may not sell at all. The right agent
can help you figure out the best asking price for your home.
The benefits of the right price
Your home will sell faster because it is exposed to more qualified buyers. Other real estate professionals will be enthusiastic about presenting your property to their buyers. A well-priced property may also generate competing offers, which can result in a higher selling price.
Listen to the market
As part of your pricing strategy, the right agent will do the research and put together a comparative market analysis for you, which is a good indicator of what today's buyers are willing to pay. It compares the market activity of homes similar to yours in your neighbourhood: - Homes that have recently sold represent what buyers are willing to pay.
- Homes currently listed for sale represent the price sellers hope to obtain.
- Listings that have expired are generally overpriced or have been poorly marketed.
Don't overprice your home
Some sellers believe that if they price their home high initially, they can lower it later. Instead of making you more money, this strategy usually ends up hurting you. - Early activity is key. As soon as a home comes on the market, agents and potential buyers sit up and take notice. If it's overpriced, interested parties will quickly lose interest. By the time the price drops, the majority of buyers are lost. When a home has been for sale too long, buyers will be wary and may reject the property.
- You'll miss the right buyer. You may think that interested buyers can always make an offer, but if your home is overpriced, potential buyers looking in a lower price range will never see it. And those who can afford a home at your asking price will soon recognize that they can get a better value elsewhere.
- You could run out of time. You may end up having to drop your price below market value if your home doesn't sell initially. Price it right the first time, and you won't end up having to sell it for less than it's worth.
The Listing Agreement
The first formal step in selling your property is entering into a Listing Agreement with your agent. The Listing Agreement is a contract in which your agent commits to actively market your home for a specified period of time. It also commits you to a pre-established marketing fee that is paid upon the successful closing of the sale.
As part of the Agreement, your agent may require the following documents:
Plan of Survey or Location Certificate
A survey of your property, which outlines the lot size and location of buildings as well as details of any encroachments from neighbouring properties.
Property tax receipts
Most Listing Agreements require that current annual property tax assessments be shown.
Mortgage verification
Few homeowners know the exact balance of their mortgage as it is paid down. You will be asked to authorize your mortgage lender to provide the figures required.
Deed or title search
This document is a legal description of your property and the proof that you own it.
Other documentation
In some instances, it may help the sale of your property if you can provide prospective buyers with information on such items as annual heating, electrical, and water expenses, as well as any recent home improvement costs.
Preparing Your Home For Showings
Prospective buyers will be looking at your home with their agent, and open houses are a great idea, too. Make sure any potential buyer’s first impression is a good one. Here are a few hints for making your house look great to potential buyers:
Exterior - House in good repair
- House number easy to read
- Eavestroughs, down spouts and soffits in good repair
- Garage/car port clean and tidy
- Litter picked up
- Cracked or broken window panes replaced
- Lawns and hedges cut and trimmed, garden weeded and edged
- Walks shovelled and salted
- Doorbell and door hardware in good repair
- Porch and foyer clean and tidy
Interior - Chipped plaster and paint touched up or replaced
- Doors and cupboards properly closed
- Leaky taps and toilets repaired
- Burned out light bulbs replaced
- Squeaky doors oiled
- Mirrors, fixtures and taps cleaned and polished
- Seals around tubs and basins in good repair
- Floors cleaned, garbage containers empty
- Inside of closets and cupboards neat and tidy
- Appliances cleaned
- Countertops neat and polished
- Lights turned on
- Air conditioner turned on in warm weather
- Fresh air in house
- Fireplace lit in cooler weather
- Halls and stairs cleaned
- Drapes opened during daylight
- Carpets freshly vacuumed
- Fresh flowers in various rooms
- Jewelry and valuables locked safely away or taken with you
- Valuable property, such as art, vases and figurines out of reach, out of sight or locked away
- Pets absent, where possible, or contained during the showing, and litter boxes clean
Also, check out the information about Home Staging on our Resources page.
The Elements Of An Offer
Here's a quick reference to everything you need to know about dealing with offers on your home.
Price
Depends on the market and the buyers, but generally, the price offered is different from the asking price. The right agent will negotiate a price that you are comfortable with.
Deposit
Shows the buyer's good faith and will be applied against the purchase price of the home when the sale closes. The right agent can advise you on a suitable amount to accept as a deposit.
Terms
Includes the total price the buyer is offering as well as the financing details. The buyer may be arranging his/her own financing or may ask to assume your existing mortgage if you have an attractive rate.
Conditions
These might include "subject to home inspection" or "subject to the buyer obtaining financing". The right agent will guide you in determining what conditions to accept.
Inclusions and exclusions
These may include appliances and certain fixtures or decorative items, such as window coverings or light fixtures. What is included and excluded is generally at the discretion of the seller.
Closing or possession date
Generally, the day the title of the property is transferred to the buyer and funds are received by the seller, unless otherwise specified.
Negotiating Offers
When it comes time to look at offers, the right agent will . Strong negotiating skills and experience are key and the right agent will be able to obtain the best possible price and conditions for you. Sometimes there may be more than one offer on your property. The right agent will guide you through this process and protect your best interests.
An Offer to Purchase
An Offer to Purchase is a legal document which specifies the terms and conditions of the buyer’s offer to purchase your home. The offer can be firm or conditional.
Firm Offer to Purchase
preferable to the seller because it means the buyer is prepared to purchase the home without any conditions. If you accept a firm offer, your home is sold.
Conditional Offer to Purchase
means that the buyer has placed one or more conditions on the purchase, such as "subject to home inspection" or "subject to financing". The home is not sold until all the conditions have been met.
Acceptance of the Offer
Offers to Purchase will be presented at your convenience. You may accept an offer, reject it, or submit a counter-offer. The counter-offer may be in reference to the price, the closing date, or any number of variables. The offers can go back and forth until both parties have agreed or one of you ends the negotiations.
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