What you need to know when selling your home
The traditional way of selling a property was to “Put up the Sign, Place the listing on the MLS site, and Pray”. Homes used to sell like this for many years. Presently, the market conditions and consumers have evolved, and I can tell you from experience that the old 3 P’s just don’t cut it anymore.
Even in a seller’s market where supply of homes is low, and demand is high, you need a solid strategy to sell a home at top dollar.
Our job as realtors is to get the most people in the door, since real estate is a numbers game. The more people in the door, the higher the chance of obtaining offers, the more offers the higher the sale price. To start the momentum and get the best qualified buyers to come through the door, the new 3 P’s of selling are essential.
Pricing your home
If your asking price is too high it drives people away and by the way if your property is NOT selling, this is the #1 reason. You are helping other properties to sell. The tendency I see is that sellers often OVERPRICE because they want to “leave room for negotiations”. The other mistake I see, is pricing according to the neighbours.
Your professional realtor will research the sold properties in the area, and do a complete CMA- Comparable Market Analysis. By adjusting the prices of recently sold homes, the analysis gives you a very clear price of what a potential buyer will pay for your property, “on paper”. With the estimated market value in hand, a savvy realtor can take that number and project how much higher your property will go for. This will hinge on any positive “variable factors” which may not have been accounted for in the market analysis. I am not talking about a pool here.
As a broker who has been through several hundreds of transactions, I can tell you exactly what buyers are willing to pay more for. Example, a completely renovated and move in home will sell for higher than market value, because everyone wants a renovated home.
With the help of your realtor and what you feel comfortable with, you can price your property above market value, around market value or under market value, and attract multiple offers.
Preparing your home to sell
Once you decide to sell, your home becomes a product, like with any market it needs to be competitive. If you can afford the time, and effort a huge clean-up is needed, from windows, walls, floors and everything in between. This step is crucial, in showing your property it it’s best light.
Next you need to consider if there are any major or minor repairs the property is in need of. If your property is a fixer upper, then consider selling it “as is” at a competitive price.
The preparation stage should take up quite a bit of time and effort, which will pay off. We had a property that took 30 days to prepare, and only 1 week into the listing, we had 3 visits per day and an offer accepted after the first week! More time preparing and pricing properly, will equate to less time on the market and more offers!
Presentation and promotion of your home when selling
Depending on your property’s category (condo, single home,plex etc..), the presentation and promotion stage may differ. First impressions count a lot, now that all buyers watch HGTV! Think about the product you are selling, and who it will appeal to? Now make sure that the way your product is being promoted matches the potential buyers. Your realtor will provide more of the work in this part, but will need your cooperation.
For example if you are selling a single home in a family area, the home should be presented in such a way that appeals the most to families – rooms and basements should be kid friendly, assets such as a large finished basement, backyard and extra storage spaces need to be showcased. As a condo seller, your condo needs to compete with the new modern construction condos being sold- sleek, clean and modern without too much fuss.
As part of promoting your property make sure there are incentives and added value provided by you the sellers or your realtor such as notary fees included with condo purchase, high end appliances included, and flexible closing dates. Ask your realtor which high traffic web sites or social media your property will be featured on, since 98% of buyers will find your property on the internet. Professional photography and staging is a must!
In our agency we sell our client’s properties using these philosophies and tailor it to suit each individual property.
Eleni Akrivos, Chartered real estate broker and President of North East Realties is a lecturer in the Residential Real Estate Program at College Lasalle and Co-Hosts “The Real Estate Show” on CJAD AM800 radio every Sunday at 1:00pm.
To send her questions or comments please write to email@example.com and visit www.northeastrealties.ca.
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