Selling Your Home
As one of the most livable and diverse cities in the world, selling your home in the Greater Toronto Area can seem like a daunting task when getting started. With the right help and a well thought out plan you can sell your home fast and for top dollar!
Making the Decision to Sell:
Deciding to sell is the first step, and the most emotional one. The emotional attachment we feel to the space we occupy is an important factor to consider when preparing to sell. Often times the reason to sell can be because of a positive life experience such as adding a new addition to the family; like a marriage or new child. Other times it is a not so great experience such as divorce or financial difficulties. And sometimes it is purely an investment opportunity or for a change in perspective. Whatever the reason is, choosing the right Sales Representative that has your well being at the top of their list of priorities is important.
Choosing the Right Sales Representative:
There are over 55,000 Salespeople in the Greater Toronto Area, chances are you know a few of them. Simply passing the Real Estate licensing exams is not a clear indicator that the person has the capability or knowledge to protect your major assets adequately. So how do you choose? Peer referrals can be a great way to provide you with an indication of how that person is to work with, were they pleasant, knowledgeable, professional? Secondly finding someone with experience, someone who knows your particular market. And finally evaluate their marketing strategy, do they have a good plan to get your home the exposure that it deserves? A good Salesperson will work with you and listen to your concerns every step of the way.
The List Price & Listing Agreement:
What’s happening in the Toronto market? What about Mississauga or Vaughn or Markham? St Catherine’s or Barrie? A good agent will have that information for you. Understanding the market and its many faucets can be confusing and intimidating, and with so much information flowing from the media deciding on your homes worth can be extremely difficult. Positioning yourself correctly in the market can make all the difference, too high and it could impossible to sell, too low are you sacrifice part of your investment. A Real Estate Agent can review similar properties and the market history and help guide you to an appropriate price strategy.
The Listing Agreement is the contract between you and your agents brokerage, it’s important to clearly outline you and your agent’s obligations, and to ensure it is an accurate representation of your properties details. The agreement will outline, the duration, listing price, description, commissions, mortgage details, taxes and title related easements, rights of ways, liens and charges. Also make sure to ask your agent about the Disclosure agreement, to disclose relevant facts that may affect a buyers decision to buy the property.
Preparing & Marketing the Property:
Now that you are ready to place your property on the market for sale, you will want it to stick out from the crowd. Your house should look better than it ever has before, give it a deep cleaning, de-clutter, de-persononalize, fix the small things you’ve been avoiding, stage the property and touch up that paint. Renovations are rarely needed, they can create a large expense without the improving the value, so call your agent and see what makes sense for your home.
The MLS listing is a great way to get exposure to all other agent members as well as the general public. The Marketing strategy necessary will depend on the market conditions and the expected outcome. Open houses may be something to consider, if you are comfortable with people tracking through your house, print ads, floor plans, and professional photography can be expensive, so review the plan with your agent.
There are a few things that may hinder your home from selling quickly, location, presentation and the price. Although you can’t alter the location, you can improve the look and price. Be sure to review the feedback from showings, updates on the market and competition in the area.
Negotiations & Offers:
The offer details, the price, conditions to the sale, the desired possession date and the date and time the offer is valid until. It should also include a deposit, as an act of good faith. You will have 3 options, you can accept the offer, or if you are unsatisfied with the offer you can counter it with all the things you would like to include or change, or you have the right to reject the offer and stop the negotiation. The agent you choose should have an adequate skill in negotiation and be able to explain everything to you in detail.
It’s not uncommon to end up in a bidding war in today’s market, there are strategies that real estate professionals use to encourage multiple offers on the property. Make a plan with your agent on how you would like to review these offers as it can be difficult to decide. Once agreed you are in a legally binding contract that would be challenging to get out of, so you want to be sure before signing.
Follow up:
The house is sold! Now what? By this point you’ve probably developed quite a relationship with your agent and lawyer but there are a few things that still need to be done. The agent will be working with you to organize all the conditions of the offer are scheduled and fulfilled. The lawyer will be working diligently to ensure you are compensated for any adjustments on any prepaid utility bills or taxes, once all that is dealt with you will receive the money from the sale. A good agent will want to stay in touch, provide you with information about your market value and market conditions.