Let’s Learn About Selling
The key to selling is unlocking your homes potential.
Let’s learn my 7 steps to success!
Choose a REALTOR®
I cannot stress enough the importance of working with a professional REALTOR® when you are considering selling your home. Your home is likely the single largest investment of your life and deserves to be protected. A professional REALTOR® is required to follow the REALTOR® Code of Ethics and, as their client, they are obligated to protect your best interest at all times. Selling a home is an intricate process involving complicated documents, legal obligations and liability, and large sums of money. A professional REALTOR® can apply their experience and expertise to help you maximize your home's selling potential while giving you peace of mind.
Before you sign any agreement(s) or receive any service or assistance from a real estate agent you must first read this guide from the Real Estate Council of Ontario (RECO) and your agent must explain it to you.
This information guide walks the consumer through the Things You Need To Know when working with a real estate agent, including the risks of representing yourself, signing a contract with a real estate brokerage, understanding multiple representation and how to make a complaint.
I believe that real estate is an adventure and the relationship you have with your guide can truly make or break your experience. As a professional REALTOR® I understand selling your home is more than just a business transaction and I encourage you to make sure I’m the right fit for you before we start our journey together. Call me and ask questions, check my references and confirm my registration with RECO.
If you’re weighing your options and find yourself asking, “why a REALTOR®”, click here.
2. Absolutely Not For Sale
Before we begin, let me start by giving you my biggest piece of advice; sell your home when it is absolutely NOT for sale.
As you’re about to learn, selling a home is an emotional journey and, unfortunately, emotions do not help unlock your home's selling potential. Misjudging the value of your home will most likely lead to you receiving less than Fair Market Value. This is why I highly suggest you take the opportunity to receive an objective, business-like evaluation of your home when it is absolutely not for sale.
Contact me today to schedule your free, no-obligation home evaluation.
3. Are You Ready?
Selling your home is more than just a business transaction. I respect that your home is a part of who you and letting go can come with a large emotional impact. It is important to prepare yourself for the ups and downs that come with the adventure of selling a home. It’s easy to let your emotions take over and lead you to unnecessary stress and regret. Take time to consider the reasons why you are selling your home and what your ultimate goals are. Keeping these in mind will help you stay on track and lead to a gratifying home selling experience.
Click here to access a Seller’s Checklist.
4. Preparation Makes Perfect
The key to unlocking your home’s potential is preparation, energy in equals energy out. Here are my top 10 tips to prepare your home;
Clean, clean, clean: First impressions are permanent and there is no substitute for clean. Not just the basics, but big items like windows and carpets as well - make every surface shine! Remember, no smell is a good smell and if you’re not the cleaning type, consider hiring a professional.
Make necessary repairs: If there’s anything you’ve been avoiding, now is the time. Fix any loose handles or squeaky doors. Weary of what’s behind those old walls? Having a pre-listing home inspection may help prevent unpleasant surprises; check out this resource on Choosing A Home Inspector.
Upgrade, but not too much: Tone down any bold colours with a fresh coat of neutral paint. While you have your painting clothes on, touch up baseboards and door frames. Replacing dated light fixtures is an easy and cost-effective way to update and refresh spaces. Check out my DIY page for more ideas.
Curb Appeal: A house is already half sold before anyone comes through the door. Tidy-up your yard and trim back any trees or shrubs that are blocking views. Make your front entry warm and inviting.
Rent a Storage Unit: It may seem like overkill at first, but after - you depersonalize your entire home, eliminate all clutter, half-empty all your closets and remove any bulky items that inhibit movement around your home - you’ll be surprised at how much extra you have.
Staging: Make your home picture perfect. Maximize natural and home lighting, clear off your kitchen counter-tops and rearrange furniture to keep the flow going. Try to give each room a purpose and highlight key features. A quick google search will give you 100’s of staging ideas. If you’re considering professional home staging, discuss with your REALTOR® and read this article on the cost of staging.
Get Great Photos: A picture says a thousand words - make sure your home’s photos say the right ones. Hiring a professional photographer is a great option, but there are other cost-effective options as well.
Be Ready: As soon as your property is listed, it’s fair game. In a hot market, you could have a showing or an offer that same day; have arrangements ready for the kids and the pets. Alternatively, in a slower market, you may need to exercise your patience. Good things take time - great things can take longer.
Be Prepared for Open Houses: Open houses offer a seller the opportunity to showcase their home not only to a multitude of potential buyers but also to the community. Remember, you’re neighbours may know the perfect buyer for your home! Make sure you’re ready for the public to enter your home by checking out this resource on Preparing For An Open House.
Use your REALTOR®: Your REALTOR® should become your best friend when you sell your home. Ask them any questions, connect every day, and use their experience and expertise to your advantage. Remember, this may be your first or second time on the home selling adventure, but they guide this journey every day.
5. Setting List Price
Allowing your REALTOR® to help guide you to the ideal listing price for your property is crucial. Several factors affect the Fair Market Value of your home and it is imperative to dial in on this figure in order to maximize your homes’ selling potential. You may have a number in mind, but a good REALTOR® will know the ins and outs of the current market and conduct research to help you price your property perfectly. Here are the three factors to consider when setting list price;
Current Market Conditions
Depending on the current market conditions of your neighbourhood (i.e., buyers, sellers or balanced market) the value of your home will fluctuate. Market conditions will also affect things like closing date, offer conditions, number of offers and length of time to sell.
Seasonality and Timing
Timing out when to list your property - during the year or even within a season - is one of the largest factors that will affect the listing and eventual selling price of your home. Discuss your motivations for selling with your REALTOR® and plan to list your property at the ideal time.
Seller Motivation
Have you already purchased your next home and need to sell fast to avoid financing complications? Are you looking to benefit from a hot housing market? Your motivation for selling your home will be the ultimate factor when setting your listing price. Have an in-depth discussion with your REALTOR® about your need or want to sell, and listen to their advice. At the end of the day, the decision is yours to make. However, I highly suggest working with your professional REALTOR® and using their expertise to help you decide on the best list price to help you achieve your goals.
Setting your list price too high or too low can lead to losing out on potential buyers and/or becoming a comparative listing for other properties on the market. Make sure to take your time with this significant decision and discuss all options with your REALTOR®.
Click here to read about different ways to help set a listing price.
6. The Waiting Game
This is arguably one of the most stressful times as a seller. Anything can happen at any moment, including nothing happening at all. Keep in mind there is more to do than play the waiting game;
Stay in contact with your REALTOR®; a good REALTOR® will stay in touch to discuss marketing opportunities and feedback from showings with potential buyers. Make sure you capitalize on their expertise!
Keep your home picture perfect; you always want your home to look its’ absolute best while it’s on the market. Showings can happen with little notice, and potential buyers will be driving around looking for that For Sale sign. Staying show-ready means you don’t have to worry about getting show-ready.
Practice your best patience; resist the urge to become frustrated and pull your home off the market if there aren’t any offers. No two houses are the same - good things take time, great things can take longer. Be persistent!
There are three general reasons why some properties sell faster than others; location, condition, and asking price. Some of these are within your power to change and your REALTOR® can provide you with expert advice. Click here if you’re wondering How Can I Know If It’s Listed For A Fair Price?.
Confused on terms? Wondering how to budget for selling your home? Check out my glossary and budget resources or Let’s Connect and I’d be happy to help you.
7. Closing The Deal
Congratulations, you have an offer! So exciting! This is where the power of working with a professional REALTOR® really pays off. An Agreement of Purchase and Sale is a complex, meticulous, and legally binding contract containing pertinent information on every single aspect of your property; it should not be taken lightly and should be handled by a professional. Your REALTOR® will present the offer to you and discuss any conditions or requests the buyer has included. Remember, offers are written for benefit of the buyer; using a professional REALTOR® ensures your best interests are protected at all times and they will be able to negotiable favourable terms for your benefit! You should always have a full and comprehensive understanding of any agreement before signing. Don’t be hesitant to ask your REALTOR® to fully explain any terms, clauses or conditions you do not feel comfortable with.
After negotiations are complete, you can relax - but don’t just celebrate yet. Several boxes need to be checked before you can pop open your favourite bubbly; fulfillment and/or waiving of conditions, title searches, unpaid taxes, and closing costs are examples of a few. Most of these items will be taken care of by your lawyer and it’s important to remember that they are a part of your team as well. Make sure you understand their fees and ask them questions if you’re unsure of any of the legal jargon that comes with selling a property. Keep in touch with your REALTOR® for updates on all aspects of the closing process.
