Putting Your Property On The Market
Networking And Marketing
It is essential to network and market effectively in order to get a wide enough audience to sell your property. By signing a listing agreement with an Agent, you are passing on the responsibility of advertising and marketing your property to perspective buyers. Your agent will be responsible for the following:
- Ask you what type of buyer you want to buy your property and thus advertise accordingly.
- Offer staging tips so that your property looks its best.
- Take attractive photos to best showcase the attributes and hide the flaws of your property.
- Create an MLS data sheet which includes all the information regarding your property.
- Upload your listing on MLS so that other realtors will be able to find it via search.
- Uploading advertisements on other websites such as online classifieds and personal websites to help widen the audience.
- Set up viewings with prospective buyers and agents of buyers.
- Put up “for sale” signs if necessary.
- Network with other professionals to sell the property quickly.
- Setting up open houses so that a larger volume of buyers or agents can view the property at the same time. This creates traffic. However, open-houses are not entirely necessary, as properties are likely to sell without having one.
When working with a realtor, they will be taking care of all these aspects. You will not have to lift a finger!
Prepping Your Property To Sell
We have made an outline for you to guide you through the selling process. It can be a bit intimidating, but let’s take this one step at a time. Simple home improvements can greatly increase your chances of selling your property fast, and at the right price.
Separate Yourself From Your Space
Though you may have amazing taste, not everyone will have the same taste as you. It is important to disassociate yourself and your personal taste from your property. This creates a “blank canvas”, allowing prospective buyers to picture themselves in your property with their own personal touches.
No one likes a messy home! Viewing a property in a state of chaos not only takes away from its potential, but makes the potential buyer believe it is unclean.
RE-Arrange The Layout
The layout of your property might be ideal for you, but that is not to say you are maximizing your space! Rearranging closets and cabinets can not only open up the space and make it appear bigger, but it can also create less clutter and mess.
Rent Storage Units
This is essential. Renting storage units to store all your excessive items can greatly improve your chances of selling your property. That old wine cabinet that your grandmother gave you might have sentimental value, but to a potential buyer it is just distracting and taking up unnecessary space.
Make Minor Repairs
Making minor repairs to your home and putting those final finishes will give a newer and well-kept appearance to your property. This gives the illusion that your property is new and is not in need of any repairs. Everyone’s favorite phrase is “Move in ready!”, when trying to buy a new property. This is what you should be striving for.
Clean Clean Clean!
This should not be taken lightly. Make every countertop, floor, stairwell, and wall sparkly! Who wants to move into a dirty home? No one.
Check Your Curb Appeal
You might be wondering “why is curb appeal important?” Well, here is why: Studies show that a majority of buyers will not get out of their car or even enter a property if they do not appreciate the aesthetic value of its exterior. Enhancing your curb appeal attracts more buyers. Plain and simple.
Learning Your Property’s Value Before You List
It is important to know your property’s worth before listing it. In order to make a profit from all your hard work and time put into your property, you must understand the market value versus what you want to sell it for.
Get a Propessional Appraisal
This is an important step to knowing your property’s value. This should be done by your real estate agent. The agent will look at the price of various properties in the area that were sold within the last couple years, and will compare. This is usually done with properties that are similar in size, features, and condition.
The other properties are called “comparables”. The agent then will subtract or add value to your home depending on features or liabilities that your property might have that the others don’t.
Get a Property Assessment
Property assessment is the process of placing a dollar value to your property. This is done for tax purposes. The amount of taxes paid on your property depends on its value.
Paying Closing Costs
These are the fees you need to pay by the closing date. These fees include:
- Real estate agent’s commission
- Legal fees
- Utility and property tax adjustments
- Mortgage prepayments or discharge fees
Hire a Lawyer
You may want to hire a lawyer to help you deal with all the paperwork that comes with closing costs. They can be complex and confusing. It is important to have a professional deal with the legalities.
Choosing A Professional
Picking a Reputable Realtor
This is an important step in finding the perfect property to purchase. A reputable realtor will not only be experienced and knowledgeable in the specific area you are looking in, but they will also work hard to find you the best price available.
Signing a “Listing” Agreement
This is an agreement between you and your real estate agent. This agreement states the following:
- The beginning date and termination date of your property listing
- The listing price of your property
- The amount of commission offered to your agent (This can be a flat rate or a percentage)
- The terms and conditions to which the agent and their brokerage will be paid
- Authorization for the agent to co-operate with other agents
- The commission offered to the co-operating agent
- The terms and conditions to which the co-operating agent and their brokerage will be paid
- Authorization for the agent to advertise on behalf of the seller
- Authorization for the agent to reveal or conceal previous offers
Accepting An Offer
Agreement Of Purchase And Sale
This is an agreement created by the Ontario Real Estate Association. It is typically referred to as the “offer”. This agreement contains the following:
- Names of the parties involved in the transaction
- The property address of transaction
- The purchase price and the deposit amount
- The amount of commission offered to your agent and to the co-operating agent
- The closing date(or move-in date)
- Schedules (Clauses which might include additional items or services included in the sale special provisions, additional representation, or any conditions of sale from either the seller or the buyer.)
It is the responsibility of the buyer and seller’s agents to make sure that all information presented on this agreement are accurate.
The agreement is signed by the buyer and their agent, then sent to the listing agent to present to the seller. It is then the responsibility of the seller to review the agreement and either accept or deny the offer. There are often negotiations between the buyer and seller and their agents to sort out various aspects of sale including price and extra inclusions. If accepted, the seller will sign and their agent will let the buyer’s agent know that the offer has been accepted.