Knowledge is the key to being successful - at anything.
It's no different when selling a home.
It is important for home sellers to be familiar with the selling process so they can be prepared for the sometimes stressful situations that occur when preparing a property for sale, marketing it and dealing with offers (or lack of offers!).
With a busy Kitchener Waterloo Spring Real Estate Market ahead, I've decide to devote this blog to the selling process, from preparing a listing to closing.
1- Interview REALTORs to discuss current market conditions, home condition and possible improvements, REALTOR experience, market value and listing price. Choose the agent who provides not only the best information and backs it up in writing, but also the one with whom you feel most comfortable. The worst thing that can happen to a listing is that is doesn't sell and becomes "expired", so if you really want to sell your home, choose wisely. Don't just hire your brother's friend or your neighbour. Also, meet with your lender to discuss the sale and purchase of your next home...get a pre-approval. There are many things to discuss with the mortgage person, including possible bridge loans. If you want to know more about this, please feel free to contact me.
2- While preparing the home to make it as attractive to buyers as possible, begin collecting all your related documents into a folder for your agent. Surveys, utility bills, tax bills, receipts for home improvements (materials and contractors), permits, etc..... Also, don't forget to prepare a list of inclusions and exclusions with the sale of the home, like appliances, fixtures, etc.... Also, consider having a pre-listing home inspection so that you aren't caught by surprise by the buyers' inspection. Additionally, a furnace service is also a good idea and usually only costs around $100 and can cut-off any buyer demands when the "all clear" report and receipt are taped to the furnace for everyone to see.
3- Your agent and you will discuss and determine the type of marketing you will be doing for the property. Print, on-line and open houses are the three main types. I also use different strategies such as post-carding, flyering, email blasts, Twitter and Facebook. I also like to make use of multi-media depending on the listing. The type of advertising should be dependent on the buyer profile. Most importantly, there should be follow up and tracking to determine effectiveness.
4- Most likely your agent and you will decide to place a lockbox on the property so that co-operating agents with buyers will be able to access your home for showings, with your permission of course. Usually the showing requests are an hour, and it is customary for the sellers to be out of the home during this time. If you have pets or other special requirements, be sure to discuss this with your agent. When leaving the home for a showing, leave all the lights on, have it at a good temperature relative to the weather, clean, uncluttered (and all toilet seats down!), and smelling nice. Do not use overpowering air fresheners, but be aware of strong odours (cat litter boxes and strong cooking smells like fish or fragrant herbs). If it's winter, ensure the walkways and driveways are completely clear of snow and well salted. Here is a link if you are selling your home during winter http://urneighbourhoodrealtor.blogspot.com/2011/12/selling-your-house-during-winter-heres.html
5- Open houses are also effective at promoting a property. Studies show that the best times to attract the most visitors are Saturday and Sunday afternoons. Prepare your home as you would for showings....remember, the only way to sell your home is to market it to get people into it. If people come into your home and it isn't at it's best, you've wasted all your efforts to get them into the home.
6- If some time passes without an offer (ideally you would like an offer within the first 2 to 3 weeks), your agent should be meeting with you to discuss options. Check out this link regarding the effect of an overpriced home http://urneighbourhoodrealtor.blogspot.com/2011/11/4-signs-that-your-home-might-be.html. All along, your agent and you should be talking regularly regarding feedback from showings, stats on number of inquiries and advertising strategies.
7- Once that elusive offer comes in, your agent will discuss in detail each clause and how it affects you. Ultimately, most sellers only care about price and closing date, but pay careful attention to your agent's advice....you chose the best agent for you and one that you could trust (if you didn't, go back to step 1!), so don't put on blinders now and make a rash decision to reject or accept an offer without understanding everything. ASK QUESTIONS! If you would like to discuss the standard offer of agreement to purchase and sell, negotiation strategies, etc....please feel free to contact me.
8- Offer accepted - done?..............NOT YET. There will be conditions to be met (inspection, financing are the most common) before the deal can become firm and binding. Even after a firm deal is reached, the seller is responsible for maintaining the property, and anything that goes with it, in the same condition as the day the buyer purchased it. This is why it is usually best to sell before buying, as a vacant home can be exposed to many dangers (flood, vandalism, etc...) which would be expensive for the seller to remedy before the closing date. Advise your lawyer, lender and insurance contacts that the home is sold firm.
9- Now the sellers, with their home sold, are in a great negotiating position to begin looking for their new home. Make all the necessary arrangements to switch over utilities, phone, cable, security systems, etc... Check out this link to see the steps in buying http://urneighbourhoodrealtor.blogspot.com/2012/03/read-this-before-buying-home.html.
10- Closing day - make sure all spare keys (including mail keys), garage door remotes and all home documents (appliance manuals, warranties, etc....) are left on the counter. Congratulations! You did it! Now you can pick up your cheque from your lawyer!
This is a very quick overview, as there are many detailed and important factors that need to be discussed properly with your REALTOR when selling you home. My intent is to simply give the groundwork for discussions you will have for your sales representative.
I would be happy to discuss any questions you might have any time. Feel free to contact me so we can chat.
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