We had planned on posting this last week, but got interrupted by the changes to mortgages in Canada. So without further adieu…
A simple salability checklist.
This is not intended to be an all purpose list but it is intended to help some people give their heads a shake. Here are my top four tips to avoid having your listing expire (and to get your home sold!):
- Pricing. This is very important and is partially determined by supply and demand. I don’t care if there are 30 units for sale just like yours asking the same price if none of them are selling that won’t help you. Look at the ones that sold and when then they sold. Best bet hire a REALTOR. Some will tell you to use an appraiser and I’ll tell you I’ll see you in 6 months when you haven’t sold. Especially if you understand how appraisals work. Certainly your competition is an indicator but if they aren’t selling then figure out who is and price accordingly. Again, best bet here is to hire a REALTOR.
- Marketing. Okay people this is going to sound really harsh but is worth spending some time on. Where is your property going to be marketed? How often and for how long? What type of marketing? What is the quality? (samples would help you here). If you don’t ask, you get what you get, and if what you get is the do it your self hand book that says you’ll save the commission in one breath and in the other to reduce your price by the amount you’ll save I’ll see you in another year when you still haven’t sold.
- Service. However you sell your home or your property servicing your sale is hugely important. This in and of itself could be an entire set of blog posts but a few examples include scheduling of appointments, following up on showings, feedback, working with interested parties, providing information and communication, monitoring changes in the marketplace, monitoring the transaction, identifying and dealing with issues, potential issues and so on…
Accessibility. Make your property as accessible as possible and as attractive as possible. The REALTOR has the huge advantage through the MLS since most listings require very little notice and the agents always have access to the key box. This is why your home should always be in showing condition. You never know when the buyer I’m showing may want to change directions and view your home instead of the ones I have set up.
If you follow these simple steps you’ll at least increase your chance of selling in a time when over 80% of the homes on the market each month don’t sell.
This is a good post, 90% of sellers think that there house is worth more then it is. Or the market will change during the listing either derailing a sale or a allowing a property that wouldn’t of sold initially to sell. Sellers also have a hard time allowing the real estate agent to make most decisions on their home like open houses, pricing, showing times etc. which many times makes it harder for an agent to be able to do his/her job.
You hit the nail on the head Michael. I`m a Vancouver realtor and I often meet with clients that want to sell for incredible amount of money, yet they have no idea about the market situation nor the buyer`s ability to buy it. In this case, this article at least gives them info on what to expect and to see how hard it is to sell a house.
I just hope that people will understand that an agent knows what to do and trust him/her a little bit.
Jay
My partner and I each just sold our homes during this inventory surge. Mine sold in 2 weeks, and his sold in 4 weeks. We attribute the success of our sales to listening fully and completely to our realtor’s advice!
We were motivated sellers, so we priced aggressively. We took advantage of staging advice, and implemented ALL of their suggestions. We were completely flexible on showing requests (short notice, evenings, weekends, etc.) and accommodated ALL potential buyers and THEIR schedules. We kept our homes in show-perfect condition, every day (which was a LOT of work)! We were open to the realtor’s ongoing suggestions, for price changes and property improvements that might help.
And, we were open to negotiation, on all items. We recognized that money is not everything. Sometimes having the freedom to move forward with your life, and make new decisions, is worth something
My partner did in fact lose money on his sale, because he bought in Feb 2007. At the time he intended to keep the house for several years, but life has a way of changing!
We trusted our agent; we had success. The market speaks, not the other way around. A lot depends on a person’s acceptance of reality. Last year’s prices kind of skewed that for a lot of folks. It’s the “fish that got away” syndrome!
Interesting read…
http://albertarealestatewatch.blogspot.com/2008/07/lies-damn-lies-and-statistics.html
Could we add p.5 to your list like “Always provide max. commission %% to both your agent and sellers agent”. I am selling my house and have 3+1,5%% for buyers. It is not reaching max 3,5+1,5%% And that’s why I think my home still hanged up on the listing
So, no bargain with agent’s interest, only full satisfaction. Right?
***That’s such a touchy subject I don’t even want to get messed up in it. All I will add is that its up to a seller to research what fair compensation to a buyers agent is.
However by the law says an agent can not show properties based on the commission offered to them.
Sheldon
It is Ok Sheldon. But just let me know: does agent has rights make his comment on quality of purchase? I guess yes… which means no way, they are just people, they will judge. I had to discuss it with my agent first.
***Let me see if I I understand what you are asking. Does the buyers agent have the ability to comment on the property the buyer is buying? If this is what you are asking then yes is the answer. Absolutely. Its their obligation.
Sheldon