How to Sell a Home
How to Sell a Home
When you’re putting a home on the market in Toronto, there are plenty of things you need to be mindful of. Whether you are a seasoned seller or selling a house or condo for the first time, our comprehensive guide to selling will walk you through every step you need to take. Keep reading to learn how to:
- Prepare and stage a home like a professional.
- Price and promote your condo or house (or find a suitable agent to achieve this for you).
- Be prepared to show the place to potential buyers.
- Make negotiations for the home and close the sale.
Consumers are habitual creatures – people tend to hang onto things they don’t need. Too many things can be a distraction, especially to a potential buyer. When your property is being prepared to go on the market, you need to cut through the clutter. You need to find storage for clothing, knick knacks, shoes, books, toys, etc. Your space needs to be neutralized as best you can so that a potential buyer can visualize themselves as a resident of the unit. As such, you will need to put away mementos, collections, and personal pictures.
You can think of cleaning as something that must be done to prepare the property. Think of yourself as a hotel housekeeper getting a room ready for a guest. Baseboards should be washed, cobwebs should be removed, ovens and fridges should be scrubbed down, closets should be emptied, cabinets should be vacated, shelves should be dusted, and carpets should be cleaned professionally. Unfortunately, cleaning is an ongoing endeavor – you’ll need to keep doing it the entire time your home is on the market. That includes cleaning up after your children, washing the floors, etc.
Staging can be described as optimizing the deal, use, and look of each room in the home. It may entail transforming a home office into another bedroom, furniture rearrangement, wall painting, light fixture replacement, or something as simple as replacing the towels in your bathroom. Staging can be done either by a real estate agent or a professional. Having your property catch the eyes of as many buyers as possible doesn’t need to be a costly endeavour, but it’s a process that should not be rushed through, either. The effort that goes into a home transformation will affect the length of time necessary to sell the property (as well as the offers you receive for it).
Many people tend to procrastinate when little things need to be fixed. We put off fixing leaky faucets, peeling wallpaper, drywalling dents, and excavating gutters. A handyman can be brought in to finish such minutia – getting a professional to handle these matters tells buyers you have a well-maintained home. You can handle the little things, though, like changing light bulbs that have burned out.
If you have ownership of a property, completion of a home inspection (pre-listing) must be performed before the condo or house goes on the market. Doing so will isolate any problems with the property that buyers could object to. For instance, a home inspector could determine that a roof replacement will be necessary for the house. Upon hearing that revelation, you can opt to a) have the roof replaced/repaired before it goes on the market, or b) integrate the costs into the asking price. Your home’s deficiencies will impact the amount you receive for it. If your home is being priced competitively, ensure that a pre-listing inspection report is accessible to buyers (as it will stimulate them into making an offer).
- We will tell you things that others will not. The advice we give you will be honest, which will help you in getting the highest amount possible for your property. Such honesty will be bold – you might not want to hear that the family dog has an offensive odor. You might not want to hear that the colour you chose for your walls could be a deterrent for potential buyers. Nonetheless, the things we tell you are done to optimize a buying price.
- We will help you prepare your home for a showing. You’ll have access to over 100 professionals in the industry, including gardeners, plumbers, painters, and handymen.
- Our stagers and designers will help transform your home into a sellable commodity. We have a staging warehouse with all types of accessories and furniture. For more details about our home staging services, click here.
- We will hire commercial cleaners to sanitize areas you may have neglected.
- We work with a client concierge service that works on a full-time basis. If someone is needed to open a box or wait for a locksmith, we will take care of that for you.
Your home’s value is based on how much money a buyer wants to pay. However, with strategized pricing, you won’t have to worry about leaving money on the table during the negotiations stage.
Should your home be priced for bidding competitions? Should you set a high price and be open to negotiation? Is there a particular time in the year that your home will sell for higher? Does it matter if your asking price is a whole figure (like $800,000) or ends with an odd one (like $709,900)? What should be included in your asking price? When should you lower it?
The asking price of your home is on par with first-number naming during negotiations, so it’s prudent to choose the proper asking price. If you overprice your home, it might end up being unsold for a while and you might wind up selling your home for lower than you wanted to. On the other hand, if your asking price isn’t enough, then you won’t get what you were capable of for the property.
When you’re trying to establish the value of your home, you must assess the following:
- Homes that were sold within your area recently.
- Properties that are still up for sale.
- Existing conditions of the market.
- The pros and cons of your property.
It is worthwhile to keep in mind that the asking price of the property will fluctuate. The amount you ask for is contingent on when your home is sold, along with who your competition is.
- We understand comparative sales and the overall market. We eat, breathe, and sleep Toronto real estate.
- We see the homes you are competing with in person while they’re on the market. As such, we understand how pricing should be established.
- We understand what gets sold, what does not, and the reason it doesn’t.
Despite what some realtors will tell you, marketing entails much more than simply listing a home on MLS. When you wish to reach buyers, here’s what your marketing strategy should include:
If you can learn anything from big-box stores, it is that effective promotion must focus on a certain market. The more information about an ideal buyer you have, the better suited you’ll be. What kind of people are more inclined to purchase your property? Do they support children, or are they bachelors? What age range do they fall under? Do they already reside in the neighborhood? What benefits and features matter to these people?
Not all buyers react to marketing the same way. The wording of your promotional materials should be crafted to capture the eye of your ideal buyers. Will a buyer respond to a flyer of yours in their mailbox? Or will they be more inclined to react to a social media video/post? Does your ideal buyer have a real estate agent already, or are they working solo? The language and terminology you use to engage your buyers must be capable of eliciting a response from them.
96% of people looking for a new home do so using the internet. Therefore, if they don’t see your listing, you’re depriving yourself of important exposure. Quality pictures are vital if you want to capture the eye of a modern buyer. Regardless of how great the camera on your phone is, it won’t be sufficient. It is our belief that you can’t go wrong with a professional photographer. A thorough social marketing and digital strategy expands your visibility online.
While your ideal buyers might be on the hunt for a new condo or house as we speak, you are encouraged to optimize visibility for your property for everyone. Someone interested in buying a house or condo might be using a real estate agent to do so, as opposed to searching for one on the internet. Promoting your property effectively ensures that it will be in the minds of people who may be on the fence about buying a house or condo. To such people, your property will be one they visualize.
- We have our own style of property marketing. We integrate the greatest aspects of conventional advertising with established social and digital marketing tactics in order to give each home optimal exposure.
- We also work alongside buyers, and therefore, we understand how their minds work. We are experts at ideal buyer profiling, and as such, we can determine where they’re situated before we target them.
- We don’t use the cameras on our phones to take pictures – when we put together marketing materials, we hire professional web developers, writers, designers, and photographers. In doing so, we make your property stand out online, to the point where people are motivated to schedule a viewing.
- The marketing strategies we use are tailored to ideal buyers. Our customized marketing campaigns are broken down to target a few types of audiences: realtors working with potential buyers, buyers in the market already, and those who haven’t made any decisions to purchase property yet. Our advertising campaigns are customized to target these specific groups.
- We are not surprised to see you on our site because we receive more than 90,000 website visitors each month. There will be no shortage of eyes on your property.
- We market the whole neighborhood, not just your residence. We use things like neighborhood boards on Pinterest and infographics about your area to do so. We help buyers get a feel for your home by way of virtual tours and videos.
- We know what it takes to make a property stand out from crowds so that they get noticed by people who matter.
Your property is prepared, the right price is established, and the marketing endeavours have proven to be effective. Now, buyers are eager to visit your home! At this stage, consider doing the following:
Selling your property can be quite inconvenient. If you would like to sell the home for top dollar, you’ll need to be flexible with when potential buyers want to see the place. Keep in mind that a majority of people have jobs with 9-to-5 hours. Therefore, many of your showings are bound to take place either on weekends or weekday evenings.
As tempted as you may be to brag about the things you renovated or warn people about the home’s faults, it is better that you don’t engage with potential buyers at all. People don’t feel at ease looking at homes with the current homeowner looming over their shoulders (even if you’re not on the same floor). You are encouraged to allow these people to do their own exploration. Go see a movie , go for a stroll, or have dinner out. Go somewhere – anywhere – other than be at home.
Empty your cat’s litter box, clean the floors, wash the dishes, have the bed made up, and crate your pets (or even better, have them join you).
Studies show that 4% of Toronto homes get sold because of open houses. Based on our experiences, we believe open houses are far more effective. These viewings let potential buyers see your property in a low pressure/non-threatening environment. Some buyers who initially weren’t thinking of buying a condo or house ended up changing their minds, post-open house visit. If an open house is not an optional, try a virtual open house or 3D virtual tour!
Don’t forget – what buyers can feel and see will heavily influence their desire to purchase your property. Responding to objections and concerns promptly will make a big difference in the amount of time your home remains up for sale.
- The only objective we have is to get your home sold when we hold open houses. Some realtors will capitalize on this opportunity for self-promotion, engaging with agentless buyers.
- Feedback is solicited from each agent that shows your property to potential buyers. We obtain input from buyers about their initial reactions to the place.
- We offer status reports each week (or more frequently, if you’d like) chronicling the number of showings, your home’s feedback, and what’s going on in the market while your home has been for sale.
An offer might be issued to you or your Realtor from a buyer in person. Alternatively, the offer might be emailed to your real estate agent. Depending on the age of the buyer, the offer might even be sent by a fax machine!
The following key negotiation points will be addressed in the offer:
- Irrevocable Date/Time
- Closing Date
- Deposit Amount
After an offer is received, you can use one of the following responses:
- Decline it.
- Accept it. In doing so, you are committing to the sale of your house.
- Issue a counteroffer. Your counteroffer can contain a higher price and/or better conditions. From here, the buyer can either decline, accept, or counter your offer. They can also choose to walk away from the deal.
Negotiating is an art. If the real estate agent has been selected wisely, you’ll get solid guidance and advice from them to achieve a desired price. The final pricing choices when your home is being sold ultimately are yours and yours alone. However, it is beneficial for a negotiator to be with you at this time.
How the Team at BCR Can Help Negotiate Offers For Your Property
- Our staff excels at negotiations. Nobody in our industry has more tricks up their sleeves than us. People who negotiate with us aren’t prepared for the caliber of skill we exemplify during this process.
- We will represent you during negotiations as if our own homes were being sold. We are not susceptible to pressure or bullying, nor will we make any moves without consulting you first.
- We have a comprehensive understanding of legalities involved with this process, and can simplify any fine print for you. We will strive to make this entire process as hassle-free as possible for you.