Choosing a Realtor
When you're thinking of selling, you have two big decisions to make: who will represent you, and what price will you ask.
It's important that you choose to work with the Realtor that's right for you. Although Realtors work hard to reduce the stress involved in selling, it can be a tough and time-consuming process, so you want to be sure you have someone on your side who will look out for your best interests throughout the process. A good relationship and a high level of comfort and trust are the factors to base a decision on.
Different Realtors may suggest different market evaluations. Sellers often make the mistake of choosing the Realtor who provides the highest market evaluation. It's far better to separate the decision of list price from the choice of Realtor.
As a seller, you have the right to choose your Realtor, and you have the right to choose your list price.
Pricing your property right
If you price your property too low, it may sell quickly, but you’ll lose out on money. If you price it too high, it may not sell at all. Denise can help you figure out the best asking price for your home.
Listen to the market
As part of your pricing strategy, Denise will put together a comparative market analysis, which is a good indicator of what today’s buyers are willing to pay. It compares the market activity of homes similar to yours in your neighbourhood:
- Homes that have recently sold represent what buyers are willing to pay.
- Homes currently listed for sale represent the price sellers hope to obtain.
- Listings that have expired are generally overpriced or have been poorly marketed.
Don’t overprice your home
Some sellers believe that if they price their home high initially, they can lower it later. Instead of making you more money, this strategy could end up hurting you.
- Early activity is key. As soon as a home comes on the market, agents and potential buyers sit up and take notice. If it’s overpriced, interested parties will quickly lose interest. By the time the price drops, the majority of buyers are lost. When a home has been for sale too long, buyers will be wary and may reject the property.
- You’ll miss the right buyer. You may think that interested buyers can always make an offer, but if your home is overpriced, potential buyers looking in a lower price range will never see it. And those who can afford a home at your asking price will soon recognize that they can get a better value elsewhere.
- You could run out of time. You may end up having to drop your price below market value if your home doesn’t sell initially. Price it right the first time, and you won’t end up having to sell it for less than it’s worth.
Signing a Listing Agreement
The first formal step in selling your property is entering into a Listing Agreement with your Royal LePage agent. The Listing Agreement is a contract in which Royal LePage commits to actively market your home for a specified period of time. It also commits you to a pre-established marketing fee that is to be paid upon the successful closing of the sale.
As part of the Agreement, your agent may require the following documents:
Plan of Survey or Location Certificate. A survey of your property which outlines the lot size and location of buildings as well as details of encroachments from neighbouring properties. This may be required in certain areas to complete the sale of your home. Your legal professional may recommend a survey, especially if significant changes have been made to your property.
Property tax receipts. Most Listing Agreements require that current annual property tax assessments be shown.
Mortgage verification. Few homeowners know the exact balance of their mortgage as it is paid down. You will be asked to authorize your mortgage lender to provide the figures required.
Deed or title search. This document is a legal description of your property and the proof that you own it.
Other documentation. In some instances, it may help the sale of your property if you can provide prospective buyers with information on such items as annual heating, electrical, and water expenses, as well as any recent home improvement costs. Some provinces require that you sign a property condition disclosure statement.