A quick, fair home sale
July 9, 2024
As the spring real-estate season approaches, there are a number of things you can do to improve your chances of selling your property at the best price and under the best terms.
- Choose the right agent: You want to see your house advertised weekly in the newspaper. The agent you're considering prefers to work his or her Rolodex. You expect to be updated after every visit. She/he commits to one update a week. Are these differences you can live with?
You don't have to be best friends but you do have to work together. Expectations -- both yours and the agent's -- should be clear from the beginning.
- Be wary of "stars": We've all seen them, those confident faces beaming from big ads that proclaim "I'm No 1!" What that tells you is that Super Agent is able to generate transactions. Bravo! But will this agent be too busy to take your calls or show your house? Will he be too busy to get you the best price?
If you want personal service, a top agent might not be for you.
- Price your house correctly: Some agents will promise you the moon to get the listing. Don't be dazzled. Interview several candidates before selecting.
An experienced agent will present you with a market analysis showing the sale prices of comparable properties in the area in the last year. You might be surprised to discover that the neighbour who bragged about the killing he made on his house inflated the actual sale price. You might discover that the house that sold next door has a new heating system and, thus, really is worth more than yours.
- Don't take it personally but . . .
Who needs funky pet and cigarette odours when you're trying to woo buyers?
Clean sells better than dirty. Tidy sells better than cluttered and fresh sells better than fusty.
Consider hiring a stager to rearrange the furniture and remove clutter. Two hundred dollars worth of paint could translate into $5,000 more on the sale price.
- If the price is right, stand firm: Once you agree on a listing price, don't be too quick to knock that price down if a buyer comes in with a lowball offer.
There's an old saying in real estate that the first offer is often the best offer. True, but not if the offer is way off the market value. A $5,000 drop in price translates into a $300 drop in commission to your agent. Ask yourself who really pays the price for a lowball offer?
- What's in it for the other agent? Your agent asked for a seven-per-cent commission and you talked him down to six. Way to go! But there's one more question you should ask. What is the other agent's cut?
If you think that isn't your concern, think again. If your agent is keeping the lion's share of the commission, why would another agent want to show your house to prospective buyers?
If necessary, spell the commission split out in your brokerage contract.
- Let your agent do the talking: No matter how much of a people person you pride yourself on being, this isn't the time to be chatty with buyers.
Be prepared for the pointed question wrapped in a velvet compliment.
"This is such a lovely home. Why are you moving?"
No matter how innocent the answer, you don't want to cloud the potential buyer's enthusiasm by mentioning how much work the yard is or that you need more space. It goes without saying that serious issues like divorce, financial difficulties and illness or death in the family are nobody's business.
- An open house for whose benefit? Showcasing your home can be a great idea, if you live in a hot neighbourhood where demand outstrips supply.
A smart agent might hold back on visits until an open house is scheduled as a way to create competition among bidders. More often, an open house offers rubberneckers a free pass.
They are, however, a great way for agents to meet new clients.
- Tell the truth: Every house has its defects.
The problems begin when you try to hide defects from potential buyers. If there is a defect, declare it up front. You'll sleep better knowing you won't be slapped with a lawsuit by an aggrieved buyer.
Source Calgary Herald