Selling your home has tremendous financial implications. Owning a home typically is an individual's single largest investment, so it is critical to be well represented and well prepared when selling.
Contact Shanu directly to set up a complimentary consultation for your individualized needs.
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See below the following to help make selling your home as effective and efficient as possible.
When hiring a real estate agent, do your homework. Think of this as a job interview – with you doing the hiring. Be certain to choose the right person to represent you and your home. You should expect professionalism, superior customer service, market knowledge, honesty and integrity from your real estate agent.
Questions you should ask potential agents:
- What is the current state of the market and how does that affect my property? Please provide statistics to support your opinion.
- What are the current trends in the marketplace? Is it a buyer's or seller's market? What is the inventory? Has it changed over the last year? What does that mean to me?
- What's the future market outlook for homes? Is now a good time to sell? How established is your firm? How is your firm different from all the rest?
- Why should I work with you? What is your background? Please differentiate yourself from your competitors.
- Do you take weekends off? Will you show my home at 7:00 AM and at 8:00 PM? What do you do when you have a scheduling conflict?
- What type of buyer do you plan on targeting for my home?
- How will you reach them? Will you create a marketing plan specifically for my home? What will it look like?
- How will you price my home? Provide a comparable market analysis to defend your pricing.
Market Analysis
An agent should provide you with a comparative market analysis (CMA) which will consist of similar homes currently on the market, those recently sold and closed, and those in contract. All homes used in this comparison should be comparable to yours in terms of location, size and type. This is the basis for your pricing strategy. You might even want to visit other homes on the market against which you will be competing. Look at them objectively and through a buyer's eyes.
Pricing Strategy
Pricing a home is not an exact science. The market place will ultimately tell you what your home is worth; however, pricing accurately typically will generate the most interest in your home which will enable you to achieve the highest price.
If an agent asks you "what do you want for your home?" and relies on you to price your home, then the agent probably is not right for the job. You will do yourself a terrible disservice if you have an agent who tells you what they think you want to hear. Carefully watch the market's reaction to your home's listing in the initial few weeks of marketing. If there are no offers after 12 to 20 showings, then a price adjustment may need to be made. Find an agent you trust, ask lots of questions, but do not forget to listen.
For your home to be marketed in the most effective ways possible, make sure that:
- Your property is marketed with professional digital photos, virtual tours and printed promotional materials.
- Your agent schedules Open Houses to inform and educate the targeted community about your property.
While executing the marketing plan, your agent should be in regular communication with you to provide feedback on showings and changes in market conditions.
Your agent should be vigilant in ensuring that all potential buyers are financially qualified to purchase so as to minimize wasted traffic through your home. Your agent should be comfortable asking the necessary questions.
Offers are made legally between buyers and sellers. Your agent has a legal obligation to present all offers to you. A buyer will place a bid or offer on your home either to your agent or to you directly. Once an offer is received, your agent should discuss with you not only price, but also the other terms and the qualifications of the potential buyer such as likelihood of closing, closing date, etc. An offer means nothing if the buyer is not qualified to purchase.
You may "counter" the offer thereby beginning the negotiation process in which both parties agree on the price, terms, and closing date. Be certain you feel comfortable with the negotiation skills of your broker. This is where you want the best protection possible!
Proudly Serving The Greater Toronto Area
Headquartered in Markham Ontario Shanu offers commercial mortgages nationally throughout Canada, with a primary focus in the Greater Toronto Area (GTA):
The City of Toronto. York Region: Aurora, Markham, Newmarket, Richmond Hill, Stouffville, Thornhill, King City, Vaughan, Woodbridge. Peel Region: Brampton, Caledon, Mississauga. Durham Region: Ajax, Brock, Oshawa, Pickering, Scarborough, Uxbridge, Whitby. Halton Region: Burlington, Milton, Oakville.
