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When it comes to buying or selling residential real estate there are some very easy (yet often overlooked) ways to get the "Best Deal". 1. First of course you must know your market. Not only the current trends, but also what is happening in specific neighbourhoods. Just because you read that the average price in your general area has risen or fallen to a certain level does not mean that all neighbourhoods within that area will be affected equally. Some locations hold their value better than others. Naturally if you are buying or selling in such a neighbourhood you can expect to sell for, or pay a higher price. 2. No matter what the location "First Impressions" will always have a huge influence on the decision of the vast majority of buyers. From the all important curb appeal to the cluttered, unlit storage room in the basement; each aspect of the home will make a lasting impact. After three decades of experience working with buyers and sellers, I can tell you that once that impression is formed it seldom changes.
Unfortunately, this means that the seller often gets a much lower price, and takes far longer to sell than they might otherwise have done. Conversely, I have frequently seen buyers walk away from what I knew to be the best deal simply because the homeowner or their representative had failed to present it properly. Often times the home that shows poorly can be in excellent condition, while the one that has the most visual appeal may prove to have many defects upon further inspection. 3. This brings me to an often overlooked tool that can greatly enhance a sale: "Pre-inspection" by a qualified home inspector. As a matter of fact, when I list a house for sale I may offer to pay for this service myself providing that other criteria have been met. It is a great advantage to know the full condition of a home when negotiating a sale. For example: say an inspection reveals that the roof is in need of replacement. Obviously there is
the option of going ahead and doing so, but what if the homeowner decides
not to? Well, suppose that an offer is presented and a price agreed upon subject
to the buyer having their own inspection conducted. I would then point out that
our pre-inspection had shown that the roof It is my experience that when dealt with in this manner, and at this critical time while the buyer is keen to put the deal together, the chances of having it accepted are very good. The alternative of having a defect discovered after a price has been agreed upon is usually detrimental to the seller as the buyer will most often wish to re-negotiate, or even void the deal. 4. There is absolutely no doubt that some degree of "Home Staging" is vital to the successful marketing of a property. This does not mean that thousands of dollars must be spent, but there are always many ways that even the best kept home can be improved upon in order to sell for the highest price, and in the fastest time. One typical reason that a home may not show well could be due to inadequate lighting. Many times I have gone to show a home only to find curtains or shades drawn, and only the weakest of lighting available. A gloomy home is exactly that in the eye of a buyer. I could outline many other ways in which a home can be made more appealing without any great expense, but for now let's skip to the next step in obtaining that "Best Deal". 5. Setting the "Right Price". If you have done your homework, and are working with an agent who knows the area, then you should be able to determine what a prudent buyer would be willing to pay for your property. That is the key! It is not what you think the home is worth based on your wishes or needs, but how it compares to other similar homes that have sold recently in your area. Here is one of the biggest myths in real estate:
Another thing to avoid is misrepresentation or exaggeration when advertising a property! This only leads to disappointment, or even resentment when a potential buyer actually views it. 6. Okay, moving on. Let's suppose that the home has been made ready, the price is agreed upon, and the listing is due to appear on the MLS. Now we could plan on doing open houses for the public and other Realtors etc, but In order to get to the right people...the people who are actively seeking to buy a house like yours...we need to showcase your home where they will be sure to find it and want to see more! In today's world this means on "The Internet". The Toronto Real Estate Board's Website displays all of the available listings in the GTA including Mississauga, and that is where we start. Most likely the buyer of your home will be working with a Realtor, so I want to make my listing stand out from the competition. Up to nine photos can be displayed for each listing on the Board Site. Which of the two below would make you want to view this listing? ... Now imagine that multiplied by nine.
I see many listings that have no additional photos...What kind of message does that send? 7. The same TREB Website also allows a link to a "Virtual Tour" to be attached to each listing. Can you guess how many listings actually have such a link? I don't know the exact figures, but last time I looked it was less than twenty percent in the areas that I work. If you are going to make an effort to prepare your home for sale you should be sure that it is showcased as effectively as possible. (Listings on the TREB Site are also featured on REALTOR.ca® formerly MLS.ca) 8. Of course if the home has not been properly prepared for sale, and therefore shows poorly, then no amount of photography or advertising will help! These are the kind of homes that I look for when I have buyers who want the "Best Deal"! The pity of it is, as I have said before, that even the buyers who were actively looking for the BD will often fail to make an offer on an unattractive property! One of my favorite sayings is that "the most attractive property will attract the most offers"! 9. My listings can also be viewed on: REALTOR.ca ® (previously MLS.ca) ... RoyalLePage.ca ... JBoardman.com ... YourNeighbourhood.ca ... ApplewoodAcres.ca ... Clarkson-Village.ca ... Lake-View.ca ... Lorne-Park.ca ... Mineola.ca ... Port-Credit.ca ... Homescanner.com ... With your permission, I can also create a website using your property's address to be attached to the "For Sale" sign. Also, If you have followed my advice about preparing your property for sale, I guarantee that your home will be featured on a virtual tour! 10. There are many other marketing tools that I would be happy to outline, but the last point that I want to touch on here is "Full Cooperation". The sale process should be as easy and painless as possible for everyone's sake. What does this mean? First of all we need to make the home as accessible as possible for showings. Many buyers are very busy, and if a property has limited access, it may never be convenient. This does not mean that you have to be inconvenienced yourself! Only that you should be as flexible as possible. Also, when possible, it is preferable that the house be unoccupied at the time of a showing. There are many reasons for this, but for now suffice to say that they are all aimed at selling your home for the highest price in the shortest time. Lastly, when it comes to considering offers, we want to cooperate with the buyer! There is no such thing as a "Bad Offer"! I have seen offers that started out well below, and then ended up being accepted at close to asking price. There are a few (very few) people out there who just have to try low-balling. Once they get it out of their system they will often turn out to be very easy to negotiate with. Anyway, this is why you choose to use an experienced representative! You should be able to sit back and let them handle things for you! After all, we all want the Best Deal!
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would soon need replacing, and that
we had priced the house accordingly! In other words, go ahead and
do an inspection, but don't expect any reduction because of the condition of the
roof!
The fact is that the right buyers will probably never even
look at the over-priced property! The house will be shown to people who are
looking to spend in that range or higher, and it will be a great help in
convincing them to make an offer on something else! Once a home has sat on the
market for any length of time there arises a perception that something is wrong with
the property, and it will often end up selling for less than if it had been
properly priced in the beginning.