8 Steps to Selling
1 – NEEDS ANALYSIS:
Determine why you wish to sell your home.
What do you gain from selling? It’s important to determine what you wish to achieve by selling your home. Are family needs growing? Is it a downsizing move? Is it relocation or an improvement in living conditions? Begin a three-step process. Start by writing the answer to the following questions.
- What is your time frame for selling your home?
- Your Dream. What would be the ideal situation once your property is sold?
Or, How do you visualize your improved life after the sale? Write your answers for future reference. You can save money and time by working with a real estate professional, a REALTOR®, who can help focus your needs and set up an action plan.
2 – PRICING STRATEGY: Fair Market Value
Be reasonable in setting the price of your home. A realistic price will help create the possibility for a quick and successful sale. In determining the fair market value for you home a trained real estate professional can provide valuable service. As your REALTOR® of choice The Elder Group will:
- Provide information on how to set a fair market price for your home
- Provide a detailed comparative market analysis to determine the selling price of homes similar to yours in the community
- Help arrange an objective appraisal of your home
- Help you sell your home within your desired time frame
3 -PROPERTY READINESS: Presentation or “Curb Appeal” is important! Read more!
You have the power to get the more for your home. That power lies in your ability to make your home as attractive as possible to buyers. A REALTOR® can offer suggestions to highlight the latest consumer trend in demand. Some thoughts to be considered include:
- Property upgrades
- Painting – inside and outside
- Cleaning the windows inside and out
- Removing odours
- Repairs to the home inside and out
- Property, home, and room accessibility
- Highlighting space in a positive manner
- Organization of closets and rooms
- De-cluttering suggestions
Some REALTORS® are qualified to provide valuable suggestions that can dramatically increase the value of your home. Sometimes we use a professional Staging Service. Unlike interior decorating which concentrates on making the owners feel more at home in their interior space, the objective of Staging is to increase home market value or price. In many cases Staging involves “depersonalizing” a home and it is always done with your approval. An accredited Home Stager will follow professional guidelines in preparing your home for sale. You always have a choice in what suggestions to implement.
4 – MARKETING STRATEGY: Finding the Buyer
It’s essential that The Elder Group convey information about your home to the right people who are qualified potential buyers. There are various marketing steps we put in place, including “For Sale” signs, newspaper listings, flyers and variations on the open house concept. These market tools, without any type of plan, are hit and miss at best. An experienced REALTOR® who understands how your property fits into current market will help sell your property at the best price and in the least amount of time. As your REALTOR® I will:
- Design a marketing plan
- Create effective advertising in newspapers, flyers, and journals where appropriate
- Contact qualified potential buyers and their agents
- Create professional marketing materials and distribute them effectively to accredited cooperating offices
- Distribute information to the local community about the property
- Update advertising information and maintain currency
- Report to you with comments from visiting buyers
5 – RECEIVING AN OFFER: When to Accept
You’ve received a written offer – now what? should you accept? The answer is deceptively simple — when you are satisfied with every aspect of the offer, accept. However, arriving at the point of acceptance can be a thought provoking task. An offer is a contract and, a legal document. A REALTOR® is essential. A REALTOR® will determine if the offer is worth considering. We consult with you and advise you if the offer is written in according to accepted practice, covering all essential areas including:
- Legal Contract details: legal description of the property
- Offering price
- Amount of the deposit
- Financing arrangements and timing
- A list of fees and who will pay them
- Inspection rights and possible repair allowances
- Clauses that place restrictive conditions on the value of the offer
- The method of conveying the title and who will handle the closing
- A list of appliances and furnishings (chattels and fixtures) that stay with the home
- The closing date and other time related conditions
6 – NEGOTIATING TO SELL: Making this a Win/Win Agreement
All offers to purchase involve some level of negotiation. The process may require practical communicating skills and market strategy. In dealing with this aspect of the real estate transaction it is essential that you have a REALTOR® experienced in negotiating with other REALTORS®. A REALTOR® will save you money and time. The services The Elder Group offer include:
- Representing you throughout the offer process, receiving, negotiating, transmitting and acceptance.
- Reviewing the written offer with you to make sure that you thoroughly understand what the buyer is offering and what he/she is asking in return.
- Rewriting or amending the offer where necessary
- Clarifying – helping you understand the issues contained in the offer and how they affect you.
- Protecting your best interest throughout negotiations until well past the closing date!
Points of negotiation may include:
- Home inspection results – responsibilities
- Historic details concerning improvements to the land
- Appliances and fixtures (fixtures and chattels)
- Time – Irrevocability
- Closing and occupancy time frame
- Tax liabilities
- Restrictive conditions that may or may not be acceptable
7 – Sign, SELL and CELEBRATE! This is the first stage of the success!
SOLD: Now What?
You’ve sold your house but are you finished? You have a list of things that must be accomplished prior to closing. Your REALTOR® can coordinate everything that needs to be done to insure the sale. Ways in which a REALTOR® can help you include:
- Creating a time frame for repairs and improvements
- Coordinating any actions needed to finalize the sale
- notifying Mortgage brokers and Lawyers and forward documents to them
- Locate a new home for you quickly!
Relocating? Bridge the gap of uncertainty
For clients who sell their home before locating a new one, don’t panic. Your REALTOR® can locate to a new residence and bridge the gap of uncertainty between your current residence and the one you are moving to. Discuss your options with The Elder Group.
8 – PRE-CLOSING PREPARATION: Approaching the Closing Day!
For both sellers and buyers, nerves may become frayed as the closing date approaches. An experienced REALTOR® can help assure a quick and easy closing by:
- Coordinating the necessary documentation with your solicitor
- Communicating with the mortgage company
Ready for the Big Day?
A few days prior to closing you will want to contact your lawyer to make sure all paper work is in order. Additionally, you’ll make arrangements for your move. (If you need help, please ask about our Relocation Service.) A REALTOR® can be a big help during this time.