The Selling Process

Select Your Realtor

When selecting your Realtor you should look for someone who knows the local area and is up to date with what is on the market. This is important because if your Realtor keeps himself/herself informed of the market they will be able to tell you how your property stands up to others that are comparable to it. Ask them any questions you may have. A popular question to ask is how they will be marketing your property. They should have a well thought out marketing plan in place and be able to tell you about it in detail. You also want to know about their commission as well as what they expect of you. You are likely eager to know what they think your home is worth.

The best advice I can give you is to not be taken in by an agent that simply suggests a much higher selling price than anyone else. This is often a sales tactic to get you to list with them and doesn’t look out for your best interests. An overpriced home on the market can take much longer to sell, and you may ultimately have to lower your price to below market value in order to gain interest in it.

The Listing Agreement

Once you have decided on a Realtor, then they will go over a listing agreement with you. The listing agreement is a contract between you (the seller) and the listing broker (Remax Land Exchange Ltd.). This agreement will outline exactly what is being sold and under what terms. If you chose to have an MLS listing, which is highly recommended, then your property will be listed on the MLS system for all those with internet access to see. The reason it is highly recommended is that if it is not on that website, then you are missing out on an enormous marketing tool that will help sell your home. Some other things this agreement outlines include; dates, commission rates and property details. This form will also set out the listing price for your property.

It is important to set the right price and your Realtor can give you advice on what to list at. You, the seller, are in control of the listing price of your home. However, you should consider your Realtor’s advice as they know the market and should be able to show you some comparable properties to guide you in making your decision. If you list within a potential buyers price range, they will bring in offers with what they think the property is worth, ultimately determining the value of your property. If you properly price your home, then it will certainly sell quicker and get you the best return on your investment.

Marketing and Showing Your Home

There are various things that your Realtor will do to sell your home. One common activity is holding an open house – one for other agents and one for the public. The benefit of having other agents through your home is that they get to see exactly what your property has to offer and may immediately have a buyer in mind. The benefit of having a public open house is to get anyone interested in buying to come through your property. Even if no one immediately puts an offer in after the open house, it’s likely that they have gone home and told their family and friends about your place.

It is up to you to keep your house ready for showings. It should be clean, odour-free and pets and children should be out of the way. Ideally, you should be out of the house when any showings are happening and allow agents to bring potential buyers through without ever meeting you. You need to remember that anything you say to other agents or potential buyers could be used against you in negotiations.

When listing with a ReMax agent, you are getting a recognizable brand name, which will ultimately draw more attention. Other popular marketing tools to help sell your home include a ‘For Sale’ sign on your property, MLS listing if you decided to go that route, and advertisements in the local newspaper(s).

Offers, Negotiations and Contract

When another agent is preparing an offer on your property they will inform your Realtor, who will then inform you. You will make an appointment for it to be presented to you at a convenient time and place. Offers can be presented to you by the either the buyer’s representative or your own. Either way, the offer will be fully explained to you. After the presentation you can discuss the offer in private with your Realtor and you will have until the irrevocable date and time set out in the offer to act on it. This date is typically 24 hours from the time of the offer.

You need to ensure you fully understand every aspect of the offer – your Realtor will be able to explain anything you are unsure of. At this point you have three options; to accept, to reject or to counter the offer. If you decide to counter the offer, then the potential buyer will have the same three options and this cycle will continue until an offer is either accepted or rejected. Once an agreement is reached and all conditions are either waived or met, the documents are handed over to your lawyer. He/She will then prepare the transfer papers, deal with any adjustments and meet with the purchaser’s lawyer on the closing date to exchange the keys for payment.

Closing and Moving

You should do a final walk through of your house, before leaving it, to ensure everything that you committed to leaving is left. The keys will be exchanged and delivered to the buyers and the payment will be received and delivered to you. Congratulations, you have sold your house!