Whenever buying or selling in Real Estate, there is a lot to know. That is where a licensed Real Estate Agent can help. Exposure of your property is key to selling it, will your agent display a sign? Will they use the MLS and in what Real Estate Boards will your home appear? Do they use their own website to display your property? What about Social Media? Open Houses? Think about how you found your home.
Currently some researchers say that around 90% of people start their search online for real estate, make sure your property is where people will find it!
Wondering whether you should buy first, then sell or vice versa? See what the Real Estate Council of Ontario (RECO) offers for advice here. Ultimately, the choice is yours.
THE LISTING AGREEMENT
Ensure you understand what you are signing as the Listing Agreement is legally binding. If you still have questions, ask your Real Estate Agent. You are also encouraged to seek independent legal advice if you would like a second opinion. Most Listing Agreements are up to 6 months but can be for a longer period if you are agreeable to it.
ABOUT YOUR HOME
Gather all of the details about your home/ commercial property including the square footage, a survey (if available), unique features, recent renovations, rental items and how much they rent for (ex. hot water tank, $40 month), the items to be included in the sale (appliances, light fixtures, etc.) as well as the items you want to take with you when you leave. Be as specific as possible.
Talk with your Real Estate Agent in advance of the Open House to plan for what your responsibilities are as well as theirs. Figure out how to minimize the risk of any personal/ valuable items which means storing them in a secure location. These items can include credit cards/ statements, personal info, money, etc. Better to be safe than sorry. As your Real Estate Professional I will do my utmost to protect you and your property.
Let the best your house has to offer shine through. De-clutter, organize and tidy all areas as you never know what might be of interest to check out when a prospective buyer comes through! Ask me about Home Staging.
The details contained within the offer are confidential between you and your Real Estate Agent. Your scenario may include multiple offers, if this is the case your real estate professional is there to help you make the best choice. Carefully consider such factors as not only the offered price but conditions, how long it will take for those conditions to potentially be fulfilled, and the timing for the property to close. It may be more important to you to take a little less on the price and stay firm on the 30 day closing date which would allow you to move into your new home on time! Weigh your options and seek out advice.
Many would say that the TV shows make competing or a “multiple offer” situation is the ideal situation which in some cases can be true for the benefit of the seller. There are some things to note, however, that you may not already be aware of. As always, arming yourself with knowledge is rarely a bad idea. Working closely with your agent will ensure that you understand the process.
As per the RECO website: “In Ontario, the seller’s real estate broker or salesperson is required to disclose the number of competing offers to all buyers who have submitted a written offer. However, the terms and conditions of each offer are confidential to the seller and their broker or salesperson. A seller facing competing offers has to consider how they want to deal with the situation. The seller can decide to: accept the best offer; negotiate with one buyer and reject all other offers; negotiate with one buyer and advise other buyers that their offers are being set aside while the seller negotiates; or reject all offers".
Keep in mind that there will be closing costs associated with the sale of your property. Consider the costs for legal fees, commission for the Real Estate Professionals, moving expenses for your new space and more.
As much as we plan, prepare, organize, and get answers sometimes we have a few bumps in the road. Expect the unexpected. If you are moving into a new place, does your closing date match up when you’ll be moving into your new home? Create a plan in case the dates do not quite match.
The Real Estate Council of Ontario (RECO) provides these helpful links for selling your home in Ontario: