Seller's Resources

Why use a real estate agent?
Choosing a real estate agent
Signing a listing agreement
Common selling mistakes
Selling your home; where to begin?
The right selling price
The major elements of an offer
Understanding market conditions

Why use an Agent?

When you have decided to buy or sell a home, the services of a qualified real estate professional are of utmost importance.

The ideal sales agent will have a good working knowledge of local real estate market conditions, be prepared to deliver a high standard of service to customers, and have the support of a large real estate company. Most importantly, a good agent will save you time and money.

Here are the advantages of working with an agent:

When selling a house

• An agent knows real estate values in your neighbourhood and will help set an agreeable and competitive price on your home.
• An agent will establish a marketing strategy for your home ensuring that your property is exposed to scores of potential buyers.
• An agent takes care of the many tasks involved in selling a house (from placing your listing to putting up the for sale sign). This ensures that the transaction is simple and low-stress for you.
• An agent is an expert in the home selling process and as such will advise you of your rights, options and obligations.
• An agent is an experienced negotiator and will work for to get you the best price possible price.

When buying a house:

• Agents are experienced negotiators who will manage your offers and counter-offers.
• An agent is familiar with the neighbourhood and can give you information on local real estate values, taxes, utility costs, services and amenities.
• An agent is familiar with the entire home purchasing process and can advise you of your legal and financial options as well as recommend appraisal, home inspection and contracting services.
• An agent can pinpoint homes that fit your needs and dismiss those that do not, saving you time.
• An agent knows the potential problem areas in a home and can guide you away from "lemons."

Royal LePage has offered the ultimate level of real estate services to our customers since 1913. Our Sales Representatives are the best in the business, our products and services are the best on the market, and our company is committed to delivering the best results.

Back to the top ^

Selecting a real estate agent

Selling a home is serious business. Do not make the mistake of mixing business with friendship unless you are certain your friend or relative is capable of representing your sale, capably and objectively. Loyalties are always important, but circumstances do change and past performance may not guarantee future performance. Check to see that the necessary ingredients to serve you well are still in place.

Things to consider:

1. Does the agent/salesperson work for a respected and reputable company.
2. Is the salesperson licensed to sell real estate, bonded and covered by required insurance.
3. Is the salesperson a realtor, that is, a member of the local multiple listing service.
4. Will the agent work for you and your best interest, and disclose any conflicting interest to you.
5. Does the salesperson have a marketing plan for your home that leaves little to chance.
6. Does the salesperson have a marketing presentation that convinces you that their services justify the commission they receive.
7. Does the salesperson offer more than just to put it on the M.L.S. and put an occasional add in the paper.
8. Does the agent work for a company with a "800" Toll Free number national referral network.
9. Is the salesperson familiar with your area.
10. Since location of you home adds value to your home, how will your agent promote the location.
11. Would a stranger recognize your sales agent to be an agent, even without introduction. How is he/she identifiable.
12. Does your salesperson have management and team support in their effort to sell your home.
    

Back to the top ^

Signing a listing agreement

The first formal step in marketing your property is to enter into a Listing Agreement - a contract that commits Royal LePage to actively market your home for a specified period of time. It also commits you to a pre-established marketing fee that is to be paid upon the successful closing of the sale.

Your Royal LePage Real Estate Professional may require the following documents:

• Plan of Survey or Location Certificate - A Survey of your property which outlines the lot size and location of buildings as well as details of encroachments from neighbouring properties. This may be required in certain areas to complete the sale of your home. Your legal professional may recommend a survey, especially if significant changes have been made to your property.
  
• Property Tax Receipts - Most Listing Agreements require that the current annual property tax assessments be shown.
  
• Mortgage Verification - Few homeowners know the exact balance of their mortgage as it is paid down. You will be asked to authorize your mortgage lender to provide the figures required.
  
• Deed or Title Search - This document is a legal description of your property and the proof that you own it.
  
• Other Documentation - In some instances, it may help the sale of your property if you can provide prospective buyers with information on such items as annual heating, electrical, and water expenses, as well as any recent home improvement costs.

Note: In many provinces you will be required to sign a property condition disclosure statement.

Back to the top ^

Common Selling Mistakes

Mistake #1 -- Placing the Wrong Price on Your Property

Every seller obviously wants to get the most money for his or her product. Ironically, the best way to do this is NOT to list your product at an excessively high price! A high listing price will cause some prospective buyers to lose interest before even seeing your property. Also, it may lead other buyers to expect more than what you have to offer. As a result, overpriced properties tend to take an unusually long time to sell, and they end up being sold at a lower price.

Mistake #2 -- Mistaking Re-finance Appraisals for the Market Value

Unfortunately, a re-finance appraisal may have been stated at an untruthfully high price. Often, lenders estimate the value of your property to be higher than it actually is in order to encourage re-financing. The market value of your home could actually be lower. Your best bet is to ask your realtor for the most recent information regarding property sales in your community. This will give you an up-to-date and factually accurate estimate of your property value.

Mistake #3 -- Failing to "Showcase"

In spite of how frequently this mistake is addressed and how simple it is to avoid, its prevalence is still widespread. When attempting to sell your home to prospective buyers, do not forget to make your home look as pleasant as possible. Make necessary repairs. Clean. Make sure everything functions and looks presentable. A poorly kept home in need of repairs will surely lower the selling price of your property and will even turn away some buyers.

Mistake #4 - Trying to "Hard Sell" While Showing

Buying a house is always an emotional and difficult decision. As a result, you should try to allow prospective buyers to comfortably examine your property. Don't try haggling or forcefully selling. Instead, be friendly and hospitable. A good idea would be to point out any subtle amenities and be receptive to questions.

Mistake #5 - Trying to Sell to Lookers

A prospective buyer who shows interest because of a "for sale" sign he saw may not really be interested in your property. Often buyers who do not come through a realtor are a good 6-9 months away from buying, and they are more interested in seeing what is out there than in actually making a purchase. They may still have to sell their house, or may not be able to afford a house yet. They may still even be unsure as to whether or not they want to relocate.

Your realtor should be able to distinguish realistic potential buyers from mere lookers. Realtors should usually find out a prospective buyer's savings, credit rating, and purchasing power in general. If your realtor fails to find out this pertinent information, you should do some investigating and questioning on your own. This will help you avoid wasting valuable time marketing towards the wrong people. If you have to do this work yourself, consider finding a new realtor.

Mistake #6 -- Being Ignorant of Your Rights & Responsibilities

It is extremely important that you are well-informed of the details in your real estate contract. Real estate contracts are legally binding documents, and they can often be complex and confusing. Not being aware of the terms in your contract could cost you thousands for repairs and inspections. Know what your are responsible for before signing the contract. Can the property be sold "as is"? How will deed restrictions and local zoning laws affect your transaction? Not knowing the answers to these kind of questions could end up costing you a considerable amount of money.

Mistake #7 - Signing a Contract with No Escape

Hopefully you will have taken the time to choose the best realtor for you. But sometimes, as we all know, circumstances change. Perhaps you misjudged your realtor, or perhaps the realtor has other priorities on his or her mind. In any case, you should have the right to fire your agent. Also, you should have the right to select another agent of your choosing. Many real estate companies will simply replace an agent with another one, without consulting you. Be sure to have control over your situation before signing a real estate contract.

Mistake #8 - Limiting the Marketing and Advertising of the Property

There are two obvious marketing tools that nearly every seller uses: open houses and classified ads. Unfortunately, these two tools are rather ineffective. Less than 1% of homes are sold at open houses, and less than 3% are sold because of classified ads. In fact, realtors often use open houses to attract future prospects, not to sell the house.

Your realtor should employ a wide variety of marketing techniques. Your realtor should also be committed to selling your property; he or she should be available for every phone call from a prospective buyer. Most calls are received, and open houses are scheduled, during business hours, so make sure that your realtor is working on selling your home during these hours. Chances are that you have a job, too, so you may not be able to get in touch will many potential buyers.

Mistake #9 - Choosing the Wrong Realtor®

Selling your home could be the most important financial transaction in your lifetime. As a result, it is extremely important that you select the realtor that is best for you. Experienced real estate agents often cost as much as brand new agents. Chances are that the experienced agent will be able to bring you a higher price in less time and with fewer hassles.

Take your time when selecting a real estate agent. Interview several agents; ask them key questions. If you want to make your selling experience the best it can be, it is crucial that you select the best agent for you.

Back to the top ^

Selling Your Home: Where to Begin?

First Impressions

Remember what first attracted you to your house when you bought it? What excited you about its most appealing features? Now that you're selling your home, you'll need to look at it as if you were buying it all over again.

A spruced up house makes a great first impression on potential buyers. An attractive property grabs their attention and makes them excited about finding a house that looks and feels well-cared for. Because buyers know they’ll encounter fewer problems if they buy it, your house becomes more appealing and stands out from the competition. So if you prepare your home correctly, you’ll save time selling it when it’s on the market.

A good first impression makes an impact on a number of levels. It’s not just the way your house looks to potential buyers, but how it feels and smells to them, how their friends and family will react, how they imagine it would be to live there.

With simple improvements throughout your house, you can grab the attention of potential buyers and help them see why your house is right for them.

Plan Ahead

Create a plan to enhance your property. Keep a notebook for your selling project, and as you stroll through your yard, make a list of what needs to be done. Consider what your property looks like to people driving by or walking through your door. What will they like or dislike? What needs fixing, painting, cleaning? What can you improve? Whether you paint your house or fix up the yard, your efforts don’t need to be costly; even inexpensive improvements and minor repairs go far toward attracting serious buyers. But remember, those seemingly insignificant problems you’ve learned to live with can actually discourage potential buyers. Here are ideas for increasing your home’s appeal in order to sell it quickly at the best price.

Interior

• Clean Everything - Buyers expect a spotless house, inside and out. So clean everything, especially your windows and window sills. Scrub walls and floors, tile and ceilings, cupboards and drawers, kitchen and bathrooms. Wash scuff marks from doors and entryways, clean light fixtures and the fireplace. Don’t forget the laundry room. And put away your clothes.
  
• Cut the Clutter - People are turned off by rooms that look and feel cluttered. Remember, potential buyers are buying your house, not your furniture, so help them picture themselves and their possessions in your home by making your rooms feel large, light, and airy. As you clean, pack away your personal items, such as pictures, valuables, and collectibles, and store or get rid of surplus books, magazines, videotapes, extra furniture, rugs, blankets, etc. Consider renting a storage unit to eliminate clutter in your garage and attic.
  
• It’s hard to get rid of possessions, but cleaning and clearing out the clutter can really pay off in the end. Packing away your clutter also gets you started packing for your next move. Make your garage and basement as tidy as the rest of your house. Simple little tasks such as storing your tools and neatly rolling up your garden hose suggest that you take good care of your house. Don’t let anything detract from making your best first impression.
  
• Closets - They’re an important consideration to many buyers. By storing clothing you won’t use soon, you’ll make closets look spacious.
  
• Paint - A new coat of paint cleans up your living space and makes it look bright and new. To make rooms look larger, choose light, neutral colors that appeal to the most people, such as beige or white.
  
• Carpet - Check its condition. If it’s worn, consider replacing it. It’s an easy and affordable way to help sell your home faster. Again, light, neutral colors, such as beige, are best. If you don’t replace it, you can suggest to potential buyers that they could select new carpet and you’ll reduce your price; buyers like to hear they’re getting a deal. At the very least, have your carpet cleaned.
  
• Repairs and Renovations - It’s best to avoid making major renovations just to sell the house since you’re unlikely to recoup those costs from your selling price. Make minor repairs to items such as leaky faucets, slow drains, torn screens, gutters, loose doorknobs, and broken windows. Make sure repairs are well done; buyers won’t take you seriously if your home-improvement efforts look messy, shoddy, or amateurish.
  
• Leaks and Moisture - Water stains on ceilings or in the basement alert buyers to potential problems. Don’t try to cosmetically cover up stains caused by leaks. If you’ve fixed the water problem, repair the damage and disclose in writing to the buyer what repairs were made.

Exterior

• Curb Appeal - The "Wow" factor — that first visual, high-impact impression your home makes on potential buyers — can turn a looker into a buyer. To determine your property’s curb appeal, drive through your neighborhood and note other properties; then approach your own house as if you were a potential buyer. How does it look? Does it "wow" you? Will its curb appeal attract buyers? Note what needs improving, such as trimming trees, planting shrubs, or painting gutters. Little things convey that you’ve cared for your home, and this is your opportunity to sell that important message to buyers who are shopping from the street, simply cruising neighborhoods just looking for houses for sale. To get them through your door, do what you can to make your property look like someone’s dream home.
  
• Paint/Stain - If it’s peeling or blistering and you can’t remember the last time you painted it, your house needs some attention. That also goes for stain that is significantly faded. A newly painted or stained exterior will help sell your house faster. And whether you do it yourself or hire someone, you’ll also increase your home’s value.
  
• In the Yard - Grab people’s attention by enhancing your yard and landscaping. If your house looks inviting and well-maintained from the street, people will imagine that it’s attractive on the inside, too.
• Prune bushes and hedges; trim trees.
• Keep your lawn looking healthy and green by mowing it often, fertilizing it, and keeping it edged and trimmed.
• Clean up and dispose of pet mess.
• Weed your gardens; add fertilizer and mulch; then plant colorful flowers.
• In winter, keep your driveway and sidewalks shoveled, de-iced, and well-lit.
• Stack firewood, clean out birdbaths, repair and paint fences.
  
• The Front Door - An attractive entry catches a buyer’s eye and says, "Welcome," so highlight this area of your house with decorative touches, such as a wreath on the door or new shrubs and flowers around the steps. For an even grander entry, clean and paint your front door, or replace it with a new one for a few hundred dollars. Don’t forget to fix and polish doorknobs, repair torn screens, and then put out that new welcome mat.

Keep yourself organized with the following checklist.

Clean and Maintain

• Windows, sills, and screens
• Walls and floor
• Tile
• Ceilings
• Cupboards and drawers
• Kitchen
• Bathrooms
• Light fixtures
• Ceiling fans
• Carpet and rugs
• Mirrors
• Garage
• Attic
• Basement
• Laundry room
• Yard
• Gutters
• Replace furnace filter
• Dust furniture, TV and computer screens
• Closets
• Remove clutter
• Pack personal items

Repair

• Leaky faucets and plumbing
• Torn screens
• Slow drains
• Gutters
• Loose doorknobs
• Deck boards
• Broken windows
• Electrical fixtures
• Water stain damage
• Broken appliances
• Damaged walls and ceilings
• Worn carpet and rugs
• Damaged sidewalks and steps

Improvements

• Stain or paint deck
• Store tools
• Roll up garden hose
• Paint or stain exterior
• Prune bushes and hedges
• Trim trees
• Mow lawn, fertilize, edge, and trim
• Weed gardens, plant flowers
• Shovel driveways, de-ice
• Stack firewood
• Clean out birdbaths
• Caulk windows and doors
• Repair and paint fences
• Seal asphalt driveway
• Make sure doors close properly
• Enhance entryway
• Replace welcome mat

Back to the top ^

The Right Selling Price Affects Your Bottom Line

When you’re selling your home, the price you set is a critical factor in the return you’ll receive. That’s why you need a professional evaluation from an experienced realtor. This person can provide you with an honest assessment of your home, based on several factors including:

• Market conditions
• Condition of your home
• Repairs or improvements
• Time frame

In real estate terms, market value is the price at which a particular house, in its current condition, will sell within 30 to 90 days.

If the price of your home is too high, several things could happen:

• Limits buyers. Potential buyers may not view your home, because it would be out of their buying range.
• Limits showings. Other salespeople may be less reluctant to view your home.
• Used as leverage. Other realtors may use this home to sell against homes that are better priced.
• Extended stay on the market. When a home is on the market too long, it may be perceived as defective. Buyers may wonder, “what’s wrong,” or “why hasn’t this sold?”

Lower price. An overpriced home, still on the market beyond the average selling time, could lead a lower selling price. To sell it, you will have to reduce the price, sometimes, several times. In the end, you’ll probably get less than if it had been properly priced at the start. Wasted time and energy. A bank appraisal is most often required to finance a home.

Realtors have known it for years – Well-kept homes, properly priced in the beginning always get you the fast sale for the best price! And that’s why you need a professional to assist you in the selling of your home.

Back to the top ^

The major elements of an offer

1. Price - Depends on the market and the buyers, but generally, the price offered is different from the asking price.
2. Deposit - The deposit shows the buyer's good faith and will be applied against the purchase price of the home when the sale closes. Your Royal LePage Real Estate Professional can advise you on the suitability of the amount of the deposit being offered.
3. Terms - Includes the total price the buyer is offering as well as the financing details. The buyer may be arranging his/her own financing or may ask to assume your existing mortgage if you have an attractive rate.
4. Conditions - These might include "subject to home inspection", "subject to the buyer obtaining financing", or "subject to the sale of the purchaser's property."
5. Inclusions and Exclusions - These might include appliances and certain fixtures or decorative items, such as window coverings or mirrors.
6. Closing or Possession Date - Generally, the day the title of the property is transferred to the buyer and funds are received by the seller, unless otherwise specified (except in Manitoba and Quebec).

Note: IN B.C. the Possession Date is usually 1 to 3 days after the closing.

Back to the top ^

Understanding market conditions

The real estate market is always changing. It helps to understand how market conditions can affect your position as a seller.

Your Royal LePage Real Estate Professional can provide you with current real estate market conditions and explain their impact.

Back to the top ^