The Selling Process
1) Set Your Goals
When you decide to sell, make a list of your goals, take the curent market into consideration in deciding how to move forward. Select a very experienced realtor to guide your through the process and one who has extensive knowledge of your neighbourhood, so you can profit from the Vancouver real estae market. Maggie fits this profile.
a) Determine Current Value
Maggie will present you with a comparative market analysis which studies recent sales in your building and comparable solds in your Vancouver neighbourhood. As well you will be presented with a list of current listings for sale, as this is your competition. It is a good idea to go and see the properties that are listed which are comparable to yours, so as to view the competition and see how it compares to your property. This will help you determine a realistic price. You will need to understand current market trends and economic trends and determine the time frame for achieving a sale, as well as the correct pricing strategy. Your realtor is responsible for the accuracy of the listing information, including lot size, floor area, and zoning.
2) List Your Property
Now that you have determined the value of your property, the next step is to list it, by way of signing a listing contract for the MLS (multiple listing service). Maggie then implements her marketing plan, which includes hiring a professional photographer to take a virtual tour and syndicating the listing throughout the internet. Maggie will suggest staging ideas to make the property show better and attract a higher price.
3) Showing Your Property
First impressions are the most important! You only have one chance to attract that buyer! Maggie can assist you in preparing your home to show its best. If need be, rent a storage locker and remove the clutter. Tidy up closets so your belongings don’t fall out when the door is opened. Remove personal pictures and items. Do you need to paint, repair, renovate or maybe stage the property? Maximize the space!
Make sure you clean each room of your home from top to bottom. Don’t forget the windows! Replace burnt out bulbs. Open all drapes or blinds. Don’t leave dishes in the sink or dishwasher, or laundry in the machine. Clear the countertops. Tidy the bookshelves. Buy some flowers. Are all appliances in working condition? Make it show like it was new!
Staging- is a good idea for some properties. maggie can recommend companies who will declutter your place and re-arrange the furniture or if the property is empty you may want to rent furniture, to give it a warm and welcoming feeling.
Understanding the process – the buyer’s agent will forward the offer to Maggie and she will sit down with you and review the offer in detail. You may wish to have your lawyer review it as well.
Subject clauses and conditions – in most cases buyers will insert clauses to be satisfied prior to making a firm commitment with the seller. Usually the time frame for this is 5-7 days.
Is it the best price? the buyer usually offers a price lower than what they intend to pay and will negotiate from there. The best offers have fewer conditions and a fast close.
Responding to the offer – once you have received the offer, you have three options. Accept it, counter it or reject it. If you counter the offer, the buyer can counter back. This process will continue until an agreement is either reached or not. It is not always price that determines whether the buyer and seller reach an agreement, the terms are also important – i.e. closing dates, subject to sale of another property, negotiating the tenant out of their lease
Multiple offers – in a seller’s market, when the demand is greater than the supply, sellers often receive more than one offer at a time. Under this scenario sellers will get offers that are higher than the list price. Though exciting for the seller, it is a complex legal situation and Maggie will advise you how to handle it
Subject removal – the conditions set out in the offer to purchase must be met by the date stipulated, otherwise the offer becomes null and void. It is possible to extend this date if both parties are in agreement and the reason is valid.
Firm offer – once all subject clause have been removed, the buyer will give a deposit which should be no less than 5% of purchase price. The transaction is now firm and binding.
5) After the Sale
Congratulations! The next step is to forward your contract to a lawye ror notary who will do the conveyancing for you. Maggie can assist in this process.
Have a question? Contact Maggie