You are looking to sell your home quickly and want to ensure you get the highest price and best conditions? Most of the advice explained in this article will help you achieve your goal quickly and at the best price. By following a few key steps and taking some preparatory measures, you can help increase the value of your house and make it more attractive to potential buyers. Here are the best key elements to do so.
Is there a better time to put your house up for sale?
The best time to sell your home is generally in the spring, when buyers are looking for a new home for sale before the start of the school year. This gives you more time to prepare your property for sale and to put in place the best strategies.
But starting this adventure during the winter holidays is not a bad idea either. Many people start looking for houses to buy right after the holidays, so you may have good chances of having interest in your house at that time as well. However, it should be understood that this is what is called the “dead” season, as people are in festive mode, traveling, etc.
Therefore, it is necessary to ensure that the strategy or “marketing” is cutting-edge to generate the main element to get the best results to build traffic.
Properly understand the steps needed to sell your home with success.
When you decide to list your home, you must follow a few key steps to ensure you get the best deal and best conditions. First, when you list your home for sale, it’s important to have a realistic idea of what your house is worth, so a good list price. You can do this by consulting comparable houses in your neighborhood that recently sold or by working with a professional. When selling a home, it’s imperative to set a sales price of your property based on the sold price and not the asking price so if the comparables that are given to you are on the house being sold, well, run.
The reason being quite simple; the asking price is speculation until the market has spoken and until all the conditions are terminated, you can’t use speculation to give a comparable value for a home sale. The vast database of sold properties is exclusive to the Professional Association of Quebec Real Estate Brokers “APCIQ” and is not easily accessible to the general public.
Once you have an idea of the value of your house, you can start taking the necessary steps to remodel, repair and\or improve your house. Even small updates can make a big difference in the amount that prospective buyers are willing to pay for your house. You will be able to have more detail on what adds value to a property in another article. However, even if you want to put all the chances on your side, as a homeowner, it’s important to understand that one of the main key points, is to be able to make the potential buyer feel at home whe he visits.
Here are some tips for selling your house quickly, easily, and at the best price.
You have decided to move forward with the project of selling. Beyond targeting the right time to sell, finding a fair price, therefore having a realistic sales price and having retained the services of an expert to bring the desired optimizations to put your home in its best light, here are some additional tips to help you. Follow them to increase your home’s value and have a hassle-free transaction.
1- Clean and declutter
Make sure your house is clean and uncluttered, that it’s ready to sell. This will make it more attractive to buyers. The trick here is to allow the prospect to project themselves in their future home and to help with the overall exercise, they must be able to conceive their own story. Clutter and disorder can divert attention from this. Tell yourself that selling a house is allowing a buyer to visualize their space. Your house should be decluttered, but more.
2- Depersonalize
Yes, everyone wants to have a customer quickly, to do this, you must depersonalize it. You, as the home seller, need to help the buyer imagine living in the property. This will also help you get the best home value for your house.
3- Visibility
If you are considering a quick negotiation, it is best to showcase it. Indeed, buyers will want to see it before making a decision and the price may vary depending on how many potential buyers you generate. This implies having impeccable photo shots. It happens too often in the real estate market that a house does not attract the maximum number of simply because the photos are poorly taken or too dark. Therefore, just for this reason, it happens that you see price reductions, or the home takes longer to sell because of pictures even if it is well maintained.
4- Stage your house
Take the time to stage your house so that it touches the imagination. This can make a big difference in how quickly it sells and for how much money. When you show your house, never hesitate to work on the senses of potential buyers. If the house gives off a visual, smells, etc. that impact people’s senses, they will be much more inclined to submit an interesting purchase offer.
5- Price your home adequatly
It is essential to mention again, if you wish to update your plan and get the maximum, it is necessary to set the market value of your property according to a comparative market analysis “ACM”. The expertise of an agent includes their ability to propose a competitive price for the marketing of your house and the self-regulatory organization of real estate brokerage “OACIQ” requires a real estate broker to be able to market your property at a fair price.
It is imperative to keep in mind that in this field, the main enemy of a house on the market is the number of days it spends on the market. A house on the market for too long indicates two things: the property is priced too high or it is damaged. In both cases, this will reduce the number of potential buyers, certainly reduce the number of offers, and will force the sale of your home to a lower price.
There fore, before putting your home up for sale, set the price, a realistic price. Look for the services of a real estate agent who will look at houses that have been sold recently in your neighborhood with you. This will help you ensure that you get the most money for your house.
6- Be flexible Be ready to listen to offers and be flexible in negotiations
This will help you get the optimal price for your home. During the process of selling your property, when you receive a purchase offer, be flexible. It happens in property sales to receive an offer that is well below the percentage of the asking price, it’s okay, everything is fine. We do not panic and do not get offended, we discuss and find ways. In Quebec real estate, it sometimes happens to receive offers that do not match our expectations. However, in the context of selling the property, selling quickly, as soon as possible, and at the desired price, your chosen professional must be a master in the art of negotiation, hence the importance of choosing your real estate agent carefully.
7- Be patient Do not rush into the decision to move forward with your project
Wait for the right buyer. If you need to, wait for the market to improve. If you don’t need to sell, wait for a better time. Also, when you show your property, whether you show the house yourself or not, do not appear to be someone in a hurry. The fact that you send a signal that you want to sell quickly can work against you and bring lower offers. I am often asked the following question: what is the best tip for showing your house and my answer is always the same, be yourself and have fun.
8- Set limits Set limits on what is negotiable and what is not
When it comes time to sell a property, an agent who cares about your project will also care about your limits. So, for your house before putting it up for sale. Establish limits with him: price limit, negotiation limit, possible exchanges, inclusions and exclusions as well as the notary date and possession date are all elements that will be put to the test when receiving a purchase offer and having discussed them before the process of selling a house greatly reduces inconvenience.
9- Be honest
Be honest with yourself when setting the price of your house, be honest with buyers and agents. The first piece of advice I give to my clients when they want to sell their house is that it should be an enjoyable experience, an extraordinary moment for yourself even if the reason for the change is perhaps sad. This certainly involves living through this moment pleasantly and without sacrificing who we are and our values.
Avoid letting these common mistakes sabotage the sale of your home
When you put forward your project, the goal is to get the desired price in the shortest possible time. However, there are several common mistakes that can sabotage the entire project and frustrate you. Here are some of the most common mistakes made by sellers that could cost you dearly. By following the tips mentioned below, you will have an advantage in putting all the elements in your favor to avoid possibly leaving money on the table.
1- The price
One mistake is to overestimate the price of your home. As mentioned earlier, it is imperative to be realistic about the value of your property to sell quickly based on the market history in your area. Overestimating your home will only discourage potential customers from even considering it. You may think your home is worth more than it actually is, and potential buyers will be discouraged by an unrealistic asking price.
In fact, many sellers make the mistake of thinking their home is worth more than it actually is, as they have become emotionally attached to it. This can result in months of wasted time on the market and often results in a final sales price lower than its market value. Be realistic about the value of your home and set the price accordingly.
2- General condition
Don’t neglect repairs and updates. If your home needs major repairs or aesthetic updates, potential buyers will probably be discouraged from making an offer. Investing in some basic updates can greatly contribute to making your home more attractive to buyers and help you get a higher sales price.
However, how to optimize the property update is based on knowledge of what brings the most return compared to the expenses incurred. It is not about changing the paint for a shiny red because we like Formula 1 and we believe everyone will love it or changing the kitchen because we find it old and we are tainted by the number of years we have lived. We should rather base ourselves on measurable, observable and quantifiable facts and focus on the differential of a comparative evaluation between your property and one with updates and see if the game is worth the candle.
3- The exterior
Another mistake is not paying attention to the exterior appeal. First impressions are important, so make sure your garden is neatly trimmed and the exterior of your home is clean and inviting. Additionally, to increase the attractiveness of your home, you can add curb appeal by adding landscaping, fresh paint, or a new front door.
4- Hiding information
A house ages and sometimes it ages poorly. It is understandable to want the best for our property, but if you believe that hiding information can be beneficial for you, you are mistaken. Selling a house at the desired price comes from honest disclosure of the things you know about your home. Also, few people realize this fact, anything disclosed in a home inspection report cannot be negotiated down and cant’t be considered as a hiden vice or worse, a liability if there is an offer because the buyer is reouted haven read the divulgation. On the other hand, what you don’t say that is revealed by a properly done inspection by a home inspector will cause the buyer to doubt and have a direct impact on the sale price you could get. In this situation, it’s better to disclose the state of the house as you know it, this will facilitate a smooth and uneventful sale.
Selling yourself or working with a professional
When you decide to sell your house, you have two choices: Sale by owner or hire a professional. Let’s look at each model more closely.
Selling yourself
If you choose to sell it yourself, let’s be honest, it’s because you think you can save the commission. However, here are some complications to anticipate.
1- Your time
Yes, you will have to invest time and energy in marketing your home. This means spending substantial expenses without guaranteed results that your property will be sold. You will be limited by your professional and personal schedule, which will have an impact on having less traffic. Less traffic, less offers and potentially less bidding.
2- Fair price
The question of putting a fair price is one of the most important elements in marketing your home. To do this, you must absolutely base yourself on sales that have taken place and that compare according to 4 major criteria. Given that the list of sold properties is reserved for a limited number of professionals, the risk of putting your house too high or too low is real and will impact you possibly losing more money than if you had paid a commission. Also, your impression that your house is unique brings no nominal value to the sale of your property and on the contrary, your attachment can cause the opposite effect and negatively affect its marketing.
Keep in mind that the worst enemy of a house on the market is time, the longer the house stays on the market for a long period, the lower the offer could be than your expectations. And for customers who often say to me, I’m not in a hurry, for now it’s probably true, 6 months after being put on the market, maybe a little less.
In addition, be assured that a buyer who is interested in a property will always seek to verify the condition of the house, whether it is through a professional inspection or a personal visit. Hiding information will only hurt the sale of your property and ultimately, your financial gain.
3- Knowledge
In 2022, the technological means to put a property on the market far surpass the simple act of taking photos and putting them on a website. In fact, the knowledge you possess in terms of marketing as well as sales numbers are limited by the fact that you probably have a completely different profession that has nothing to do with putting a property on the market. And if so, in the course of your life, you may have sold a few houses by yourself, but when it comes to juggling multiple offers or dealing with people who make it their profession, you may be caught off guard. Take a moment to consider this simple analogy: unless you have the skills to do so, would you change your brakes or transmission? Of course not. Yet, selling a property with all the elements that need to be taken into account (clauses, location certificate, etc.) can be quite difficult if not properly organized.
4- Traffic
Going forward on your own, as admirable as the idea may be, will inevitably have a negative impact on your project. With the dangers posed by selling a house on your own and the increasing number of lawsuits and judgments against sellers, do you really think an agent who has an agreement with a client will, if given a choice, go see your property? With the change in the law of real estate brokerage, which makes it mandatory to sign a buyer’s contract, for any buyer who wants their rights defended by their agent, do you really think the broker will guide the client to your home and if so, do you honestly believe that in addition to paying too much for your home compared to similar ones sold, the seller will pay an additional 3-6% commission?”
Selling with real estate professional
If you work with a professional, know that this person must respect their code of ethics and the Quebec real estate brokerage law. They must not put their own interests above those of their client and must conform to a clearly established code of ethics. They are an impartial party that should give you measurable, observable and quantifiable facts about the value of your house, but also on the strategies they plan to implement to sell your property under the best possible conditions.
1- Commission
Let’s immediately address the elephant in the room. On average, the cost of commission varies between 3-6% depending on the project. Of this amount, half is often given as a share to the collaborating broker, that is the one who brings the potential client. The direct impact on your project of this sharing is to have the maximum traffic, the main element to maximize the revenue potential of your home. Also, it is important to keep in mind that you only pay the commission when the sale is made and you have the ability to reject any offer that does not suit you throughout the exercise.
2- Marketing
We are in the era of digital 2.0, and in this context, there are a multitude of tools to ensure that your home is exposed to its full potential not only in terms of quality, but also quantity. This element varies greatly from professional to professional, so it becomes essential when you engage a professional to see what their service offering is. In my particular case, I do not hesitate to put the package together for each transaction, because for me, there is no difference between a two hundred thousand dollar condo or a two million dollar house for the simple and only reason that for the seller it is a major project that requires the best of oneself.
3- Negotiations
A professional with whom you have engaged or questioned should have established limits with you. In a transaction, everything is negotiable and a good agent will know how to navigate between emotional and intellectual interests when dealing with a potential client. This requires the individual’s ability to assess the person in front of them and elicit the necessary emotional state to take action. This art of persuasion is not given to everyone and you will have to evaluate this when you meet the person you have chosen to represent you.
4- Optimization
Did you know that certain repairs or improvements do not add value to the sale of your property? In fact, they could limit the number of potential visits? One example I often give my clients is a swimming pool. Besides, if having a pool is specifically for your own use, installing one thinking that it would add value to your project would be a mistake. Not only would you have an immediate depreciation of 50% of the purchase price of the pool, but you would also eliminate all people for whom having a pool, for emotionally personal reasons, represents a danger. In this aspect, it is important to know the key elements that truly add value to your property to minimize unnecessary costs.
In the end, whether to do business with an agent or to undertake the project yourself comes down to your own willingness to take that risk. However, if you want to sell and get the maximum price, working with a professional is probably your best bet. If you have a single-family home, a multi-unit building or a condo and you don’t want to worry about all the details, a professional can be the best choice for you. If you have any questions about how to quickly sell your house and prepare your house optimally to get the right price, contact us. We will be happy to help you start your plan.
Wanting to acquire a new property while still being an owner and having to part with it for the project to work.
The famous dilemma that horrifies all the people concerned, especially in a market that doesn’t offer a lot of product. It is normal for a person to be afraid and this fear is realistic. There are cases where the seller has ended up having to rent due to not finding a new home and everyone wants to avoid a bigger mortgage then what they can pay. However, there are many ways to ensure that this situation does not happen. For example, it is possible to put the possession far in the future, giving you time to look, or even better, to include a specific clause giving you full power to cancel the purchase promise without penalty.
What happens if no one shows up at your door? If you are unable to get the traction necessary to have prospects for the acquisition of your property, there are not a multitude of reasons. In fact, the problem is located on one of the 3 axes to generate traffic. Either the property itself is not attractive, so the state must be optimized to solicit the desire in the customer, either the marketing is not optimal or the price does not match what the market is willing to spend for it.
In any case, these are situations, yes anxiety-provoking, but they are resorbable quite easily. Never fear to talk openly and honestly with your agent, as he is there to represent your interests and help you move forward in your project.
Conclusion
In conclusion, your project to change property must be planned for its success, but above all enjoyable, as we are talking here of the biggest investment of the majority of citizens. Whether you sell yourself or not, take the time to validate all the solutions that are available to you. You wouldn’t take the first person to fix your roof would you? You would bring in some specialists in this field and look carefully at each service offer and what it includes. It is the same for the biggest asset you own, take the time to see the whole picture, meet several possible candidates. This will help you make an informed decision for the biggest project of your life, yours. Do you want to know more about what I can do for you? Don’t hesitate to contact me, I will be happy to take the time to explain to you how together we can make your project an extraordinary experience tailored to your needs