makes mistakes - that's
just part of being human. However, when it comes to
selling your home (possibly the most expensive thing you will
ever sell), a simple mistake can cost you a very large
amount of money. Here are some of the more common mistakes
which are easy to make, but will now be easier for you to avoid:
1. Limiting your
marketing opportunities and exposure
sign! No Open Houses! Showings only between such and such a
times, circumstances dictate that showings must be put on a
schedule. Most times this happens when a property is tenanted.
Because tenants have no control about the property being
sold, it can be frustrating for them to have people through.
We will often try to accommodate showing times with a
tenant's schedule. While most buyers understand the need for
tenanted properties to limit showings, they do not expect any
other properties to have the showings limited, unless there are
special circumstances. Showing restrictions are in most
cases viewed as a seller not being serious about selling.
When buyers are ready to look for that perfect home and do
an offer, they want to see all they can so that they do not
80-90 % of buyers do their home search on the internet, once
people have made a conscious decision to buy, they all of a
sudden start noticing signs on lawns. Many people will drive
around the area they want to be in, specifically looking for
"For Sale" signs, or they will see a home on the
internet and want to do a drive by first. When there is no
For Sale sign on the lawn, without question, you are
missing out! The
exposure a sign can give is tremendous. Those who do
not wish to have a sign usually do not want their neighbours to
know they are selling. But
those living near you will know soon enough, and in the
meantime, your home will take longer to sell, and risk becoming
a "stale" listing that gets overlooked.
this the house that is for sale? Yes, it is.
houses are usually done for a couple of reasons: it makes the
seller happy to think something is being done and it allows the
agent to try to connect with a few buyers that come through, in
hopes that they can get a few new clients. We do
Open Houses for different reasons. Firstly,
we want your neighbours to come in to see your home! Why?
Because we have found that neighbours like to have a say in who
moves into the neighbourhood, and once they know about your
home, they will start to tell those they know about how great a
place it is! We also
have seen first hand where buyers come in to an open house
because they didn't want to "bother" their agent, and
when they like the home, go and call their agent, who does up an
offer. We love that, because we have been able to promote your
home to those coming in, telling buyers a bit more about
the home than can be found on the MLS® listing, and we have
helped sell your home! We also do our open houses a bit
differently than most real estate agents. We try to do an
open house the first Sunday of the listing, from 2-4 pm. After
that, we have found that we have more success in getting those
who are seriously looking by holding our Open Houses from
1:00-2:30 rather than 2-4, when people are out with their
visiting relatives looking for something to do. Many times
we have people waiting for us to open up at 1 pm, and we are
told that this allows them to see our property and not be rushed
during that 2-4 period. We track where those who
come into our open houses find out about it, and most of the time
it is through the internet.
Assuming that a "Looker" is a "Buyer"
it only takes one buyer to love and want your home, most
likely it will not be the first person through. We have
had several really good years of brisk markets where multiple
offers are the norm. Sellers are becoming conditioned into
thinking that their property will sell after the first or second
showing. And certainly that can happen. But consider
these scenarios: a real estate agent is out with a
buyer for the first time, showing them homes in different
neighbourhood, since the buyer is not sure of where he/she
wants to live; or the buyer is unsure of what type of home
they want and needs to see several; or they may be weeks/
months away from buying but need to see an occasional home to
know what they want. Transferees
or those coming from out of city/ province will have only a few
days to find a home, and so will want to see all they can for a
couple of days before settling on one. And some Open
Houses are flooded with folks out for a Sunday drive, just
looking for the sake of looking! Be patient.
Be well priced, be accessible, have your home in tip top shape
and a buyer will come!
Overlooking market conditions and trends
Spring! We watch for
birds to arrive, for the grass to turn green and For Sale
signs to go on the lawns! While
any time is a good time to sell, spring is definitely the best.
The spring market can begin anywhere from February to April,
depending on so many things- the economy, the weather, interest
rates and here in Ottawa, politics. And don't overlook
what's trendy! Ottawa happens to love attached homes, in
fact most years there are more new townhomes being built than
detached homes. Ottawa loves townhomes! And now condos are
"where to be", whereas about 10 years ago they were
not very popular. Currently there are many new condos being
built and the resale condo market is booming. Another
consideration is how long it is taking for homes to sell.
At some times of the year it may take on average 20-30 days
to sell, other times it might be 60-90. And what is
the norm for one neighbourhood may not be the same for
another. We are here to tell you about the current
market, to offer advice as to how to interpret what is
happening, so you can make well informed decisions.
Choosing a Realtor®
who gives me the highest price
desire to make a lot of money on a sale is in us all.
We all want as much for our homes as we can. Chances
are you've heard about what others on the street have been
selling for, or what others have sold for in other areas.
Many times, a Seller has over-improved the home with expensive
finishings, thinking that they were going to stay in the home
"forever", and so now hopes to get it
all back. All of the money you have invested as a Seller
to fix up your place, though, may not necessarily get a
return of it all. A real estate agent should be honest
with you. When choosing a real estate professional to
market your home, are you looking for the person who gives
you the highest price? We
would rather give you an honest answer rather than an
overinflated price, hoping that it appeals to a seller's desire
for profit. We hate having to reduce the price of your
home once or several times to get it to where it should have
been in the first place. We know that in the meantime, days
and weeks have been wasted and buyers have looked
elsewhere, while your home has sat and become stale. The
most activity is usually within the first 2 weeks when the
listing is new. Over the past few years we have noticed
that if there are a fair number of properties on the market,
buyers will be hesitant to put in a really low offer, hoping a
seller will come down. It's many times easier to buy something
that's well priced from the start. Don't be
fooled into thinking that the one with the best price is the best
Assuming a Bank
Appraisal or MPAC Tax Assessment is your home’s value
bank does an appraisal for the purpose of lending a mortgage.
They want to know that in the event that the seller defaults on
his mortgage payments and the bank ends up owning the home
that they will be able to sell the home for more than what the
mortgage is for. So at times a bank appraisal will be
lower than the actual market value. On the other hand a
Tax Assessment is done so the city can determine your taxes.
It too is not always a true reflection of what the home's market value is.
In fact, the tax
assessment can be a hundred/ several thousand dollars less
than the market value price. There are two ways to
really find out what your home is worth. (1) You can
contact a certified appraiser and pay for an appraisal
( we can recommend several to you), or (2) you can
have a real estate agent do a Market
Value Analysis as part of their marketing plan. A Realtor®
will compare your home to those currently for sale, those having
sold recently and those which have not sold, and will take into
consideration many other factors to come up with the market
value of your home.
to "showcase" your home
most of us love our homes, our taste is our own and not
everyone will love it as much as we do. Since the
proliferation of home improvement and staging TV shows, the
majority of buyers want to find a home they can just move
into. One that looks like the magazine or TV show they saw.
Several years ago buyers preferred to find a fixer-upper, so
that they could make it into what they wanted. But the trend now
is to find a place that feels like home, where improvements
are not necessary immediately. So think of where you could
store some of your furniture or belongings while the house is on
the market. Do you need to have a garage sale, donate to the
Salvation Army or St. Vincent de Paul? Perhaps you need
some Frogbox bins or PODS portable storage, or to ask family if
you can borrow a corner of their basement for a while.
Then get started at de-cluttering. From the front door
through the rest of the house, remove nic-nacs, get rid of
as much clutter as possible, and move furniture so that the rooms
look larger. Try to see your home through a buyer's eyes.
Do you need to hire a stager? Do
you need to paint/ do touchups, wash windows? A home that
shows well will sell faster and for more money. A little
effort on your part will pay off tremendously!
underestimate the power of little changes like updated
paint and simplified decor.
times when a home sells the first day or so, we will hear
comments like "we should have asked for more money".
In reality though, a quick sale usually means the home
was well priced! A
home that is overpriced at the start is very much disadvantaged
for several reasons. Firstly,
most of the showing activity happens during the first 2 weeks. Buyers
know that Sellers are reluctant to come down much in price
during that period, and so they would rather put an offer
on a home that seems to be at market value than
overpay for a home. Secondly, once the price starts to be
reduced, buyers may feel like the seller is “desperate” and
will now bring in a low offer, or they may see the price change
and want to wait until it “drops further”.
is wants a bargain! Most families have tried no-name household/
food products and know that many are just as good as the brand
name. But it's also well known that there are
some things in life that are worth paying for.
Reputation, high standards and quality results are not
something we take lightly!
Typically, when you list your home for sale, part
of the commission is offered to the agent who brings in the
buyer. Our business
model is one of doing our utmost to expedite a sale, not just to
put a sign on the lawn. When
you list your property for sale with Barb and Jenn at Royal
LePage Performance Realty, we are part of a full service real
estate company with proven market share.
We are a brand that is world wide; our office is locally
owned. We set high
standards and have the benefit of non-selling managers who do
not compete within the company and are always available should a
difficult situation arise. It’s just one of the many ways that
set us apart!