Go Ahead but know what to do when you Sell it Privately

Benefits: On an Average
  • Listed by - Owner (save commission) pay yourself the commission saved.
  • Know more about the house than anybody else. - better position to talk about features of the home.
  • Offer commission to co-operating brokerage 1% - 2%. Saving .5% - 1.5%
  • Total savings when listed by owner - 1.5% (with no listing commission) - 3.5% (no listing or co-operating commission if direct deal with buyer) maximum.
Things to do:to get home sold for top dollar value.
  • Price your home to make it attractive.Know what strategy you want to use. List high and wait for offer, list at market value and wait for offer or list below market value to get multiple offer.Have their pros and cons. You absolutely have to know your market like the back of your hand.
  • Stage home.Get it in showcase condition.
  • Take highest resolution pictures. More the better.
  • Make video tour or virtual tour using latest technology and add voice over to have maximum impact.
  • Design and Print high quality flyers and brochures for distribution to prospective buyers.
  • Describe home using keywords that promote or enhance search engine optimization.
  • Lockbox for convenient showing.Allows buyers to see home without feeling uncomfortable by owners present. Be cautious before letting in or making appointment with direct buyers to ensure safety and avoid theft.
  • Maximum exposure to home via syndication promoting home on major home searching sites such as Realtor.ca, Home Finder, trovoit, point2 etc.
  • Network with top agents at conferences or through phone call and email.
  • Promoting home between in office agents(250+).
  • Neighbor only exclusive Open house - Creating hype in the area.
  • Broker open house - taking non biased opinion about the house and pricing strategies while promoting home.
  • Public open house -attracting prospective buyers doing comparison shopping over the weekend.
  • Email & phone follow up with brokers and buyers who saw the house.Collecting feed back from them while handling objections and soft negotiations to get an offer on paper.
  • Daily market knowledge to keep on top of competition and pricing for similar homes that have sold or are new on the market. Analyzing sales data of sold homes. Price points, days on the market, strategies employed so on send so forth. Speak with agents about their sold listings and gather insight.
  • Offer innovative specials to attract and retain prospective buyers interest.
  • Setup a instant follow up system and a regular follow up system.
  • Evaluate price based on response from the market and brokers.
  • Price change or re-list, know the benefits.
Once you have an Offer:
  • If a private buyer always have a mortgage pre-qualification before signing anything.
  • Avoids heartaches and emotional distress. You are bound by law to wait until the conditions are fulfilled, usually 5 days. Be cautious as you might lose on a better deal during those 5 days, if you do not pre qualify 100% of the time.
  • Never refuse an offer without talking to the co-operating agent, about the rationale behind the price offered.Gain insight into broker tactics and strategies.
  • Know who the buyer broker is and what reputation do they have.Know who you are working with drastically increases your chances to close the deal.
  • Detach yourself from the owner mindset and read the offer and conditions based on its merit.It's crucial to know what's happening in the market before you sit down to counter and negotiate.
  • Pre-plan your strategy and be attentive to the tonality, body language and emotion.Adapt to the negotiation to gain an upper hand.
  • Know what you can offer to close the deal based on your ability to read the buyer broker or client.
  • Never seem unreasonable or firm. Be professional and skillful.The outcome of what you will net is based on this moment.
  • Exercise due diligence and care.
  • Very Imp: know all the clauses and disclosures. Insert appropriate ones to protect yourself as a seller from an avoidable potential law suit, in the future. It might cost you thousands.Get the offer reviewed by a professional to protect your interests. Cost: couple of hundred bucks.
  • Know the paperwork involved to ensure all of them are complete with all signatures and initials.To avoid deal falling apart later.
After offer is accepted:
  • Ensure deadlines are met, else the offer is null and void.
  • Make sure all paperwork is in order.
  • Get the paperwork reviewed by a good lawyer to avoid any lawsuits in the future.
  • Remember the deal is not closed until the closing date.
  • Get packing :) you just Sold your home.
Aman Samra

Aman Samra

CENTURY 21 Green Realty Inc., Brokerage*
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