11 Steps to Selling Your Home, Condo or Townhouse

Step 1: REALTOR® Selection and the CMA (Comparative Market Analysis)

When selling your home there are hundreds of details and if handled incorrectly the process can be cumbersome, stressful and full of pitfalls . . . to avoid all of these the first step is evaluating and selecting the right Real Estate Sales Agent. Ask your REALTOR® a lot of questions to ensure their experience and knowledge are a the right fit for you.

In addition to interviewing a REALTOR®, give them a tour of your home and provide them your thoughts on the value of the property. The REALTOR will then research and analyze other properties in the area that are similar to yours, make monetary adjustments for the differences and provide you with an estimate sale price. The whole process is referred to as a CMA and is entirely free with no obligation.

Step 2: Documentation and Pre-Listing Info

In order to sell your home, there is required information and documentation that we will need obtain from you. These include your legal identification, a list of any repairs that you are aware of which are outstanding, any past repair receipts (such as a new roof or furnace), any home warranty documents, a second set of keys, if applicable any lease agreements, etc. If you are selling a condo or condo townhouse, we will need a copy of the documents you have received from condo board or homeowners association. We can assist you with any further documentation needed.

Step 3: Preparing Your Home for Sale

If there are major repairs outstanding we will strongly suggest you have them professionally repaired before you place the home for sale. Or if you prefer not to have them repaired we can always offer a credit to the purchaser on closing for the repair.  What we don’t want you to do is hide them or forget to address any issue as this will make any prospective purchaser de-value the home in their mind and start thinking  “If that’s not been fixed, what else needs repair”. In addition to ensuring the home is in good repair the next best thing is to give your home a good cleaning, the goal is to de-clutter the home (store away knickknacks and any excess furniture), and ensure your home looks clean and well maintained.

Step 4: Listing Documentation

We will prepare and review the listing documents with you before you sign them. The listing agreement is a legally binding contract so if you don’t understand anything on the forms please just ask we are happy to explain them to you.  The contract will include the listing commencement and expiry date, your rights and responsibilities within the agreement and the compensation we earn when you sell your home.  Our listing agreements are standard agreements used provincial wide are written to protect the home seller and the real estate brokerage as well.

Step 5: Marketing of Your Home

The features of your home that made you purchase it should be mentioned to your REALTOR® and we will include them in our marketing, because the new buyer will likely also love them.  We will draft and prepare professional marketing materials and review them with you for suggestions or additional information that you would like to included. They key is to establish the value of the property through its features in the mind of the purchaser.

Step 6: Showings

Showings are inconvenient but necessary and Buyers always feel more comfortable if you are out of the house. So if you can take a walk, visit a neighbor of friend during the showings it will benefit you. With showings the number once rule is try to be flexible with short noticed showings as the more buyers we can show the property to the a higher priced sale usually will follow. If you find you need a break or a particular time won’t work just let us know and we will request to re-schedule to a better time for you. Buyers will understand if you there are those odd times a showing is not available.

Step 7: Continual Feedback

After about 10-12 showings, we generally have enough feedback to assess the effectiveness of the current market strategy, and if necessary we will make adjustments. Examples of adjustments are changing the marketing medium (newspaper vs. websites, etc.), the features that are highlighted, asking price, buyer’s brokerage incentives, etc. Your REALTOR ® will be pro-active in order to avoid having your listing go stale.

Step 8: Receiving Offers and Negotiating Effectively

When we receive an offer on your home we will contacted you and request a time to present the offer to you. The buyer’s agent request to be present during the presentation, however; it is up to you. Usually after some negotiations, the offer will be finalized. When negotiating we want to come to a win/win solution.  We will work to demonstrate the value of your property to get you the price you want.

Step 9: Conditional Items

It is very common for a real estate offer to be conditional on a few items. These typically include a home Inspection clause and/or a condition upon approval of buyers financing to purchase the property. It is normal that the buyer has a limited time to fulfill any conditions which usually is 5 -7 days. At that time your home will considered SOLD Conditional. We like to keep the conditional time period as short as possible, but it is important to give the purchaser a realistic amount of time to fulfill the conditions without extensions.

Step 10: Preparing for Closing

Upon the conditions being removed, the agreement of purchase and sale is now “firm” and now you can focus your attention on closing.  This would be an appropriate to follow up with your Lawyer and arrange an appointment a few days before the closing date. Also at this point you would want to fulfill any obligations in the contract that you agreed to. I.E. if you agreed to repair something, painting or cleaning etc, this should be completed before closing.

Step 11: Closing Day and Move Out.

Possessions usually occur in the afternoons between 3-5pm unless otherwise agreed to in writing. It is best to have your furniture moved out by early afternoon on closing. Keys are not released to the purchaser until after the money has been received by your lawyer and the transaction is recorded.  Your proceeds for the sale will be handled by your lawyer; if you are purchasing a new home at the same time, the lawyers will handle the transfer of funds to your new home purchase.

Contact Us About Selling Your Home, Condo or Townhome