This information is based on Larry Matthews' 29 years experience as a licensed real estate broker. Real Estate laws, trade and practices may be different in your location. This information applies to the Province of Nova Scotia, Canada. Most of the applied common sense applies everywhere.
The Real Estate industry in most of North America operates basically the same utilizing an MLS System (Multiple Listing Service) where by members of the real estate companies exchange information and co-operate with each other listing and selling real estate as a commodity. The MLS listing is an exclusive listing with one company where the owner agrees to distribute the information on his/her property to other Realtors who may sell the property to their buyers (selling agent). The owner always deals with their company/agent (listing agent). All negotiations are carried out in writing as in Nova Scotia all contracts pertaining to real estate have to be in writing in order to be legal and binding (Statue of Frauds). This is an exception to normal contract law and this is why Real Estate Brokers are in existence or I should say one of the main reasons.
Over the ten years the industry has changed and evolved from a time when all Realtors represented the seller to present day were the Realtors roll is more defined by agency and disclosure is mandatory as per our standard disclosure form. From a time when little knowledge or training was required to present day where there is mandatory licensing and annual upgrading to insure licensed Realtors are equipped to handle today's complex real estate industry. Selling a home has become an involved process and Realtors are the professionals who are trained to help you through that process. This briefly is a description of organized real estate and how it works. There are reasons why over 95% of real estate transactions are done through a real estate broker as compared to a private sale where the home owner sells their property on his/her own.
|These are some of the benefits of listing your home with a Realtor:
1. Realtors work full time selling homes.
2. Realtors offer exposure to the MLS system. The most effective real estate marketing tool available.
3. Realtors are normally always available to show your property even if you are away.
4. Realtors screen prospective buyers and in most cases make sure the buyer is pre-approved for a mortgage. Harder for a home owner to verify.
5. Realtors are better equipped to compare your home to the competition (other homes listed for sale). Buyers are not normally direct with a home-owner.
6. Realtors are acting third party and able to negotiate without emotion, friendships or personality clashes.
7. Buyers know that the home owners are biased towards their home and its value. Buyers are inclined to believe a Realtor over a home owner.
8. Realtors are experts in writing contracts, obtaining financing and arranging for a successful closing.
Most homesellers want 3 things:
1. The most amount of money
2. With the least amount of hassle
3. In the least amount of time
Organized real estate has evolved to meet that goal. 95% of homesellers come to that conclusion. Most private sellers do so to save the commission and net more money but in most cases a buyer will not let the homeowner save the commission. Trying to negotiate a price lower because there is no commission involved and actually using that as a negotiation ploy to get the owner to lower his price. In most cases very frustrating for the owner.
Well, that is our spin on organized real estate and the benefits of using a Realtor. We of course hope if you decide to list you will choose our firm. Next I will deal with what you need to consider when selling your home and our firms particular philosophy in that regard. There are 3 main aspects of selling your home. The 3 P'S
|PRICING PRESENTATION POSSESSION
PRICING- Here, I find usually two types of home sellers. "We will sell our home if we get enough money". No real need to sell and under no pressure to sell. OR "We need to sell our home". Much more motivated. Maybe transferred, money's tight, etc. Selling your home can be a frustrating experience if you're anxious to get on with your life and you're held up because your home is not selling. Pricing your home is not just a case of this is what your home is worth as some Realtors may suggest, it is more complex than that with the more important factor being your particular circumstance in relation to market conditions at the time you are trying to sell. Where do you want to price your home in relation to your circumstances and current market conditions. Our job is to help you get top dollar in relation to your circumstances and need to sell. It is not reasonable to price your home at the "we will sell our home if we get enough money" level, and be in a "we need to sell our home" position. that is an exercise in frustration. In simple terms, overpriced and in a hurry to sell. My experience has taught me that it is not always about the money, sometimes getting things settled and getting on with our life is more important.Have you ever seen a hearse with a U-Haul? I haven't.
PRESENTATION- Once you've determined your asking price you need to be prepared to present your home for public viewing. Showings to prospective buyers...house keeping does matter. Make sure your home sparkles. If you both work, get someone in to give you a hand. Kitchens and bathrooms should be bright and clean. Any minor cosmetic repairs should be looked after. If you are on a well have your water tested for bacteria, if on a septic, have your tank pumped. Have the water test and receipt for pumping the septic laying on the kitchen table along with color photos of the property at the prettiest/or most scenic time of the year. Today most buyers have a home inspection done so be sure and disclose any problems such as water in the basement, repairs required, etc. Make your home as bright as possible when buyers come to look. Open the drapes, turn on the lights. Make sure you use natural air fresheners such as potpourri, or bread in the oven, not scented or perfumed as many people have allergies today. No pets please! Yes we all love them but "Murphy's Law" assures the buyer won't.
The most important aspect of presenting your home to the buyer other than the basics is how the buyer feels. They have to feel at home. That special feeling comes from all the little things that make a house a home.
POSSESSION- Now, the buyer has said yes they'll buy...when can they move in? 30 days.. Oh No! You don't know where you are going. Have a plan. Possession is one of the terms to be negotiated but do not leave it to chance. If you have a place to go and plan to store your furniture while you build, check out the cost. If you're buying another home organize your closing so you can move from one house to another.
Call us if we can help!
Elmsdale (902) 883-2287
Shubenacadie (902) 758-3366