It’s no secret that real estate is a complex market, especially for those who aren’t privy to all the rules, regulations, standards and expectations that come with it. Fine Homes Real Estate is staffed with some of the brightest and most accomplished agents in the field, and we’ve developed some of the most reliable strategies for helping individuals sell their homes, regardless of current market conditions.
In order to better understand the level of service, reliability and results that Fine Homes Real Estate is so well known for, we’ve decided to give readers an inside look into just some of the tips we stick to during our day-to-day operations. It’s all about strategy, and knowing when to use one, or several of these tips at any given moment. Read on to learn more.
INSPECT YOUR HOME FROM TOP TO BOTTOM
Sellers may be tempted to leap headfirst into the market with a sticker price and the best of intentions, but doing so without a home inspection could prove problematic. First, there’s the issue of quality to consider. Chances are, your interested buyers aren’t going to sign on the dotted line unless they’re absolutely sure the house is in good working order. Therefore, it’s good to perform a home inspection to identify any problems that need fixing, before the buyer does. If these problems surface midway into negotiations, it could cause the buyer to pull out and move onto a second choice.
On the flip side, home inspections that do lead to fixes can actually be a good thing, since it justifies a higher asking price. For instance, if you perform major renovations on the home, it will signal a boost in the property value, and please buyers who will not have to deal with those fixes on their own. Consider home inspections to be a value proposition, since no matter which angle you view them from, they will eliminate a lot of headaches in the selling process.
BE REALISTIC WITH YOUR PRICES
The Canadian real estate market has remained hot for a very long time, and that has caused many would-be sellers to over-inflate the price of their homes in an effort to cash in big. While it’s always advisable to price your home confidently, care should be exercised not to price yourself completely out of the market at the same time. Always remember that buyers are constantly in the process of weighing each individual property by its merits, before comparing prices. While your house may be the dream home they’re looking for, many buyers would gladly choose an alternative if your price is too high to justify.
At the same time, be sure not to price your house too low, either, as you may miss out on a very lucrative sales deal, and have less money to put towards your next home. Fine Homes Real Estate understands the importance of operating strategically, and that means studying the market before deciding how best to price a home. We take into account everything from location, proximity to schools and amenities, and so much more. From there, we help sellers determine a price that is both realistic, lucrative, and negotiable.
BALANCE POLITENESS WITH PRACTICALITY
Fine Homes Real Estate understands that the process of buying and selling homes is built upon a foundation of institutional trust, and that extends to the two parties involved, as well. Sellers will need to be polite, courteous, and considerate when accommodating the needs, demands and concerns of buyers. Once a potential deal has been signaled, sellers should take care to balance their own needs with that of the buyer. This usually plays out during the offer and counteroffer phases, where the most important negotiations take place. There are times when buyers will submit an offer that is below acceptable, at which point buyers will initiate a counteroffer until a deal can be made.
However, sellers shouldn’t place all their apples in just one basket, or in this case, one buyer. If you have other buyers lined up, you’ll want to apply a deadline to your counter offer so that buyers have time to make a decision, while still giving you room to court other buyers who might be interested. Fine Homes Real Estate operates on the premise that multiple buyers tend to be willing to pay different amounts for the same house, and losing out on a buyer who is willing to pay more would leave the seller at a disadvantage. If you’ve priced your home accordingly and believe a buyer is lowballing you, be prepared to walk away and court other buyers instead.
SWEETEN THE DEAL WITH ANOTHER DEAL
Sellers often forget the financial challenge of buying a new home, especially their first one, and their prospective new buyer may not exactly be flushed with cash after finalizing a deal. This may also lead to hesitation on the part of the buyer who would otherwise be willing to close, especially if they’re less-than-enthusiastic about your final asking price. In this instance, you can offset their concerns by offering them another deal, such as paying closing costs.
It may seem small, but it’s a perk nonetheless, and one that the buyer won’t have to shoulder once the ink has dried. Closing fees tend to include inspection fees, attorney fees and appraisal fees, all of which can add up after the house has been purchased. Remember that as the seller, you will be in a position of financial advantage, so be sure to use the offer to pay closing fees as a strategic move in order to convince the buyer to close. It’s not just a smart business decision, but it’s also a kind gesture towards the buyer.
KEEP IT PROFESSIONAL
Selling your home is usually an emotional affair, but the stress of it can show. Conversely, buyers are under self-imposed pressure to make the best deal they can, and attain the house they most dream of, without any problems arising. Fine Homes Real Estate recommends that sellers keep things professional at all times, so as not to exacerbate this stress. Besides creating a smoother selling experience, it will also prevent buyers from detecting your stress levels, which may prompt them to try and negotiate for an even lower price.
It’s roughly the same principle as buying a brand new car from the dealership. Once the salesperson spots a buyer salivating over a bright red sports coupe, the bargaining power of said power deteriorates. Remember that you are involved in a business transaction, regardless of how emotional you are over letting go of your home, or the stress involved with the process. Hiring a real estate agent can drastically reduce the amount of stress you’re forced to endure, which is why we always recommend that sellers choose one, rather than go solo. Speaking of which…
HIRE A REAL ESTATE AGENT
The simple truth is that we here at Fine Homes Real Estate are so confident in our abilities and track record, to the point where stress simply isn’t a factor. Working with Fine Homes Real Estate means you can remove yourself from the sale, and instead rely on us to do the heavy lifting in the forms of showings, negotiations and paperwork, while you focus on your next big life move. You may think you’ve got the chops to handle the sale by yourself, but you may inadvertently miss vital things that could cost you more stress, a lower selling price, or both.
Fine Homes Real Estate understands the market as it is at the moment, and we adapt accordingly. Through thick and thin, good economic periods and bad ones, we know how to price, market, and negotiate home sales on behalf of our clients that leaves them, and their buyers happy and fulfilled. We’ve shared a few of our tried and tested tips with you today, but ask yourself – would you rather attempt these on your own, or leave the sale of your home in the hands of a team that does it every single day? The choice, we’re sure, is obvious to you. Contact us today, and let us help you sell your home for the price you want!