Home Selling Essentials
Selling a home is one of the largest financial transactions you will make in a lifetime. To maximize the return on your investment it’s important to educate yourself on the basics on the home selling process.
Sotheby's International Realty Canada will showcase your home to more quality buyers than any other real estate company in the world. Steven Hill offers the highest calibre of service, discretion and marketing, regardless of your home’s size, neighbourhood or price point.
Step 1: Prepare Your Property for Sale
It’s important for essential property repairs, cosmetic improvements and in some cases, major renovations to take place. This will help you maximize your financial return and increase the chance of it selling faster.
To ensure you prioritize your time and financial resources on projects that will maximize the value of your property, and avoid “over-improvements” your Sotheby’s International Realty Canada associate, Steven Hill, can then provide you with advice on the required updates and repairs specific to your property type and neighbourhood.
> General Guidelines
• Repairs and improvements should be made so the property shows well and is consistent with the neighborhood’s standards and preferences. At the same time you should minimize capital investments and over-improvements that may not be recovered from the sale.
> Condo Documents
If you are selling a condominium, you will also need to prepare the detailed documentation relating to your unit and Strata Corporation in advance, as potential buyers and investors will request them in advance of writing an offer or before removing “subjects” on a Contract of Purchase and Sale. These include:
• Title search
Step 2: Your Pricing Strategy
Ensuring your home sells at fair market value within a reasonable period of time is dependent on your pricing strategy. Steven Hill of Sotheby’s International Realty Canada will help you create the ideal strategy based on the following factors.
> Determine Fair Market Value
Fair market value is the price a buyer is willing to pay for a home given its condition, recent comparable sales and listings, and the local real estate market.
> Comparative Market Analysis
To calculate the fair market value of your home, Steven Hill of Sotheby’s International Realty Canada will prepare a Comparative Market Analysis (CMA) report summarizing properties in your area with similar square footage, construction, age and condition that have recently sold or are currently on the market. Recent comparable sales and listings are two of the most important factors impacting fair market value. Comparable listings that expired before they had a chance to sell also offer an indication of the fair market value of your property.
> Extraordinary Homes
There are some extraordinary homes and estates that have few or no comparables. In these cases, preparing a CMA requires specialized expertise that an experienced Sotheby’s International Realty Canada associate like Steven Hill can provide. If your property falls into this category, please contact Steven Hill directly to schedule a complimentary consultation.
> Local Market Inventory and Trends
Other factors that may influence the fair market value of your home include whether it’s trending towards a buyers’ or sellers’ market, the number of similar homes on the market, interest rates and the overall lending climate, the average number of days similar properties are on the market, and whether similar properties are selling for above or below the asking price.
> Price Your Home
Determining your home’s listing price is one of the most critical decisions you will make in your sales and marketing strategy, and should be done in consultation with Steven Hill of Sotheby’s International Realty Canada.
> The Risk of Overpricing
If you overprice your home above its fair market value, potential buyers and real estate investors will compare it unfavourably against recent comparable sales and listings. The risk is that your property will linger on the market for longer than what is typical for similar listings, stigmatizing it as an undesirable or blatantly over-priced property as a result.
Step 3: Marketing Plan Essentials
Today’s real estate buyers are local and international, and are looking for homes through traditional and digital channels. To achieve top dollar for your home, it’s essential that you maximize the exposure of your property to them.
> Your Marketing Plan with Sotheby’s International Realty Canada
In addition to offering basic marketing services available through other real estate companies, Steven Hill of Sotheby’s International Realty Canada will build a customized marketing plan for your home that is tailored to reach the most relevant and qualified real estate buyers through online, social media, mobile, print and traditional marketing.
> International Marketing for Every Listing
Our sales and marketing program reaches buyers and real estate investors from coast to coast and from continent to continent with over 800 million annual online impressions and dozens of premier publications.
> Unrivalled Online Marketing: Over 1 Billion Annual Impressions
Our company goes above and beyond the basic lawn sign and MLS exposure offered by other companies. We make a
> Exclusive Print Advertising
From prestigious international print publications such as The New York Times, Wall Street Journal, Financial Times to publications in your community, we offer our clients local, national and international print advertising opportunities that are carefully curated to reach qualified audiences, including publications that are exclusive to the Sotheby’s International Realty network.
> The Power of Our Brand
Our brand is synonymous with quality and prestige, and the marketing for your home—from professional photography to video tours, property brochures and print advertising— reflects this tradition of excellence.
> Marketing Reports & Accountability
I commit to regular and transparent communication with every single one of my clients. From the moment you list
Step 4: Showings and Open Houses
Once your home is listed on the market, Steven Hill, Realtor of Sotheby’s International Realty Canada, will advise you on how showings and open houses fit into the marketing and selling strategy and will work with you to facilitate them. Feedback on your property will also be provided from prospective buyers so you can adjust the presentation of your home, or its price, accordingly.
Step 5: Offer Basics
The offer you receive will include: the legal name of the potential buyer(s), the legal name of the seller(s), the legal civic address of the property, the price the buyer(s) is offering to pay, desired inclusions (items in or around the home that the buyers wish to have included in the sale, such as appliances, lighting fixtures or window coverings), amount of the buyer’s deposit, desired dates the potential buyer would like to take legal and physical possession of the home, legal “subjects” or “conditions” upon which the contract becomes final (such as satisfactory home inspection report or financing approval), and the date the offer expires.
You can respond to an offer in one of three ways:
Step 6: Negotiating Offers
Steven Hill of Sotheby’s International Realty Canada will help you assess each incoming offer to determine whether it’s the right one for your unique needs and circumstances.
Step 7: Close the Deal
The closing or completion day is the day the buyer takes legal possession of the property.
You will need to select a lawyer or notary to help you complete the sale. If required, Steven Hill of Sotheby’s International Realty Canada can provide recommendations, and provide the lawyer with a signed copy of the contract.
> Completion (Closing) Day
On completion day, legal ownership of your property will be transferred to the buyer. Your lawyer or notary will receive funds for the sale from the buyer’s lawyer or notary, and your lawyer or notary will provide you with a statement of adjustments. This list itemizes all costs payable at completion, including legal fees, taxes and other completion costs.
> Closing Costs
Closing costs associated with selling a home include adjustments, real estate commission, mortgage discharge fee,
> Possession Day
On possession day, your Realtor, Steven Hill of Sotheby’s International Realty Canada associate will help you coordinate the handing over of keys to the buyer.