Looking to sell your home but unsure how to begin? After living in a home for some time, it's common to overlook factors that can affect its selling price. While many envision a smooth, effortless sale process, the reality is that it can be complex, time-consuming, and involve numerous elements. By working with a realtor, you gain the advantage of maximizing your property's value. Realtors possess market knowledge and can provide valuable guidance to prepare your home for a successful sale.
Is a REALTOR® and a real estate agent the same thing? Not exactly. A real estate agent is a licensed professional who helps with real estate transactions. A REALTOR® is a member of the Canadian Real Estate Association (CREA) and must follow the organization’s strict standards and REALTOR® Code of Ethics. That said, not every real estate agent is a REALTOR®, but every REALTOR® is a real estate agent.
How Will a Realtor Help Me Prepare My Home to Sell?
Embarking on the journey to sell your home involves several crucial steps. We take you through the process and discuss what to expect from your agent so you can increase your chances of a successful sale.
Identity Goals and Timeline
A real estate agent will schedule an initial consultation to identify your needs. They will interview you to understand your reasons for selling and your timeline. For example, if you want a quick sale, the agent may recommend pricing the property slightly below market value to attract more potential buyers. When touring the property, an agent will observe and ask questions to better understand the home’s current condition, including any upgrades or renovations. This will help the agent manage the seller’s expectations and provide valuable advice on achieving the best possible outcome.
Conduct a Market Analysis
A realtor will typically conduct a market analysis to set the ideal price for your home. A Comparative Market Analysis (CMA) is an essential tool to determine the market value of a property. They will identify Comparable Properties (Comps) recently sold in the area with similar features, including the number of rooms and bathrooms, size, time of construction, and style. The realtor will then adjust the selling price based on comps. For example, if you have a newly renovated kitchen, the estimated value will be higher than a comparable home. They will also consider other market factors, like the number of similar properties for sale, average days on the market, and the general trend of the local real estate market. The realtor will compile their findings into a CMA report and provide you with the estimated market value of your property.
Develop a Pricing Strategy
Real estate agents have experience pricing homes and negotiating deals. They can leverage this knowledge to set a price to attract offers while leaving room for negotiation. A skilled realtor might recommend listing the property below market value to attract multiple offers. This strategy can create a bidding war, potentially leading to a final selling price above market value. An expert agent can maximize the seller’s profit by asking all potential buyers to submit their best and final offer by a specific deadline or negotiating with each buyer separately to push the price up. They can grab the interest of a wider group of prospective buyers and stimulate competition.
Recommend Home Improvements
An experienced realtor can suggest ways to improve your home’s appeal. Fresh paint can do wonders as it brightens a home and makes it more inviting. Remodels can be expensive, but minor upgrades like new countertops, updated backsplashes, or modern appliances can increase your home’s value. New fixtures in the bathroom or a new vanity can make a big difference. A realtor can also guide you on how to stage your house. This includes decluttering, rearranging furniture, or even hiring a staging professional. Stagers know how to highlight a home’s strengths and downplay its weaknesses. They can also help potential buyers visualize how they might use different spaces in the house.
Boost Marketing Efforts
Real estate agents have a broad network that can get your property in front of many potential buyers. They have access to Multiple Listing Services (MLS), widely used databases in the real estate industry. Many realtors hire professional photographers and videographers to capture your home’s best features. They may also use drone photography for aerial shots, create virtual tours, or use 3D technology to provide buyers with a comprehensive view. They utilize online marketing strategies, such as social media promotion, email marketing, and targeted ads, to reach a more diverse audience.
Agents help clients evaluate offers and counteroffers when negotiating, ensuring they get the best possible deal. For instance, a seller may receive multiple offers from potential buyers. The agent can help guide the seller through choosing the right offer, perhaps the one with the fewest conditions rather than the one with the highest dollar amount. This approach can help the seller to quickly seal the deal with less hassle or back-and-forth if this is the seller’s priority.
RE/MAX has offices in more than 100 countries and boasts of real estate professionals who are among the most experienced in the industry. We work towards finding you an agent who understands your needs and can guide you through the complicated home selling process.