Market rates for buying property in Toronto and the GTA are once again at the lowest they’ve ever been historically. Properties are in high
Here is part 2 of 3 -the most common mistakes made when selling your home! If you haven’t read part 1, click here to see mistakes number 1 to 3.
If you’re selling your Toronto, Oakville or Etobicoke real estate (or getting ready to put your property on the market), there are many things to think about, to prepare for, and to organize. To avoid the pitfalls when selling your home, Andrew Doumont at Onepercentguys.com will break down the 8 most common mistakes. Below are mistakes 4-6
MISTAKE #4 – MISTAKING LOOKERS FOR BUYERS
“For Sale by Owners” generally get more activity than houses listed with an agent. Realtors only bring qualified buyers. A qualified buyer is one who is ready, willing and able to buy your house. We find that most people who go looking at “For Sale by Owners” are just starting to think about moving. They may be good buyers, but they’re 6-9 months away from being ready.
They don’t want to bother an agent yet, so they call the “By Owner” ads to get a feel for what’s available. Many potential buyers may have a house to sell first, or may need to save some more, or may have credit that needs fixing. When everything is in place, that’s when they go out looking with a Realtor.
An agent will ask a buyer how much they can really spend for a house, how much he or she has to put down, how good their credit is, how much they can pay each month, how much they will realize (realistically!) when they sell their present home – and about a dozen other questions like that. But unless the realtor finds all the facts first, you must ask all these questions before the buyer crosses your threshold. Otherwise, you may have a parade of Sunday afternoon shoppers with a dream of owning a home some day.
MISTAKE #5 – SIGNING A LISTING CONTRACT WITH NO WAY OUT!
Many times an agent will have good intentions about marketing your house, but circumstances can change. There might be a death in the agent’s family, or the agent may decide to quit the business. In these cases where the agent couldn’t or wouldn’t perform, you should have the right to fire your agent. In some companies the broker will assign your listing to someone else in the office, someone you didn’t personally select. Always protect yourself by getting a guarantee of performance with the right to cancel.
MISTAKE #6 – LIMITING THE MARKETING AND EXPOSURE OF THE PROPERTY!
The two most obvious marketing tools (open houses and classified ads) are only moderately effective. Surprisingly, less than 1% of homes are sold at an open house. Agents use them to attract future prospects, not to sell your house!
Advertising studies show that less than 3% of people purchased their home because they called an ad. And if the machine answers, most callers hang up without leaving a message. The right Realtor will employ a broad spectrum of marketing activities, emphasizing the ones that he/she believes work the best for you and your particular property. There are dozens more effective ways to find buyers than just open houses and print advertising.
By the way, the realtor or a trained member of their staff will be there every time the phone rings. Did you know that most calls come up during business hours when vendors are away at work, and many home showings are between 9:00 and 5:00, Monday to Friday?