The DIY approach -- even in a seller's market -- is often frought with challenges, says property investment specialist Claude Boiron, offering his list of top tips for selling sans real estate agent.
• Prepare it for sale. Whether this means a thorough cleaning, de-cluttering, full home staging, or some renovations, remember that buyers are always going to be influenced by their first impression
• Take good pictures. Most buyers who go to see a property do so because they tentatively liked it, based on pictures they’ve seen online
• Get the word out. You can now find real estate brokerages that will put your property on MLS for a small fee. You should also create an online presence to market your property for sale, which may include a dedicated website and/or listings on free and fee-based property websites
• Be open-minded about paying a buyer’s agent commission (typically 2.5 per cent of the purchase price). If you’re not, you’re ruling out most buyers who have decided to use a agent for their search (and buyers are not used to paying their own agents)
• Be very careful with how you price your property for sale. In my new book, I cover 10 pricing strategies to use, depending on the type/condition of the property, how the local market is doing, and what your priorities are – a fast closing, maximum price, etc. If you overprice it, it may linger, and subsequent lowering the price may project desperation. If you underprice it (often done to incite a bidding war – which I am against) and you don’t get the type or number of offers you were hoping, you’ll find yourself in a bit of a pickle
• Consider the time and expertise you can bring to the table. Many people who try act as their own agents end up turning to real estate experts for assistance or to take over marketing of the property. You may decide that it is easier and more profitable to go this route right from the beginning (a real estate agent may not be able to get the same results after you’ve tried to sell your property yourself, since there is often a “tarnishing” effect from having it sit on the market)
This is an exerpt from the December issue of Canadian Real Estate Wealth magazine, specifically, the feature article "How good is your real estate agent?" Click HERE for more information and to subscribe.
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