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Top Tips for DIY sellers

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Guest | 09 Feb 2014, 02:38 AM Agree 0

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.
  • Jeff Gingerich | 11 Feb 2014, 06:00 PM Agree 0
    Interesting timing. I sat in on a seminar this morning with Toronto real estate lawyer Mark Weisleder. He says the DIY market is virtually nonexistent in Toronto as sellers rarely achieve multiple offers and buyers don't trust them as, unlike Realtors, they're not bound by a Code of Ethics. His opinion: DIY companies will disappear when the market turns.
  • Dawn Goodridge | 12 Feb 2014, 12:53 PM Agree 0
    I agree with Jeff. The DIY market is not doing so well in Ottawa either. Realtors have to do double the amount of work and still can get into trouble with the DIYer who doesn't declare everything or who is hiding something. The DIY companies, charging fees, don't seem to be being held accountable, the way Realtors are. We are paying huge Errors and Omissions Insurance, they aren't.
  • Claude Boiron | 12 Feb 2014, 01:02 PM Agree 0
    Hi Jeff, I fully agree with Mark Weisleder's comments.
    I'm in the Real Estate trenches - have been for more than 10 years - and I can say that DIY (or FSBO as they're more commonly referred to in our industry - For Sale By Owner) sellers are still very few and far between.
    As a top-notch Realtor, I can confirm that when it get just slightly tougher to sell a property, most current FSBOs will turn to a Realtor with the expertise required to get a deal done at a price, and on terms, which the Seller will accept.
  • DIY Grows | 12 Feb 2014, 04:50 PM Agree 0
    The Code of Ethics doesn't stop a real estate agent from calling the other agent and saying what is their maximum price. That is unethical but is routinely done. It also doesn't stop the agent from pretending they don't see water damage on the walls so they can close the sale. Reasons like this is why the DIY market is increasing. For Toronto because of its size and price I see the need for an agent but other than that DIY is just as good.
  • Gary | 13 Feb 2014, 10:34 AM Agree 0
    "Never ask the frogs to empty the pond"...only RE agents have commented...would be interesting to hear comments from a DIYer and someone who actually had good and bad experience with this approach.
  • Jeff Gingerich | 13 Feb 2014, 01:12 PM Agree 0
    DIY Grows - The Code of Ethics is to protect the consumer from exactly these sorts of undesirable behaviour. Consumers need to take the time to file a complaint so we get rid of the unethical agents.
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