If you’ve been thinking about selling real estate in Toronto, then you just have to be familiar with the real estate selling process. I mean, doesn’t that just make sense?
That real estate selling process might have your head spinning trying to figure out where to start exactly. Even if you’ve already been through the real estate selling process before, you might still have real estate questions about what to do and when to do it because in real estate, because in this business, things are ALWAYS changing. Regardless of your situation, here’s what I think is the best approach to take when it comes to selling real estate in Toronto:
1. You need to decide which real estate agent you’re going to work with.
This is really the first step in making sure the real estate selling process is successful for you. You need to find an agent you want to work with
. I recommend not picking your uncle’s friend’s sister’s neighbour, but instead, working with a real estate agent that has the same values as you and understands what you’re looking for
. The point of us meeting is to see if we’re compatible with each other and if we will work well together. When we meet, I’ll check out your property and ask you questions so I can get enough information to figure out what we might be able to sell it for. I’ll also explain my real estate selling process in more detail, and go through some of my unique ideas
about how I would market your property.
2. I’ll prepare a ‘comparative market analysis’ report.
I’ll prepare an incredibly thorough and geeky (but also really interesting) analysis, which would outline how much I think your property would sell for based on comparables in your neighbourhood going back a full 2-4 years.
3. I’ll foot the cost for a consult with a professional stager.
In consideration of your schedule, I pay for a professional consultation with the be all and end of all of stylist/stagers who advises on how to best present your home for sale (painting, artwork, furniture layout, etc). We will then sit down and choose which suggestions to take and which to leave. Home staging and the great presentation we get by doing it will get you substantially more money from prospective buyers.
4. We’ll prepare your home for sale.
This is a big one. We’ll spend time decluttering, painting, cleaning, staging, and doing a preliminary home inspection. Selling real estate successfully takes work. Under my lead we’ll roll up our sleeves and get it gorgeous inside and out, and make sure potential buyers have all the info they need.
5. We’ll come up with a strategic price.
We’ll sit down all together, over a cup of green tea, coffee, Coke or red wine (your choice) and look at comparable properties to come up with a list price that will get you the highest possible purchase price.
6. I’ll get all of the marketing prepared.
- Photography – My professional (and seriously incredible and really nice) photographer takes all of the photos of your property. I’ll use these on all my marketing materials, on my website, etc.
- Lifestyle Film – I used to work as a Documentary Producer for the Discovery Channel, so using my experience in that industry, I guide my professional and incredible production team to film a unique lifestyle film inside your property for marketing purposes. Will you be able to tell that we were filming while you were gone at work that day? Not a chance.
- Mass Marketing and Advertising Push – I’ll print all of the feature sheets, floor plans, add the property to my website (this one here), and do all of my marketing and advertising pushes
7. The property officially goes on the market.
This is the exciting part!
8.I’ll be showing off your property.
Potential buyers, through their agents, book showings to see your property. After each and every one I personally follow up with every agent for feedback on how the showing went. My team and I will also host evening and/or weekend open houses to make sure we get a good amount of traffic through the front door.
9. I’ll handle the offers and negotiations of those offers.
Depending on what our selling strategy is, we’ll either wait for offers to come in, or we’ll hold back offers until one given night. We’ll all sit down together and go through line by line every offer, and then we’ll negotiate with the other side until we’ve reached a number you’re happy with.
Typically, deals can either be sold firm (there’s no conditions, and everyone involved is happy), or sold conditional (some things, like a home inspection or getting approved for financing, still need to happen before the offer is firm).
Once all the conditions on the contract are waived, we’ll reach a firm deal. This is when we crack open the bottle of champagne and celebrate – you’ve sold your home!
11. Before the closing date…
Everything that has to do with money in the real estate selling process goes through the lawyers. The lawyers meet to ensure all the financial aspects are in order, and the keys are given to the new buyers.
Before you move out, you’ll want to make sure that all of items listed in the offer are left at the property. If there are any issues, you or the lawyer should contact me asap so I can help get the final details sorted out.