Deciding it’s time to sell your home is rarely an easy task. And that is just the first step of the home selling journey.
Covered here are the typical steps to listing your home for sale. Each and every home is different and therefore has specific needs. While these are the most common steps in the selling process, depending on your own property, the Listing of your home can sometimes differ in some instances.
1. Decide it is time to Sell
Every seller has a different reason. A Job change, Family Size, Personal Needs, Change of Location, etc, or a combination of a few. Either way, for the most part, it can be an emotional journey. For this reason it is important to find a professional who is not only knowledgeable but also someone who you trust & feel comfortable with to help you along the way.
2. Select a Real Estate Sales Representative to work with
Most times you might already have someone in mind; a referral from a trusted friend, or a Sales Representative you have already worked with in the past. It is always helpful to sit down and discuss your individual situation with a REALTOR and get a feeling for how well you will work together. It is important to hire someone who listens and understands you, and who you feel comfortable asking even the simplest questions to. Your REALTOR ‘s responsibility is to help YOU along the way.
If you do not have a REALTOR in mind, as around. Seek insight from trust friends or coworkers. Call a few of the names that come up and speak with each one to see who you feel most comfortable with.
3. Determine Your Property’s Market Value
Each property is unique so there is no standard template for pricing either. Establishing the best listing price for your home with your REALTOR is one of the key elements to listing your property. The right price will bring the best activity and results. (See Consequences of Overpricing & Pricing Your Home for sale)
Your REALTOR plays a key role in establishing Market Value for your property, presenting you with imperative information such as recent Comparable Sales in your area, Current Comparable Listings, and how your home compares to others. They may even bring in trusted associates to view your property and offer any feedback on pricing and marketing.
After you have chosen the REALTOR who you are most confidant and comfortable with, it is time to sign the Listing Paperwork.
The documents requiring attention will include a:
- Listing Agreement,
- Multiple Listing Service Data Form
- Client Identification Form (as required by the Government of Canada for Fraud Prevention)
- Seller Property Information Statement
The following additional forms may be required depending on your REALTOR and/or your property:
- Seller Direction for Offers
- Advertising Consent
- Open House/Lockbox ETC Consent Form
Your Sales Representative will walk you through the forms and is happy to answer any of your questions or concerns.
5. Establish A Plan
Once you have established value, the next step is to figure out what needs to be done in order for the property to look its best, and a time line.
Your Sales Representative will assist you in going through the home to look at any issues which should be dealt with prior to going to market. Recommendations on any areas which need touching up, repairs, de-cluttering, and staging will be discussed.
It is key to have your home look its best for its first day on the market. First impressions are lasting. Too much clutter with personal items and/or furnishings can be distracting. It is important to make sure all light switches and doors are in full working order, all light bulbs are fully functioning, the home smells refreshing and pleasant, and is clear of any clutter.
6. Prepare for Market
You have your list of Things To Do and a timeline. Now it’s time to get to work, but where do you start? Your Sales Representative will help you figure out what is crucial on that To Do List. They will also be able to recommend of help you find suitable trades you assist you with certain tasks such as Painting, Touch Ups, & Staging. Don’t be shy to ask, that’s what your REALTOR is there for!
7. Time for the Show
All Tasks are completed. Your REALTOR has scheduled for photography, floor plans & Pre-Listing Home Inspection. (Depending on the property this may vary) \
The Marketing material has been produced and now its time for the show!
Here is a basic break down of a typical first week on the Market. Depending on your discussions with your REALTOR, your action plan will vary to cater for the specific needs of your property.
Tuesday – Property becomes active on the Toronto Real Estate Board (MLS) & Realtor.ca as well as any other websites your Sales Representative might showcase the property on. Showing can now be booked by other agents.
Wednesday/Thursday – Agents Open House. This is typically a 2 hour open house held for other agents to view the new listing; held in the late morning to early afternoon. In some cases an agent may bring along a client who may have an interest in the property.
Saturday/Sunday – Public Open Houses are held to allow the public to come through the home and property without a representative. The Property is monitored by a Licensed Sales Representative.
8. An Offer
As each property is unique in its own way, some properties may warrant an offer date depending on current market conditions, demand, and activity; others may not. This is not an insult to your home or property. It is simply to help create a smooth process. Your REALTOR will establish the best approach for your home.
When an offer is registered your Sales Representative will guide you through the terms and assist you with the next steps. You will have 3 options with an offer:
1. Accept the Offer
2. Reject the Offer
3. Sign back with Offer with changes made to aspects of the offer you did not favor. Your Sales Representative will guide you ifthis option is taken