Selling A Home in London Ontario

Opening Doors for London Ontario Since 2004

When selling your home in London Ontario, be it a house, apartment or townhouse condo, you have a choice of 1,900 + Realtors. Yet, we sell more homes than the average Realtor, and one of the many reasons is we have designed and implemented a 122 step process that we use every time. Getting a thorough understanding of these points will give you 100% confidence in your decision to sell your home, with whom, what to expect, how to maximize your bottom line and minimize the hiccups!

Results That Will  Move You in London Ontario

We’ve all seen the boring, plain, everyday marketing that offers free valuations without even seeing your home! Or “Free Home Valuation Reports” cards in our mailboxes or the dreaded cold call “I have a buyer who is interested in buying your home.” A Comparative Market Analysis is a report supposed to provide an anticipated sales price or price range for the subject property.

Really?

How can anyone value your home accurately without physically seeing your home and doing the two to three hours of research necessary? Have you ever bought anything “at ” ballpark price’? “general price range?” “The market price?” After advising & guiding hundreds of sellers to sell their homes over the years, every house or condo sold was a price we agreed on. Semantics aside, you deserve a price that many willing, qualified buyers will pay.

A comparative market analysis (CMA) is a process Realtors use to determine the market value by comparing it to similar properties that have recently been sold and those currently listed for sale. A CMA is a crucial tool for listing Realtors as they determine the price that a seller will list their house or condo for sale, and it’s also a tool for buyers agents advising their clients to make competitive offers. Conducting accurate, consistent CMAs isn’t easy. Most Realtors are not taught this skill in their pre-license real estate classes, so many enter the business without this vital skill or lack the patience to dedicate the time to learn how to price a home correctly.

Why Our Exclusive London Ontario Home Value Analysis Is Effective

It’s a complete top-to-bottom room-by-room analysis not just of the value but every aspect of your home to identify items that may affect your sales price. Our analysis enables us to identify the selling features or what you can do to help sell quicker or receive a higher price.

       The Potential Price Of A Property Is As Good As The Realtor Marketing It

• You let us know that you would like a no obligation, no cost valuation of your house or condo.
• Arrange a mutual time to meet.
• We will prepare for our meeting with research of prices, demographics and current market conditions.
• You will not have to sign anything or listen to blah blah blah stuff , malarky, posturing, showcasing or bs.
• When we get to your home,a quick introduction and a tour of your home where we will perform a room by room review.
• When completed, sit down with you and adress your concerns, fears or the anxiety you may have about moving.
• Have a conversation about:
• If Necessary, a few minor things you can do a minimal expense to show your home in the best light.
• Why pricing your home correctly the first time will 9 out of 10 times give you a better returm.
• Why, when and where to market your home asserively to attract qualified buyers who are excited to buy your home!
• Understanding that there are four types of buyers in this market and why three of them you want to avoid!
• Understand the difference between Market Value ,Perceived Value & Appraised Value and what effects those 3 will have on your asking price.
• What are your legal obligations? To your lender?  To the buyer?
• How being in a Sellers Market in London Ontario affects your asking price & do negotiating skills matter?
• How to handle showings & offers to yield the best results.( My last listing I had 119 showings and 37 offers!)
• Leave with you our research and market reports and best practises to sell a home.
• Within 24 hours get back to you with “The Price”. And why!
• You then decide to allow us to sell your home or not.

P.S.

We find selling a house or a condo the easiest part of the selling process, it is after the offer is signed by both parties that we truly earn our money!

• Ensuring the lawyers on both sides of the transaction are informed and followed up with during the process.
• Cooperating with appraisers, inspections, mortgage lenders
• In some cases, keeping the transaction on pace and solving challenges.
• Ensuring our 81 point checklist for closing a sale is completed sequentially.

What Prudent Home Sellers in London Ontario Have Done To Get Great Results!

Step #1:  Dress Your Home for Sale

Buyers look for HOMES, not houses.  They buy homes in which they FEEL they would like to live.  One of the significant factors in getting your home to sell quickly is simple: make it feel like a home! I know it is a home, your home, but will it be the home that attracts as many buyers as possible? Most buyers select homes based on emotions.  Once they decide to buy, they justify their purchase with logical facts and figures.

That is why it is most important to make your home appeal to all senses.  Your property is not the only home the buyers will see; in fact, the average buyer may see 6-8 houses before making a choice.   You compete with all the other homes for sale in your price range or neighbourhood.

   The Way You Live In a Home, And the Way You Sell A Home Are Very, Very Different!

When showcasing your house for sale, it’s going to look very different from the way it looks when you’re living there.  Here are a few tips for showcasing your home for sale:

• First impressions set the tone for a buyer visit, and they’re LASTING! Approach your house in your car as any buyer would.  Examine the outside as you’re approaching.  How does it look?  Are shrubs trimmed?  How clean is the foyer?  How do the grass and landscaping look?  Cluttered looks detract from the architecture of the house.
• Take a look at the exterior of your house. Is the paint fading or chipping?  Is the colour outdated or impersonal?  How does the roof look?  As you drive up to or away from your home, what do you see first?
• Now go inside just like a buyer would. You want to be aware of four senses: smell, touch, sight, and hearing.  Go through room-by-room and test all four senses.  Check flooring and carpet for stains and odours.

Most importantly:  Pack away all counter appliances, get rid of excess furniture, put away unused dishes, and make your home neat and orderly.  If you’ve ever visited a model home, you’ll notice it’s clean and uncluttered.  You have to move anyway, so you might as well pack early and make your home more saleable.  Go to the garage and make sure it’s tidy.

• Hire someone to clean your home professionally. Top to bottom!  Cleaning and cosmetic fix-ups, especially in the kitchen, bathrooms, and master bedroom, can often yield you up to $10 in extra sales price for every $1 you invest.
• Pets should be out of sight (and smell!). Get rid of pet odours for showings.  Remember the four senses.  Also, some people are uneasy around pets, and they may distract attention from the features of your home.
• Pay particular attention to lighting. During the day, open all your blinds and curtains.  If it’s cloudy out, turn on all lights for showings.  At dusk, leave your front drapes open and turn on all the lamps and lights.

At night, do the same, but close your blinds and curtains.  When showing your home, turn off all appliances, television, radio, and anything that will distract attention from your home.  You might want to play a little light music to enhance the emotional experience for your buyer.

 Step #2:  Pricing Your London Ontario Home Correctly

Every seller wants to realize as much money as possible when selling their home.  The natural inclination is to price the home high, thinking you can always come down in the future.  But a listing price that is too high frequently nets the seller LESS money than an original price at market value.  Why is this?  Because when most people are looking for homes in your price range, they will reject your home in favour of other homes in a reasonable price range.

Buyers know prices; they may have already been in 6-10 or even 16 houses, they can compare, and in the long run, the buyer will decide if your home is priced right! If no offers on the house after ten days in this hot market, what do you think the reason was?  Realtors who would readily bring buyers through your home will automatically cross it off their showing schedule because it’s priced too high. They’re only motivated to show homes with the highest probability of selling.

Some price their home high, thinking they can come down.  The problem is buyers and Realtors do not look at it that way.  They see it as an overpriced house.  After 2-3 weeks go by, they are still not getting a nibble after a few open houses, so-called agent tours.  So they decide to lower their price again.  But it’s too late; their home has already been “branded” by the Realtor community.  So they reduce their home a little more. And little happens.

Finally, to attract attention back to their home, they’ve reduced their home price more than they ever thought and are now getting much less than if they had priced it correctly in the beginning.

And think about this:

The money they lost is not just the lower sales price but all the extra interest they paid on their mortgage, property taxes, and other carrying costs that accrue while their house is waiting to sell. I’ve seen it happen time and again!  I call it chasing the market or, to be subtle, like falling off a cliff in the night, you know you will hit bottom, but you don’t when!

Real Estate Fact: The Seller Is Solely Responsible For How Much, and Quickly Their Home Sells!

Overpricing almost always increases the time to sell and adds carrying costs. The most common mistakes sellers (and Realtors) make when choosing a price.

• Not choosing the right price when a property is first listed. In other words, thinking, “We can always come down.”
• They are putting the property on the market at an unrealistic price. The property should list on a comparative basis to other similar properties. (I should add, everyone thinks their home is different, but buyers and their Realtor don’t!)
• A seller not relating marketing time to price.
• A seller is calculating brokerage fees on top of the sales price. A home is worth what it is worth, with or without a commission.
• Thinking that buyers aren’t comparing your home, on a dollar-for-dollar basis, with every other house on the market

   Below Are 5 Important Questions to Think About:                             

1. How can you set the asking price to maximize exposure for a profitable sale?
2. How to truly define and compare market value between all the other homes out there?
3. How can the total market performance affect your home sale – positive or negative, and what to do about it?
4. How and why the first ten days of your listing is critical?
5. How to handle buyers during showings & offers to help yield the highest price?

 Step #3: Maximizing the Marketing of Your House in London Ontario

The marketing tools that most Realtors use are not very effective anymore.  Successfully marketing your home (getting the highest price, at the right time, and with fewer hassles and problems) requires much more. Not surprisingly, less than 1% of homes sold are at an open house! Realtors use open houses to attract buying prospects, not sell your home.  And marketing studies show that less than 3 % of people purchased their home because they saw it in an ad.

96.1% of home buyers search online for a house to buy; if they see a home they like, they want professional pictures, a virtual tour, floor plans and an accurate description of the home. Marketing a home to sell takes more than just sticking a sign in your lawn and putting a listing on the MLS (Multiple Listing Service) and praying and wishing it will sell; anyone can do that!  It takes assertive, innovative marketing to maximize your selling price!

When your home is for sale on MLS, you enter one of the most competitive businesses in existence, anywhere!  The first primary key to effectively marketing your home is identifying potential buyers.

We use every available marketing tool, technology, approach, contact or potential avenue to generate prospective buyers for your house or condo.  We craft a message to give buyers a compelling reason to view your home in London.

When you pick up any real estate magazine or flyer, all content looks virtually identical. 2 -6 homes with a small picture of the property and a massive picture of a Realtor and #1 this, #1 that, or a member of so & so club. Or, (I can see your eyes rolling now!), they say stuff like honesty, integrity, we care etc. Well, they better care, they better be honest, and they better have all of that and more; it’s your home and your money!

Does three bdrm, two baths, a beautiful home, lovely floors, a clean, good neighbourhood and close to schools put you to sleep? Your home has a story, it is your past, and your home’s marketing must reflect your home’s feel and energy, not necessarily the number of rooms. Most people who can afford to buy a home can count!

Everyone says they have the technology, but they lack the personal touch or hide behind their keyboard. Or, what gets me is that it is like pulling hen’s teeth for a return phone call ( in a reasonable time frame). Wow, they have a home listed, and they don’t return calls? ItIt’sad enough not calling a real estate person back for information but not calling a potential buyer back? Think I’I’midding?

In a recent Canadian Real Estate Association poll, potential home buyers’ most evident frustration had been delaying or never even getting a return call. Remember, the primary key to generating a buyer for your home is to reach the buyer first.  And to reach buyers first, a listing champion will use an up-to-date automatic response notifier, virtual tour system, excellent marketing copy personalized for your home, neighbourhood reports and calls to action.

So again, remember, the first one to reach the buyer wins the sale.  So, if you want to get your home sold, don’t settle for anything less!

The first two questions then are 1. How will you make the phone ring with lots of new buyers for your home?  and 2. What’s going to give them the edge and get them to the “starting line “first?

  Step #4: Knowing That an Appraisal, an Assessment or What Your Uncle Harry Says Is Not the Market Value of Your Home

An appraisal is an opinion of value for an entirely different purpose than selling your home.  Usually, an appraisal provides banks or mortgage institutions with information to fund a loan.  If a lender is motivated to loan you money, their estimate may come in higher than the accurate market value of your property.

What’s the difference between a comparative market analysis & an appraisal?

There are subtle but important differences between a CMA and an appraisal. An appraisal is performed by a licensed appraiser, usually to understand the current value of a property for the purpose of lending or insurance. A comparative market analysis is performed by a Realtor for the purpose of determining a list or selling price based on comparable sales and market trends. Market value is what a qualified, willing buyer will pay! Accurate information is king; avoid being misled by outside experts’ like well-meaning relatives or co-workers who have a perception of your market value.

   Step #5:  Understanding Your Rights and Obligations

Real estate law and contracts of a purchase and sale are legal documents.  When you sign an offer for the sale of your property, it’s a legally binding document, an improperly written offer can create many problems for you:  a sale could fall through, cost you thousands in forced repairs, inspections, and remedies for items included or excluded in the purchase offer.

You must understand what repairs and closing costs you are responsible for in a contract.  Have you disclosed everything? The courts do not accept “Oh” I forgot to mention that” as a defence.

It would be best to review your title carefully and whether your property conflicts with local restrictions or laws. (I recently helped a buyer purchase a home, and three outstanding work orders from the city were four years old. And get this, the seller did not even know they existed. So, two real estate people and two lawyers did not do due diligence. All I did was check with city hall; it is just one of the top to-do’s in my checklist!)

If you have to remedy these items yourself, you can spend thousands on legal bills, fines, contractors, and other costs.  In the above case, it was $5318. 43! Using a competent listing champion upfront can help identify and avoid these issues before they become “problems.”

 Step #6: When You Sell, Do You Know Where You Are Going?

Notice that I did not start this step # 6 by “If”you sell, do you know where you are going? This may not be an issue for some, but?

• You have found your dream home, but you cannot finance it until your home sells. Do not be misled with this statement “Oh, not a problem; your house will sell or should sell within a week or in a month” Really?
• You make an offer on your dream home, but the sellers will not take a conditional offer on you selling yours, or worse, the sellers take your conditional offer with a 24 hour or 48-hour bump clause, and you get bumped! That hurts.
• You are counting on clearing or netting x amount of dollars from the sale of your home, and you either get no offers, or the offers you get are nowhere what you thought you were going to clear. Not Good.
• You have bought another home without the selling of your home clause, and that home is going to close at the end of the month; now what?

Only a few scenarios can crop up, and I could name you 31 more that I have seen or heard. Don’t go there. We will not let you gamble with the most significant investment of your life, will not give you false hope or convince you to take what could be a costly risk on your part. We take the time to explain the pros and cons of the options available before you sign anything!

  Step #7: Choosing a Real Estate Professional Who Will Sell Your Home, Not Just List It!

There is an old riddle that goes, “Wh”t do you call the person who graduated dead-last in their medical school class?” Answer: “DOCTOR!”

Well, it’s the same with real estate professionals.  Someone with vast experience and extraordinary professionalism usually costs the same as someone with little or no experience or compromising standards.  You need to know how to tell the difference up front. Bringing competence and knowledge into your transaction may mean the difference between a higher negotiated sales price and losing money, selling in less time or in more time (costing you potentially thousands in added interest), and experiencing problems and hassles or a problem-free transaction.

Some do not do much business, so they tell you anything to get a listing or a sale. Overpriced listings happen, and then 30 days after, they ask you to price the home where it should have been in the first place. Experience is like fashion, it changes, and what worked ten years ago, five years ago, or last year may not work today to attract buyers to your home!

In Summary

Focus On the Major Key Issues, Be Realistic, And Most Importantly! Choose the Right Person to Help You

Then comes the next question.  How sharp are the salesperson’s negotiating skills?  What kind of results have they produced for past clients?  This is so crucial! Most people think that selling a home is like being a tour guide.  Show the buyer around, ask if they like it and write up the paperwork.  Well, if that’s all there was to it, my 5-year-old grandaughter could sell your home if she could write!

Your Realtor Absolutely Must Have Strong Fundamental Negotiating Skills!

If you want to get your home sold, your salesperson absolutely must have a deep understanding of “The Art of Negotiating.” Those skills are vitally important!  Without these skills, you could lose big!  Your listing champion will ensure you get the highest possible price for your home with these skills. So, how do you find out about your prospective RealRealtor’sotiating skills?  Meet with them! Do they have testimonials from past clients?

A Few Questions You Should Have Answers For When Choosing a Realtor To List Your Home For Sale in London Ontario

• Do you work as a full-time Realtor?
• How many potential buyers and sellers do you talk to within a week? A month?
• How many buyers are you currently working with? Attracting daily?
• How will you encourage other Realtors to show and sell my home?
• What can you tell me about the real estate market in this area?
• What price do you recommend for my house, and what is it based on?
• What are your average days on the market?
• What is your list to sales price ratio?
• What kind of marketing do you do?
• May I see some samples?
• How often will my home be marketed and updated, and where?
• Will there be a virtual tour?
• How do you attract buyers from outside the local area?
• Will you prepare an informative feature sheet for my property? May I see a sample? Where and how will the feature sheets be distributed, and to whom?
• Do you have a system to follow-up with other Realtors to get valuable feedback after showing?
• Can you show me a sample?
• How often, and in what way will I be kept informed?
• Are you associated with a national referral network that refers their buyers to you and allows you to refer me to the top agent in the town or province I may be moving to?
• Do you have a Specific Marketing Plan designed to sell my property quickly and for top dollar?
• How does it go beyond placing a sign in my yard and notifying the Multiple Listing Service?
• May I see a copy of your last listing as it appears to other Realtors on the MLS? (Called a “Realtors Full Report”)
• How many homes have you sold in the past six months? Year?
• Do you have references that I may call?
• What happens if I am not happy with your service? Do you have a 100% satisfaction guarantee policy?

         FACT

In today’s market, buyers are increasingly savvy.  This means the competition is stiff! That means that your home will sell at the highest profit and in the quickest amount of time when all the ingredients are combined correctly. If only one element is left out of the formula or is out of proportion to the others.

Whew! You read this far! Did you know that you are more informed about the home selling process than 80% of sellers & buyers?

  So as you can see, pricing to sell your home is not the price your neighbour suggests, or a friend of a friend, or to recoup your costs of a poor renovation or upgrades.

If you are willing to utilize these ideas, you’ll know how to price and sell your home for the fastest, most profitable sale. Also, with this information, you’ll never pay too much for any home you ever buy for the rest of your life.