Selling

SELLING WITH A REAL ESTATE BROKER

A Successful Transaction Starts With a Professional

Selling your house is an important decision that often involves large sums of money. It is essential that you be well advised and, above all, well protected. A real estate broker is the professional to turn to for a successful real estate transaction that provides peace of mind, a sense of security and greater ease. Here are some advantages of working with a real estate broker.

Obtain a Fair Price

Real estate brokers use advanced tools that provide access to all of the properties sold by a real estate broker, which allows them to perform a comparative market analysis. Your broker will propose a selling price that is consistent with the market reality in your area. You will thereby maximize your chances of selling your property in the best possible timeframe, as the asking price reflects what your home is worth in your neighbourhood.

Stay Calm When Faced with Legal Documents

Your real estate broker will inform you of all the steps that must be taken and will accompany you throughout the entire process. He or she will verify all the details surrounding the description of your property, and fill in a Summary that is clear and accurate. Your broker will complete the seller’s declaration with you, giving you additional protection, and will tell you what documents you must have on-hand for the transaction to advance smoothly. In addition to saving time and avoiding aggravation, you can rest assured that the notarized transaction will not be delayed due to a missing document.

Maximize Your Property's Visibility and Traffic

Your broker will list your property in the real estate brokers’ Centris® system and on various consumer websites. Your house or condo will therefore benefit from unsurpassed visibility as it may be seen by:

  • Close to Québec’s 13,000 real estate brokers and their buying clients;
  • Visitors to the Centris.ca website, which contains the largest number of homes for sale in Québec.

Benefit From Professional Protections

Real estate brokers are responsible for the real estate transaction. They are subject to the Real Estate Brokerage Act and must comply with the requirements of the Organisme d’autoréglementation du courtage immobilier du Québec (OACIQ), contribute to the Real Estate Indemnity Fund and hold professional liability insurance. By using a real estate broker to sell your home, you will be teaming up with a professional who will guide you throughout the entire process.

Steps Involved in Selling a Property

Team Up With A Broker

You’ve decided to sell your house? It’s in your best interest to undertake this important project with a real estate broker. It will enable you to take advantage of the broker’s vast network of contacts, increase the visibility of your property and by extension increase traffic among potential buyers. Furthermore, you will maximize your chances of obtaining a fair price for your house, as real estate brokers have the knowledge and tools to perform a thorough comparative market analysis. Finally, a real estate broker has the expertise to fill in the many legal documents required in a successful real estate transaction. And because their work is governed by the Real Estate Brokerage Act, you are well protected.

Choosing Your Real Estate Broker

Choose a real estate broker who will meet your needs, and do not hesitate to meet with a few brokers to compare the services they offer. If possible, develop a business relationship with a broker who is very familiar with the neighbourhood you want to live in.

Showcasing Your Property

Choose a real estate broker who will meet your needs, and do not hesitate to meet with a few brokers to compare the services they offer. If possible, develop a business relationship with a broker who is very familiar with the neighbourhood you want to live in.

Choosing Your Real Estate Broker

Under the expert eye of your broker, take a tour of your property and discuss the appropriate changes that will enable you to present your property in its best light. Your broker will be able to suggest modest but important investments that will enhance the appearance of your property and increase its selling price.

Getting a Fair Price

Real estate brokers have access to advanced tools that enable them to accurately assess the value of your home. A fair selling price, which reflects what your house is worth in your neighbourhood and in current market conditions, will ensure that your property is more likely to find a buyer. Your real estate broker’s expertise is therefore essential when the time comes to properly assess the value of your home.

Marketing Your House

In addition to overseeing all forms of advertising and promotion, your broker manages the logistics of property visits, direct marketing and networking initiatives, the organization of open houses and the management of phone calls. Having a broker take care of these elements saves you a considerable amount of time and greatly reduces your stress level. Your broker will also develop a sales strategy that is designed specifically for your property.

The Sales Process

A real estate broker helps simplify the complex steps in a transaction, from receiving purchase offers and drafting counter-offers to carefully examining the buyer’s conditions, the seller’s declaration, and other official documents required for the sale. Your broker also ensures that you have the appropriate official documents on hand in a timely manner. If you receive more than one purchase offer, your broker will help you assess the advantages and disadvantages of each offer.

Signing the Deed of Sale

Your real estate broker will accompany you to the very last stage of your property sale. He or she will be present at the notary’s office for the signing of official documents and will remain available to answer any questions you may have. And once your home is sold, your broker is the perfect person to help you find your next property.

Should You Buy or Sell First?

Is it better to buy a new home or sell your existing home first? Both options have their advantages and their risks. By carefully examining the pros and cons, and by providing alternatives in case of setbacks, you will be able to make an informed decision.

Selling First

By selling your current home before buying a new one, you'll know the exact amount you'll be receiving from the sale. You'll therefore have a very good idea of how much money is available to buy your new home.

You might start feeling an urgent need to find a new home right away. But keep in mind that you'll already have all the information needed to make your promise to purchase. For example, you'll know when the buyers of your current home are moving in, and can therefore easily establish when you'll need to take possession of your new home. If ever the dates don't coincide, you can always plan for temporary accommodation.

Buying First

When you buy first, you'll know your new address, the exact price of your new home, the date on which you'll become owner and the transaction date. You'll be able to consider these things when you receive a promise to purchase for your current home.

You can also make a promise to purchase that is conditional on the sale of your home. In this case, the owner of the property you're interested in might receive another offer without any conditions. In order to give yours priority, the owner will ask you to withdraw your condition. You will therefore have to decide whether you'd rather buy that property before selling your existing home, or withdraw your offer.

One way or another, it's a good idea to plan a temporary source of financing in case your current home isn't sold when you sign the purchase contract for your new home

Documents Needed When Selling

You've decided to sell your property? To ensure that the transaction goes smoothly, you'll need a variety of documents at different stages of the process.

Here's a list of documents to have on hand when selling your property:

  • Property's certificate of location
  • Pyrite, vermiculite, iron ochre tests, etc., in certain regions
  • Bills for renovations to the property
  • The declaration of co-ownership, if applicable
  • The rental lease or leases in the case of plexes
  • Municipal and school tax notices
  • Monthly cost for electricity
  • Fixed costs for the property

To Sell Quickly, Make a Good First Impression!

When the time comes to sell your home, you only have one chance to make a first impression.

The Exterior

The exterior appearance of your home is extremely important. An inviting exterior will attract buyers and encourage them to visit the inside of your home. Your lawn should be well maintained and, during the winter months, keep some photos of your lawn handy so that visitors can see what it looks like during the summer. Cleanliness is essential, so a cleared entrance and clean windows will also make a big difference.

The Interior

Inside, neatness is key. Clean your home from top to bottom and get rid of all unnecessary items. Remove any old furniture that is obstructing the hallways or cluttering up the rooms. Clear out any open spaces so that visitors don't feel cramped.

Does the home need a fresh coat of paint? Newly painted properties often sell for more. Remember that dark colours can be detrimental to a sale. Instead, choose brighter, more appealing neutral tones. Your carpet's appearance can also be a determining factor. If you can't replace your carpeting, having it cleaned will help give the rooms a refreshing new look.

The kitchen and bathroom must be immaculate. Take the time to clean all appliances and faucets, as well as the bathtub, toilet and sink. Unclutter the counters and don't leave any dirty dishes in the sink or towels around the tub. Give buyers a chance to visualize all storage possibilities.

Throughout your home, fix leaky taps, defective door handles, as well as drawers and cupboard doors that don't close properly. Replace burnt light bulbs and yellowed switch plates. Most of these minor repairs are relatively inexpensive and will help visitors form a positive opinion of your home.

Creating Ambiance

Your home must be well lit. During the day, keep the curtains open and turn lamps on in the evening. If necessary, add lamps in dark corners. Make sure your home is well-ventilated so that visitors aren't turned off by strong odours such as incense or spicy foods.

It's important to be discrete when potential buyers are visiting. Leave your broker alone with the client. It will be easier for the broker to highlight your home's strong points and the visitor will be able to voice comments and impressions freely.

The Price Is Right

Determining the right sale price is a crucial step when deciding to sell your home. More often than not, the price is the most determining factor for potential buyers.

Thanks to their privileged access to the MLS® system, a network that is reserved exclusively for brokers who are members of a real estate board, your real estate broker can evaluate your property and perform a comparative market analysis based on properties that are similar to yours and that were recently sold in your neighbourhood. Comparative market analyses are indicators of the price that today's buyers are willing to pay for a residence similar to your own, in a comparable area. The analysis takes into account your property's features and the conditions of the current real estate market.

Getting Off to a Good Start

To sell your property quickly, it's important that you set the right price from the get-go. When faced with a price that's too high, potential buyers may get discouraged, while those who can afford it will quickly realize that they can get better value for their money elsewhere. It's also good to remember that a property that lingers on the market for a long time tends to lose its appeal.

Selling on your own is risky business. Without in-depth knowledge of the market, you can easily underestimate the true value of your property and lose considerable profit. This is why a real estate broker is the best-suited professional to help make the most of your real estate transaction.

Setting the right price from the moment you put your property up for sale is to your best advantage. You'll be sure to attract more potential buyers and therefore sell your property as quickly as possible.

Risks of Selling Without a Real Estate Broker

Choosing To Go It Alone

Selling a home without the help of a real estate broker means depriving yourself of many benefits and exposing yourself to potentially serious risks. In addition to a drop in visibility for your property, owners who sell alone and/or with a specialized website (for sale by owner, for sale without a broker, etc.) must be prepared to deal with various obstacles. Stress and wasted time are some of the risks to consider before selling your house alone.

Less visibility, more work

Sellers who do not use the services of a real estate broker will not benefit from the visibility provided by the Centris® system and the Centris.ca public website. The Centris® system, the Québec equivalent of the MLS® system, is available exclusively to Québec’s 13,000 real estate brokers and their buying clients. The Centris.ca public website contains the largest number of homes for sale in Québec.

Less time, more to manage

Without a broker, the seller will have to answer all requests for information about the property. The seller will also need to manage all property visits and make themselves available according to the schedules of potential buyers. Furthermore, the seller has no guarantee that visitors are actually serious buyers. Managing disillusionment or disappointment is even more difficult when you’re alone.

Fewer means, greater consequences

Sellers do not have access to the advanced tools that brokers use to perform a comparative market analysis and establish a fair price. As a result, the seller may ask too high a price compared to the market value of the property and thereby risks a loss of interest from buyers and a lengthy selling time. Sellers also risk underestimating the value of their property and losing a substantial amount of money.

Less expertise, greater risk

Without a broker, the seller may be faced with a buyer who commits to purchasing the property but has conditions that still need to be met, such as financing, an inspection, etc. As a result, the promise to purchase could be cancelled, or the signature of the notarial act may be delayed. Due to a lack of information, the seller may not have all of the documents on hand required by the notary. If this is the case, the signature of the sales contract will be delayed and the seller may have to absorb the expense of owning two properties if he has already purchased another home.

Less security, increased vulnerability

Because sellers who do not use a broker probably do not have liability insurance, they have a lot to lose if difficulties arise with the transaction or if a lawsuit is brought forward. Brokers are subject to the Real Estate Brokerage Act and other strict requirements: they therefore bear the responsibility of the transaction.

Source: centris.ca

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