Thinking of Selling?
Selling one of your most valuable assets can be a daunting task.
In modern real estate markets, it is not enough to just have knowledge, you need to have the tools and technology to ensure that you get the best price possible for your property. You can be sure that by working with a professional real estate agent, you will have available the most effective marketing tools and techniques.
REALTORS® work within a legal relationship called agency.*
The agency relationship is established through a contract between you the client, and your agent, the company under which the REALTOR® is licensed. Most REALTORS® use a blue brochure titled Working with a Real Estate Agent to disclose the nature of the agency relationship with their client.
A REALTOR® can act for a seller or a buyer, or to a limited degree, both. Whomever they represent, REALTORS® have a legal obligation to uphold the integrity of their clients, while protecting and promoting their interests.
- For your REALTOR® to list your property for sale on MLS®, the Real Estate Board of Greater Vancouver requires completion of a listing agreement.
- Signing this agreement with you commits your REALTOR® to uphold the above obligations.
- The listing agreement also states the compensation amount the seller will pay the REALTOR®.
- The contract of purchase and sale is initiated when an offer is made by the buyer to purchase the sellers's property.
- The contract outlines the terms and conditions of the offer, such as offer price and subject conditions.
- The seller may reject the offer or make a counter offer.
- Once all terms have been accepted and both seller and buyer have signed the contract, each party is legally bound to fulfill the conditions of the contract.
- Dual agency is created when an agent represents both the buyer and seller in a single transaction.
- This can happen if a REALTOR® who is representing a buyer, sells one of their own listings to that buyer.
- A dual agent must be impartial to both buyer and seller and fully disclose all information relating to the transaction.
- A REALTOR® can be a dual agent only if both seller and buyer agree in writing.
Remember: always read all contracts and disclosure forms before signing. If you have questions about agency relationships contact your REALTOR®.
*Sourced from the Vancouver Real Estate Board of Greater Vancouver
Hire a REALTOR®
Studies show that homesellers who use a REALTOR® to represent them generally get a better price than those who sell the home themselves. REALTORS® are up-to-date on critical processes and can help keep you out of trouble. They can also help you get your home sold at the best price in the right timeframe.
Equally as important, REALTORS® add objectivity to an inherently emotional transaction: the sale of your home.
Before Your Home Is Listed
It's important to have your home in good showing condition before buyers start going through it. Here are some steps to take:
- Touch up interior and exterior paint as needed.
- Install new carpeting and flooring if it appears worn or dated.
- Make sure the front is clean and spruced up – curb appeal will create a favorable first impression.
- Trim bushes and plants as needed, and make sure the lawn is kept mowed and trimmed. In autumn, rake the leaves; in winter, keep the snow shoveled.
- Keep the interior clean, decluttered and odor-free. Eliminate evidence of pets.
- Minimize personal items such as family photos. You want buyers to see themselves living in the home.
- Consider putting excess furniture and belongings in storage. Now's the time to clean out the garage and basement and sell, give away or dispose of items you don't need anymore.
- Consider having a pre-listing inspection performed. Buyers will be hiring professional inspectors; here's your chance to address problems in advance.
- Consider engaging a professional stager to give your home the right emotional appeal.
During the Listing Period
- When potential buyers visit your home, either be absent or make yourselves as inconspicuous as possible.
- Have fresh flowers in the entryway. It makes for a friendly introduction into your home.
- If offers are made that don't match your hoped-for price, don't reject them out of hand. Pay attention to your agent's advice.
- Consider dropping the price if several months go by with few or no offers. But if you and your agent have priced your home properly from the start, this shouldn't be necessary.
- Don't get discouraged. In buyer's markets, homes take longer to sell than during boom times. Your home will eventually sell; it's just a matter of finding the right buyer for you.
Help Your Agent
You have the best chance of selling your home if you work closely with your agent. Make sure all showings are coordinated through him.
If prospective buyers want to discuss your property or negotiate price or other terms, defer to your agent. He is the expert and can best handle all these details without emotion.