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27 Seller Tips

27 Seller Tips

"...discover how to protect and capitalize on your most important investment"


Because your home may well be your largest asset, selling it is probably one of the most important decisions you will make in your life. To better understand the homeselling process, a guide has been prepared from current industry insider reports. Through these 27 tips you will discover how to protect and capitalize on your most important investment, reduce stress, be in control of your situation, and make the most profit possible.


1. Understand Why You Are Selling Your Home

Your motivation to sell is the determining factor as to how you will approach the process. It affects everything from; what you set your asking price at, to how much time, money and effort you're willing to invest in order to prepare your home for sale. For example, if your goal is for a quick sale, this would determine one approach. If you want to maximize your profit, the sales process might take longer, thus determining a different approach.

2. Keep the Reason(s) You are Selling to Yourself

The reason(s) you are selling your home will affect the way you negotiate its sale. By keeping this to yourself you fail to provide ammunition to your prospective buyers. For example, should they learn that you must move quickly, you could be placed at a disadvantage in the negotiation process. When asked, simply say that your housing needs have changed. Remember, the reason(s) you are selling is only for you to know.

3. Before Setting a Price - Do Your Homework

When you set your price, you make buyers aware of the potential maximum they have to pay for your home. As a seller, you will want to get a selling price as close to the list price as possible. If you start out by pricing too high you run the risk of not being taken seriously by buyers and their agents. If you are pricing too low it can result in selling for much less than you were hoping for.

Setting Your Home's Sale Price

If You Live in a Subdivision - If your home is comprised of similar or identical floor plans, built in the same period, simply look at recent sales in your neighbourhood subdivision to give you a good idea of what your home is worth.

If You Live in An Older Neighbourhood - As neighbourhoods change over time each home may be different in minor or substantial ways and you will probably find that there are few homes truly comparable to your own. In this case you may want to consider seeking a REALTOR® to help you with the pricing process.

If You Decide to Sell On Your Own - A good way to establish a value is to look at homes that have sold in your neighbourhood within the past 6 months, including those now on the market. This is how prospective buyers will assess the worth of your home. Also, a trip to City Hall can provide you with home sale information in its public records, for most areas.

4. Do Some "Home Shopping" Yourself

The best way to learn about your competition and discover what turns buyers off is to check out other open houses. Note floor plans, condition, appearance, size of lot, location and other features. Particularly note not only the asking prices, but what they are actually selling for. Remember, if you're serious about getting your home sold fast, price it lower than your neighbour's.

5. When Getting an Appraisal is a Benefit

Sometimes a good appraisal can be a benefit in marketing your home. Getting an appraisal is a good way to let prospective buyers know that your home can be financed. However, an appraisal does cost money, has a limited life, and there's no guarantee you'll like the figure you hear.

6. Tax Assessments - What They Really Mean

Some people think that tax assessments are a way of evaluating a home. The difficulty here is that assessments are based on a number of criteria that may not be related to property values, so they may not necessarily reflect your home's true value.

7. Deciding Upon a REALTOR®

According to the Canadian Real Estate Association, nearly two-thirds of the people surveyed who sell their own homes, would refuse to do it again themselves. Primary reasons included setting a price, marketing handicaps, liability concerns, and time constraints. When deciding upon a REALTOR® consider two or three. Be as wary of quotes that are too low as those that are too high.

All REALTORS® are not the same! A professional REALTOR® knows the market and has information on past sales, current listings, a marketing plan, and will provide their background and references. Evaluate each candidate carefully on the basis of their experience, qualifications, enthusiasm and personality. Be sure you choose someone that you trust and feel confident that they will do a good job on your behalf.

If you choose to sell on your own, you can still talk to a REALTOR®. Many are more than willing to help do-it-your-selfers with paperwork, contracts, etc. and should problems arise, you now have someone you can readily call upon.

8. Ensure You Have Room to Negotiate

Before settling on your asking price make sure you leave yourself enough room in which to bargain. For example, set your lowest and highest selling price. Then check your priorities to know if you'll price high to maximize your profit or price closer to market value if you want to sell quickly.

9. Appearances Do Matter - Make them Count!

Appearance is so critical that it would be unwise to ignore this when selling your home. The look and "feel" of your home will generate a greater emotional response than any other factor. Prospective buyers react to what they see, hear, feel, and smell even though you may have priced your home to sell.

10. Invite the Honest Opinions of Others

The biggest mistake you can make at this point is to rely solely on your own judgment. Seek the honest opinions of others. You need to be objective about your home's good points as well as bad. Fortunately, your REALTOR® will be unabashed about discussing what should be done to make your home more marketable.


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