Tips for Selling Your Home

Find the right real estate representative

It’s important to find a real estate professional who listens and understands your needs. Don’t be afraid to speak with several agents before choosing one to represent you. It’s a good idea to check an agent’s registration and standing with the Real Estate Council of Ontario (RECO).

Before you sign

Before you sign a listing agreement with the brokerage, ensure you know what it means, how long it will be in effect and what the different clauses mean. Ask questions and seek independent legal advice if you’d like a second opinion.

Declutter

Now is the time to begin to tackle any clutter. Getting rid of unused items and furniture will make your move easier, and potential buyers will respond better to a clean, clutter-free home. It takes many years to accumulate all that “stuff” so be realistic about how long it will take to clear it out. Try tackling
one room per day.

Prepare your paperwork

Potential buyers and their agents will ask a lot of questions about your home, so collecting the paperwork in advance is helpful. Prepare things like utility bills, tax bills, renovation details, warranties, mortgage details, survey, etc..

Budget for associated costs

Remember that there are closing costs associated with selling a home: real estate commissions, legal fees, moving expenses, and more.

Understand your options when it comes to competing offers

In certain market conditions, sellers may find that more than one buyer is interested in their property. A seller facing competing offers has to consider how they want to deal with the situation. The seller can decide to: accept the best offer; negotiate with one buyer and reject all other offers; negotiate with one buyer and advise other buyers that their offers are being set aside while the seller negotiates; or reject all offers.

Even in a competing offer situation, buyers have other options and may choose not to continue to participate. A seller may attempt to negotiate only to find out that it was the best offer the buyer could present. In the meantime, other buyers have found new properties they are interested in.

The seller’s real estate broker or salesperson can provide advice and guidance, ensuring that the obligations and the options available are understood.

For more information on buying or selling a home, visit the Real Estate Council of Ontario (RECO)