Excuse me, is this $50,000 on the table yours?
In a world where there are plenty of innovative tools to maximize a home sale, many Toronto home sellers are leaving money on the table every time. The biggest mistake we see is hiring a realtor with the lowest commission rather than evaluating the value add of a quality agent with a higher commission. The reality is, a discount realtor will not employ first rate tools to market your home to attract quality buyers. Sure, your house will sell, but it could sell for much more in the right hands.
While interviewing a potential realtor, the question you should ask yourself is not ‘How much commission will you pay to the agent?’ but rather, ‘How much more money will you make if you hire the right agent?’ A full service realtor will offer you significantly more valuable marketing strategies and tools as well as home preparation, that will always make you more money.
This is especially important in the current slower Toronto real estate market, where there are less motivated buyers due to rising interest rates and increased property carrying costs. Of course, quality homes are still selling, many with multiple offers and for excellent prices. However, as a home seller, you will be leaving lots of money on the table if these crucial home selling elements are not executed to their fullest potential.
Wondering what your home might be worth in today’s market? Get a property evaluation right here and discover how to maximize your home sale.
1) Home preparation
Sounds simple enough, declutter, clean and you’re set. Not true! Knowing the value of home updates you can do before you list your house is key. These updates range from small items like replacing faucets, door handles and painting, to large upgrades such as kitchen and bathroom refreshers. These choices are definitely not all black and white and making a strategic plan with an experienced realtor could make you tens of thousands of dollars more on the sale.
We have seen $6000 home prep investments resulting in over $30,000 in returns. The agent and buyer feedback we receive during the listing period allows us to track the approximate ROI on these upgrades. We’ve seen it first hand, and we know it works. These days buyers are savvy and they expect a quality experience that will wow them. Does your home have the fall in love factor to keep buyers captivated? Will your home’s curb appeal leave a lasting and memorable impression? Invest the time to quality updates and you will be see a hefty return on your investment.
For more information on home preparation and the overall selling process read:
2) Impactful and strategic home staging
Unless you are a professional home decorator or home stager, it’s not ideal to stage your own home for sale. Using a professional and trendy home stager (no more white couches or glass tables please!) will attract the right type of buyer to your home. A buyer that will instantly fall in love and aggressively compete and pay a high price for your house.
At Nested, as part of our tailored selling strategy, we carefully analyze your unique property to figure out the level of staging that will earn the greatest return. We invest the time to ensure each and every Nested listing is always on-trend and designed with intention. Nested staging is proven to net you more money for the same house.
Having in-depth knowledge of the type of buyers in that neighbourhood will inform the staging strategy. This will result in more dollars to your bottom line. Meaningful home staging is the difference between these two statements: “Sold for over-asking, in record time” and “Unsold, on the market for weeks.”
For more information on home staging read: Top 5 Staging Tips To Sell Your Home For More Money
3) Online presence and social media
In a world where 81% of buyers do their research online before making a big purchase, mediocre online marketing will ultimately cost you money. Before a potential buyer even considers your home, they will have looked at many other listings online. Online marketing starts with staging and home prep, followed by professional photography and meaningful lifestyle copywriting. This comes together in a carefully curated property website, designed to attract the right buyers. How do we get them there? With a quality social media strategy, including paid promotion across a variety of platforms.
These marketing pieces expose your listing to the right buyers who see value in pursuing your home. They fall in love online and take the next steps to see the house in person. Here they are inevitably wowed by the professional staging mentioned earlier. Unfortunately, MLS alone simply does not compare.
To learn more about our bespoke marketing approach click here.
4) Listing strategy and timing
Timing the market perfectly is difficult, but working with an agent who keeps a pulse on market fluctuations can make it seem easy. In Toronto there are typically two real estate seasons in any given year, which are considered the optimal times to sell homes. The Spring real estate season is the longest as it actually starts in February and lasts until end of June. For buyers this is a great season to shop for homes as there is more inventory. However, for a seller this means competition, especially in a slightly cooler market like we are experiencing now. We often see record breaking sales early in February and March when there are less homes on the market and refreshed homes buyers eagerly wanting to buy a home before summer.
The Fall real estate season is the second optimal time to sell a home. This season is shorter but gives many home seller the prep time they need during the summer months to tackle any home updates and exterior fixes.
Get answers to your home-selling questions with these blogs next:
- Is it Possible to Time the Market?
- Negotiation: Why You Need an Owl Not a Pit Bull
- How Long Does it Take to Sell a House in Toronto
5) Pricing your home to sell
The final piece of the puzzle that will tie all of these elements together. In all honestly, the pricing strategy you and your realtor choose can be a success or a complete failure. So how do you know what to price your home. Firstly, trust your realtor and evaluate the comparable sales together to ensure you are on the same page. Pricing your home is an important skill your realtor needs to be well educated on and hiring a neighbourhood realtor will allow you to tap into insight that may otherwise be missed by an agent who’s not in tune with the local market.
When pricing a home, you want to ensure you are following the lead of other listings in the area. Consistency is important as buyers are most likely viewing multiple homes per week. For example, if your neighbourhood is typically seeing homes priced below market value to generate multiple offers, pricing too high can result in less interest as active buyers who have been competing for home may think your house is overpriced or that the seller’s expectations are unrealistic. There are many nuances when in comes to pricing homes in Toronto and it’s important to work with a realtor who you trust and defer to their expertise.
Curious about what your home is worth? Get a property evaluation right here.
There are so many moving parts to listing and selling a home, having a trusted and experienced realtor to guide you through the process is key.
A knowledgeable realtor will keep you informed and in the loop. A quality realtor will also guide you through this entire process, ensuring you are maximizing the sale of your home. After all, your home is your biggest investment, when it comes time to sell, you should see a return on all your hard work.
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