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.
In a heated Toronto seller’s market, most homes will sell quickly for a high price. However, as a home seller, you are leaving lots of money on the table if these crucial elements are not executed to their fullest potential.
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.
For more information on home preparation and the overall selling process read:
2) Quality 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.
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 meaningful 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
Listing strategy and timing the market is the final piece of the puzzle and can’t be missed. Timing the market perfectly is difficult, but working with an agent who keeps a pulse on market fluctuations can make it seem easy.
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, should you price low to attract multiple offers or price with offers anytime at a number you are comfortable with? Both strategies can be effective if the buyers are accustomed to them, and it is a common strategy in your neighbourhood. 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.
For more about how to price and sell your home for a successful sale, click here.
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.