With the skyrocketing costs of housing in the GTA, it may seem tempting to eliminate a real estate agent’s commission and sell your home yourself, but a little word to the wise: don't. Preparing to sell a property in this city takes some time and consideration—and is harder and more frustrating than you might think. Here are four reasons why you really consider using an agent before taking the plunge and putting your home on the market FSBO.
Agents can properly rep your 'hood
A real estate agent is familiar with area neighborhoods, has sound knowledge of the market, is good at reading people, and has strong negotiating skill. They have access to the most up-to-date information about new home sales in in your city, as well as the recent sale of comparable homes and listings in your neighbourhood. They can help you set the right price for your home and get qualified buyers in the door so you deal only with serious prospects and adds value when guiding you through the process, handling paperwork, and negotiating offers.
They know your house—and others like it
Find out how many homes the agent has sold in the area over the last few years. Ask how many of the properties have been in the same price range as your home and if any have been in your neighbourhood. An agent has to be able to immediately answer most questions a buyer asks, so he or she needs to know the nearby schools, shops, police services and other neighbourhood characteristics of residential properties in the area.
Find out how quickly comparable homes have sold and how many closed at the original asking price. If the selling price was reduced, then ask by how much.
They can give your listing the attention it deserves
Knowing whether the agent represents three clients or 30 clients will help you understand how much time and attention they can spend representing your home. If an agent is currently working with a large number of clients, there's a risk that he or she may not spend as much time trying to sell your home as you would like. After all, there are only so many hours in a day and some agents spread themselves too thin.
They can market the heck out of your property
A “For Sale” sign will generate phone calls, but that shouldn't be the only way the agent markets your property, so find out what tactics the agent plans to use. Listings without a photo or with only an exterior shot are often ignored, so good photos are essential. Ask if the agent will make a virtual tour available on the broker's website. Buyers love virtual tours.
Will the agent hold an open house or host a broker or agent tour? You want as many agents and brokers as possible to view your home and have it top of mind when they encounter a buyer they think might be interested.
Will search engine optimization be used to ensure a high ranking in search results? Will other websites include your listing? Will your property be included in MLS? Will print ads be used? All of these questions are important ones to ask, and to propose to your real estate agent to clarify their role.
Interested in buying, selling or leasing property in the GTA? With over 20 years’ industry knowledge and experience the Merenda Real Estate Group is here to help with the transaction. Contact us today with any questions or inquiries or call 416. 240. SOLD (7653).