Navigating your home sale during COVID-19
Sunday Mar 29th, 2020Share
Navigating a Real Estate Sale during COVID-19
a) During the weeks of isolation use this time to prep your property for sale. Cleaning out all the non-essential item, boxes them and putting them in storage can be a great use of time before coming on the market.
b) Prep the yard, nothing is more disastrous for a realtor or potential buyer than trying to sell or viewing a property with a yard that looks like a war zone. Rake, cut, trim and plant as necessary, show the best your property has to offer and buyers will appreciate your effort and notice the pride you have in owning which will amplify there perception and possibly increase what they are willing to offer in return.
c)Don’t get into major projects unless its absolutely warranted. Bathrooms and Kitchens are easy to get a great return on investment. Alternatively converting the basement into a finished rec room or office space will increase the appeal to family buyers.
d)avoid overdoing it- don’t bother putting in a pool, in my career id say well over 60-70% of people I interact with absolutely do not want the hassle and those dollars could be put to something far more appealing to the average buyer such as a nicely finished deck or stone patio…or both.
e) Add some paint- adding a coat of paint inside and out can cost as little as $100 and increase your curb appeal and potential sales value by 2-3000 dollars and its quick and easy, get the kids to do it, they are off of school anyways.
How and when to sell:
1)Pick the right agent. No agent alive today has sold a property during a global pandemic to this scale. Non the less they are not all on the same page. MAKE SURE YOUR AGENT KNOWS HOW TO USE DIGITAL ADVERTIZING. Much of the marketing during the virus will be via video and virtual tours, if your agent does not know how to use a cell phone then hire a different agent. Your agent should have intimate knowledge of your city and neighbourhood. The listing agent should work in a local office and have local staff. They should know by memory all the recent sales on your street. They should have a detailed marketing plan that includes digital, print, and yard/ street signs.
2) Get the right commission- For decades it was frozen at 6% now many agents are happy to list for 4-5% of that just to do some business and get the listing. GOOD AGENTS STICK WITH THEIR COMMISSION BECAUSE THEY ARE NOT STARVING FOR BUSINESS. Be wary of agents that cut there commission immediately because the true professionals do enough business that they know what they are worth, after all if they cut there commission at first glance with you, what will they do to the price of your property when faced with a tough negotiation…cut.
3)Set the right price-the absolute biggest mistake you can make when listing your property is overpricing it. It WILL get stale. It WILL be ignored. And it Will require a markdown. It WILL take longer to sell. And you Will most likely end up with less than market value because you will need to reduce low enough to get new attention. Always, always, always price at fair or slightly below fair market value, especially in a hot seller’s market, it will attract wild attention and pump up the offers or multiple offers you get.
4) There are many federal, provincial and local precautions being enforced to ensure that property sales can go forward smoothly without causing any unnecessary health risks to the parties involved. Talk to your agent or myself on these requirements.
Call or text 905-371-5277 for further information on the market, your property or regulations surrounding the virus.