Our Guide for Cochrane Home Sellers
Selling a home can be a daunting prospect. There are a number of things to think about, such as whether to use a real estate agent or not, what the listing price should be, and whether to wait until you sell you current home before buying your next one.
There are also contracts to think about, as well as home inspections, open houses, advertising, and more! If you decide to sell on your own, you face a formidable task, especially in a buyer's market. Having a real estate professional by your side can make the road ahead much easier, saving you valuable time, and negotiating the best price possible for your home.
Selling with a Real Estate Professional
There are many people that decide to try their hand at selling real estate on their own. Typically, sellers choose the For Sale by Owner route in order to avoid paying an agent commission. Unfortunately, trying to sell without an expert on-hand can lead to a great deal of stress, and thousands of dollars lost on the sale.
If you think about it, we put ourselves in the hands of other people every day. From hairdressers to dentists, or financial advisers to mechanics, we pay an expert to perform a service for us. We know that a professional will do a much better job than we can do ourselves because they have the training and experience to do the job right. So why do some sellers resist hiring an agent?
There's a misconception out there that real estate agents do nothing more than post Open House signs on front lawns, collect their commission cheque and walk away. If this were true, then yes, it would be very tempting to sell on one's own. Alas like many things in life, selling a house is much more complicated than that.
There are so many things to think about that you may not be aware of. A Cochrane real estate agent can assist you through the entire process of selling your home. Some of the items we'll help you with include setting the sale price, advertising the property, and negotiating with buyers.
Setting the Listing Price
Do you know how much you house is worth right now? Have you done a comparative market analysis? Have you done any major renovations on the home? Have you had a home inspection to see if there are any repairs that need to be done before selling? How much do you need to garner from the sale in order to make a profit, break even, or buy your next home? All of these things must be considered before choosing your sale price.
First, you need to figure out how much your home is worth on the current market. What your home was worth five years ago is somewhat irrelevant—what matters is now. You need to look at comparable properties in the area, see how much they're being listed for, and more importantly, how much they're actually selling for. The amount of money that buyers are willing to pay determines the current value of your home.
You also need to consider what improvements have been made to the home, and whether they truly add to the value of it. Some renovations are worth more than others, so it's important to know the appropriate value of each enhancement.
How much do you need to sell the house for? Are you just trying to break even, or is your goal to make a certain amount of profit? Are you waiting to sell this home before you buy your next one, or have you already purchased your next property? You need to ask yourself these questions to determine the bare minimum you need to get in the sale, vs. what your dream price would be.
As agents, we can help you sort out these financial questions. We will take into account your financial needs, we'll conduct a CMA (comparative market analysis), we'll look at recent market data, and consider any improvements you've made to the property, in order to help you determine an appropriate price. Our view of your home will be objective, yet backed with years of experience in the Cochrane housing market. We'll look at the big picture, as well as the small details that can affect the value of your home.
Marketing Your Home
After choosing the right price for your home, it's time to advertise it. Traditional marketing methods such as yard signs, newspaper advertisements, and open houses are still effective ways of drawing in potential buyers, and we can take care of these tasks for you. It's imperative however, that your property is also advertised on the Internet. Recent statistics suggest that more than 94% of buyers shop for homes online. This means that if you don't get your home listed on the Calgary Board’s MLS® System and featured on realty-related websites, you're ignoring the bulk of potential buyers.
With your permission, we will list your home on the Calgary Board's MLS® System, advertise the property on reputable websites (including our own), and get your home the attention it deserves. We will post high-resolution photos and virtual tours of the home, in addition to getting the word out to other agents in the Cochrane market. We can also highlight your home as one of our Featured Listings. We'll also suggest home staging techniques and repairs that we think will improve the value of the home.
Negotiating the Sale
Once you've attracted a buyer, it's time to negotiate the purchase offer. In addition to negotiating the final sale price, there are also contingencies to think about. If you're selling on your own, make sure that you read the purchase offer thoroughly. If there are parts of the contract that you don't understand, consult with a real estate lawyer before signing.
Having a real estate professional on your side can help immensely when it comes to this critical stage of the selling process. We can advise you on which contingencies you should add (if any), and which ones you shouldn't accept from the buyer. We'll make sure that the offer you accept is in your best interest.
Taking the Next Step
We'll be there to support you throughout the closing process, recommending moving companies or other professionals that can make your move easier. We can also help you take the next step in your real estate journey—buying your next home. Contact us to get started on selling your Cochrane home.
The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.