Real Estate Talk:
Mental Preparation To Sell
Selling a house is like a marathon
By Joseph Marovitch
Updated February 27, 2019
There is an excitement when selling a house. Many people selling a property for the first time have the idea that the sign goes up in the front yard and the house sells the next day. I have news for them, selling a house is like a marathon. It takes mental and physical preparation. It is true that a good real estate broker will perform most of the work such as listing the property, marketing and showing the property, organizing open house, performing follow-up calls, preparing offers and counter offers, notary, bank and inspection facilitation and more.
However, there is still a component of selling that falls on the seller and this component can be exhausting. The longer it takes to sell the property, the more tiring this issue can be, which is why it is good to price the property well. The issue is visits and open houses. To sell a property, the seller has to be flexible in their schedule. A broker with client or a client themselves can call to request a visit anytime. To sell a property quickly, it is advisable to allow the visit when the buyer calls because that is when you know the buyer’s interest is high and they have not found another property yet.
The first issue is the house must always be in show condition. For many sellers this is a tiring proposition, especially if the seller has children. However, the fact is the better the house appears during a visit, the quicker it will sell and the more money the house will sell for.
…be prepared to keep the house in show condition, have a flexible schedule so the house can be shown at a moment’s notice and plan a few Sundays…
The second issue that may be hard on the seller is an open house. It is always advisable for the seller not to be in the house when the broker is performing the open house. A good broker knows what to say and what not say when showing during open house. The broker is not emotionally attached to the house and therefore will say what needs to be said, no more and no less. Many visitors to an open house will offer compliments on the house but many others will make unflattering comments. Owners do not want to hear negative issues about their home. Funny as it may seem though, the ones that say little, more often than not, are not buying the house. The ones that say everything is wrong with the house may like it but are attempting to set up a situation where they can purchase it for a little as possible. This tactic will not work with an experienced broker or seller.
The third issue that can be energy consuming is the seller having to find a place to go every Sunday for two hours while the open house is taking place. Most sellers do not mind having to leave their home on Sunday for the afternoon, however, after a few weeks of not being able to sit on the couch, read a book or watch TV and eat popcorn on a lazy Sunday afternoon, can be extremely annoying.
To sell a home be aware and be prepared to keep the house in show condition, have a flexible schedule so the house can be shown at a moment’s notice and plan a few Sundays with a walk in the park, a matinee movie or drinks at the local pub (beer & nachos ☺).
‘Price the house for the market and take into consideration the condition of the property… A well-priced house will sell quicker.’
To make the process as painless as possible do the following:
- Get a good broker
- Price the house for the market and take into consideration the condition of the property. If the house has issues that can devalue it, either price accordingly or repair the issues. A well-priced house will sell quicker.
- Plan those Sunday afternoons
Should you have questions or comments, please refer to the comments section at the bottom of the page. As well, to view past articles, click here.
Have a great week!
Next article: Always consider resale value when purchasing
State Of The Market
In case you have not heard, it was announced on January 31 the Greater Montreal Real Estate Board (GMREB) merged with the Laurentians and Quebec City to form the new Quebec Professional Association of Real Estate Brokers (QPAREB). The QPAREB is now the largest real estate board in Quebec with 12,500 brokers or 89% of all brokers in the province. The new merger will provide brokers with a more powerful voice in Government and more uniform requirements in terms of training, policies and cooperation.
The real estate market has become more complicated as the market has accelerated in price and demand. There are more multiple offers for single homes and increased demand for condominiums. As well, demand has increased for property both in the suburbs and off island. With the new merger, brokers will more easily collaborate and have quicker access to information.
‘The new merger will provide brokers with a more powerful voice in Government and more uniform requirements in terms of training, policies and cooperation.’
After my training in 2009, I was of the belief that a real estate course should be a University degree like medicine or law. Real estate brokers are taking the average individual’s life savings, in the form of equity in the property, and are entrusted to sell that property to acquire the most money possible for the seller. The money would then be used either to purchase another property or for retirement or education for the children or to perhaps start a business. Whatever the use may be from the equity of the last property, the responsibility and trust to the broker is considerable.
The public is not fully aware, but it is all too easy to make costly mistakes in both selling and purchasing a property if they do not have the training and experience. The real estate brokerage act, which is a part of the Quebec civil code, applies to everyone and not just brokers. Imagine a plumber performing surgery! This is not unlike an individual deciding they are an expert in real estate, the civil code, contract law and valuation. This is why, today, the education a broker must undergo to acquire a licence is the most stringent in North America. Brokers are required to know the real estate brokerage act, contract law, property valuation and much more.
The new QPAREB will insure that training continues to be both rigorous and on going. Brokers have the responsibility of protecting the public in the most basic of needs, a home.
Joseph Marovitch has worked in the service industry for over 30 years. His first career was working with families from Westmount and surrounding areas, hosting children between the ages of 6 to 16 as the owner and director of Camp Maromac, a sports and arts sleep away summer camp established in 1968. Using the same strengths caring for the families, such as reliability, integrity, honesty and a deep sense of protecting the interests of those he is responsible to, Joseph applies this to his present real estate broker career. Should you have questions please feel free to contact Joseph Marovitch at 514 825-8771, or firstname.lastname@example.org