Real Estate Talk:
Mental Preparation To Sell
Selling a house is like a marathon: It takes mental and physical preparation
By Joseph Marovitch
Updated March 31, 2021
There is 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, preparing virtual tours, 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 key to selling is initiating visits. To sell a property, the seller has to be flexible in their schedule. To sell a home be aware and be prepared to keep the house in great showing condition and have a flexible schedule so it can be shown at a moment’s notice.
A buying broker representing a 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 buyers call because that is when their interest is high and they have not yet found another property. That is why the house must always be in great showing 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.
To sell a home be aware and be prepared to keep the house in great showing condition and have a flexible schedule so it can be shown at a moment’s notice.
During a visit, it is always advisable for the seller not to be in the house when the broker is showing. A good broker knows what to say and what not to say when showing. 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 will offer compliments on the house but many others will make unflattering comments.
Owners do not want to hear negative issues about their homes. Funny as it may seem, 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 as little as possible. This tactic will not work with an experienced broker or seller.
Another issue that can be energy consuming, is the seller having to find a place to go while the visit takes place. There are pros and cons to this issue as well. If the visit is only a few minutes, then the seller is less inconvenienced, however, a short visit means little or no interest on the part of the buyer. If the visit is longer, the seller is more inconvenienced, however, the long visit is an indication the buyer is more interested.
‘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.
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
The government has done it again! At the first signs the pandemic is receding, the government lifts restrictions instead of letting the paint dry, metaphorically speaking. With restrictions lifted, movie theatres are permitted to operate, religious gatherings with 50 or more people can take place, and high schools are opening with classrooms. Restrictions are lifted even though medical experts state hospitals are filling up and hundreds of variants are now in Quebec. Medical experts have stated that we are now in the third wave of COVID. For sellers, this is good because the market will continue to be limited in available property for sale, and buyer numbers will continue to increase with low-interest rates causing a real estate bubble.
‘… landlords, who have had difficulty collecting rents over the past year and have decided to sell, are asking way over value for their income properties to make up for losses.’
One other effect of the pandemic is that landlords, who have had difficulty collecting rents over the past year and have decided to sell, are asking way over value for their income properties to make up for losses. Where an income property of six apartments or more would sell at a 4.5 to 5.5 cap rate in the past, now landlords are attempting to sell an income property of 6 units or more at a cap rate of 4 or less. At a cap rate of 4 or less, the buyer must operate at a loss. Therefore, these properties are just sitting on the market and not moving.
For any questions, please feel free to write in the comment section that follows. I would be pleased to answer.
Have a great week and stay safe!
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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 for, 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