Real Estate Talk:
Mental preparation to sell

Selling a house is like a marathon: It takes mental and physical preparation

By Joseph Marovitch

Updated April 27, 2023

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, organizing the open house, performing follow-up calls, preparing offers and counter-offers, facilitation of the notary, mortgage broker and inspector, 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 must be flexible in their schedule. A broker with 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 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.

To sell a property, the seller must be flexible in their schedule. A broker with client or a client themselves can call to request a visit anytime.

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 to say when showing during an 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 but many will also insult the house. Owners do not want to hear negative issues about their home. Funny as it may seem, though, the ones that say little, often, are not buying the house. The ones that say everything is wrong with the house, like the house but are attempting to set up a situation where they can purchase the house for as little as possible. This tactic will not work with an experienced broker or seller.

The third issue, which can be energy consuming, is the seller having to find a place to go every Sunday for two hours while the open house takes place. Most sellers do not mind leaving their home on Sunday for the afternoon, however, after a few weeks, 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 and 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!
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• 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.
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• 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: Fear of inspection

State Of The Market

According to a recent article in the Financial Post on April 26, 2023, the Bank of Canada is considering raising interest rates even though the inflation rate has come down to 4.3% from 5.2%.

The apparent reasoning is that the target decrease to 2% inflation is arriving too slowly. The fact the consideration has been made public means the Bank of Canada is preparing public expectations.

‘According to a recent article in the Financial Post on April 26, 2023, the Bank of Canada is considering raising interest rates in January even though the inflation rate has come down to 4.3% from 5.2%.’

If inflation remains at 4.5% and continues to decrease, rates should not increase but rather remain static, as the government indicated previously they would do. If inflation were to rise, then the government should raise rates to combat inflation as they have done and said they would do.

However, the fact the Fed can change their minds and raise rates while CPI (inflation) reduces may be an indication that too much money is being made by corporate interest (mainly banks) and government. Rising rates devalue real estate by reducing demand due to further increased carrying costs.

Have a great week!

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Other articles by Joseph Marovitch