Selling is an integral part of the real estate process! Whether it’s your own home or an investment property, the selling process should be taken serious. Many people take the selling process casually without a full appreciation of the skill and technique that should be used. They rely on luck or their realtor to get the top price. Don’t know how to maximize the selling price? You will probably make the wrong decisions and lose your potential profit. When selling in Vancouver, Richmond, Burnaby, Surrey, Coquitlam, New West, Maple Ridge and Abbotsford, you want to make as much money as possible. With that in mind, this article will give you the foundation to take full advantage of your potential.
The critical decision in the real estate market is deciding when to sell. There are many factors that would suggest a sale is at the appropriate time. The market is currently at a 3 year high, perhaps now is the time to take advantage of the peak. This refers of course to the market in British Columbia. Property has not started to decline, but if it were, it would be time to sell. When the market goes down, it is time to buy. Many people buy HIGH and sell at all time LOW’s. This is wrong. Understand that real estate goes up and down just like any other investment in the lower mainland. When houses are cheap, BUY THEM UP! Doing this will ensure that your capital expenditures will increase. Also, if you notice that the area is not economically healthy or it’s starting to decline, it may be the appropriate stage to sell out.
The property has to be priced right for the market in the Fraser Valley area to sell. Market your property without emotion and based on objective assessment of the value. Then, add another 5% for negotiating margin. Although, depending on the area you may want a 10% margin. Prepare all necessary documents for the realtor. If you have a revenue property or small apartment building, get all the financial and other records for the purchaser to review. Understand that you must select a realtor that will advertise your property extensively as possible. This would usually be done through the Multiple Listing Service, an open house or a public viewing. Newspaper advertisements and lawn sign’s are also a great way to promote your property in the Fraser Valley.
You may be tempted to sell the property yourself. There is one primary reason for doing so. You wish to save on the real estate commission. You may indeed save money. On the other hand, the saving could be an illusion. The only other motivation could be a personal challenge or leaning experience. The problem with a reduced commission structure, other realtors will see the reduced commission involved and may not be motivated to spend time attempting to sell it when they can make a higher commission on something else. Although the local real estate board has implicated several rules to insure fairness is applied, these motivations are simply human behavior and cannot be ignored. If you don’t know the steps involved from the pre-sale operation to closing the deal, you could probably make mistakes in the process. If you use a realtor who knows the market you can capitalize on making the correct decisions.
So many people believe a For Sale by Owner is the way to go. Many people, especially in their own home tend to get emotionally involved in the sale process of their home. The seller can experience frustration in the rejection of the house. negative comments can make the seller angry and in a bad mood. These comments can sometimes be taken personal and therefore cause stress. The time commitment with holding open houses and showing your property at times may not necessarily be convenient for you. In addition, you will have to spend more time preparing the ad and staying at home to respond to telephone calls or people knocking on the door. The costs of your Realtor Surrey commission includes advertisements whether or not your house sells. Your realtor will pay for these, spend the time in an open house and promote your property while talking to his or her contacts. Never the less when it comes down to negotiating, your purchaser will want a discounted price equal to a commission saved. You’ll have to get around this and several other tactics used by the potential buyer. It is recommended that you use the services of your Fraser Valley realtor when you decided to sell your home.