Important Tips for Selling Your Home
Establish Goals for the Sale of Your Home:
- Discuss market activity for pricing, terms and conditions. Suggest cost effective and staging improvements that increase your value.
- Complete detailed listing agreement and property disclosure statement.
- Compile all pertinent documents (title, survey, assessment, zoning, mortgage, permits, measurements, community info, etc.).
- Organize final photos/videos for best visual impact. Erect professional signage. Secure MLS key box.
- Upload your detailed info to the Victoria Real Estate Board (vreb.org), Multiple Listing Service® (realtor.ca), MLS® Matrix (victoriamls.ca), DFH Website (dfh.ca), Friese & Moore Website (frieseandmoore.com).
- Hold Open House for Cooperative Sales Reps and prospective buyers to readily inspect.
- Keep you, the Seller, informed as to feedback by agents and buyers.
- Keep you informed of changes in real estate/money markets and potential affects on the sale of your home.
- Screen and pre-qualify buyers.
- Represent you in the presentation of all offers negotiating favorable terms and conditions until an acceptable contract has been secured for the sale of your home.
- Follow up with buyers through their agent after a contract has been accepted, to ensure timely removal of all conditions.
- Explain the closing procedures and estimate the related costs you can expect to incur when the sale of your home is finally completed.
- Keep you informed regarding the process of the transaction.
- Assist you regarding legal or notary services, etc.
- Assist the completion and possession process with delivery of documents, keys, etc.
When real estate professionals work with sellers and buyers, "agency" relationships are established. As you start working with us, please ask for a clear understanding of the current agency laws. There are four kinds of agency relationships:
A "seller's agent" represents the interests of the seller and has a fiduciary responsibility of loyalty, confidentiality, care, skill and disclosure to the seller. As your Real Estate Advisors, we work to assist you (the seller) in locating a buyer and in negotiating a transaction suitable to your specific needs.
A "buyer's agent" represents the purchaser only. All information from both the buyer and the seller remains in confidence and offer details are exchanged only between those representative agents. In Victoria we offer your home to over 1200 agents and their prospective clients.
A "dual agent" represents both the buyer and you (the seller) during the home buying process. The dual agent has a fiduciary responsibility to both seller and buyer and must act in the best interest of both parties. Impartiality is key. No personal information or motivation can be disclosed on either side. Dual Agency happens when prospective buyers call on one of our ads, come through our open houses or view your home online.
This occurs when you are being shown a property by the seller's agent for example touring an Open House at a new condo project. The Realtor still has a legal and ethical duty to provide you with accurate, honest answers to your questions.
Understanding Market Value
Market-sensitive pricing is the key to maximum market exposure and, ultimately, a satisfactory sale.
The existing pool of prospective buyers determines a property's value, based on:
- Location, design, amenities and condition
- Availability of comparable (competing) properties
- Economic conditions that affect real property transactions
Factors that have little or no influence on the market value of a house include:
- The price the seller originally paid for the property
- The seller's expected net proceeds
- The amount spent on improvements
The impact of accurate pricing:
- Properties priced within market range generate more showings and offers, and sell in a shorter time period
- Properties priced too high have a difficult time selling
Pricing Your Home
An impartial evaluation of market activity is the most effective way to estimate a property's potential selling price.
A Comparative Market Analysis considers similar properties that:
- Have sold in the recent past - This comparison process shows us what buyers in this market have actually paid for properties similar to yours.
- Are currently on the market - These are properties that will be competing with yours for the attention of available buyers.
- Failed to sell - Understanding why these properties did not sell can help avoid disappointment in the marketing of your property.
Dangers of Overpricing
- An asking price that is beyond market range can adversely affect the marketing of a property.
- Fewer buyers are attracted, and fewer offers received.
- Marketing time is prolonged, and initial marketing momentum is lost.
- The property attracts "lookers" and helps competing houses look better by comparison.
- If a property does sell above true value, it may not appraise and the buyers may not be able to secure a loan.
- The property may eventurally sell below market value.
Poem by John Ruskin (1819-1900)
It's unwise to pay too much. But it's worse to pay too little.
When you pay too much, you lose a little money, that is all.
When you pay too little you sometimes lose everything, because the thing you bought
was incapable of doing the thing it was bought to do.
The common law of business balances prohibits paying a little and getting a lot.
It can't be done.
If you deal with the lowest bidder it is well to add something for the risk you run.
And if you do that, you will have enough to pay for something better.
There is hardly anything in the world that someone can't make a little worse
and sell a little cheaper–
and people who consider price alone are this man's lawful prey.
Holding an "Open House" is another way of getting the public to have a look at your home: it is a great way to create traffic through your property. You must keep in mind, however, that in this day and age it is very difficult to pre-screen individuals that come for a walk-through. Keeping on top of your personal safety is key.
Be sure to:
- remove all valuables including all property and vehicle keys
- remove as many personal photos as is possible
- secure all confidential paperwork, including your listing contract and remove all pets
It is our top priority to protect you and your property; certain precautions are taken prior to listing your property, and further measures are added prior to your "Open House". We also offer other options to allow buyers to get that sneak peek of your home prior to booking an appointment! Ask us how!
Our Marketing Has Been Specifically Developed to Provide You with the Highest Net Dollar Amount Possible
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About DFH Real Estate Ltd.
DFH Real Estate is southern Vancouver Island's largest independent real estate company. Since 1960, DFH has helped more families find homes in Victoria than any other firm.
One of the many reasons for this long standing success is the adoption of "The Golden Rule" policy. The ongoing conduct of the real estate agents at DFH has cemented this widespread reputation for fair dealings on all levels. DFH has grown over the years to incorporate the main office in Victoria as well as offices in Sidney, on the Westshore, in Shawnigan Lake, Cowichan Bay and Sooke. There are upwards of 150 salespeople in the DFH organization.
DFH Real Estate is owned and managed by two long time DFH members who believed in the company so much that they bought it! DFH has long been a proponent of continuing education, adaptability to change and of community involvement within the Real Estate industry. Guidance and mentorship are at the forefront of the DFH success story.