Setting a Selling Price For Condos in London Ontario

                       What to be Careful of When Setting Your Selling Price

Meeting with a REALTOR

Meeting a Realtor

You have decided to sell your home and have a fairly good idea of what you think it is worth. Being a sensible home seller, you schedule appointments with three local real estate representatives, (or a friend of a friend who has a friend). They set up a time with you and maybe arrive with a “Competitive Market Analysis” (which no longer is an accurate tool, I’ll cover that in another report) and they each recommend a specific sales price.

Amazingly, two of the Realtors have suggested prices that are lower than what you expected. Even though they have backed up their recommendations with recent sales data of similar homes, you remain convinced your property is worth more.

When you interview the third Realtor’s figures, his or her numbers are much more in line with what you think your home is worth. Or they may have even suggested to you a higher price. Wow! Now you are happy and an exited home seller, perhaps already counting the money.

   A Sales Practice Called “Buying a Listing”

If you are like most people, you have chosen Realtor number three. This is a Realtor who seems willing to listen to your input and work with you. This is a Realtor that cares about putting the most money in your pocket. This is a Realtor that is willing to start out at your price and if you need to drop the price later, you can do that easily, right?

 After all, everyone else does it! Wrong!

The truth is that you may have just met a Realtor engaging in a questionable sales practice called “buying a listing.” He/she “bought” the listing by suggesting you might be able to get a higher sales price than the other realtors recommended. Most likely, he or she is quite doubtful that your home will actually sell at that price. The intention from the beginning is to eventually talk you into lowering the price.

  Why do some “buy” listings this way?

There are basically two reasons: A well-meaning and hardworking Realtor can feel pressure from a homeowner who has an inflated perception of their home’s value. On the other hand, there are some who engage in this practice routinely.

Overpricing a property in London Ontario

If you start out with a price that is too high, there is likelihood you interviewed other Realtors. They did not get the listing, of course. They got “beaten” out by someone telling you what you wanted to hear.

If your listing Realtor routinely engages in “buying “listings, he/she has probably has done this to other Realtors in the same way. Word gets around that their homes are overpriced and the home seller has an inflated value in mind. This can be very difficult to resolve.

In short, you may have ended up with a Realtor who was good at selling you, but not good at selling your home. And you are willing to pay them a fee for it?

wasting your time

It is human nature for you to want the highest price for your home. However, when you choose the Realtor who promises what you want to hear, it often leads to stress and frustration. Most of the time, it will take you longer to sell your home. Possibly, and this happens, you will end up selling at a lower price instead.

Or maybe as a result of reading this, you will choose one of the “good” Realtors in the first place. They are out there, you know!

What Happens Behind the Scenes?

If you start out with too high a price on your home, you may have added to your stress level—and selling a home is stressful enough! There will be a lot of “behind the scenes” action taking place that you don’t know about. Contrary to popular opinion, a professional listing Realtor does not usually attempt to sell your home directly to a homebuyer. That would be inefficient.

Pro’s market and promote your home to hundreds of other local Realtors and even Realtors from the GTA areas who do work with homebuyers, dramatically increasing your personal sales force. During the first couple of weeks your home should be a flurry of activity with buyer’s agents coming to preview your home so they can sell it to their clients. (See my report “When is the most important time for a new listing)

   If The Price Is Right

If you and your Realtor have overpriced, fewer Realtors will preview your home. After all, they are Realtors, and it should be their job to know local market conditions and home values. If your property is dramatically above market, why waste time? Their time is better spent previewing homes that are priced realistically.

  Dropping Your Price Too Lat

  If you start out with a high sales price, then drop it later—your property is “old news”. You will never be able to recapture that flurry of initial activity you would have had with a realistic price. Your property could take longer to sell.

Price reduced

 

Even if you do successfully sell at above market price to an uninformed buyer, your buyer will need a mortgage. The mortgage lender requires an appraisal. If comparable sales for the last six months and current market conditions do not support your sales price, the property won’t appraise. Your deal falls apart. Of course, you can always attempt to negotiate the price, but only if the buyer is willing to listen.

Your property then goes “back on the market”. Other Realtors will know this, as will their buyers, what do you think their response will be to your home?

Once your home sits on the market awhile, it is harder to get a good offer. Potential buyers will think that you might be getting desperate, so they will make low offers. By overpricing your home in the beginning, you could actually end up settling for a lower price than you would have normally received.

 In summary, when you decide to sell your property, why not work with someone who knows the market and is financially and emotionally strong enough to guide you? Who will not tell you what you want to hear. The truth hurts but you might as well hear it now than 3 months later! To get results, let’s discuss your options and let you start packing!

Get More Money For Your London Ontario Condo

Want To Maximize Top Dollar For Your Condo?  Experts Say “Start Planning 60-Days Ahead”

   What you do in the months before you put your condo on the market will determine how long your condo will take to sell, how much money you’ll get and how easy (or difficult) your selling experience will be.

Dress up your condo to sell

Yes, the real estate market in London Ontario is hot right now, (up 44%), you can make it hotter .

There are some simple things that you can and should be doing right now to make sure you’ll get the highest price in the least amount of time.

If you’re going to be selling your condo in London in the next 1-6 months, my “Room-by-Room Review” will show you the very best things you could do to prepare your condo for sale, and get the highest return on your investment.

I’ll also point out things you shouldn’t do…things that you won’t get your money back on. I will also leave you a market review of your condo corporation and the latest inovative marketing tips to sell your condo.

Of course, you are under no obligation whatsoever, book your review today!

Think Like a Buyer When Selling a Condo in London Ontario

Of all the things condo owners control when selling a condo in London Ontario, the condition of the interior is one of the most important. A crucial part of marketing anything is the presentation.

The same is true for real estate. In order to compete effectively with other condos for sale in London, condo owners must present their unit to the marketplace in an attractive, desirable condition. When you bought your condo, you probably comparison-shopped. Well, buyers still do that today. According to The Canadian Real Estate Association  (CREA), the average home buyer looks at 12 to 16 properties prior to buying a home in London Ontario.

Looking for a condo on MLS

  Think like a Condo Buyer Would!

You are not just selling a piece of real estate. You are selling shelter, a lifestyle and dreams. Buyers arriving at your front door want to find the right condo so do not make them search somewhere else. If you do your homework, every room in your condo will create a reason for the buyer to stay.

You have heard of curb appeal, I’m sure? While your condo building or corporation is in charge of exterior and ground maintenance, you are in control of the interior.

Do you know that many condo owners sellers and their listing agent apparently have not heard? You’ve got less than 10 seconds to make a great first impression and when it can mean thousands of dollars in your pocket, why not do something about it?

   Why do some condos sell within 3-10 days and others in two months or never? You won’t believe the condition of some condos I have shown, even in the $400,000 range! A few thousand dollars in paint, or flooring or lighting can make a huge difference.

Do you not think that after 60-90 days, price and condition have something to do with it?

101 Tips to dress up your condo

Maximize The Sale Price Of Your London Ontario Condo

Want To Maximize The Sale Price For Your Condo?  Experts Say “Start Planning 15-Days Ahead”

   What you do in the days before you put your condo on the market will determine how long your condo will take to sell, how much money you’ll get and how easy (or difficult) your selling experience will be.

maximize sale price of your London Ontario Condo

There are some simple things that you can and should be doing right now to make sure you’ll get the highest price in the least amount of time.

Condos in London Ontario are selling, especially townhouses for full price or even 5-15% more. However, why are some selling for asking price and others for more?

Here is a case in point that I was involved in this weekend. I was representing a buyer who was looking for a townhouse in this complex because of the neighbourhood and proximity to her employment.

There were 3 for sale , all listed within 24 hours. I requested appointments to see all 3 with my client and gave 24 hours notice to the listing agents. Two replied back within the hour, the other never got back to me, even after 3 calls including two emails.

Any way, it is now Monday and all are sold! The one that the agent did not get back to me sold for $1,000 for under the asking price.

One sold for $10,000 over asking price and the other $18,000 over! Was there much difference in condition or features? No there was not. Why the huge spread among the almost identical 3 units?

  • One unit had all the lights on, window drapes open and you could tell, freshly cleaned top to bottom, the listing had lots of pictures that showed the unit fairly, in other words, pictures were not air brushed etc.
  • One unit , which actually was the nicest of the 3, beds were not made, the listing information was incorrect and dishes in the sink.
  • The unit we could not see was sold by the listing sales person, she represented both parties and as I mentioned, it sold for $1,000 less than asking and from the pictures, looked really nice!

offer to buy a condo

Strategy and the planning of when you list, how you list, how easy you make it for buyers to see your place and know what to expect will make a huge difference in your selling price.

If you’re going to be selling your condo in London in the few months, my “Room-by-Room Review & Audit” will show you the very best things you could do to prepare your condo for sale, and get the highest return on your investment. There is no charge for this.

What is the catch?

I get to see your condo, you get to meet me and if you like what I do, when it comes time to put your condo on the market on MLS, you might give me a chance to help you.

I’ll also point out things you shouldn’t do…things that you won’t get your money back on. I will also leave you a market review of your condo corporation and the latest innovative marketing tips to sell your condo.

Of course, you are under no obligation whatsoever, book your review today! This is not a sales presentation, nor any pressure to list, no signing anything , actually, no pressure at all.

How to Price a London Ontario Condo To Sell

How to price a London Ontario Condo to sell is a question most owners and some Realtors ask themselves. Every condo owner has the best intentions when it comes time to sell their condo in London Ontario.  The natural inclination is to price the condo high, thinking they can always come down in the future.

How to price a London Ontario condo to sell

But a listing price that is too high frequently nets the seller LESS money than an original price at market value.

Why is this?

Buyers are smart, they are on search portals every day looking at condos similar to yours, so , they know about pricing and usually from the pictures, the condition and when  looking for condos in your price range, they will reject your condo in favour of other condos in a reasonable price range.

And here’s the real clincher:  Sales Representatives who would readily bring buyers through your condo will automatically cross it off their showing schedule because it’s priced too high.  They’re motivated to show condos in London with the highest probability of selling.  A wise Realtor will simply will not show overpriced condos ,they know market values because it’s their job to know.

So you price your condo high, thinking you can come down.  Problem is, the Realtor and buyer community don’t look at it that way.  They see it as an overpriced condo.  After a few months go by, three or 4 open houses,  agent tours…and not a nibble.

So you decide to lower your price again.  But it may be too late…your condo has already been “branded” as over priced.  So you reduce your condo a little more. And little happens. (Oh, you will get showings but you are helping the competition sell their condo when comparing yours to someone else who is priced properly!)

Finally, in order to attract attention back to your condo, you’ve reduced your condo price more than you ever thought you would, and you’re now netting much less than if you had priced it correctly in the beginning.

And think about this:

The money you lost is not just the lower sales price, but all the extra interest you paid on your mortgage…all the extra property taxes and other carrying costs that accrue while your condo is waiting to sell.  I’ve seen it happen time and again!

Real Estate Fact: A home seller is 100%  responsible for how much, and how quickly their condo in London Ontario sells! 

Yes, you listened to your listing Realtor about price and you interviewed others and you chose your Realtor because you felt they could market your condo , but if it does not happen in a reasonable time frame, who do you point fingers at?

Selling a condo in London Ontario should not be guess work!

Improve The Chances of Getting a London Ontario Condo Sold

   How to Improve the Chances of Getting a London Ontario Condo Sold  For What It is Worth & In a Reasonable Time Frame

Selling a condo for hundreds of thousands of dollars is not something you do every day and  for most people, it is the largest investment or, for a few, the largest liability you have!

Over the years I have helped hundreds of condo owners sell their properties and most, if not all, had fears, some had poor information  or even false information and all had concerns about pricing , how long will it take, what will it cost and choosing the right brokerage and representative to guide them.

getting a London Ontario condo Sold

The decision to list your condo on MLS can involve a number of stresses and strains.  Many home sales are motivated by job relocation, family challenges, financial issues, divorce or the need for a house, a better neighborhood, schools, etc.

So there comes a day when it’s time to move on.  You have taken the time to reflect on old memories, and prepare to build new ones.

You have decided it is time to leave the past behind for a new future.  It’s no wonder why buying or selling a home is often emotionally charged and potentially overwhelming.

  Here Are Ways You, a Condo Seller, Can Go About Selling Your Condo & Get The Net Results You Deserve!

Before getting ready to put your property on the market, there are a number of things to think about, to prepare for, and to organize.  Below are seven of the many steps you can take, implement to ensure you are making the right choices.

  Right Step #1:  Dress Your Condo for Sale

Buyers look for HOMES, not condos.  They want to buy a condo in which they FEEL they would like to live.  One of the major factors in getting a condo to sell quickly is very simple: make it feel like home!

  Most buyers select their condo based on emotions.  Once their decision is made to buy, they justify their purchase with logical reasons:  facts and figures.

So, it’s most important to make a condo appeal to all senses.  Your property is not the only condo the buyers will see, in fact, the average buyer may see between 10- 16 condos before making a choice.   You are competing with all the other condos for sale in London  in your price range or even neighbourhood.

  The Way You Live In a Condo, And the Way You Sell A Condo Are Very, Very Different!

When showcasing your condo for sale, it’s going to look very different from the way it looks when you’re living there.  Here are a few tips for showcasing your condo for sale:

  • First impressions set the tone for a buyer visit, and they’re LASTING!  Approach your condo in your car like any buyer would.  Examine the outside as you’re approaching.  How does it look?  Are shrubs away from the walkways?  How clean is the foyer?  How does the grass and landscaping look?  Cluttered looks detract from the architecture of the property.  A clean, polished neighbourhood says your area and neighbours care about their units and keep them well-maintained!

 

  • Take a look at your actual building.  Is the paint fading or chipping?  Is the colour outdated or impersonal?  How does the roof look?  As you drive up to or away from your condo, what do you see first?
  • Now go inside just like a buyer would.  You want to be aware of four senses: smell, touch, sight, and hearing.  Go through room-by-room and test all four senses.  Check flooring and carpet for stains and odors.

Most importantly:  Pack away all counter appliances, get rid of excess furniture, put away unused  dishes, and make your home neat and orderly.  If you’ve ever visited a model home, you’ll notice it’s clean and uncluttered.  You have to move anyway, so you might as well pack early, and make your home more saleable.  If you have a garage, make sure it’s tidy.

clean up your London Ontario condo

  • Perhaps hire someone to professionally clean.  Top to bottom!  Cleaning and cosmetic fix-ups, especially in the kitchen, bathrooms, and master bedroom can many times yield you up to $10 in extra sales price for every $1 you invest.
  • Pets should be out of sight (and smell!).  Get rid of pet odours for showings.  Remember the four senses.  Also, some people are uneasy around pets, and they may distract attention from the features of your home.
  • Pay particular attention to lighting.  During the day, open all your blinds and curtains.  If it’s cloudy out, turn on all lights for showings.  At dusk, leave your front drapes open and turn on all the lamps and lights.

At night, do the same, but close your blinds and curtains.  When showing your home, turn off all appliances, television, radio, and anything that will distract attention from your home.  You might want to play a little light music to enhance the emotional experience for your buyer.

If you wish, you can download “101 Ways to Show Your Home like a Model Home” to help you.

   Right Step #2:  Pricing Your Condo Correctly

Every seller wants to realize as much money as possible when selling his or her condo.  The natural inclination is to price high, thinking you can always come down in the future.

But a listing price that is too high frequently nets the seller LESS money than an original price at market value.  Why is this?  Because, when most people looking for condos in your price range, they will reject your place in favour of others in a reasonable price range.

Buyers know prices, they may have already been in 6-10 places, they can compare and in the long run, the buyer will decide if your condo is priced right! No offers on your place after 30 days, what do you think the reason was?

And here’s the real clincher:  Sales Representatives who would readily bring buyers through will automatically cross it off their showing schedule because it’s priced too high.  They’re only motivated to show properties with the highest probability of selling.

A lot of weak agents simply will not show overpriced units because they work by commission and do not have the confidence to make a less than asking price offer!

do not price your London Ontario condo too high

So you price your condo high, thinking you can come down.  Problem is, the Realtor and buyer community do not look at it that way.  They see it as an overpriced condo.  After a few weeks go by, a few open houses, signs, agent tours…and not a nibble.  So you decide to lower your price again.  But it’s too late…your unit has already been “branded” by the agent community.  So you reduce your condo a little more. And little happens.

Finally, in order to attract attention back to your condo, you’ve reduced your price more than you ever thought you would, and you’re now netting much less than if you had priced it correctly in the beginning.

  And think about this:

The money you lost is not just the lower sales price, but all the extra interest you paid on your mortgage…all the future property taxes, condo fees and other carrying costs that accrue while your condo is waiting to sell.  I’ve seen it happen time and again!

I call it chasing the market or to be subtle, like falling off a cliff in the night, you know you are going to hit the bottom but you don’t know when!

  Real Estate Fact: The Seller Is Solely Responsible For How Much, and How Quickly Their Condo Sells!

Overpricing almost always increases time to sell, and adds to your carrying costs.

The most common mistakes sellers (and Realtors) make when choosing a price.

  • Not choosing the right price when a property is first listed. In other words, thinking “We can always come down”.
  • Putting the property on the market at an unrealistic price. A property must be priced on a comparative basis to the other properties which are similar. (I should add, everyone thinks their home is different but buyers and their Realtor doesn’t think so.)
  • Not relating marketing time to price. Generally, the quicker you want to sell, the less you should be willing to take.
  • Calculating brokerage fees on top of the sales price. A home is worth what it is worth, with or without a commission.
  • Thinking that buyers aren’t comparing your home, on a dollar-for-dollar basis, with every other home on the market

 Below are 5 things to think about:                           

  1. How you can set the asking price to maximize exposure for a profitable sale?
  2. How to truly define and compare market value between all the other condos out there?
  3. How the total market performance can affect your sale – positive or negative and what to do about it?
  4. How and why the first 10 days of your listing is critical?
  5. How to handle buyers during showings & offers to help yield the highest price?

Once you understand these important issues, you’ll know how to price and sell your condo for the fastest, most profitable sale.  Also, with this information, you’ll never pay too much for any real estate for the rest of your life.

   Right Step #3: Maximizing the Marketing Exposure of Your House

The most obvious marketing tools everyone uses (Open Houses and classified ads) in 2016 is not very effective anymore.  Successfully marketing  your home (getting the highest price, at the right time, and with no hassles and problems) requires much more.

Not surprisingly, less than 1% of homes are sold at an open house! Realtors use open houses to attract buyers, not to sell your home.  And marketing studies show that less than 3 % of people purchased their condo because they saw it in an ad.

That’s why a listing champion will have a broad spectrum of marketing activities, emphasizing the specific strategies that will work best for YOUR particular property or area

ONE MORE THING…  Did you know that most home buyer inquiry calls come in during business hours when Realtors are away from their offices?  Even when I want to take out my client’s to see a property, I have experienced some who respond 12-24 hours later or even 2 days!

Knowing that 96.1% of home buyers search on line for a condo to buy, that if they see a condo they like they then appreciate professional pictures, a virtual tour and a proper description of the unit, is that not where your place should be exposed?

praying that your condo in London sells

You see, marketing a condo takes more than just sticking a sign in your yard and putting your property up on the MLS (Multiple Listing Service) and praying and wishing it will sell, anyone can do that!  It takes aggressive, innovative marketing to sell your condo in today’s market place!

What do I mean?

Well… in today’s market place there are only so many buyers out there who are ready and able to purchase.  So, if you want to sell your condo, your Realtor® has to aggressively identify these potential buyers before others “get their “hands on them” and guide them into a different property.

The fact is, when you enter the market to sell your home, you enter one of the most competitive businesses in existence… anywhere!  Competition can be fierce and if you’re not ready for it… your condo just sits on the market.  So, the first major key to effectively marketing your condo is to identify potential buyers.

Remember, there are only so many buyers to go around… and your listing champion has to find those buyers first – before one of the hundreds of other real estate sales people  out there reaches them and guides them into a different property!

So, how does a champion lister identify these “hot” buyers before the competition?  This is where the “rubber meets the road”!  This is what separates the weak average sales person from the alert, business-minded marketing professional you want to hire.

  A REALTOR® Absolutely Must Have An Aggressive Marketing Strategy!

The best Realtors® use every available marketing tool, technology, approach, contact or potential avenue to generate prospective buyers for your property!

One key element is they understand the value of “effective” marketing!  They realize that in today’s competitive market they can’t just splash their name out there and expect people to call… they have to craft their message… and give buyers a compelling reason to call.

So, how does the Realtor® you’re considering separate him or herself from competitors?

If you pick up any real estate magazine or flyer, all content look virtually the same. There is 2 -6 homes in a little box and a huge picture of him or her and #1 this, #1 that, or a member of you name it club. Or, (I can see your eyes rolling now!), they say stuff like, honesty, integrity, we care etc. Well, they better care, they better be honest and they better have all of that and more, it’s your home and your money!

So, what’s unique about your Realtor® that’s going to grab buyers and get them to pick up the phone and call? In today’s market place, it’s tough!  Potential buyers have been harassed, high-pressured and pushed around so much… it’s no wonder it’s hard to get them to call!  I’m tired of pushy salespeople too… I can relate!

          They use razor-sharp strategy & cutting-edge technology as THE ADVANTAGE!

The champion lister overcomes this huge obstacle with a razor-sharp marketing strategy, (not the usual 3 bdrm, 2 bath, beautiful home, nice floors, clean, good neighbourhood and close to schools. Put’s you to sleep doesn’t it?

some 'busy' Realtors

Your home has a story, it is your past and the marketing of your home must reflect the feel and energy of your home, not necessarily the quantity of rooms. Most people who can afford to buy a home can count!), combined with cutting-edge technology, to generate buyer after buyer!

Now, everyone says they have technology but then they lack the personal touch or hide behind their keyboard. Or, what really gets me is that it is like pulling hen’s teeth for a return phone call ( in a reasonable time frame) Wow, they have a home listed and they don’t return calls? It’s bad enough not calling a real estate person back for information, but, not calling a potential buyer back? Think I’m kidding?

In a recent Canadian Real Estate Association poll, the biggest frustration potential home buyers had been the tardiness or never even getting a return call.

Remember, the major key to generating a buyer for your home is to reach your buyer first.  And to reach buyers first, a listing champion will use an up to date automatic response notifier, virtual tour system, great marketing copy personalized for your home, neighbourhood reports and calls to action.

So again remember, the first one to reach your buyer wins the sale.  So, if you want to get your home sold… don’t settle for anything less!

The first two questions then are:  1. How are you going to make the phone ring with lots of new buyers for your home?  and 2.  What’s going to give them the edge and get them to the “starting line” first?

  Right Step #4: Knowing That an Appraisal, an Assessment or What Your Uncle Harry Says Is Not the Market Value of Your Home

An appraisal is an opinion of value for an entirely different purpose than selling your condo.  Usually an appraisal is to provide bank or mortgage institution information to fund a loan.  If a lender is motivated to loan you money, their appraisal may come in higher than the true market value of your property.

When a buyer looks at a home, they look at all the factors:  foreclosures, distressed sales, bankruptcies, divorces, and area fluctuations.  Don’t make the mistake of thinking the “appraisal” value of your condo is what a diligent buyer would pay.

A real estate listing champion will show you the facts of the market and because true information is king, not being swayed by the ‘outside experts’ like well-meaning relatives or co-workers perceive what your market value is.

  Right Step #5:  Understanding Your Rights and Obligations

Real estate law and regulations can be very complex.  When you sign an offer for the sale of your property, it’s a legally binding document.  An improperly written offer can create many problems for you:  a sale could fall through, cost you thousands in forced repairs, inspections, and remedies for items included or excluded in the purchase offer.

You must understand what repairs and closing costs you are responsible for in a contract.  Have you disclosed everything? The courts do not accept “Oh, I forgot to mention that” as a defense.

You also need competent review of your title, and whether or not your property is in conflict with local restrictions or laws. (I just recently helped a buyer purchase a home and there were 3 outstanding work orders from the city that were 4 years old. And get this, the seller did not even know they existed. So, 2 real estate people and 2 lawyers did not do due diligence. All I did was check city hall, it is just one of the to do’s on my check list!)

If you have to remedy these items yourself, you can spend thousands on legal bills, fines, contractors, and other costs.  In the above case, it was $5318. 43! Using a competent listing champion up front can help identify and avoid these issues before they become “problems.”

  No Surprises!

  Right Step #6: When You Sell, Do You Know Where You Are Going?

Notice that I did not start out this Choice # 6 by “If you sell, do you know where you are going?

This may not be an issue for some but what about?

  • You have found your dream home but you cannot finance it until your home sells. Do not be misled with this statement “Oh, not a problem, your house will sell or should sell within a week or in a month” Really?
  • You make an offer on your dream home but the sellers will not take a conditional offer on you selling yours, or worse, the sellers take your conditional offer with a 24 hour or 48 hour bump clause and you get bumped! That hurts.
  • You are counting on clearing or netting x amount of dollars from the sale of your home and you either get no offers or the offers you get are nowhere what you thought you were going to clear. Not Good.
  • You have bought another home without the selling of your home clause and that home is going to close at the end of the month, now what?

These are only a few scenarios that can crop up and I could name you 31 more that I have seen or heard of.

Don’t go there.A professional champion real estate lister will not let you gamble with your largest investment of your life, will not give you false hope or convince you to take what could be a very expensive risk on your part.

A true professional will explain the pros and cons of the options available and if you choose that professional, your house will sell for the market price in the time frame you want and you can move with confidence.

Again, choose wisely!

Ty Lacroix

Ty Lacroix A House Sold Name

   Right Step #7: Choosing a Real Estate Professional Who will Sell Your Condo, Not Just List It!

There is an old riddle that goes, “What do you call the person who graduated dead-last in their medical school class?”

Answer: “DOCTOR!”

Well, it’s the same with real estate professionals.  Someone with vast experience and extraordinary professionalism usually costs the same as someone with little or no experience, or with compromising standards.  You need to know how to tell the difference up front.

Bringing competence and experience into your transaction may mean the difference between a higher negotiated sales price and losing money, selling in less time or in more time (costing you potentially thousands in added interest), and experiencing problems and hassles or a problem-free transaction.

Some do not do much business so they will tell you anything to get a listing or a sale. Overpriced listings happen and then 30 days after they ask you to price the home where it should have been in the first place.

Experience is like fashion, it changes and what worked ten years ago, five years ago or last year may not work today to attract buyers to your home!

In Summary

Focus In On the Major Key Issues, Be Realistic, And… Most Importantly! Choose the Right Person to Help You

Then comes the next question.  How sharp are the sales person’s negotiating skills?  What kind of results have they produced for past clients?  This is so crucial!

Most people think that selling a home is like being a tour guide.  Show the buyer around, ask if they like it and write up the paperwork.  Well, if that’s all there was to it, any Realtor could sell your home!

  Your Realtor Absolutely Must Have Strong Fundamental Negotiating Skills!

If you want to get your home sold, your sales person absolutely must have a deep understanding of “The Art of Negotiating”.  These skills are vitally important!  Without these skills, you could lose big!  With these skills, your listing champion will ensure you get the highest possible price for your home.

Do Not Take a Chance With Just any Realror

So, how do you find out about your prospective Realtor’s negotiating skills?  Meet with them! Do they have testimonials from past clients?

   Suggested Questions for Real Estate Agents When You Interview Them

  • Do you work as a full-time Realtor?
  • How Many potential buyers and sellers do you talk with in a week? A month?
  • Of those you speak with, how many actually contact you as opposed to cold calling?
  • How many buyers are you currently working with?
  • In what ways will you encourage other Realtors to show and sell my home?
  • What can you tell me about the real estate market in this area?
  • What price do you recommend for my home, and what is it based on?
  • What are your average days on market?
  • What is your list to sales price ratio?
  • What kind of marketing do you do?
  • May I see some samples?
  • How often will my home be marketed and updated, and where?
  • Will there be a virtual tour?
  • How do you attract buyers from outside the local area?
  • Will you prepare an informative feature sheet for my property?
  • May I see a sample?
  • Where and how will the feature sheets be distributed, and to whom?
  • Do you have a system to follow-up with other agents and brokers so that we get valuable feedback after every showing?
  • Can you show me a sample?
  • How often, and in what way will I be kept informed?
  • Are you associated with a national referral network that refers their buyers to you and gives you the opportunity to refer me to the top agent in the town or state I may be moving to?
  • Do you have a Team to help with the details, or are you a one man / woman wonder show & do it all yourself?
  • Do you have a Specific Marketing Plan designed to sell my property quickly and for top dollar?
  • How does it go beyond placing a sign in my yard and notifying the Multiple Listing Service?
  • May I see a copy of your last listing as it appears to other Realtors on the MLS?  (Called a “Realtors Full Report”)
  • How many homes have you sold in the past 6 months? Year?
  • Do you have references that I may call?
  • What happens if I am not happy with your service?
  • Do you have a 100% satisfaction guarantee policy?
  • Do you have a flexible commission fee structure to fit my budget?

         FACT…

In today’s market, buyers are increasingly savvy.  Many sellers are “testing the market” resulting in a high number of listings.  This means the competition is stiff!

What that means to you is…

Your home will sell at highest profit and in the quickest amount of time when all the ingredients are combined perfectly.

If only one ingredient is left out of the formula or is out of proportion to the others…

Your home will take longer to sell and will, quite possibly COST YOU MONEY

So, in conclusion, really think these things through!  This is such an important decision.  Get prepared!  Really fire away with questions when interviewing a Realtor®.  Make them stand the test of fire… the best  thrive on it!

They can’t wait to tell you all about the innovative methods that separate them from the others that’ll poke a sign in the ground and act like that’s enough!

In today’s market, it’s most definitely not enough!

The need for ever more skilled & knowledgeable real estate professionals continues to grow because our population is increasing while land is not, hence, the pressure of people on the available space will intensify, leading to more & more complex real estate arrangements!

 

My Last Ten Condo Sales

Our List Price Actual Selling Price Difference % 0f List Price
$404,000 $404,000 0 100%
$245,000 $244,000 $1,000 99.6%
$129,000 $127,000 $2,000 98.4%
$475,000 $470,000 $5,000 98.9%
$275,000 $300,000 $25,000 109%
$300,000 $297,000 $3,000 99%
$257,500 $256,000 $1,500 99.4%
$650,000 $647,000 $3,000 99.5%
$339,000 $340,000 $1,000 100.2%
$319,900 $319,000 $900 99.9%
Total

$3,394,400

Total

$3,404,000

Total

$9,600

 

Total

100.3%

 

 The average in London is 97.4 %, my average 100.3%, so, would getting 2.9% more for your house or condo make a difference for you? 
I sell condos &  houses in London Ontario; I do not just put up a for sale sign!

Get Results When Selling London Ontario Condos

To get results when selling London Ontario condos, marketing effectively to get you, the owner, the results you want, what do you think it takes?                

Marketing a condo for sale in London Ontario takes more than just plopping a ‘for sale sign’ (and only if your condo corp allows signs, some don’t !) in front of the building or getting a Realtor to put it on the MLS (Multiple Listing Service), then, praying and hoping it sells!\

In today’s market place, it takes assertive & innovative marketing to sell a condo for the right price !

let buyers know your condo is for sale

  What do I mean?

Well… in this market there are only so many buyers out there who are ready and able to purchase a condo. So, if you want results when you list a condo for sale, a wise Realtor® should aggressively identify those potential buyers before other’s “get their hooks into them” and guide them into a different property.

The fact is, when you enter the market to sell a condo, you enter one of the most competitive businesses in existence… anywhere!  Competition is strong and if you’re not ready for it… your condo can sit and sit and sit, on the market.  The first major key to effectively market your condo is to identify those potential buyers.

So, how do you or your Realtor identify those “hot” buyers before the competition?  This is where the “rubber meets the road”!  This is what separates the weak or the lazy from the shrewd, business-minded marketing professional you want to hire.

 Your Realtor Absolutely Should Have A Way to Attract Those Buyers!

An effective Realtor use every available marketing tool, technology, approach, contact or potential avenue to generate prospective buyers for your property!

One key element is they understand the value of “effective” marketing!  They realize that in today’s competitive market they can’t just splash their name out there and expect people to call… they have to craft their message… and give buyers a compelling reason to see your condo.

So, how does a good marketing Realtor you’re considering separate him or herself from competitors?

If you pick up any real estate magazine or flyer, all ads look virtually the same. There is 2 -6 homes in a little box and a huge picture of him or her and #1 this, #1 that, or a member of you name it club. Or, (I can see your eyes rolling now!), they say stuff like, honesty, integrity, we care etc.

Really? They better be honest, care and have integrity, it’s your condo and your money!   When someone tells you they are honest, tighten your purse and hide your wallet!

Focus selling London Ontario Condos

 

The best overcome this huge obstacle with a razor-sharp marketing strategy, (not the usual 2 bedroom, 2 bath, nice condo, nice floors, clean, good neighbourhood and close to shopping. Yawn! Put’s you to sleep doesn’t it? 

Your condo has a story, it is your past and the marketing of your condo must reflect the feel and energy of your home, not necessarily the quantity of rooms, (most people who can afford to buy a condo can count!), combined with cutting-edge technology, to generate buyer after buyer!

Remember, the major key to generating a buyer for your condo is to attract the buyer first. So, if you want your condo sold … don’t settle for anything less!

 Two things you may want to consider  

1. How is someone you are considering going to make the phone ring with lots of buyers?

2. What’s going to give them the edge and get them to the “starting block” first?

Then comes the next question.  How sharp are your Realtor’s negotiating skills?  What kind of results have they produced for past clients?  This is so crucial!

Most people think that selling a home is like being a tour guide.  Show the buyer around, ask if they like it and write up the paperwork.  Well, if that’s all there was to it, any Realtor could sell your condo!  But, I can assure you many peoples’ condos just sit on the market because they chose the wrong person or they take the first offer that comes along!

   Your Realtor Absolutely Must Have Strong Fundamental Negotiating Skills! Do Not Be Misguided Into Thinking That Because They Are Associated With A Large Franchise or The Largest In The City That That Is What You Need.

 A buyer does not care whose sign or name is on the listing, they care about your condo and want the information now, accurately and without being pressured!

I focus selling London Ontario Condos

So, how do you find out about your prospective Realtor’s negotiating skills?  Meet with them! Do they have testimonials from past clients?

So, in conclusion, really think these things through!  This is such an important decision.  Get prepared!  Really fire away with questions when interviewing.  Make them stand the test of fire… the best thrive on it!  They can’t wait to tell you all about the innovative methods that separate them from the unwashed who will plop a sign in the ground and act like that’s enough!  

In today’s market, it’s most definitely not enough.

Why Some London Ontario Condos Sell For Less

 London Ontario condos took an average 47 days to sell in 2016!  However, some sold in 6-9 days while others were 57-66 days!  When the asking price of condo in London Ontario is  higher compared to others that are for sale or have sold in the last few months , here is what  happens!

              London Ontario Condo Market                                 

  • LOW Final Sales Price – An overpriced condo, still on the market beyond the average selling time, usually leads to a lower selling price. To sell it, you will have to reduce the price, sometimes several times. In the end,you’ll likely get less than if it had been properly priced at the start.
  • Limited Buyers – Potential buyers may not view your condo, because it would be out of their buying price range range.
  • Limited Showings – Realtors may be reluctant to view your condo or bring their clients as it may be perceived as a “stale’ listing.
  • Extended Stay on the Market – When a home is on the market too long, it may be perceived as defective. Buyers may wonder, “what’s wrong,” or “why hasn’t this sold?”
  • Wasted Time and Energy – For example, a buyer who gets a bank appraisal on an overpriced condo will quickly determine that they’ve wasted their time because the appraisal will not support the inflated sales price and therefore not be able to get the financing.

Weeks on Market For a London condo to Sell

Well maintained, correctly priced condos always sell quicker and at or very close to asking price!

A reminder, I sell condos, I do not just list them and hope they sell!

Overpriced London Ontario Condos?

Three weeks ago I worked with a couple who were looking for a detached quality one floor condo in London Ontario, either in the north or south end of London. They did not want brand new so that eliminated 21 new builds or to be built leaving 16 to choose from and 6 of them, overpriced London Ontario condos!

         overpriced London Ontario CONDOS?

Doing research , I had found out that  47 similar detached condos in London Ontario had sold at an average asking price of $350,000 and the ones available for sale were in this price range.

With the average days on the market being 46 days and 16 available, that indicated to me and my clients that if we offered a fair price and a quick close, both my clients and the home seller should be happy.

  Unfortunately or fortunately, depending on whose side you are on, when I indicated that my client’s were interested in bringing an offer, it was suggested to me that to get the offer in quickly and be close to asking price because there was lots of activity.

Yeah Right!

Even though these condos were overpriced, (3 of them in the $375,000 range) and on the market longer than the norm!

  My clients were of the same opinion as myself, they were able and ready buyers and eventually we found a seller and their sales person who were able and serious about selling!

  When a condo is for sale in London, there is competition and it should behoove the seller to know what that competition is and how their home stacks up. Buyers know because they are actually seeing units similar to yours and if your price and condition is not in line, you are helping the other condo owners sell their unit!

Note:  2 of those 3 condos did sell, but $20,000 less for one and $27,500 for the other and the 3rd condo,is still for sale!

Why Some Apartment Condos in London Ontario Take Longer to Sell

I should warn you before you read anymore that the comments I am going to make about why some apartment condos in London Ontario take longer to sell are out of frustration and exasperation and are no means to imply that the events that occurred will happen again. (Can pigs fly?)

Frustrated in London

My clients were interested in downsizing from their 2 storey home and were interested in seeing 2 bedroom units in this particular building all within $25,000 of each other in price. From $197,500 to $225,000.

We chose a Thursday for the viewings and so on Tuesday morning I proceeded to make arrangements for showings. Because we were interested in only this building, there were 6 listed for sale.

One agent replied within an hour that the time scheduled would be fine, another two replied the next morning and one in the afternoon that it was ok to show the units. As I had not heard from the other two, I called their offices and used our appointment scheduler called Touchbase. One called back right away and said she was sorry, she forgot to confirm.

The other agent I never ever did hear from, even after 3 attempts and I see, 2 weeks later, this condo is still listed for sale.

The evening before the scheduled showings, I did some homework. I pulled up everything that was sold in the building over the last 2 years, called a past client (who had purchased from me years ago) in the building and asked how happy she was, any complaints, how was the property manager, how solid the condo corporation was and other pertinent questions that would enable me to inform my clients on the condo culture of this building.

I pulled up the current taxes from the city for the units and only 1 out of 6 were accurate as per what was shown on the listing data form! I don’t mean by a few dollars, in one case $1732.00 difference!

The condo fees shown for all 6 units had a difference of $131.16! How can that be? Subsequently checking on things and talking to the Property Manager, the difference in fees were about $7.00 per floor! Only one condo unit had the accurate current condo fee.

Fair is fair, I thought, mistakes happen and I will be putting in clauses if my client does decide to put an offer in to verify all condo fees, taxes and any other discrepancies.

wrong key

On the day of the showings, I meet my clients in the lobby where lock boxes are that hold the keys for entrance to the building and individual units. My day is not starting out well, there are 9 lock boxes and only one is identified with the unit number? Opening up a few, there were some keys tagged with the unit # but some weren’t! My male client thought this was funny or was laughing at me because I only have 4 pockets on my pants and could only keep track of 4; he had 4 pockets as well so he helped!

A couple of the units we saw were as per the listing data, appliances, room sizes and amenities, one unit was a disgrace, one unit the occupant would not let us in (nobody told me you were coming, she said) and 2 units were out to lunch in price.

So now we get back down to the lobby, play Russian roulette with the keys and lock boxes and say to my clients “ Well, what do you think?” with a straight face, I might add.

Other than the usual comments like poor layout, overpriced compared to others, condition of the units, my clients just kept shaking their heads and asking themselves is this what they really want to do or move here?

Obviously, they did not purchase anything that day but one week and 2 buildings later, they purchased a beautiful unit that they and I liked. They now know and my past clients know why I choose to work with just a few clients at a time because having to prepare properly before every showing because of lack of faith in the listing data, is time consuming and for the buyer, creates a bit of mistrust in the MLS listing.

Again, I want to re-iterate that not all real estate agents were like some of the above and if you do list your condo, check weekly that the information on the listing is accurate. For two reasons, to ease the uncertainly of the buyer and prevent you from having your condo sit on the market while others are selling!

Note: I wrote this 4 years ago and as pigs still have not learned how to fly, I had similar challenges twice this year already.