The Home Selling Guide
In order to ensure a smooth process, there are a few preliminary steps you, as a seller, should take to get your property ready for the market.
- You should gather as much pertinent information as you can on your property. Some of these would include:
- Tax bill
- Mortgage statement
- Utility bills
- Information on upgrades and improvements
- Attend to any minor or major repairs. Pay close attention to some of these repairs because you will want to focus on the repairs that will increase the value of your home. By working with a KB Realty Agent, you will have the benefit of working with their affiliated suppliers where these professionals can discuss with you any value added repairs that will maximize your value and attract more buyers.
- Minor repairs that should not be forgotten include:
- Loose door-handles
- Making sure the doorbell and electrical fixtures work.
- Your home should be thoroughly cleaned. The main areas to focus on are:
- If necessary, rent a storage locker temporarily for your access belongings.
Selecting a Realtor
This is a very important step because this will be the person you interact with and who you will put your trust into to handle one of your biggest assets and any of your real estate needs.
- Get answers to any questions or concerns. Make sure the agent is able to communicate well and is willing to always keep you informed.
- Find out how they market your property. At KB Realty, our agents go above and beyond the standard real estate experience. Ask them about their MARKETING AND TECHNOLOGY PACKAGE and their CONCIERGE SERVICE. There are a number of ways we use to ensure your property has the most exposure in the market, while ensuring a smooth process by taking care of all the little details.
- Choose a realtor with whom you have rapport, who listens and understands your needs, and whom you have confidence in.
The Listing Agreement
The listing agreement is a contract between you (the seller) and the listing brokerage (KB Realty Inc.) Essentially, the agent is legally an extension and representative of the brokerage.
- The listing describes the property to be sold and the terms under which it is to be sold. This document also sets up our agency relationship and all the duties and obligations that come with the law.
- The listing agreement is on a standard form which is provided by our local Kingston Real Estate Board (KAREA) – We must at all times comply with their rules and regulations.
- You will also be appointing us to market your property for a specified length of time and agree to pay us a commission for obtaining an acceptable offer and a smooth and successful completion of the transaction.
- At KB Realty, we strive to make sure that all the little details along the way are taken care of. What’s this mean for you? – More time to do the things you love and a piece of mind knowing that you’re working with people that care.
- There is a holdover clause stating that if a buyer who was introduced to the property during the active listing period and that buyer ends up buying the property within a certain time frame (holdover period) after the expiry of the listing, you will still have to pay the commission to the realtor. This is to protect the realtor from the situation where the buyer and seller make a private deal to wait until the listing expires to avoid the realtor who introduced the buyer to the property.
Pricing Your Home
Pricing your home right is the key to selling it quickly and for the best price. You, the seller, ultimately sets the asking price, but the buyer will be the one determining the value.
- The first step is to conduct an analysis of the market. We will provide you with all the information about similar properties recently sold and properties currently for sale near your neighborhood. At KB Realty, our agents provide an excellent resource to homeowners where we provide you with a free property assessment of your home.
- Highest prices are obtained when there are multiple offers, this is known as “bidding wars.” It occurs when a property is perceived by buyers to be a good buy.
- Some of the dangers of overpricing are: reduces the number of showings, reduces advertising response, loses potential buyers, eliminates offers, helps sell the competition, and can extend market time.
- Establishing the best market price for you and your family is accomplished through understanding your short and long-term goals, the efforts placed on marketing and promotion, the accessibility of your home, and the current state of the market.
Showing Your Home
- Usually we will hold an open house for our agents on an appropriate day or the day the listing appears on the market to allow agents to preview your home, while making it the least inconvenience to you.
- It is your responsibility to have the property clean and looking good for showings. You want potential buyers to have a good first impression; this will allow them to mentally visualize themselves living there.
- It would be better for you and your family to be out of the house when there is a showing. Avoiding interference will make the showing more comfortable for the buyers.
- Showings are by appointment only and your agent will always accompany buyers. We will also keep a record of all appointments.
- It is standard practice to provide a lockbox that makes a key accessible for agents who show your property when you are not home.
- Sometimes it is beneficial to hold open houses on weekends. This market strategy can be useful in some situations, but is not always necessary.
Dealing With Offers
- When an offer is presented on your home, the buyer representative will notify the listing agent (KB Realty agent) of this fact. We will then notify you of the offer and make an appointment to present it to you at a convenient time and place. You and your KB Realty agent will read through the offer where we will explain the terms and conditions to you.
- We will also thoroughly explain any clauses and conditions and items that might be of concern.
- Offers are on standard forms provided by our local Kingston Real Estate Board (KAREA) with many standard clauses to satisfy the lawyers.
- There is an irrevocable date and if you don’t accept the offer by that time, the buyer may revoke it.
- You may accept the offer, reject it, or make adjustments to it and sign it back to the buyer. That person will have the same options and this process will continue until an agreement is reached or the negotiations terminate.
- The buyer submits a deposit with the offer, which is held by KB Realty Inc., Brokerage. The deposit is held in our trust account and will be applied to the purchase price on the closing date. The total commission is usually deducted from this deposit on the closing date. If there are any deficiencies, you, the seller, will have to pay the balance from the proceeds of the sale.
- When an agreement is reached, the documents are handed to your lawyer who prepares the transfer papers and the closing process.