From A Woman's Perspective: August 10th, 2024 "The Roadmap to Downsizing "From start to SOLD!" Part1"

The Roadmap to Downsizing "From start to SOLD!" Part1

Good morning, Marilyn. Last week I shared six signs it’s time to downsize. If listeners missed it, they can visit our website at smartrealtysolution.com for the full blog post. Today, I’d like to continue the theme by giving an overview of the home selling process. I’m calling today’s segment, “The Roadmap to SOLD!”

1.Consultation:

During our initial consultation, we gather information about the goals, timeline and priorities of our clients. We provide them feedback, advice and process information. By the end of our time together, any follow up steps and resources are determined. 

2.Preparation:

The timeline of the preparation phase is variable depending on the type and amount of preparation needed. Do you need help packing and purging? Painting? Lawn and garden tidy up? We have the contractor connections to help you get the job done in a fair and timely manner. 

Once the property is ship-shape, it’s time to finalise the pricing strategy. This involves analysing the general market trends, recent neighbourhood sales, as well as current levels of inventory available for sale. All of the data is shared with the homeowner who makes the final pricing decision. 

The last preparation step is signing the paperwork. We’ll take the time to go through each document with you and answer any questions so that you are fully informed about what you’re signing ahead of time. Your comfort is more important than our convenience!

3.Launching on the MLS

With the contract in place, it’s time for SMART Realty Solutions’ staging and audiovisual teams to jump into action. We’ll talk more about what that entails next week, but for now let’s just say that it’s their job to create and capture images of your property that will motivate potential buyers to consider your home among the many available. 

When all the pieces of the marketing material are ready, we'll launch your property listing to the Toronto Regional Real Estate Board’s Multiple Listing Service. Your property will be available to tens of thousands of Toronto area real estate professionals who in turn pass along suitable listings to their buyer clients. From there, appointments will be scheduled and property showings will begin. 

At the same time, our marketing strategy will be giving your listing additional exposure through our powerful plan of direct mail, open houses, digital and social media posts. We have an in-house specialist that makes all this happen behind the scenes, and we don’t stop promoting your property listing until you receive an acceptable offer!

4.Offer Negotiation

Speaking of offers, negotiating offers is the fourth step on “The Road Map to SOLD!” Evaluating an offer is not as simple as choosing the one that offers the highest price. What if they offered you a sky-high price but couldn’t close for six months, for example? A solid offer has four components that each must be weighted with importance. Yes, the price they are offering, but also the deposit they are willing to submit to secure the deal. The standard minimum deposit is 5% and this is held by the listing brokerage in a trust fund until closing. I liken it to an engagement ring: we want a nice big rock to make sure we aren’t left standing at the altar! The next factor is whether the offer is firm or with conditions. In a balanced or buyer’s market like we are in right now, buyers frequently submit offers with the condition that they finalise their financing or subject the property to a professional home inspection. Obviously a firm offer is more desirable from the seller’s point of view, and sometimes they are willing to trade sale price for a firm offer. Finally, I mentioned the closing date, or “Date of Completion” as it's known in realtor lingo. The usual time frame for this is between 45 and 60 days. 

So, for now Marilyn, I’ve taken listeners most of the way on the journey from start to “SOLD!” but we’re not quite finished yet. We have an offer in hand, but it’s yet to be negotiated and finalised. We’ll look more closely at that next week

In the meantime, I want to remind listeners of our webinar on Wed. Aug 14th at 1 pm via Zoom.”Downsizing Done Right” introduces the motivations, obstacles and property options of moving from an oversized home to some place more manageable. You can register on our website, smartrealtysolution.com or call me at 416-460-5636 to request the accompanying booklet. Like everything at SMART Realty Solutions it’s free of cost or obligation. It’s part of our motto, “From start to SOLD…five star service!”

5.Accepted Deal to Closing

• Deposit delivered 
• Buyer does due diligence
• Conditional > firm
• Contracts finalised, now SOLD firm!
• Liaise between lawyers, agents, lenders

6.Closing and Beyond…

• Closing: money, title, keys
• A resource for additional services

Everyone involved in the sale of your property:

• Realtor
• Realtor’s team: assistant, social media manager
• Realtor’s brokerage office: reception, administration, deal department, broker of record
• Handyman and/or other contractors
• Stager
• Cleaner
• Photographer & videographer
• Printer
• Post installer
• Buyer’s agent
• Buyer’s mortgage agent
• Buyer’s home inspector
• Bank appraiser
• Moving company

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