Many homeowners start the selling process by browsing online sites to see what similar properties have recently sold for in their neighbourhood to determine their home’s current value. While this is a good starting point, keep in mind:
Incomplete Listings: Online sites often miss out on listings that were never on MLS®, such as pocket listings or For Sale By Owner properties.
Outdated Information: The data on these sites can be outdated or inaccurate. Many Realtors® don’t regularly update their listings from Active to Sold, so a property might still appear active on sites like Zillow even though it sold months ago.
Professional Appraisals: Appraisers only consider homes sold within the last 90 days in a particular neighbourhood. Online sites don’t always allow you to filter by recent sales, making it hard to find the most relevant comparisons.
Missing Details: Many listings don’t include square footage, making it difficult to compare similarly sized homes, which is crucial for determining accurate value.
So, the first step in selling your home should be to interview Realtors® who can represent you and ask them to provide a CMA (comparable market analysis).
Find a Realtor®
How do you find a good Realtor®? We hope you’ll contact us at (647)888-9999 or leivillarre(at)gmail(dot)com to see if we’re the right fit for you. Remember, not all Realtors® are suitable for every client. You need someone who is excellent at their job and someone you like and trust since you’re entrusting them with a significant part of your financial future.
Ask friends and family for referrals and set up initial phone screenings with those Realtors®. Notice how quickly each Realtor® responds to your call or email. They should get back to you within 24 hours; if not, that’s a bad sign. Real estate moves fast, and deals can be lost if your Realtor doesn’t respond quickly to showing requests, offers, inspection negotiations, etc.
Initial Phone Screening
During the initial phone screening, find out if the Realtor® knows your neighbourhood and if they’ve helped clients buy or sell property there before. Ask about their experience. If you feel they might be a good fit, ask them to do a CMA (comparable market analysis) on your home and set up a time to meet in person. Be prepared for the Realtor® to ask questions about your home, your mortgage balance, and any necessary repairs to create an accurate CMA.
Meet In Person and Review the CMA
When you meet with the Realtor® in person, ask them detailed questions to assess if they’re the right fit (click here for interview questions). Review the CMA together (click here for tips on reading a CMA). Discuss what they think your home is worth and the average days on market in your area. If the Realtor® doesn’t know this, it’s a red flag. Also, discuss their fees, closing costs, and what you might net if you sell your home for a specific price.
Be honest with each Realtor® about your financial goals and timeline. This transparency helps them develop the best strategy for your situation. Lastly, trust your gut feeling about who will best represent you.
Sign the Paperwork
Once you’ve chosen a Realtor®, you’ll need to sign a listing agreement (click here for an example of a listing agreement and disclosures) authorizing them to represent you. This initiates the process to get your home on the market.
We are here when you need us!
