McClelland Minute - June 06, 2010

A Seller’s Guide to the Anatomy of a Quick Sale

It starts with an attractive price; one that reflects the current market conditions.  Take a hard look at sales of comparable properties plus those that are being actively presented – in other words, your competition.  Listen to your Realtor; he or she knows what is selling and the trends.  This is no time to be adventuresome.

The property must be “Best in Show”.  Clean it up, inside and out.  No one wants a dirty car, and they sure don’t buy a dirty house.  Use the Rule of Three – throw out, give away or sell one third.  Store one third in boxes or Rubbermaid containers for the move.  Keep the one third that will see your family through this season and the next.

Make it easy to show.  Don’t leave the house without having it ready for guests.  The buyer may only be in town that day and you don’t want to miss the opportunity to present your property.  Buyers are often motivated and emotional when shopping for a home; if they see a house that “gives them a hug” they will make an offer on it. 

Offers are like babies; you may know it’s coming sooner or later based on the activity on the property, but are always surprised when it happens.  There is a saying in organized real estate that “your first buyer is often your best buyer”.  In other words, they may be most motivated, often because they may have been looking for a house just like yours for some time.

Negotiating in a market where there is lots of inventory to choose from can be compared to reeling a soft mouthed fish; you have to be gentle yet assertive.  Always respond to a reasonable offer with a reasonable counter.  Strive to move the buyer to a point you can live with by always giving some, but also expecting movement in return.  In my opinion, if a buyer walks away in the middle of a negotiation on a fairly priced property they weren’t really serious in the first place.

Always have a transition plan for accommodation.  When you put your house on the market, you should have a good idea of where you could go, even if it is only an interim strategy.  Possession dates are as important to some buyers as the price they are paying.  Check out storage options for your household goods. 

Be prepared to listen to a buyer’s concerns about issues arising from inspections, particularly those that have to do with safety or major defects.  If a hot water tank is leaking, replace it.  If there is exposed wiring, bring in an electrician.  However, if it is a cosmetic issue that was apparent during the tour of the home, then you may want to negotiate as this should have been taken into consideration in the buyer’s offer.

Leave your home in the condition you would want to find it if you were the buyer.  Allow yourself enough time before possession to clean floors, stoves, fridges, etc.  Take away the garbage and particularly the old bed frame in the basement back bedroom or broken down lawn mower behind the garage.  Most buyers want to go through the home the night before or first thing in the morning the day of completion, to ensure that everything is as you promised.  If it isn’t, then they have time to discuss the situation with their lawyer, and if necessary initiate a holdback of enough funds to rectify the problem.  This is never a good situation to be in as the buyer will always estimate high, so make sure everything is as it should be.

Vern McClelland is associate broker with RE/MAX of Lloydminster.  If you have questions or comments on this article or other real estate matters, he can be reached at 780.808.2700 or through the McClelland Group website www.mcclelland.ca

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