THE SELLING PROCESS
The Thompson Team Guide
There are as many reasons for selling your home as there are life circumstances that push you to sell. However, selling your home doesn’t have to be difficult, with the right guidance and the right real estate agent. Based on our extensive experience and expertise in client care, the Thompson Team has devised this guide to the selling process.
We know that it’s tough to imagine putting a price on the vegetable patch that you’ve lovingly tended for years, or the bedroom your daughter grew up in, but determining the value of your property is an essential first step.
Following our initial meeting, we’ll compile a CMA, or Comparative Market Analysis report, and present it to you so it makes sense. CMA reports show the current climate of the real estate market, centers on your area, and helps us devise an asking price that will attract buyers but accurately reflect the value of your home. Next, we’ll devise a listing agreement, a contract which stipulates terms for, and licenses, our involvement in the selling process of your home, from our commission rate to the duration of time your home will be on the market. Using a calendar, we’ll plan the selling process, set important dates (i.e., the fifteenth of the month for carpet cleaning, the seventeenth for floor plan development) and secure offer dates. We’ll discuss your budget and fit potential expenditures within it, from renovations to flyers.
In our hands, your appraisal can become a jumping-off point; drawing on our years of experience, we’ll advise changes to boost your asking price. For prospective buyers, the bathrooms and kitchens leave lasting impressions: think sparkling, well-maintained appliances, shining wood or tile floors and clean, open spaces. We understand that some budgets don't allow for major renovations, but strategic superficial changes, from repainting to de-cluttering, can make a big difference (check out our section on staging under the buying tab).
After renovations and staging changes, it’s important to market your home properly: do its extraordinary views compensate for the smallish bedrooms? Does the tiny kitchen offer rustic, cottage-like charm? You know the particular charm of your home best; we’ll work with you so that we can create marketing materials that best present it, and put together essential points for prospective buyers.
From this data, we’ll list your home on Toronto MLS (Multiple Listing Service), a real estate listing website providing essential details about Toronto homes for sale, from property taxes to structural details. Since prospective buyers likely browse many homes at once, it is essential to provide alluring visuals: our team will arrange and pay for an experienced real estate photographer. Once your home is best presented on a number of channels, we’ll plant the sign in your lawn and start the open-house process.
The open-house process is usually an emotional time: while renovations and staging might affect you in a more abstract sense, witnessing a parade of strangers visualizing their lives in your home can be a visceral experience. Though it’s advisable to leave the house during showings, treat each prospective buyer like a welcome guest: maintain a pleasant temperature and an odor-less, pet-free space, and consider providing finger foods and non-alcoholic drinks to enhance the impression of your home. If you have young children, provide plenty of reassurance and clear explanations; ensure that they will be able to imagine a better, nicer home in which they’ll form wonderful memories.
A period of fielding and receiving offers begins now – it’s important to be patient, as this is often a tense and exciting time. A buyer can submit an Offer to Purchase for your careful consideration, which you could either accept, reject, or make a counter-offer, in which you shift the terms or request a higher price. Before you sign the offer, our team and your lawyer will examine the offer in details, and discuss any terms that make you feel uncomfortable. At this time, the buyer will likely ask for a home inspection. If you have a mortgage on your house and cannot pay it off all at once, discuss your options with your mortgage broker and your lawyer. For example, you might discharge your mortgage, or you might transfer it if you’re buying a new home simultaneously.
Once you’ve accepted an offer, the buyer will give us a deposit, which we’ll place in a bank account. From this deposit, you’ll pay your lawyer, your property taxes, and us. On closing day, your buyer will receive the keys and deed to the property, and you’ll receive a cheque for the rest of your payment.
We hope this guide has been a helpful starting point for the selling process; if you’re considering selling your home, don’t hesitate to get in touch!