The Selling Process Explained

We hear the terms "Buyer's Market" and "Seller's Market" and associate these phrases with the perceived monetary value of our real estate. In real estate markets these phrases have more to do with the ease of selling than with value. That is to say a "Seller's Market" is characterized by a low Average Days on the Market, not a high Average Sale Price. The point is, selling real estate is of critical importance to the health of real estate markets. While the buying process may be more complicated, the selling process is perhaps more important. While no two situations are identical, we set out the process here from start to finish, in order to help you better work towards your goal of successfully selling real estate.

The selling process begins with the decision to sell. Once the decision has been made, the next step is to determine an estimated fair market value in order to set a listing price. There are two ways to accurately estimate market value – to purchase a professional appraisal or to obtain a Comparative Market Analysis (CMA) from a Realtor. Realtor's generally perform CMA service at no cost, in an effort to begin a working relationship with the client in the sale of their property.

The next step in the process is to put your real estate up for sale. This can be done on the small private market or on the larger MLS market through your Realtor. The vast majority of successful sales are facilitated through the MLS market so that is where we will focus. Your Realtor will present you with a Multiple Listing Contract, which is a contract between you as the Seller and the brokerage under which your Realtor works. It will set out a number of key terms including (but not limited to): the agency relationship, the listing price and the commission charged.

Next comes marketing, and in today’s world this is done online. The larger the number of quality websites your real estate is listed on, the better. Online marketing is not the only option - there are a large number of print material options available as well. Finally, one of the most valuable, and overlooked, sources of marketing comes from your Realtor's network of business and client contacts. The key to successful marketing is recognizing the unique features of the property and developing a marketing plan that highlights those features.

A successful marketing plan leads to requests for the real estate to be viewed by potential buyers. A successful showing is one in which the buyer is able to view the real estate at their leisure and where they find the property clean, well lit and comfortable. The number of showings that leads to the next step will depend on the market, the condition and the price of the property. However long it takes, the next step in the process is receiving a written offer. Your Realtor will sit down with you to present the offer and answer any questions. You will choose to accept, decline or counter the offer. Generally speaking a counter offer is the most common outcome to an initial offer. Your Realtor will then work with you until the negotiations come to a conclusion that satisfies you.

The next step is waiting - waiting while the buyer(s) work through the due diligence, and waiting until the contract completes and you receive your money from the sale. Prior to the Possession date you will need to make an appointment with your Lawyer, or Notary Public, who will help you through the legal step of Completion.

The entire selling process ends with money in your bank account in exchange for your real estate. A gratifying day for all involved and the warm handshakes on that day indicate successful navigation through the selling process. We at The Fenton Team would love to help you get started.

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The Fenton Team

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  • The Fenton Team
    #1 4505 Victoria Quay
    Port Alberni, BC
    V9Y 6G3
  • 250.723.8786
  • 1.844.723.5478
  • info@thefentonteam.ca

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