Listing strategy and tough seller decisions for 2019

when is the best time to list my property?

While our Ottawa market has been favouring sellers for a year or two now, they still have a lot of important decisions to make in arriving at their listing and marketing strategy for a successful sale and maximizing the equity from their property.  Here are a list of items we think sellers will wish to consider:

When do I list my property?
Always a critical question, of course and one mostly determined by where one is moving and how long a current property may take to list, sell and close.
Our 3 biggest sales months of the year are typically April (#3), May #1 and June #2 which many sellers consider as the best time to sell.  Given our current low listing inventory situation, however, just about any time is probably OK for most properties.

How long will my property take to sell?
Days on market has improved with our strong market and most midrange properties should sell in approximately 30 days (or less!) and close in 45 to 60 days, although this varies with every property, buyer and seller.

MLS® listing or “exclusive” listing?
The best exposure to the most buyers is always via a full service MLS® listing that is exposed widely to all Realtors and their buyers through the MLS® ecosystem, especially realtor.ca. Some Realtors are plugging an “exclusive” listing strategy which has its purposes but is not as widely seen and generally not as effective for a seller in maximizing their marketing opportunity.

Pre-market via use of a “Coming Soon” sign on my lawn?
These signs have become quite prevalent, as listing agents seek to both do advance marketing and try to prospect for new clients via this grey marketing of listings that are not widely published via the MLS® system.  Though there are some legitimate uses for such a strategy, in most cases we think is more to the listing agent benefit than that of the seller.

Do I hold back offers until a certain date?
A very common strategy is to hold back offers during the first week or so a property is listed.  This gives as many buyers as possible the opportunity to view the listing in person and determine if they wish to submit an offer.  Multiple offers generally means the best market selling price available at the time but sellers may lose some buyers as a result.

Some buyers are not interested in the multiple offer process which can be stressful and seem like an auction.  Military or out of town buyers may not have the time to wait around until a seller offer date, as they are on tight timelines to identify and purchase a property, so one will lose most of these buyers by holding back offers.

What about a “bully” offer?
A “bully” offer is one that is submitted during the offer holdback period.  Such offers are typically very strong offers and also call for an immediate decision by the seller.  Tough call for sellers to make, as this buyer may come back on offer day or they may move on to the next property on their list instead and a seller may or may not get as good an offer come offer night.

Do I need to have an Open House in this market?
We suspect the number of open houses is way down these days, as properties sell quickly.  An occasional open house may still be useful for that casual buyer who is not working with a Realtor or the “I’ll-know-it-when-I-see-it-buyer”

How much commission should I pay?
There are two important components here: one is total commission to be paid but also the split between listing agent/brokerage and buyer agent/brokerage.  Sellers should understand both carefully, as there are a number of commission plans out there that may offer an attractive lower commission rate but also restrict the amount of commission being offered to the buyer representative and brokerage which may impact the interest level around that listing.

We are able to offer significantly lower commission costs than almost all other realtors, due to our status as an independent non franchise brokerage with less overhead to cover.  Give us a call and we can discuss your plans and how we can optimize your marketing opportunity and transaction costs.

 

Gord McCormick, Broker of Record
Dawn Davey, Broker
Oasis Realty Brokerage 613-435-4692  oasisrealty@rogers.com oasisrealtyottawa.com 

Selling next spring? ….why time may be running out!

You’re kidding me right? We are not even at the end of August, yet “time may be running out”.

Well, think about it, there are only a few weeks of summer remaining (sorry!)  with weather warm enough to do a lot of outdoor prep that you will not have time to do in the early spring, because of cold or damp weather. This is true for anyone who may be contemplating a sale anytime between November and May but especially so for military personnel that are expecting a “posting notice” out of Ottawa which means an April listing.

Here are some sample projects that will help you get ready for a spring sale now:

Any outdoor painting, caulking, staining, sealing, parging or other concrete repair

Repair or replace any tired fencing or decking.

Thin out, weed and mulch gardens and plant new spring bulbs for colour.

Trim hedges, shrubs and replace any plants, trees or sod affected by bugs or heat.

Aerate, top dress and overseed the lawn and fertilize, so it will look great next spring. Hire a professional lawn service company or landscaping company if your lawn and gardens are in really poor condition.

Hint: extra watering in the fall right up to the time the snow flies is a great way to have lawns, trees, shrubbery and gardens look good early in the spring.

Clean out the eavestroughs once all the leaves are down this fall.

Get the windows cleaned inside and out.

De-clutter garage, garden shed and remove any extraneous items or materials from outside spaces.

Replace any tired outdoor furniture or accessories.

Dig out your home inspection manual and see if there are any outstanding items on the list that have not been completed.

Hint: consider a pre-listing home inspection right now! This may uncover things that need to be addressed and it may save a sale later. Many inspection items are a lot less expensive to fix before listing than after. A general home inspection may also conclude that a roofer, HVAC, foundation, WETT or other household system may require professional servicing or further inspection.  Better to find it now than later!

If there is a swimming pool, have it professionally closed and inspected this fall and keep copies of work orders, invoices and any repairs or quotes.

Get your driveway sealed, so it will look well maintained come spring.

You could also take some photos of the exterior of the house and yard, garden, shrubs, trees etc.  right now, as they probably look better right now than any time until early May.  Having some nice color photos to use for online in in home presentation during listings, is a great tool and allows prospective buyers to see the summer state of the exterior landscaping or other features.

This is by no means a complete list and you have not even started inside yet! If you would like to discuss what you need to do to be 100% “listing ready” for a spring or winter sale, by all means give us a call, if you are not already working with another Realtor.

 

Gord McCormick, Broker of Record
Dawn Davey, Broker
Oasis Realty Brokerage
613-435-4692
oasisrealty@rogers.com www.oasisrealtyottawa.com

A lower commission brokerage