Selling your Toronto condo can be a stressful decision. In a quick changing market, deciding when to sell and for how much can cost you tens of thousands of dollars or more. Along with timing, how do you select the right Realtor to market and sell your condo for the most money? Below I’ll list the 6 most common mistakes I see when Toronto sellers pick their Realtor. This post will save you from those mistakes and ensure you walk away wealthier.
Here are the 6 critical mistakes to avoid:
- Hiring a Realtor based on the highest list price
This is without a doubt the number one mistake I see time and time again. When Realtors are competing for listings they will intentionally bid higher than one another. The Realtor who can promise to sell your listing for the highest price is usually the one you go with, right? Wrong. Just because a Realtor promises you a price does not mean he or she will sell it. In fact, many times they end up overpricing the listing which ends up costing you in the long run. Some don’t even care if the listing sells, many times it’s worth it for them to eat the costs of the listing and try to pick up a new buyer or seller out of it.
- Hiring a discount Realtor to Save Money
Here’s the cold hard truth about discount Realtors. The money you save on the commissions ends up coming out of the selling price. Let me explain. When a Realtor decides to discount their commission significantly this usually means it’s coming out of the marketing budget. Secondly, they could be offering the buyers Realtor less commission than “normal”. The sad reality is agents work on a commission. If they see a listing that offers low commission they may choose not to send the listing to their buyer,or convince their buyer your home is not the right fit. This means less buyers for your condo, more days sitting idle, and certainly a lower selling price at the end of the day.
- Not Understanding Current Market Conditions
Most Realtors are sales people. Some tend to focus on how many deals they can quickly close with little regard for their clients needs both in the short term and the long term. Ever wonder why it’s always a good time to buy or sell real estate? Or, why some agents deflect questions on the market and won’t give you a detailed answer? Do you want a Realtor who is a sales person or a trusted advisor?
- A Marketing Plan that only Benefits the Realtor
How your home is presented online is crucial. With over 90% of home searches starting online how does your home look on the internet? Is your Realtor hiring a professional photographer or are they being cheap and taking their own photos? What are their marketing plans? Are they mailing out post cards of your home to get more leads for their own business, or are they trying to sell your home? Are they running ads online? If so, who are they targeting? Are they running ads to sell your home or generate their next client?
As a rule of thumb, generalist realtors are real estate professionals who will take on anything and everything – near or far, high or low value, big or small. For the most part, they tend to be more junior in terms of experience and try to cover all corners of the industry. In fact, in some cases, you will end up paying for their learning curves.
- 6. Hiring a Pushover
The last mistake you can’t afford to make is hiring a pushover. I see it all the time. A Realtor that’s afraid to tell their clients the truth. The reality is real estate is a competitive industry. With over 52,000 Realtors in Greater Toronto it’s a competitive field. Many will do whatever it takes to keep a client, even if that means agreeing with you 100% of the time. When you ask your Realtor if your home shows well, or if it’s the right price you need the honest truth. You need a Realtor who will tell you when your home is too messy, doesn’t show well, needs a price reduction, or whatever it needs to actually sell.
At Home Leader, we pride ourselves in being specialists in resale and pre-construction condos for the past two decades. We are committed to get you top dollar. Use our services and we guarantee you’ll like the result and you will join the pool of our happy clients.