Seller Frequently Asked Questions

What is a Listing Agreement?

A Listing Agreement is a seller representation agreement that is a legally binding agreement between a seller and a real estate brokerage that the seller’s real estate agent is licensed with, which permits them to market and sell your home. Agreements outline the terms of your relationship with your agent and their brokerage, including commission rates and payment terms and possible contract termination before the agreed-upon expiry date. Once you are their client, your real estate agent will have a legal duty to act in your best interest. As per the Real Estate Council of Ontario (RECO), the governing body in Ontario, this agreement must be in writing and signed by both parties.

When is the best time to sell my home?

This is a question sellers often have, wanting to ensure they find the optimal time for selling their home. Selling your home has a lot of dependencies, such as finances and local market conditions. Generally speaking, the real estate market tends to be busiest in the spring or summer. Nicer weather plays a factor, but also because many families with school-aged children want to sell and purchase their next home before the start of the school year. Your real estate agent will work with you to determine the best timeframe to sell your home, considering all the factors that may impact you and the value of your home.

What do I need to prepare my home for sale?

There are a variety of things that sellers can do to prepare for the sale of their homes. This may include making repairs and updates to their properties to increase property value or something as simple as decluttering and staging your home to help buyers envision themselves in the property. Check out our article on Home Staging for more information!

What is the difference between a real estate sales person, a broker and a REALTOR®?

These terms are often intertwined, but there is a difference between a salesperson, broker and REALTOR®. The difference between a Real Estate Salesperson and a Real Estate Broker is education and experience. A salesperson can achieve broker status by completing additional education, allowing them to open or manage a brokerage. A REALTOR® is someone who is a member of the Canadian Real Estate Association (CREA). The term REALTOR® is a registered trademark of the association. The he salesperson or broker must be in good standing with CREA to use the mark.

How do you determine how much my home is worth?

Pricing a home can be challenging. A real estate agent will work to recommend a list price based on many factors: the size of the home, size of the property, number of bedrooms, number of bathrooms, location, kitchen upgrade and age of the home. For more detailed information, please reference the Pricing Your Home page of the website.

Can I be present at my home showings?

No, it is not recommended that you are present during a home showing. Having the seller present takes away from the ability to review the home. Potential buyers want the freedom to go through a property and ask their real estate agent questions. Your agent will work with you to schedule showings so that you can vacate the property on time. While this may be inconvenient, it is the best way to ensure that your property is viewed by as many prospective buyers as possible.

What happens when I receive an offer that is less than expected?

Buyers are looking to save money, so receiving an offer that is less than the property’s list price is not unusual. But what do you do when you receive a lowball offer? While sellers might feel offended at the low offer, it is important to remember that it isn’t personal. It is better to respond back and keep the conversation going. A counteroffer close to the list price is very telling, showing the buyer that you are not willing to lower the price. Your agent can help you navigate these types of circumstances and even potentially turn that lowball offer into a sale!

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