Selling Process

At Rennie & Associates Realty we strive to make the selling process as smooth and worry-free as possible, from our first consultation with you, to listing your home, getting ready to show, negotiating the sale and closing the deal.

We have the expertise to handle all of the details while maximizing the return on your investment. Our process includes accurate valuation of your home, realistic overview of the marketplace, superior marketing and service, and optimal sales.

1 Setting Goals

In real estate, each transaction is unique to its time and place and it takes real skill to maximize returns. While every owner wants the same thing – the best possible price in the most efficient manner, you need an edge in a competitive market.

Thriving in the Vancouver and Lower Mainland real estate markets requires more than a license. You need an agent with professional training in real estate marketing, financing, negotiation and closing. These are the skills your Rennie Sales Associate will bring to the table.

Property valuation

The valuation of your property is a critical first step in the selling process. There are many issues to consider, from the desirability of your home, to comparable sales, to the overall market. We approach valuation from both the seller’s and buyer’s perspective.

A Comparative Market Analysis (CMA) is very helpful when estimating potential sales prices for your home. During a CMA your Rennie Sales Associate will look at comparable listings and sales in and around your areas as a benchmark for the potential sale price of your home, We will also look at comparable homes that failed to sell and why. While analysis of average neighbourhood prices is a good place to start, there are many other factors to consider. We look at the entire picture to ensure they your property will be well positioned given current market conditions.

Comparable sales are a critical component to valuation. Most buyers are savvy and will be comparing your price with other properties on the market. Most neighbourhoods stick within a particular price range, it is important to know this to understand pricing and where your home falls within this range. Keep this in mind before you embark on renovations and improvements which might make your home more expensive than the neighbourhood market can bear.

Market conditions

The real estate market is a moving target. Your Rennie Sales Associate can help you understand it and explain whether your area is currently a buyer's market or a seller's market.

When the economy and real estate is booming, prices rise and houses may sell in a few days. This is called a seller’s market. Conversely, when the market slows down, average selling time can run into many months and is called a buyer’s market, as there are more properties available for a longer time.

In a seller's market, you can often price your home higher to match demand. In a buyer's market, you may need to offer a lower price or attractive incentives if you wish to sell quickly.

Sale prices are a product of supply and demand. If you live in a community that is growing, with an expanding job base and a limited housing supply, it's likely that prices will hold steady or rise over time. But if the local community has a weak economy or is shrinking you'll often find a buyer's market and should set your price accordingly.

Incentives

Incentives can be very effective selling tools, especially during a buyer’s market. For example, you could offer to pay some or all of a buyer's closing costs, include special features or antiques that would not normally be within the deal, or consider offering a bonus to the selling agent, in addition to their commission. Your Rennie Sales Associate can guide you through the current market conditions.

Estimating net proceeds

Your Rennie Sales Associate will provide you with a detailed breakdown of the net proceeds of your prospective sale. You will always have a clear understanding of the various closing costs, commissions and specific returns you can expect after the sale.

No obligation consultation

For a free market evaluation of your real estate in Vancouver and the Lower Mainland, contact us.