Toronto home sellers may believe that the current market conditions make it easy to list and sell for top dollar. This is not the case. Real estate transactions are complex with many moving parts. Sellers choosing to skip using a real estate agent take legal responsibility for complying with Canadian and Ontario laws surrounding real estate transactions, along with the extra work of marketing, showing and negotiating. International sellers should definitely consider using an agent to negotiate the transaction. Agents help with:
Pricing a Home
Over or under-pricing a home can have significant financial consequences. With Toronto’s seller market conditions, it can be tempting to list a property over its value. Buyers risk having the home sit on the market, leading to buyers and agents wondering what hidden problems lie inside. Underpricing with the hopes of instigating a bidding war to drive up the price is equally as risky a strategy. Experienced real estate agents know how your home compares against similar properties in the immediate neighborhood, what pricing strategy will best lead to a top dollar offer, and what type of buyer will make that offer.
We are all busy professionals. No one wants to waste their time showing a residence to an under qualified buyer. Real estate agents prescreen buyers to ensure they have appropriate funds available to follow through with a fair offer before showing them the property. In addition to screening finances, a top real estate agent has matched the buyer’s preferences with your home’s features, meaning they should be highly interested in your property.
While you can sell without using representation, it is required to use a real estate lawyer to complete a transaction in Ontario. Having a lawyer review all agreements is highly recommended. A real estate agent is experienced working with lawyers to ensure due diligence during a transaction.
Real estate agents are time savers. When buyers choose to sell without an agent, they are responsible for scheduling showings and open houses. Real estate agents take care of property viewings. They schedule photography, spend time on marketing materials, and use their network of contacts to get the property into the right hands. Some real estate agents work with the property through closing, being available for the appraiser and other inspectors. They negotiate with the buyer or buyers on your behalf. For overseas sellers, having a voice in the local time zone to handle these matters speeds up transaction time.
Don’t assume that Toronto’s seller’s market means sellers will walk away with the best deal. Talk with Barry Cohen about how using a local real estate expert enhances the selling experience for Toronto real estate.