When selling your home you want to make sure as many potential buyers as possible are aware of your property. The best way to ensure that "maximum exposure" is through the services of a REALTOR and the Multiple Listing Service (MLS).

REALTORS are experts, trained and licensed in the field of real estate, who service the needs of the public in the buying and selling of homes. All are members of local real estate boards and have access to the MLS -- an extensive network of listings across the country.

What is MLS?
The MLS is a central registry of properties used by REALTORS to match buyers with homes on the market. MLS is described as a "cooperative marketing system" to ensure maximum exposure of properties for sale.

The MLS is very effective. Last year, sales across Canada from MLS listings totalled an amazing $58 billion.

In addition to being distributed in printed catalogues, MLS is also a sophisticated computer database of properties indexed by price, location, type of home, number of bedrooms, amenities and so forth. Photos of homes may also be available on-line and, over the past year, many real estate boards have added their MLS listings to the Internet through www.mls.ca.

The advantages for the consumer
The major benefit of MLS to consumers is that it allows the REALTOR to use his or her skills to full advantage. REALTORS are experts at determining what it is a potential buyer wants in a home--and a large part of the REALTOR's job lies in finding properties that suit these criteria.

With MLS, a REALTOR can search the database for homes that suit budgets, location preferences and family requirements, and quickly put together a short list of suitable homes.

Many consumers will find themselves first viewing MLS material at their REALTOR's office to preview potential properties and narrow the list further. When it comes time to view in earnest, they know exactly what homes they want to see, what their options are and what types of properties the market has to offer.

Through the MLS, REALTORS can literally view details of thousands of homes. In fact, in 1997, over 300,000 properties new to the market were listed in Ontario alone.

This gives the home buyer an extraordinary amount of choice and flexibility. The search for homes doesn't have to involve driving around neighborhoods looking for "for sale" signs. Nor will it mean relying on homes listed only in newspapers or real estate magazines. With the MLS, an entire spectrum of available properties is at your REALTOR's fingertips.

Even if you're moving across country or to a distant part of the province, the MLS can be used to scout homes in advance, greatly reducing the worry that often comes with relocation.

The bottom line is that what's good for the buyer is good for the seller. This is because the main obstacle for any seller is to find qualified, motivated buyers. The only way to overcome this is to match your home to the requirements of as many potential buyers as possible. Using the MLS cuts through the complexities, exposes your property to those most likely to purchase it, and makes sure you won't waste time showing your home to those who aren't truly interested.

So, when you've made the decision to sell, make sure you ask your REALTOR about an MLS listing. It could be that your REALTOR will already know of a number of potential buyers, but in most cases, an MLS listing will open up a broader range of interested parties.
  


  

When you decide to sell your home with a REALTOR®, one of the most important forms you will encounter is the Listing Agreement. The Listing Agreement is the contract between you and the real estate brokerage authorizing the brokerage, including its brokers and salespeople, to market your property.

The Listing Agreement is such an important part of your real estate transaction that you’ll want to be sure it is as comprehensive and accurate as possible. Your REALTOR® will work with you to fill in all the details and leave nothing to chance.

Detailed information about your home is spelled out in the listing agreement which helps other REALTORS® respond to questions from potential buyers about your property. Also, the Listing Agreement forms the basis for any offers drafted on your home as well as any resulting negotiations involving the offer.

There are two types of listings – an “Exclusive” listing and a “Multiple” listing. An exclusive listing gives the brokerage the sole right to find a buyer for your home during a specific time period.  You agree to pay a pre-established real estate commission to the broker once the sale is completed. The commission is payable to the broker regardless of whether someone else sells your home -- including yourself during the set period or even if your home sells at a future date to someone the broker introduced to the property.

A multiple listing is also an exclusive listing between you and the broker, but includes your authorization to allow the broker to market your home on the Multiple Listing Service (MLS) and have other REALTORS® help to find a buyer. In this case, you pay the agreed upon commission and it is shared between the listing broker and the REALTOR® who found the buyer.

Most often, a REALTOR® will recommend that you list your home through the MLS so that you receive maximum exposure in the shortest time possible. Many REALTORS® in Ontario use a standard listing agreement form such as the one published by the Ontario Real Estate Association.  

Because the Listing Agreement is so vital to the whole real estate transaction, REALTORS® are well-trained to carefully include every last required detail. The agreement is divided into two sections – authority and property details.

The authority section establishes the legal relationship between you and the real estate broker, sets a time limit for that relationship, and describes the obligations of each party. The detail section provides information about the property being offered for sale and the ideal terms the seller would like to see in an offer. Your property will be completely identified by its full legal description, including street and house number, as well as to lot and plan number if the property is in a registered plan or subdivision.

Your property size and location, floor area, room sizes, style and number of rooms, zoning, building age and type of construction will all be spelled out on the Listing Agreement.  

The listing price is specified along with any other clauses regarding price or terms. There is a specific reference to the commission that will be paid upon a successful sale, trade or exchange of the property.

Other details to be filled in on the Listing Agreement include mortgage information, how many days until closing after your home sells, and how your property will be shown. Your REALTOR® will also discuss with you what items you are willing to sell along with the home. These items usually fall under one of two categories – fixtures or chattels. Fixtures are permanent improvements that normally stay with a property as part of the sale.  Things like central air conditioning, built-in appliances and wall-to-wall carpeting are fixtures.

Chattels are usually movable pieces of personal property such as microwave ovens, blinds or washers and dryers. You may wish to include some of these “chattels” to sweeten the deal. These items will be clearly spelled out in the Listing Agreement.

Your home is probably the largest asset you will ever sell and you want to be sure you do it right. Selling your home is a complicated transaction involving many legal forms and procedures. Having a REALTOR® on your side will ensure the sale of your home goes smoothly.
  


  

Occasionally, one can see "For Sale By Owner" signs, and some owners think that selling their own home will not only save them money, but believe they have an advantage over the sellers that have their home listed by a reputable Real Estate sales professional. Before you decide to take on this very important and legally complicated process…remember not even most Real Estate Lawyer's recommend selling your own home yourself in today's market. Here are a few of the reasons why:

1. You are limiting your exposure to potential buyers (less than 10% of what a good real estate broker will generate) which theoretically means your home will take ten to fifteen times longer to sell on the market.

2. The longer a home is on the market the lower the selling price is. Why? Because most buyers think that if the home has not sold after this long... there must be something wrong with the home.

3. The selling/buying process begins AFTER the buyer leaves your home. Most sellers think that all it takes is for someone to see their home, fall in love with the great decor... and the offer automatically will follow. Remember that the buying process begins after they leave your home. If a real estate sales representative does not represent the buyer, and they are looking on their own…they usually leave the home and start to talk themselves out of the buying process. Real estate professionals are trained on how to overcome buyers remorse--a very common occurrence.

4. Because of the limited exposure you will very likely end up with a lower selling price. Remember, in order to generate the highest price possible for your home… selling means exposure. You need the maximum exposure possible, to generate the highest price possible.

5. Most buyers find it extremely awkward to negotiate or even to talk directly with sellers and therefore avoid FSBO properties.

6. Lack of negotiating experience and lack of pertinent information often will result in a lower selling price, or worse yet, a bungled contract and possible lawsuits.

7. The majority of qualified buyers are working with experienced real estate professionals.

8. Many serious buyers will pass by a FSBO home merely because they recognize that it is not in the real estate mainstream, this can some times make them wary.

9. As most local buyers now retain an experienced real estate sales person to represent them as their buyer-agency, you will probably be negotiating against an experienced professional.

10. Expected savings in broker's fees will also be greatly reduced if you offer a selling commission to entice real estate sales representatives to bring potential buyers.

11. If you are planning to use a Lawyer to help you negotiate the offer, then your lawyer's fees will be considerably higher.

12. Only real estate sales representatives have access to the up-to-date market information. News reports cannot approach the timeliness or specificity available to real estate sales people. Further, real estate sales representatives are involved in home sales much more frequently than the average homeowner is. This familiarity leads to a degree of expertise that provides an edge on negotiating and successful selling.

13. You only pay the commission to the real estate broker, if they successfully sell your home at the price you are happy with.

14. Accepting an offer is one thing, ensuring a safe and successful closing is quite another. Real estate transactions usually always have problems on closing. At times, expecting the Buyers and Sellers Lawyer's to fight it out or resolve the problems, can sometimes mean the deal is lost. This is the time that your experienced real estate professional, can be the most important. Your Real Estate professional can act as a great mediator. Lawyers MUST act only on their client's instructions and are not paid to negotiate.

Thinking of selling your home but not sure if now is the “right time?” Talk to a REALTOR for sound advice on when to sell your home in the least amount of time for the best possible price.

First a REALTOR will help you examine your reasons for wanting to sell. The most common reasons why people decide to sell their homes include changes to their financial status, an employment transfer, a growing family or retirement. Today’s low interest rates have also made it attractive for many homeowners to “move up” to a larger home.

Whatever your reason, selling a house is a complicated procedure so it’s imperative to have a qualified real estate professional on your side.  Because selling a home involves large sums of money and complicated legal documents, a REALTOR’s expertise can help a homeowner avoid costly mistakes.

Real estate cycles
Buying your home was probably the best investment you ever made. That’s because over the long term, real estate has proven to be a sound investment while at the same time offering you and your family shelter and a feeling of pride of ownership.  

However, real estate is subject to the law of supply and demand which creates cycles in the market. A shortage of homes generally means prices rise. This cycle is commonly known as a “seller’s market.” Alternately, a surplus of homes can result in a slow down in home sales or even a reduction in prices and is often referred to as a “buyers market.”

One of the most important services a REALTOR provides is market analysis. Most people don’t have the time it takes to conduct the comprehensive market research required to accurately price a home. A REALTOR can give you up-to-date information on what economic and other factors are impacting current market conditions.

Which market is best?
Obviously, you will want to sell your home quickly and for the highest possible price. In a “seller’s market,” you often see many buyers competing for the same house resulting in top prices -- sometimes even over the original list price. However, if you are planning to purchase another home after the sale, chances are you will be competing in the same seller’s market faced with higher prices.

In a buyer’s market you may find you have to wait longer to sell your home for a fair price. The upside to selling your home in a buyer’s market is you’ll have more selection and pricing options when you go looking for your new property.

Although the current market cycle should influence your decision to sell, remember there are trade-offs to selling in either a buyer’s or seller’s market. Some people are concerned that if they trade up to a larger home in a buyer’s market they will lose some of their home’s equity in the sale. But, while you may sell your home at a “discount,” it’s likely you will purchase your larger home at an even greater discount. The advantage is you then own a larger asset with even greater potential for appreciation.

Seasonality
In Ontario, changing seasons and the weather can affect buyer demand. For example, fewer buyers may be out looking at homes during the cold and snowy winter months, but as a seller you will be competing with fewer homes on the market. Spring tends to be an attractive time for real estate sales as gardens start to look nice again and people come out of hibernation. Buyers with school-aged children like to purchase in the spring so they can move in over the summer. However, homes sell throughout the year so think of the season as only one factor in deciding when to sell your home.

There are many important issues that come into play when deciding to sell your home. A REALTOR can help you to determine if now is the best time for you.

When you sell your home with a REALTOR, he or she will develop a comprehensive plan to market your home to potential buyers. This is one of the many services a REALTOR will provide to ensure your home sells in the least amount of time, for the highest price possible.

Your REALTOR may recommend an open house as a key component of your overall marketing plan. An open house is not only an effective way to attract potential buyers, but also a great way for your REALTOR to “showcase” your home to other REALTORS.  

A “REALTOR” open house is a good idea for many reasons. First of all, they may be already working with buyers who are interested in your neighbourhood. These REALTORS will inspect your home with their buyers in mind and will work quickly if they feel there is a potential match for their clients.  

Many REALTORS prefer to view a property before showing it to their clients so they have an opportunity to discuss the house with the listing REALTOR. Also, a REALTOR open house can be more convenient for you the homeowner, eliminating the need for several individual REALTOR inspections. Your REALTOR may also suggest holding at least one or more open houses for the general public.

This type of open house will attract many “browsers” of course. However, if your home has good curb appeal and is attractively priced, an open house could easily turn a browser into a buyer.  

Your REALTOR will probably suggest you hold your open house on a weekend afternoon which is when many people are driving around checking out neighbourhoods. It’s a good idea for you and your family to leave during the open house. Your presence could be distracting to potential buyers and they may feel uncomfortable about discussing your home while you are there. If you have pets, try to make arrangements to take them with you.

During the open house, your REALTOR will “register” each visitor and will try to walk through the house with them. Here are a few tips to make your house secure before the open house.

Remove or lock away valuables such as jewelry, cameras, compact discs, valuable coins and currency.
Attend to any potential hazards — electrical wires crossing open areas, sharp table or counter top corners, slippery stairs and walkways, fragile items that can be easily damaged.
In poor weather, provide a place for overshoes, boots, umbrellas and coats.
Avoid cooking food with strong odors such as fish. The scent of fresh-brewed coffee, home-made bread and cookies, on the other hand, can be very welcoming.
Your REALTOR will also give you suggestions on how to present your home in its best light. To make your home as “saleable” as possible, use this handy check list to assess what needs cleaning, mending or changing before the big day:

Floor coverings
(Includes carpeting, tile, linoleum, hardwood, etc.)

Dirty or stained?
Worn or damaged?
Is there hardwood under carpeting that can be restored?
Walls, ceilings, baseboards

Any fingerprints or stains?
Any holes, nails, tape residue?
Are they all neutral or complimentary colors?
Doors

Do they squeak?
Are the handles secure and work properly?
Any stains or other damage?
Windows

Are they clean and crack free?
Do they open easily?
Are the coverings clean and also easy to open?
Lighting

Is there sufficient light?
Any broken switches; exposed wiring?
Pet areas

Are these clean, organized and odor free?
Kitchen and bathrooms

Are countertops organized?
Are all sinks and faucets working properly?
Other rooms

Have all areas been thoroughly vacuumed and dusted?
Has all clutter, including excess furniture, been collected and removed?
Are books, toys, clothes all neatly stored?
Do mirrors look clean?
Are window coverings open?
Outside the home

Are all exterior surfaces, including decks, pools, walkways and driveways clean, clear of clutter and in good condition?
Do fence and other gates open easily?
Are the lawns mowed, walkways clear of snow, leaves removed, trees pruned, gardens weeded, hedges trimmed?