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Gerald Rotering |
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Serving sellers |
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Gerald Rotering |
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Serving sellers |
Your condo home may sell faster, and at full market value, if you list it with me and use this web site to promote your property.
Your advantage stems from the thousands of Calgary condominium shoppers who are reading my site monthly. In fact, I sometimes find competing offers for condo properties without even posting them on the MLS, creating a saving for the seller. My buying clients are also served in this situation, as in a hot market they get access to properties before the general buying public.
Read my Condo Guide article below for some insights into what's possible. Then give me a call, and let's discuss how I can serve you best.
Gerald, at (403) 703-0675
You love your condo home, and the Condo Guide was a great resource when you bought it a couple of years ago. But let’s say that the time has come-due to circumstances beyond your control-and you have to move. It’s time to sell. But how?
Allow me to make a few enemies in the real estate profession by assuring you that there are many ways to accomplish your goal. Some ways to sell can save you money, although they could also give you grief; but that’s YOUR choice. The Canadian real estate industry is wide open to competition among licensed agents-unlike a few years ago-and if you want to go where mere angels fear to tread, you can even try to sell your home yourself.
So let’s review the options starting with the most difficult, yet theoretically the least costly to you…the do-it-yourself approach to condo home selling.
“FSBO”, or For sale by owner: Put up a sign and the buyers will come…right? Oops, condo bylaws usually prohibit for-sale signs anywhere on the common or living unit property. Yet until someone objects you might get away with it, and some condo corporations simply don’t enforce the rules. And an ad in the paper will get you lots of action…right?
In fact, most FSBO sales are a complete flop. The vast majority of attempted sales by owners end in frustration, delays in selling and inadequate exposure to the buying market, often leading to a lower price than would be fair. Other potential problems include inadequate or no deposit by the purchaser, failure by the buyer to perform on closing day and a parade of snoops and tire-kickers who waste your time and may poke into your home’s private corners while you aren’t looking.
Yet for the hardy few, it can be done, and money can (in theory) be saved. If you are among the chosen few, bless you, but don’t ask me for any advice. The liabilities are enormous, and my professional insurance protecting both of us doesn’t kick in unless I have a listing agreement with you.
“Exclusive” listing with a Realtor: Depending on your urgency to sell, money could be saved by using one Realtor to represent you as seller, and also to represent the eventual buyer of your home. Unlike the Multiple Listing Service (“MLS”), no commission is offered to other Realtors who might have a buyer. While this can take longer than the MLS approach, some condominium-specialist Realtors (ahem, ahem) have a database of clients and marketing “ins” that can often obtain a quick sale at full market price. Make sure you understand “dual agency” if you take this route.
MLS at reduced commission: Like I said, this industry is open to competition, and-much like mortgage rates these days-you CAN find savings if you shop around. Yet don’t compromise your service and protection. Trying to save $1,000 or $2,000 on your cost to sell could wind up losing you $10,000 on the sale price, which is no saving at all.
First, realize that it’s possible for your flighty retired uncle to be a licensed real estate agent in Alberta without being a “Realtor” with membership in the local real estate board and the Canadian Real Estate Association. Those designations bring access to the multiple listing service, plus adherence to a professional code of ethics. In short, only employ a true professional, yet explore every avenue for saving something off “the full meal deal” of the most common MLS listing fee: 7% of the first $100,000, plus 3% of the balance, of the sale price.
Some Realtors will knock $1,000 or even more off the listing fee for your sale if they also represent you for your subsequent purchase, or if you allow them to earn a referral fee from their recommended Realtor who will assist you in another city. One Calgary company offers to charge a flat $2,000 “listing” commission for an MLS listing and sale. Yet that’s less of a saving than it might appear, as you’d still likely pay half the “full meal deal” commission of 3.5% on the first $100,000 and 1.5% on the balance of the sale price, to the Realtor and his company who find a buyer.
Variations on the above: Suffice it to say there are many variations on all these themes. But selling your home with professional guidance and legwork, along with professional errors and omissions insurance, isn’t cheap. Then again, you won’t be ahead if you end up in a legal tangle, or sell your condo home for even a couple of percentage points less than what a professional might have obtained. The choice is yours. Be an informed consumer. Explore the options. Know exactly how much you are paying, to whom, and for what service.
