Daily Insight | A Step-by-Step Guide to Selling a Property in a Cautious Market

As the market slows in some areas, selling a property requires more care and strategy. Many homeowners are seeking clarity on the selling process. Here’s a practical summary to guide agents in explaining the key steps and considerations to sellers:

🔹 1. Signing a Listing Agreement

• This is a formal contract between the seller and the real estate agent outlining the property details, commission, and mutual obligations.
• It specifies what’s included or excluded (e.g., appliances, fixtures) and may include financial clauses like taxes and mortgage info.

🔹 2. Types of Listings

• Open Listing: Seller can work with multiple agents or sell independently.
• Exclusive Listing: One brokerage is authorized to sell the home.
• MLS® Listing: A type of exclusive listing that leverages the MLS system, maximizing exposure by sharing with all agents.

🔹 3. Setting the Right Price

• Professional pricing is key. Overpricing can deter buyers; underpricing risks losing value. Comparative market analysis is crucial.

🔹 4. Marketing the Property

• Open Houses: Two types—agent-only previews and public showings. Cleanliness, lighting, and access arrangements are important.
• For Sale Signs: A silent but effective 24/7 marketing tool.
• Print & Digital Advertising: Newspapers and online platforms help reach targeted buyers.

🔹 5. Relisting if Needed

• If the property doesn’t sell quickly, don’t panic. Evaluate location, condition, and especially price. Adjust as needed and stay in regular communication with your agent.

🔹 6. Handling Offers

• Key elements: offer price, closing date, conditions, expiry time.
• Sellers may accept, reject, or counter the offer. Negotiation is common until both parties agree and sign. Legal review is recommended.

🔹 7. Closing Day

• Lawyers handle financial settlement, title transfer, and utility bill adjustments. Sellers must provide keys and required documents.

🔹 8. Final Notes

• Profits from selling a primary residence are generally tax-exempt in Canada.
• Agents are paid upon closing, as per the listing agreement.
• Lawyers manage all disbursements and paperwork.

This guide not only prepares you to assist your clients with clarity but reinforces your value as a knowledgeable and trustworthy advisor.

📌 Stay sharp. Stay informed. Deliver value.