THE SELLING PROCESS
My mission is to minimize the stress involved in selling your home. I will provide an evaluation of the value of your property and advise you on preparing your home for sale. Through a detailed marketing plan, I’ll explain my strategy for achieving a timely sale at the best possible price. Below is a brief step-by-step outline of the process, so you know what to expect.
1. Research – Comparative Market Analysis
Undertaking a comparative market analysis allows us to establish your property’s value in the current market. We will compare your property to similar properties in the same geographic market that have recently sold or are currently for sale. This allows us to evaluate what your property will realistically sell for.
2. Pricing Strategy
Together we’ll determine the smartest price for selling your property. Pricing is a crucial piece of the marketing puzzle, and pricing close to market value is the best method for attracting qualified buyers for a timely sale.
3. Signing the Listing Paperwork
Once we have established the price and gone over the marketing plan, it’s time to sign the paperwork and put your house on the market.
4. Implementing the Marketing Plan
As soon as your property is listed, I will begin marketing through multiple channels including print media, window display, the MLS, numerous web platforms and social media postings. I’ll also erect an Engel & Völkers branded lawn sign and feature your property on the weekly Realtor tour. Your property’s marketing will continue at a steady pace until you are ready to accept an offer.
5. Open Houses & Showings
I will host open houses with your approval and when it is most convenient. This presents an opportunity to interested buyers to browse the property. Other agents representing interested buyers may also request to show the property to their clients.
6. Receiving an Offer
When an offer is received, we will review the terms and I will negotiate on your behalf in order to reach the highest possible sale price.
7. Subject Removal (if applicable)
If the buyers have conditions in their contract, it is considered 'conditional' until they are satisfied and removed. Within a specified timeframe, the buyers will complete their due diligence to have their conditions removed in order to make the contract 'firm'.
On the day of Completion, lawyers will transfer the title to the new owners. You will also receive your sale proceeds. The completion date is usually set 2-6 weeks after the sale became firm.
This is the final day of the transaction and we will hand over the keys to the new owners. Your sale is now complete!
Realtor commission is paid by the Seller, and shared between the Seller’s agent and the Buyer’s agent. The commission (plus GST) will be deducted from the sale proceeds on the statement of adjustments which is prepared by your lawyer, and at time of completion it is paid to the agent’s brokerage.
Capital Gains Tax
When you sell your home, you may realise a capital gain. If the property was solely your principal residence for every year you owned it, you do not have to pay tax on the gain. If at any time during the period you owned the property, it was not your principal residence, or solely your principal residence, you may have to report all or part of the capital gain. I strongly recommend that all sellers consult their lawyer and accountant to determine exactly how the Capital Gains tax applies to them.
You will require a lawyer or notary public to transfer title to the property, discharge your mortgage (if applicable) and review all legal documents. You can expect to pay approximately $1,500 plus GST, depending on the complexity of the transaction. Your lawyer or notary must be licensed in BC.
MARKETING YOUR HOME
A comprehensive marketing plan is the key to selling your home. We understand the importance of effective marketing and I will sit down with you personally to discuss all marketing efforts in detail. I believe that for a home to be attractive to buyers, it needs to be presented well. That is why I use professional photography and encourage home staging and professional cleaning when it's necessary. The presentation of your property can be a major factor in determining whether or not you receive an offer.
Below are some websites where you can find further information on selling real estate in BC, as well a list of reputable local lawyers, and home staging companies that I personally recommend.
BC Real Estate Information
- Real Estate Council of British Columbia https://www.recbc.ca/
- Real Estate Board of Greater Vancouver https://www.rebgv.org/
- British Columbia Real Estate Association http://www.bcrea.bc.ca/
- Canadian Real Estate Association https://www.crea.ca/
- BC Assessment https://www.bcassessment.ca/
- BC Residential Tenancy Board https://www2.gov.bc.ca/gov/content/housing-tenancy/residential-tenancies
- Real Estate Foundation of BC http://www.refbc.com/
Squamish Lawyers & Notaries
- Cam Sherk, Notary Public - http://kensherknotary.com/
- Kathleen van der Ree, Race & Co. - http://www.raceandcompany.com/
- Shawn Jones, Jones & Co. - http://www.jones-co.net/
Squamish Home Staging
- Fluff - https://rentfluff.com/