The time has come for you to sell your Mississauga condo. You have an option to sell it by yourself, often referred to as “for sale by owner” AKA “FSBO”, or you can hire a Realtor for the job. Since over 95% of condos in Mississauga are sold through agents, most people decide to list their homes for sale with a real estate brokerage. That said, there are over 35,000 licensed Realtors on TREB (Toronto Real Estate Board) and thus, choosing the RIGHT real estate agent for the job can prove to be a challenge for some. In this blog post, I want to help those looking to sell their property, by providing some insight on selecting the right listing agent.
Who To Work With
When asked – “How does one find a good real estate agent to sell a house?” Most commonly the answers given, are to find an agent who 1) works in the area, 2) is very active 3) does lots of open houses and 4) is advertising.
Agents Who Know The Area – I would agree that this point is important. How can someone sell a property, when he or she cannot answer the basic questions about the neighborhood to a potential buyer? Furthermore, agents who work in one particular area are more aware of the market conditions in that area. Finally, the same agents get to know all the major Realtors in that area, and this networking can potentially sell your property faster.
Active Agents – The term “active agent” is in fact very misleading as it means different things to different people. Just because someone has a fancy billboard or plasters bus shelters does not mean he or she is doing better than someone who does not utilize these means of advertising. At the same time, an extremely busy agent, may or may not be attentive to seller’s specific needs and requests. If you contact the agent and he takes 24 hours or more to get back to you, it probably isn’t a good sign. Make sure to do your due diligence by researching the agent.
Agents and Open Houses –This may be a reality check for some sellers, but open houses DO NOT sell your condo. Your condo is already listed on MLS and exposed to all potential buyers and their agents. Open houses are more often than not used as a means of advertisement not to sell your condo, but for your agent to attract new buyers for different properties. Agents that are not busy often volunteer to do open houses, for other listing agents, as a marketing tool to attract new potential buyers.
Agents and Advertising – Similarly, flyer advertising does NOT sell your condo. When a Realtor sends 5000 or so “just listed” flyers to all the nearby condos, those flyers end up in the junk. Think about it; nobody who lives in a nearby condo will sell their own condo, in order to buy your condo. So, why bother sending the paper advisements? In reality, the only purpose of the flyer is to generate more publicity and brand awareness for your agent, not your property.
What Really Works
The way I see it, this whole business is based on honesty and hard work. Ultimately, the best agent is someone who will tell you the truth about pricing your property right, will provide the best marking plan, and who truly operates a real estate business, not a real estate job or career. If you are actually interested in selling your property, you have to be realistic about your price and prepare the house to a sellable condition.
Interested in selling your Mississauga condo? I can help.
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