1. finance
2. investing
3. brokerages

How To Sell Your Home
For Top Dollar Fast
n
2012 Editio
$89.95
Sales Representatives at
RE/MAX Hallmark Realty Ltd., Brokerage
Direct: 705-772-3099
Toll Free: 1-866-326-4056
RE/MAX Eastern Realty Inc., Brokerage
Office: 705-741-8759
Toll Free: 1-800-567-4546
How To Sell Your Home For Top Dollar Fast
Contents
Chapter 1
1
1
1
2
2
3
3
4
4
5
5
6
6
6
7
7
8
9
“Can I Sell My House Myself?” And Other Questions Answered
Can I sell my home myself?
Could You Oversee Closing A House Transaction?
What makes a home sell?
When is the best time to list a home for sale?
Is there any seasonality to the market?
What about market conditions - price trends, interest rates, and the economy in
general? Should they have any bearing on when I list?
How long will it take to sell my home?
What if I can’t sell my house before I have to move?
What if I do have to sell my house first?
How do I set a price for my home?
We Will Evaluate Your Home Over The Phone!
What is “fair market value” and how do I determine it for my home?
What’s the difference between fair market value and listing price?
Who can help me determine the right asking price?
Why shouldn’t I ask an outrageous price for my house and see if anyone makes an
offer?
How flexible should I be about the asking price?
Should I fix my home up before it goes on the market?
Chapter 2
10
11
12
13
13
14
15
15
16
16
18
18
What Is ‘Curb Appeal’ And How Do I Create It?
What should I do to make my home ‘show’ better?
Should I make any MAJOR home improvements?
Should I do the work myself?
Am I liable for repairs after the offer has been accepted?
How do I reach the right potential buyers?
What is the MLS and why do I need it?
Should we try to avoid being at home when the house is shown?
Will my agent be present at the closing?
What makes a listing agent effective?
How do I find the agent who is right for me?
What if my agent doesn’t sell my home?
Sales Representatives at
RE/MAX Hallmark Realty Ltd., Brokerage
Direct: 705-772-3099
Toll Free: 1-866-326-4056
RE/MAX Eastern Realty Inc., Brokerage
Office: 705-741-8759
Toll Free: 1-800-567-4546
How To Sell Your Home For Top Dollar Fast
Chapter 3
20
20
21
22
23
23
24
25
Make Your Home Shine With Our Home Presentation Plan
Clean Facts
Access Equals Action
Presentation Pointers
Freshen Up Your Home With New Paint & Carpet Upkeep
First Impressions Count
Put In A Bit Of Extra Effort ... It Will Pay Off!!
Showings By Appointment Only
Chapter 4
26
27
28
32
35
39
Renovations That Pay!
Realtor Magazine’s 2004 Cost vs Value Report
Percent of cost recovered (national averages)
General Rules Of Renovation
The RE/MAX Return on Reno Index
Ten Steps Toward A Great Paint Job
Chapter 5
41
43
44
45
46
And Now For Something Completely Different…
Handy Seller’s Checklist
If You Were The Buyer...
Closing Costs For The Seller
How To Estimate Your “Cash In Hand” After You Sell
Chapter 6
47
49
50
52
53
54
54
The ABCs Of Moving
How To Calculate Moving Costs ...
Before You Move ...
Storing and Packing DO’s ...
And DONT’s ...
On Moving Day...
Once you arrive at your new home...
Sales Representatives at
RE/MAX Hallmark Realty Ltd., Brokerage
Direct: 705-772-3099
Toll Free: 1-866-326-4056
RE/MAX Eastern Realty Inc., Brokerage
Office: 705-741-8759
Toll Free: 1-800-567-4546
How To Sell Your Home For Top Dollar Fast
Chapter 7
55
57
Beware Of The Buyer Agent
If You’re Selling AND Buying ... Why Not Have A Face-To-Face Buyer’s
Consultation With One Of The Buyer Agents On The Best Buyer Agent Team In
Peterborough?
Chapter 8
58
Real Estate Terms You Should Know
Chapter 9
64
Mortgage Terms You Should Know
Chapter 10
68
69
71
71
72
74
75
76
77
78
79
The Dilemma... Do You Sell First Or Buy First?
Our 21 - 28 Day Marketing Test
A Formula for Success...
The PPPN Principles of Listing
What Happens At The Offer Presentation?
Room-By-Room Review
To Summarize…
Over-The-Phone Evaluation
Find Out How Much Your Peterborough House Or Condominium Is Worth
Free Home Buyer Class
Answers To “Questions Sellers Should Ask Prospective Realtors”
Sales Representatives at
RE/MAX Hallmark Realty Ltd., Brokerage
Direct: 705-772-3099
Toll Free: 1-866-326-4056
RE/MAX Eastern Realty Inc., Brokerage
Office: 705-741-8759
Toll Free: 1-800-567-4546
Chapter 1
How To Sell Your Home For Top Dollar Fast
“Can I Sell My House Myself?”
And Other Questions Answered
Can I sell my home myself?
Of course you can!
But some people believe that they can save a considerable amount of money by selling their own
home and keeping the commission that a Realtor would earn. They may hear stories from friends
or relatives about people who sold their homes by themselves with seemingly little trouble. It can
be done, they think, so why can’t I do it?
Approximately 1% to 2% of Canadian homeowners handle their own sales. But in order to join
the ranks of the successful ones, you need to realistically assess exactly what’s involved.
Could You Oversee Closing A House Transaction?
The routine parts of the job include: pricing your house accurately, determining whether or
not buyers are qualified to pay the price that they offer, creating and paying for your own
advertising, familiarizing yourself with enough basic real estate regulations to understand (and
possibly even prepare) a real estate contract and coordinating the details of a closing.
The greatest downsides are the demand on your time and the possibility that a mistake may cost
you the money you’re trying to save.
The best reason to work with real estate brokers is the enormous amount of information that
they have at their disposal - information that can help to sell your house faster and more
easily. Professionals know about market trends, houses in your neighbourhood and the people
most likely to buy homes there. They also know how to reach the largest number of people who
may want to buy your home and are trained in areas such as screening potential buyers and
negotiating with them.
Finally, they’re always “on-call” and willing to work the long hours required, answer the phone
24/7 and always be polite about it, too.
1
Sales Representatives at
RE/MAX Hallmark Realty Ltd., Brokerage
Direct: 705-772-3099
Toll Free: 1-866-326-4056
RE/MAX Eastern Realty Inc., Brokerage
Office: 705-741-8759
Toll Free: 1-800-567-4546
How To Sell Your Home For Top Dollar Fast
“Can I Sell My House Myself?”
And Other Questions Answered
What makes a home sell?
This entire Home Seller’s eBook could be devoted to answering this question.
But to be as concise as possible, a successful sale requires that you concentrate on five
considerations: your price, terms, condition, location, and market exposure.
Since you can’t control all of them, you may have to overcompensate in one or more areas to
offset a competitive disadvantage in another.
When is the best time to list a home for sale?
As soon as you decide to sell
it. If you want to get the best
price for your home, the key is
to give yourself as much time
as possible to sell it. More time
means that more potential
buyers will probably see the
house.
This should result in more
offers. It also gives you time
to consider more options if the
market is slow or initial interest
is low.
2
Sales Representatives at
RE/MAX Hallmark Realty Ltd., Brokerage
Direct: 705-772-3099
Toll Free: 1-866-326-4056
RE/MAX Eastern Realty Inc., Brokerage
Office: 705-741-8759
Toll Free: 1-800-567-4546
How To Sell Your Home For Top Dollar Fast
“Can I Sell My House Myself?”
And Other Questions Answered
Is there any seasonality to the market?
Peak selling seasons vary from year to year in Peterborough and weather sometimes has a lot to
do with it.
For example, often spring and early fall are the prime listing seasons because houses tend to
“show” better in those months than they do in the heat of summer or the cold of winter. People
like to do their house shopping when the weather is pleasant!
But keep in mind that there are also more homes on the market during the prime seasons, so
you’ll have more competition. So while there is seasonality to the real estate market, it’s not
something that should dominate your decision about when to sell your home.
As well, there have been years in Peterborough when summer home sales have been robust and
the spring or fall selling season was slow.
What about market conditions - price trends, interest rates,
and the economy in general? Should they have any bearing
on when I list?
Probably NOT.
Even if you’re under no pressure to sell your home, waiting for better market conditions is not
likely to increase your profit potential. Real estate industry analysts don’t foresee a return to the
“boom” market of 2002-2003 any time soon; they’re also likely to tell you it’s possible to sell your
house in any kind of market, provided it’s effectively marketed.
What should govern your decision more is:
*
Your Family’s Needs
*
Do you have enough space for your growing family? Is affordability an issue or not?
*
The positive or negative cash flow monthly if you own an income property.
3
Sales Representatives at
RE/MAX Hallmark Realty Ltd., Brokerage
Direct: 705-772-3099
Toll Free: 1-866-326-4056
RE/MAX Eastern Realty Inc., Brokerage
Office: 705-741-8759
Toll Free: 1-800-567-4546
How To Sell Your Home For Top Dollar Fast
“Can I Sell My House Myself?”
And Other Questions Answered
How long will it take to sell my home?
Average listing times vary from 15 to 120 days, according to market conditions in a particular
neighbourhood, type of property and price range. Ask us what the current Peterborough Real
Estate Board current average on the market is before you sell.
As well, price, terms, condition, location and exposure play an even greater role. Selling in any
market is easier if you keep time on your side.
Most professionals will tell you that allowing yourself at least two to five months of listing and
closing time will put you in a position to get a better return from their marketing efforts.
What if I can’t sell my house before I have to move?
This situation arises for a variety of reasons.
For instance, getting the job promotion you’ve been waiting for may mean having to relocate very
quickly. Another example: you finally find your “dream home” and need to put an offer in before
it sells to another buyer.
Whatever the reason, don’t panic. You have some viable alternatives to the potential nightmare
of double mortgage payments. If you don’t have to sell in order to buy a new home, renting your
existing property may be one option.
Consider the advantages and disadvantages - if you’re being transferred, you may be able to
obtain a short-term rental in your new location while you become familiar with it.
Either way, we can usually help you by advising you how much you can expect to pay for rent in
the new neighbourhood, or what you need to charge for rent to cover your mortgage payments
and other costs you’ll entail as a landlord.
4
Sales Representatives at
RE/MAX Hallmark Realty Ltd., Brokerage
Direct: 705-772-3099
Toll Free: 1-866-326-4056
RE/MAX Eastern Realty Inc., Brokerage
Office: 705-741-8759
Toll Free: 1-800-567-4546
How To Sell Your Home For Top Dollar Fast
“Can I Sell My House Myself?”
And Other Questions Answered
What if I do have to sell my house first?
First of all, Peterborough’s Real Estate Team always advises, in a buyer’s market, selling your
property first with a long closing... enough time to be able to find another home on the market
(after yours is sold firm) without being rushed! That time is usually 90 to 120 days.
Since the average closing time is 60 days, you will then have 30 to 60 days to find your new home
and close in the normal time period.
How do I set a price for my home?
In a word, realistically.
That’s not to say that you can’t get what your house is worth... you just get what it’s worth today!
You have to be realistic about its value and price it accordingly.
Here are some common reasons why people overprice their homes:
*
upgrades have been added since the home was purchased, but upgrades are made for the
benefit and enjoyment of the seller and not for resale value
*
they need the money, but the need for money does not increase the value of a home
*
the seller wants to move to a higher-priced area
*
the original purchase price was too high
*
the seller lacks factual comparisons to prove the fair market value of his or her home
*
the seller wants bargaining room, but listing a home for more than 5-10% above market
value actually reduces bargaining power
*
the move is not necessary, so the seller has no motivation to price his or her home
accurately.
5
Sales Representatives at
RE/MAX Hallmark Realty Ltd., Brokerage
Direct: 705-772-3099
Toll Free: 1-866-326-4056
RE/MAX Eastern Realty Inc., Brokerage
Office: 705-741-8759
Toll Free: 1-800-567-4546
How To Sell Your Home For Top Dollar Fast
“Can I Sell My House Myself?”
And Other Questions Answered
We Will Evaluate Your Home Over The Phone!
We know how busy you are, so we will give you a free over-the-phone home evaluation after you
fill in our easy, online form at www.OTP.PeterboroughHomesAndCondos.com.
It’s quick, it’s easy and there’s no obligation!
What is “fair market value” and how do I determine it for my
home?
Simply put, the fair market value of a house is the highest price an informed buyer will pay for
it, assuming there is no unusual pressure to complete the purchase. It usually is not the asking
price.
To get an estimate of fair market value, call your real estate agent and ask for a Comparative
Market Analysis (CMA) of your home. Most agents will provide this service free of any charge or
obligation.
The analysis will give you a realistic price for your home based on the most salient points of the
local real estate market. It should provide information about recent sales of homes similar to
yours, including how much they sold for and how long they took to sell. The agent’s price opinion
should be very helpful to determine the right listing price.
What’s the difference between fair market value and listing
price?
Generally speaking, the owner’s listing price is the advertised price of a house when it goes on
the market. Ideally, it is set a maximum of 2 to 3 percent higher than the fair market value.
You can assume that some negotiation will be necessary to reach an agreement with a buyer.
However, a home priced too high above fair market value will not get many showings and
usually will receive only “bottom-fishing” offers.
6
Sales Representatives at
RE/MAX Hallmark Realty Ltd., Brokerage
Direct: 705-772-3099
Toll Free: 1-866-326-4056
RE/MAX Eastern Realty Inc., Brokerage
Office: 705-741-8759
Toll Free: 1-800-567-4546
How To Sell Your Home For Top Dollar Fast
“Can I Sell My House Myself?”
And Other Questions Answered
Who can help me determine the right asking price?
Real estate sales agents suggest asking prices for homes based on a variety of information you
may not have at your disposal, including recent listing and selling prices of houses or condos in
your neighbourhood.
Next, establish clear priorities. If you had to
choose, are you more concerned with selling
your home quickly, or getting the most money
possible? Do you think the agent’s suggested
listing price is reasonable? What would you
pay for the house if you were the buyer?
Someone else - a neighbour, friend or relative
- may point out advantages or disadvantages
about your house that you hadn’t considered.
Third-party views will help you start to think
of your home as a commodity with positive
and negative selling points.
Then you should decide upon a price that you
feel is competitive and consistent with sales of other homes in your area. Peterborough’s Real
Estate Team suggests that YOU select the listing price for your home.
Why shouldn’t I ask an outrageous price for my house and
see if anyone makes an offer?
The biggest impression and most impact a property makes upon buyers and agents is in the first
few weeks of the listing.
Therefore, the home should be priced correctly and be in ‘ready to show’ condition from the
beginning. Pricing your home accurately is essential!
7
Sales Representatives at
RE/MAX Hallmark Realty Ltd., Brokerage
Direct: 705-772-3099
Toll Free: 1-866-326-4056
RE/MAX Eastern Realty Inc., Brokerage
Office: 705-741-8759
Toll Free: 1-800-567-4546
How To Sell Your Home For Top Dollar Fast
“Can I Sell My House Myself?”
And Other Questions Answered
Benefits of proper pricing:
*
Faster sale (results in a higher market value in a declining market)
*
Less inconvenience to sellers and their family
*
Exposure to more prospects because more showings take place
*
Increased Realtor response, which generates greater urgency
*
Better response from your listing agent’s marketing and promotional efforts, which
generates more calls from everywhere
*
Attracts more offers and sometimes competitive offers
*
Means more money for the sellers
How flexible should I be about the asking price?
Most buyers also leave room for negotiation when they make an offer. Thus, a certain degree of
flexibility is usually called for on the part of both the buyer and the seller.
That 2 to 3 percent window above the market value is always best! Take a look at David Knox’s
video Pricing Your Home for Sale when considering this question. (We have a copy that we
can lend to you.)
While it is ultimately your decision to accept or reject an offer for your home, or to present a
counter proposal, a good experienced listing agent can be of great assistance to you during the
negotiating process.
In fact, negotiation is one of the most valuable skills an agent can offer you. As negotiations
proceed -whether in writing, face-to-face, or over the phone, your agent should advise you of your
options. Even without such advice, a cool, rational manner in what is often a long, emotionally
charged process will usually net you a significantly higher price.
8
Sales Representatives at
RE/MAX Hallmark Realty Ltd., Brokerage
Direct: 705-772-3099
Toll Free: 1-866-326-4056
RE/MAX Eastern Realty Inc., Brokerage
Office: 705-741-8759
Toll Free: 1-800-567-4546
How To Sell Your Home For Top Dollar Fast
“Can I Sell My House Myself?”
And Other Questions Answered
Should I fix my home up before it goes on the market?
Unless your home is nearly new, chances are you’ll want to do some
cosmetic fix-up work to get it ready to market.
The type and amount of work depends largely upon the price you’re
asking, the time you have to sell and, of course, the present condition of
your home.
If you’re in a hurry to sell, do the “little things” that make your home look
better from the outside and show better inside. Several specific ideas for
making low-cost improvements follow in the next chapter of this eBook.
Learn What Cosmetic Fix-ups Are Needed For Your House Or Condo
If You’re Selling in the next 3-6 months!
Experienced Realtors can suggest inexpensive home improvement tips that are guaranteed to
boost your home’s value.
Peterborough’s Real Estate Team from RE/MAX call it a “Room-By-Room Review” and
they focus ONLY on cosmetic repairs that will give the house or condo owner a 100 to 1,000
percent or more return on the fix-up cost!
After the Room-By-Room Review, we will leave a copy of our free booklet entitled “The 32 Top
Ways To Cosmetically Enhance Your Home’s Value Before Selling” for you to read.
We know very well that it’s the pretty, well-kept homes that constantly garner multiple
offers; we’ve helped thousands of families to buy or sell their homes since 1980 and we’ve
witnessed it firsthand time and time again.
9
Sales Representatives at
RE/MAX Hallmark Realty Ltd., Brokerage
Direct: 705-772-3099
Toll Free: 1-866-326-4056
RE/MAX Eastern Realty Inc., Brokerage
Office: 705-741-8759
Toll Free: 1-800-567-4546
Chapter 2
How To Sell Your Home For Top Dollar Fast
What Is ‘Curb Appeal’ And How Do I
Create It?
“Curb appeal” is the common real estate term for everything prospective buyers can see from the
street that might make them want to take a look inside a particular house.
Improving curb appeal is critical to generating traffic. While it does take time, it needn’t be
difficult or expensive, as long as you keep two key words in mind: neat and neutral.
Neatness sells. New paint,
an immaculate lawn, pictureperfect shrubbery, a newly
sealed driveway, potted plants
at the front door - put them all
together and drive-by shoppers
will probably want to see the
rest of the house.
Hand in hand with neatness is
neutrality. If you’re going to
repaint, stick to light, neutral
colours. Keep the yard free of
gardening tools and the kids’
toys.
Remember, when a family
looks at a house, they’re trying
to paint a picture of what it
would be like as their home, so
you’ll want to give them as clean a canvas as is possible.
10
Sales Representatives at
RE/MAX Hallmark Realty Ltd., Brokerage
Direct: 705-772-3099
Toll Free: 1-866-326-4056
RE/MAX Eastern Realty Inc., Brokerage
Office: 705-741-8759
Toll Free: 1-800-567-4546
How To Sell Your Home For Top Dollar Fast
What should I do to make my home ‘show’ better?
First, make your home look as clean and spacious as possible.
Remember, people may look behind your doors - closet and crawlspace doors, as well as those to
the bedrooms and bathrooms.
So, get rid of all the clutter; have that garage sale and haul away leftovers or rent a storage
locker short-term. After you’ve cleaned, try to correct any cosmetic flaws you’ve noticed:
*
Paint rooms that need it
*
Replace any missing or dirty grout on tile walls and
floors
*
Remove or replace any worn-out carpets
*
Replace dated faucets, light fixtures or handles and
knobs on your kitchen drawers and cabinets.
*
Remove excess furniture
*
Rearrange your rooms to maximize the use of space
As with the outside of your house, try to make it easy for prospective buyers to imagine your
house as their home. Clear as much from your walls, shelves and countertops as you can and give
your prospects plenty of room to dream.
Peterborough’s Real Estate Team can also give you access to “Sell Your Home Fast” videos
to help you get the best price for your home - they are free and extremely helpful to most
homeowners.
11
Sales Representatives at
RE/MAX Hallmark Realty Ltd., Brokerage
Direct: 705-772-3099
Toll Free: 1-866-326-4056
RE/MAX Eastern Realty Inc., Brokerage
Office: 705-741-8759
Toll Free: 1-800-567-4546
How To Sell Your Home For Top Dollar Fast
Should I make any MAJOR home improvements?
Certain home improvements have been proven to add value and/or to speed the sale of homes.
These include:
*
adding central air conditioning
*
building a deck or patio
*
finishing the basement
*
some kitchen remodeling, such as updating colours on
cabinets, countertops, appliances, panels, etc.
*
new floor and/or wall coverings, especially in bathrooms.
Improvements that return less than what they cost are generally items that appeal to personal
tastes, such as adding fireplaces, wet bars and swimming pools, or converting the garage into an
extra room.
The challenge that comes with any home improvement designed to help sell your house is
recouping your investment. Often spending $2,000 on an improvement will only net you 25-50%
of the initial cost, although it may make your home more saleable. There’s always the risk of
overimproving your home - that is, putting more money into it than neighbourhood prices will
support.
So how much is too much? Professional renovators have found that, no matter how much you
improve any given house, you’re unlikely to sell it for more than 15% above the median price of
other homes in the neighbourhood, whether you do $1,000 worth of work or $50,000.
That’s why it’s critical to ask your Realtor’s opinion about the viability of recouping the cost of
any minor or major renovation you have in mind before you start the work.
12
Sales Representatives at
RE/MAX Hallmark Realty Ltd., Brokerage
Direct: 705-772-3099
Toll Free: 1-866-326-4056
RE/MAX Eastern Realty Inc., Brokerage
Office: 705-741-8759
Toll Free: 1-800-567-4546
How To Sell Your Home For Top Dollar Fast
Should I do the work myself?
If you have the time and talent, do-it-yourself improvements are the most cost effective. For jobs
such as painting, wallpapering, replacing cracked trim and old plumbing fixtures, the difference
between work done by a competent amateur and a professional is usually time and money.
Just make sure you don’t tackle something you can’t handle; this is no time for “on-the-job
learning!” If you’re not experienced, it may be worth calling a professional.
Larger jobs involving mechanical systems (heating, electrical, plumbing, etc.), or work that must
meet local building codes, are another story. Even if you or the family handyperson know exactly
what you’re doing, it’s not a good idea to engage in this type of work unless you’re licensed to do
so.
Your efforts could make you responsible for more than you realize if something you work on goes
awry after you sell your home.
Am I liable for repairs after the offer has been accepted?
Only in certain situations. If the buyer’s building inspection reveals major problems with your
house’s structure or mechanical systems (heating, electrical, plumbing, etc.), the buyer may wish
to negotiate the price down on the basis of anticipated repair costs.
So even though the repairs won’t be made until after the sale, practically speaking, you do pay
for them. Sometimes, repairs may be required before the transfer
of title takes place. This is especially true for sales that involve
financing that’s insured or guaranteed by the government.
You may have also heard about lawsuits involving sellers who
failed to disclose major problems before the sale, such as a
structural change to the house that wasn’t built to code. That’s
another good reason to retain a lawyer or agent who knows as
much about the condition of your property as you do.
13
Sales Representatives at
RE/MAX Hallmark Realty Ltd., Brokerage
Direct: 705-772-3099
Toll Free: 1-866-326-4056
RE/MAX Eastern Realty Inc., Brokerage
Office: 705-741-8759
Toll Free: 1-800-567-4546
How To Sell Your Home For Top Dollar Fast
How do I reach the right potential buyers?
There was a time when selling a home was simple. Your real estate agent would put a sign on
the front yard, place an ad in the newspaper and wait.
Of course, agents still do those things, but that’s far from all that they do. Today, people are
moving further and more frequently than they used to. It’s not unusual for upwardly mobile
executives to relocate across the country more than once in a year.
The result is that the pool of potential buyers for your home is much larger and spread far wider
than ever before and the competition to reach them is fierce.
Some Realtors have responded by developing increasingly sophisticated marketing techniques
that define likely buyers: where to find them, how to reach them and how to persuade them to
buy one house rather than another.
Of course, the Internet has become an
invaluable marketing tool for leading-edge
Realtors. As an example, our multiple
internet sites offers browsers 9-20 colour
photos and often floor plans, an interactive
map and a neighbourhood features page for
all of our listings, so that potential buyers
from Calgary to Singapore to Australia feel
that they can actually “see” a home before
they step foot inside it.
We’ll show you our entire customized
marketing plan when we get together first.
The fact is, virtually everything we’ve
discussed up to this point from pricing to
home improvements, from the Competitive Market Analysis to the “For Sale” sign in the yard, is
part of a marketing process that’s put into motion when you decide to work with a good Realtor.
14
Sales Representatives at
RE/MAX Hallmark Realty Ltd., Brokerage
Direct: 705-772-3099
Toll Free: 1-866-326-4056
RE/MAX Eastern Realty Inc., Brokerage
Office: 705-741-8759
Toll Free: 1-800-567-4546
How To Sell Your Home For Top Dollar Fast
What is the MLS and why do I need it?
A Multiple Listing Service, or MLS, is one innovation that
makes it easier to reach a large number of prospective
buyers and dramatically increase a property’s exposure.
Quite simply, it’s a system under which participating
agents at the Peterborough Real Estate Board agree to
share commission on the sale of houses or condos listed by
any one of them.
So, for example, if you list your home with one agent and
another actually sells it, they split the commission.
The advantage to you is clear: more people have an interest
in selling your home and your home is exposed to many
more buyers because Realtors definitely have access to the
largest buyer pool available.
Should we try to avoid being at home when the house is
shown?
You should definitely plan to be out of the house during any public open house your agent has
scheduled.
Whenever agents are showing your home, definitely don’t “hang around” or follow them through
the property. Buyers often feel uncomfortable speaking candidly and asking questions of their
buyer agent when the current owners are present.
You want prospects to feel as free as possible to picture your property as their “dream home”... to
relax, settle in and visualize their own furniture in every room.
Ideally, go for a walk or do errands, or settle down in one of your rooms while the showing is
taking place.
15
Sales Representatives at
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Direct: 705-772-3099
Toll Free: 1-866-326-4056
RE/MAX Eastern Realty Inc., Brokerage
Office: 705-741-8759
Toll Free: 1-800-567-4546
How To Sell Your Home For Top Dollar Fast
Will my agent be present at the closing?
No. In Ontario, all closing details are carried out by the lawyers for the respective parties and
their conveyancers.
However, good agents are also extremely helpful in the days immediately prior to the closing.
They’ll help you prepare by giving you a step-by-step preview of the entire process and what will
be expected of you.
And they’ll make certain you bring all necessary documents and other information to the
lawyer’s office.
What makes a listing
agent effective?
That’s debatable. Peterborough’s
Real Etsate Team thinks that good
training and experience create the
best listing agents.
But the truth is, not every agent
is right for every seller. And that’s
why we suggest you follow this
simple formula to help you decide
whether a particular agent will
work well for you:
COMPETENCE + COMFORT = CONFIDENCE
16
Sales Representatives at
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Direct: 705-772-3099
Toll Free: 1-866-326-4056
RE/MAX Eastern Realty Inc., Brokerage
Office: 705-741-8759
Toll Free: 1-800-567-4546
How To Sell Your Home For Top Dollar Fast
Competence: When you first meet with real estate agents, they’ll do their best to show you that
they have what it takes to sell your home.
You can expect to see a portfolio of credentials, past achievements, sales volume and letters of
recommendation.
Look for evidence that their background is relevant to your needs and for someone whose
portfolio includes success with houses in your price range or type of property and whose method
of business is to provide the best service to his or her clientele.
An agent who subscribes to ongoing training and who keeps up with the latest trends in the
industry is going to be of much more value to you than agents who stopped learning the day that
they got their licence.
There are several top real estate sales trainers (Joe Stumpf at By Referral Only, for example)
who teach Realtors and lenders from all across North America on a regular basis. There are
three major conventions held annually. The National Association of Realtors in the US hosts the
largest convention followed by RE/MAX International. RE/MAX also holds an annual Canadian
convention.
Comfort: The importance of being comfortable with your agent as a person cannot be overstated.
You’re going to be dealing with this person on a daily or weekly basis, maybe for months,
during a time that can be emotionally trying for you and your family. Indeed, your agent may
well become something of a family member, someone who shares in the tension, anticipation,
frustration and ultimately, the joy of selling your home.
It takes a unique combination of the above two factors to inspire the confidence and trust that a
homeowner needs to maintain peace of mind.
17
Sales Representatives at
RE/MAX Hallmark Realty Ltd., Brokerage
Direct: 705-772-3099
Toll Free: 1-866-326-4056
RE/MAX Eastern Realty Inc., Brokerage
Office: 705-741-8759
Toll Free: 1-800-567-4546
How To Sell Your Home For Top Dollar Fast
How do I find the agent who is right for me?
A good place to start is by talking to friends, neighbours, relatives - anyone whose
recommendation you trust.
Some Realtors build a major portion of their business from referrals. To do this, they must
obviously provide an extremely high level of caring service to the people they deal with. This
should be your first choice for sourcing a qualified Realtor.
A second way is to work with an agent who guarantees his or her service... someone who is
willing to put their reputation and money on the line if they don’t provide the kind of service that
you deserve and need.
Yet another way to find an agent well-suited to sell your house specifically is by responding to a
Realtor whose marketing efforts are particularly appealing and successful.
The very existence of such self-marketing efforts suggests that the Realtor may have more to
offer you than the agent who picks up the phone when you call the local real estate office.
What if my agent doesn’t sell my home?
In addition to commission, the most important matter you negotiate at the time of listing your
house with a broker is the duration of the listing contract.
Terms vary, but listing agreements cannot, by Peterborough Real Estate Board rules, be less than
60 days with the average listing contract being 90-120 days.
So, what if you find yourself dissatisfied midway through a long contract?
While the listing contract is legally binding, some brokers offer homeowners an “out” if they are
unhappy with the services they are receiving.
For instance, Peterborough’s Real Estate Team offers an “Easy Exit” guarantee whenever they list
a property.
Go to www.EasyExit.PeterboroughHomesAndCondos.com for full details.
18
Sales Representatives at
RE/MAX Hallmark Realty Ltd., Brokerage
Direct: 705-772-3099
Toll Free: 1-866-326-4056
RE/MAX Eastern Realty Inc., Brokerage
Office: 705-741-8759
Toll Free: 1-800-567-4546
How To Sell Your Home For Top Dollar Fast
1. Our Easy Exit Guarantee … you can cancel
your listing at ANY time for ANY reason if
you’re not happy with the service you are
receiving from our Team.
2. 100% On Time Showing & Marketing
Feedback Guarantee … we’ll call you at
least 2 times every week after Realtor
showings to keep you fully informed of
agent/buyer feedback or we’ll pay you
$50 on closing for each week we miss a
communication.
19
Sales Representatives at
RE/MAX Hallmark Realty Ltd., Brokerage
Direct: 705-772-3099
Toll Free: 1-866-326-4056
RE/MAX Eastern Realty Inc., Brokerage
Office: 705-741-8759
Toll Free: 1-800-567-4546
Chapter 3
How To Sell Your Home For Top Dollar Fast
Make Your Home Shine With Our
Home Presentation Plan
Clean Facts
Most people are turned off by even the smallest amount of uncleanliness, odour or clutter when
touring a home!
Sellers can lose thousands of dollars if they do not adequately clean their homes to make them
more presentable. Potential buyers see a dirty home and equate it with lots and lots of work,
which translates into less money for you.
If your home is squeaky clean, you
will be able to sell it faster and net
hundreds, if not thousands, of extra
dollars.
The following are some clean, hard
facts!
* Clean up clutter for appearance
and safety’s sake. Pay special
attention to stairways, halls,
home office spaces, basements
and children’s rooms.
* Also go on a kitchen cleanup
campaign and keep it especially
spotless. The sink should always
be clean and free of dirty dishes
and counter tops kept clean and
uncluttered, which makes them seem more spacious. As well, freshly mopped floors &
dust-free baseboards help “show” your kitchen.
* Try to “open up” rooms visually by removing excess furniture
20
Sales Representatives at
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Direct: 705-772-3099
Toll Free: 1-866-326-4056
RE/MAX Eastern Realty Inc., Brokerage
Office: 705-741-8759
Toll Free: 1-800-567-4546
How To Sell Your Home For Top Dollar Fast
* Make bathrooms sparkle by cleaning tile and porcelain. Commercial cleaners or vinegar will
remove unsightly hard water stains. Also, replace any loose caulking or grout and, while
you’re at it, fix any dripping faucets.
* Odours must be eliminated, too, especially if you have dogs, cats, young children in diapers,
or if you are a smoker. You may not notice the
smell, but buyers always will!
* As much as possible, eliminate odours by
attempting to prevent them in the first place.
Try to avoid cooking with cabbage, onions and
garlic before showings because many people may
not appreciate strong, spicy odours. Freshen the
entire kitchen by putting a lemon through your
blender and sweeten the refrigerator with a box
of baking soda.
* If the basement is a little damp or musty, install
a dehumidifier and be sure to empty the water
tank regularly. Add an air freshener as well.
Access Equals Action
Top selling agents will NOT show your home if both the
key and easy access are not readily available. They do
not have the time to run around town all day picking up
and dropping off keys.
Why should you help them? Because their main goal is to show and sell your home!
The best way to make your home available for showings is to have a key available in a lockbox
attached to, or near, your front door.
21
Sales Representatives at
RE/MAX Hallmark Realty Ltd., Brokerage
Direct: 705-772-3099
Toll Free: 1-866-326-4056
RE/MAX Eastern Realty Inc., Brokerage
Office: 705-741-8759
Toll Free: 1-800-567-4546
How To Sell Your Home For Top Dollar Fast
Presentation Pointers
When an appointment has been made to show your property, please do the following:
*
Turn on all the lights if the showing is after dark or if it’s a cloudy day
*
Open all the drapes and shutters before going to work. Make your property as bright as
possible because most buyers like light-filled homes
*
Unlock all the doors in your home.
Buyers want to see all the rooms and,
if they can’t, it slows up or stops the
buying process
*
Play soft music
*
Take a short walk with your children
and pets during showings. Leave the
premises to the buyers or, if that’s not
possible, let them go through the home
on their own without interruption or
discussion. Sit yourself down in a room
that would be least appealing to a
potential buyer
*
Don’t follow the agent and buyers through the house. Let the buyer be at ease and let
their buyer agent do their job. Don’t discuss ANYTHING with the buyer agent! Let us be
the ones to discuss the selling price, terms, possession and other factors with the buyers or
their agents. They have almost three decades of successful years of real estate experience,
so let them be your advocates to bring your negotiations to a satisfactory and profitable
conclusion
*
Turn off your television, stereo or radio (or lower it at the very least) during showings. It’s
less of a distraction for potential buyers and they won’t be driven out by the noise!
22
Sales Representatives at
RE/MAX Hallmark Realty Ltd., Brokerage
Direct: 705-772-3099
Toll Free: 1-866-326-4056
RE/MAX Eastern Realty Inc., Brokerage
Office: 705-741-8759
Toll Free: 1-800-567-4546
How To Sell Your Home For Top Dollar Fast
Freshen Up Your Home With New Paint & Carpet Upkeep
Paint is one of the best - and least expensive - ways to modernize your home.
Paint makes the whole house appear clean and neat. If your home’s walls or trim are chipped or
look faded, painting them is a quick way to spruce them up for prospective buyers.
Choose light, neutral colours for the greatest appeal. You can even paint damaged or dated
kitchen or bathroom countertops with special melamine paint, cover wood panelling with latex
paint and use DAP to fill in the seams.
As well, if your carpet is worn, dirty, outdated, or an unusual colour, you may need to seriously
consider replacing it. Many homes do not sell because of this problem - don’t think that buyers
have more money than you to replace carpeting. They don’t... they simply buy another home! At
the very least, hire a professional firm to steam clean and deodorize it.
When the market is really hot, the homes that garner multiple offers are the really “pretty” ones
that show very, very well.
First Impressions Count
Your front & back yards immediately reflect the inside condition of your property to the buyer.
Just like you, any potential buyers of your home want to enjoy their yards, so show yours off to
its fullest potential.
You should:
*
Trim trees (especially any that will block the front view of your house in a picture), include
those branches which hang low or brush against your building
*
Mow, trim and edge the lawn
*
Weed the flower beds
*
Sweep the walkways
*
Remove all debris from your yard, under your porch or deck and from the garage
*
Pick up all kids’ toys, garden tools and any other hazards
23
Sales Representatives at
RE/MAX Hallmark Realty Ltd., Brokerage
Direct: 705-772-3099
Toll Free: 1-866-326-4056
RE/MAX Eastern Realty Inc., Brokerage
Office: 705-741-8759
Toll Free: 1-800-567-4546
How To Sell Your Home For Top Dollar Fast
Also take a good, hard look at the exterior of your home. In addition to painting or scrubbing it,
you could:
*
Repair any hanging or leaking
eavestrough
*
Replace torn or damaged window screens
*
Remove mildew or moss from basement
walls or sidewalks with bleach and water,
or with a commercial cleaner. Hook up
a dehumidifier to reduce the quantity of
dampness in the air
*
Tidy the garage to show off its size; get
rid of everything you don’t want to move
to your new home
*
Add charm with flowers along the entry
walk, in a pot by the door, or in cheerful window or railing boxes on your front porch.
This all adds to curb appeal.
Remember... if a buyer does not like the outside, either in a picture or in real life, he or she
simply passes on your property or drives on to another home that looks more like it could be their
dream home!
Put In A Bit Of Extra Effort ... It Will Pay Off!!
To make a real impact on a potential buyer, try the following:
*
Clear out closets to make them appear roomier and add extra space by pre-packing out-ofseason clothing. We’ll even supply some moving boxes to help you with this!
*
Add special accents that make your home appear comfortable and inviting, such as an
open cookbook on the counter, cut flowers in a vase, or cookies or bread baking in the oven
24
Sales Representatives at
RE/MAX Hallmark Realty Ltd., Brokerage
Direct: 705-772-3099
Toll Free: 1-866-326-4056
RE/MAX Eastern Realty Inc., Brokerage
Office: 705-741-8759
Toll Free: 1-800-567-4546
How To Sell Your Home For Top Dollar Fast
*
Clean the fireplace and, if it’s not too warm outside, make a cosy, crackling wood fire (or
turn on your gas fireplace) during showings. Or, you could dress up a wood fireplace with
logs, green plants or dried flowers
*
Roll out the welcome mat with a rough textured doormat. It will
help keep your floors and carpets cleaner during showings and
it says that you care about your home
*
Empty out the attic to display the full value of this muchappreciated, often neglected, storage space
*
Clean and brighten the basement with a light coloured paint and
screw in large wattage light bulbs. Pack away all loose items and stack the boxes in the
most inconspicuous corner or nook
*
Breeze through the patio and remove unnecessary lawn furniture, hoses, sprinklers and
garden tools to make the yard look more expansive
*
If you have a pool or Jacuzzi, give it a thorough scrubbing and place a few pots of blooming
plants nearby
*
If you have 70’s wood panelling - paint it. We’ve had great success with sellers painting
it a light, neutral colour. Remember to DAP between the panelling seams before painting
(use only clear or white, water soluble, paintable DAP caulking).
Showings By Appointment Only
Only allow agents to show your home to prospective customers by appointments made through
your real estate agent’s office.
This is for your safety, while allowing your Realtor to track who has shown the property and
record comments from clients.
Typical appointment times are 9 am to 9 pm Monday through Friday, and 10-11 am through to
6 pm on Saturdays and Sundays. The more accessible you make your home (through showing
times and by using a lockbox) the better chance we have of attracting a serious buyer.
25
Sales Representatives at
RE/MAX Hallmark Realty Ltd., Brokerage
Direct: 705-772-3099
Toll Free: 1-866-326-4056
RE/MAX Eastern Realty Inc., Brokerage
Office: 705-741-8759
Toll Free: 1-800-567-4546
Chapter 4
How To Sell Your Home For Top Dollar Fast
Renovations That Pay!
If you own a home, whether you live in it or rent it out, chances are that you’ve considered
improving it in some way.
You might make some changes to increase the enjoyment of your home and others to enable you
to get a better price when you sell it, or to help you sell it faster.
Whatever the case, assuming you don’t have unlimited funds, you will be faced with a choice:
exactly which improvements should you make and which ones will give you the best return for
your money?
Most importantly, if you’re planning on selling in the next 6 months, do cosmetic, inexpensive
repairs ONLY. Larger repairs might increase the saleability of your home, or shorten the time
it’s on the market, but you will typically
only net 50 cents or less on every dollar
you spend.
However, if you have $10,000 to $15,000
to spend, and you are planning on living
in your home for a few more years, decide
how you can best allocate that money.
Should you revamp the bathroom with
new fixtures in trendy colours? Add
a new garage? Clean the sooty brick
facade? Put in a vaulted ceiling upstairs?
Add a swimming pool?
Some of these choices will increase the
market value of your house ... and its
saleability ... much more than others.
Bear in mind though - increased saleability and increased market value usually, but don’t
always, go hand-in-hand.
26
Sales Representatives at
RE/MAX Hallmark Realty Ltd., Brokerage
Direct: 705-772-3099
Toll Free: 1-866-326-4056
RE/MAX Eastern Realty Inc., Brokerage
Office: 705-741-8759
Toll Free: 1-800-567-4546
How To Sell Your Home For Top Dollar Fast
Realtor Magazine’s 2004 Cost vs
Value Report
The numbers presented here can serve as a guideline for those contemplating the potential
return on investment for particular remodeling projects. However, it’s important to acknowledge
a variety of factors that can affect both the cost of remodeling and the resale value of homes.
1. Despite the fact that growth in spending on home improvements has been slowing
nationally for most of 2003, cost recovery rates accelerated during the year. Across all
projects covered in this study, the average cost recouped was 86.4 percent. For virtually
every project, that’s higher than 2002’s recouped costs, reflecting improvement in the
economy and in people’s feeling that incomes will continue to increase over the next few
years.
2. Lower-priced projects show higher cost-recovery rates than higher-priced jobs. During
a recession and in the early stages of a recovery, it’s typical that the upper end of the
remodeling market suffers more than the lower. Higher-priced projects tend to be
discretionary, and households often wait for the economy to improve to undertake these
expenditures.
3. Markets with high house-price appreciation report higher-than-average cost recovery.
With more equity to undertake improvements and wanting to protect their housing
investment, homeowners are more inclined to spend on their home.
27
Sales Representatives at
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Toll Free: 1-866-326-4056
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How To Sell Your Home For Top Dollar Fast
Percent of cost recovered (national averages)
Bathroom Remodel
Midrange
Upscale
Bathroom Addition
Midrange
Upscale
Major Kitchen Remodel
Midrange
Upscale
Master Suite
Midrange
Upscale
Family Room
Midrange
Deck
Midrange
Basement Remodel
Midrange
Siding Replacement
Midrange
Window Replacement
Midrange
Upscale
Attic Bedroom
Midrange
2003
2002
Variance
89.3%
92.6
87.5%
91.0
1.8%
1.6
95.0
84.3
94.2
81.4
0.08
2.9
74.9
79.6
66.6
79.8
8.3
-0.2
76.4
76.9
75.1
76.8
1.3
0.1
80.6
79.5
1.1
104.2
N/A
N/A
79.3
78.7
0.6
98.1
79.1
19.0
84.8
87.0
73.8
77.0
11
10
92.8
N/A
N/A
28
Sales Representatives at
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Direct: 705-772-3099
Toll Free: 1-866-326-4056
RE/MAX Eastern Realty Inc., Brokerage
Office: 705-741-8759
Toll Free: 1-800-567-4546
How To Sell Your Home For Top Dollar Fast
So how do you determine which changes to make to increase saleability and/or market value?
The Peterborough Real Estate Board surveyed a number of its member brokers for their views on
the specific effects of different renovations.
As an example, it shows that 39 percent of the agents polled think that adding a recreation room
to your house will “greatly” improve its saleability, and another 42 percent think it will only
“somewhat” improve its saleability.
But, only 17 percent of the
agents polled think that
adding a recreation room will
increase the house value by
more than the cost of building
it in the first place.
Fully 69 percent feel that
homeowners will either just
earn their investment back
when they sell the house, or
lose money on the cost of the
addition.
Therefore, building a
recreation room might be a
good idea if you think your
property’s saleability is poor,
but it’s not such a hot idea if
you’re hoping to make a quick
profit on a renovation investment.
Here’s an overview of the survey results:
For increasing saleability, 91 percent of the surveyed agents thought that renovating the kitchen
would “greatly” or “somewhat” improve it. As well, 81 percent thought that improved bathrooms
would increase a home’s saleability “greatly” or “somewhat”.
29
Sales Representatives at
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Direct: 705-772-3099
Toll Free: 1-866-326-4056
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Toll Free: 1-800-567-4546
How To Sell Your Home For Top Dollar Fast
More results on improving saleability:
*
adding a recreation room, 81 percent
*
installing new broadloom, 83 percent
*
adding central air conditioning, 80
percent
*
adding window air conditioning, 26
percent
*
fencing the backyard, 86 percent
*
adding storage sheds, 20 percent
*
installing a woodburning fireplace, 23
percent
*
adding an extra bathroom, 80 percent
*
installing an inground pool, 34 percent
*
building a garage, 76 percent
But that’s only one-half of the equation.
Those same agents were asked about the same renovations and whether they improved the
market value of a home.
The winner in the saleability department – renovating a kitchen – only improved the market
value of a home in the eyes of 42 percent of the agents polled. Remember Realtor Magazine‘s
survey showed that only approximately 75 percent of the kitchen renovation cost was recovered
on the sale!
Note: Keep in mind here that you should be doing these renovations for your own enjoyment, not
for making a return when selling.
30
Sales Representatives at
RE/MAX Hallmark Realty Ltd., Brokerage
Direct: 705-772-3099
Toll Free: 1-866-326-4056
RE/MAX Eastern Realty Inc., Brokerage
Office: 705-741-8759
Toll Free: 1-800-567-4546
How To Sell Your Home For Top Dollar Fast
Other results to the question “Will it add to the home’s value?” were:
*
Adding a rec room, 17 percent thought that it added market value
*
improved bathrooms, 55 percent
*
installing new broadloom, 10 percent
*
adding central air conditioning, 19 percent
*
adding window air conditioning, 0 percent
*
fencing the backyard, 7 percent
*
adding storage sheds, 3 percent
*
installing a woodburning fireplace, 38 percent
*
adding an extra bathroom, 29 percent
*
installing an inground pool, 0 percent
*
adding a garage, 48 percent
31
Sales Representatives at
RE/MAX Hallmark Realty Ltd., Brokerage
Direct: 705-772-3099
Toll Free: 1-866-326-4056
RE/MAX Eastern Realty Inc., Brokerage
Office: 705-741-8759
Toll Free: 1-800-567-4546
How To Sell Your Home For Top Dollar Fast
So while installing an inground pool may, in some neighbourhoods, increase the saleability of
your home, it adds absolutely nothing to the value of your home.
On the other hand, adding a garage adds to both the value and saleability of your home quite
nicely.
Although this survey is helpful, you shouldn’t take it as gospel. Like any survey, it’s only an
indication of general views.
Conclusions that apply to one house, in one neighbourhood, may be wrong for another house in a
different neighbourhood.
The longer homes are occupied and succeeding owners continue to modify them, the more they
differ within the same neighbourhood. Nevertheless, some guidelines are universal, such as the
following rules of renovation.
General Rules Of Renovation
The first general rule of renovation relates to the oldest saying in real estate, and one that
still applies: the three most important things in real estate - and for renovation - are: location,
location and location.
A poor location for your home diminishes the value of almost every improvement that you
make to it. And the more undesirable the location, the more likely it is to erase the benefits of
improvements.
Unfortunately, the “location” principle is one that is often forgotten.
Have you ever noticed renovated houses that are located opposite factories, industrial areas,
car washes, or that are on busy streets or under expressway off ramps? Those homeowners are
unlikely to recoup their renovation costs when they decide to sell their homes.
For instance, one renovator spent $25,000 gutting and rebuilding a rundown home in the older
part of the city.
32
Sales Representatives at
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Toll Free: 1-866-326-4056
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How To Sell Your Home For Top Dollar Fast
Normally, that’s a fine idea, but the house happened to be on one of the busiest north-south
streets in the city and one of the only renovated properties for several blocks in either direction.
After six months of trying to sell the house, the renovator’s ads took on a distinctly desperate
tone. Indeed, when he eventually sold the house, he lost money.
The second general renovation rule is that you should avoid renovations that make your house
the most expensive in your area.
Although you or your tenants may enjoy the added features, the price you will get when you sell
your home will likely be dragged down by the neighbourhood. In this instance, the price that you
garner for your home won’t reflect your investment in it.
Of course, your home improvements might spark imitators and kick off a “gentrification” of the
neighbourhood, but that could take years.
Unless you’re prepared to wait, it’s usually safer to be a follower rather than a pioneer, on the
home renovation front.
So how about some specifics? Most major renovations are now taking place in the older parts of
the city or in the nearby suburbs. In those areas, the following are some renovations you should
consider first:
Modernize your bathroom or add a new one.
You don’t have to go to the extremes of one wealthy matron whose home has several bathrooms,
replete with gold fixtures, antique furnishings and art work. But if you improve your existing
bathroom, or add a second one, you will be making a wise investment.
Update your kitchen.
Bear in mind that people want cabinet and counter space sufficient enough to contain all the
paraphernalia of today’s cooking styles.
33
Sales Representatives at
RE/MAX Hallmark Realty Ltd., Brokerage
Direct: 705-772-3099
Toll Free: 1-866-326-4056
RE/MAX Eastern Realty Inc., Brokerage
Office: 705-741-8759
Toll Free: 1-800-567-4546
How To Sell Your Home For Top Dollar Fast
Light up your home!
Openness and light get top billing from brokers and professional renovators for adding to the
saleability of a home. Skylights, sliding patio doors and enlarged windows all increase the appeal
of homes enormously.
Fireplaces also get good marks for increasing saleability. Fireplaces in older homes may have
to be rebuilt, or opened up again. An easily installed gas fireplace adds alot of charm to family or
recreation rooms.
Opening up unused attic space to create either a loft-type study, or a high-ceilinged second
floor adds to the appeal of your home for potential buyers.
An extra bedroom, particularly in a two bedroom home, may increase saleability. But it may
not raise the market value of your house more than the cost of adding it in the first place.
As for other improvements, opinion is more divided. Some homeowners finish off their basements
as recreation rooms, yet brokers are generally sceptical of their value. “Many of them are done
poorly, and the height is too low,” complains one broker. “As a buyer, I would probably prefer to
put one in myself ... to my own taste.”
Also, don’t try to increase your basement space by tearing out your central heating system to
convert to electric heating! This is a big NO-NO because electric heat is expensive and potential
buyers won’t like it.
Inground swimming pools fall into the same doubtful category. They may be de rigueur in
southern California, Florida or Quebec, but not in most Peterborough neighbourhoods. You
may decide to put one in for your own enjoyment, but many buyers will see a pool as a costly
nuisance, robbing them of their backyard and also of peace of mind, especially if they have small
children and no previous pool experience.
Finally, concentrate on renovating the interior of your home, rather than the exterior; that’s
where families live. A neat, clean exterior appearance that will give your home good curb appeal
is usually sufficient in order to sell your home.
In fact, a growing trend in some parts of the city is to present an anonymous face to the world.
That way, you avoid attracting the attention of burglars, building inspectors and property
assessors.
34
Sales Representatives at
RE/MAX Hallmark Realty Ltd., Brokerage
Direct: 705-772-3099
Toll Free: 1-866-326-4056
RE/MAX Eastern Realty Inc., Brokerage
Office: 705-741-8759
Toll Free: 1-800-567-4546
How To Sell Your Home For Top Dollar Fast
The RE/MAX Return on Reno Index
RE/MAX has done extensive research with homeowners, to better understand what makes them
tick. This enables us to help you in many ways.
As a home owner, you are likely to re-sell at some point and should consider the benefits of
the neighbourhood. Remember, choices you make regarding improvements or renovations can
drastically influence your home’s market value.
RE/MAX’s research has led to the development of a smart tool that can actually show you just
what renovations generate the highest return on investment, based on the type of home you
currently live in.
The RE/MAX Return on Reno Index is a proprietary tool to help you get the most value out of
every renovating dollar you spend.
RE/MAX took an exhaustive look
at the various renovations people
commonly do on their homes and
judged their return on investment
based on a variety of criteria. The
findings were nothing short of
enlightening.
RE/MAX learned “down to the
dollar” what different renos deliver,
but also discovered that the relative
return on investment changes based
on the value of the house being
sold. Have a look at the charts on
page 38, which compare your return
on reno, based on the value of the
home being sold.
35
Sales Representatives at
RE/MAX Hallmark Realty Ltd., Brokerage
Direct: 705-772-3099
Toll Free: 1-866-326-4056
RE/MAX Eastern Realty Inc., Brokerage
Office: 705-741-8759
Toll Free: 1-800-567-4546
How To Sell Your Home For Top Dollar Fast
Fireplace
Nothing beats the feeling of curling up around a fire on a cold winter’s night. Not to mention the
comforting feeling of hearth and home that a fireplace adds to a room.
RE/MAX’s Return on Reno Index will tell you that installing or upgrading the fireplace in your
home will generate 11% greater return on investment than the average return on other popular
renos you might consider.
Gas fireplaces have made huge advances in popularity thanks to recent increases in efficiency
as well as advances in design. A gas fireplace delivers the best of both worlds - all the comfort
without the mess and maintenance.
Paint
Is often overlooked for the dramatic effect it can have on any living environment. RE/MAX has
learned that simple repainting of walls gives you a 29% return on the dollar over the average.
Whether you go neutral with splashes of colour or warm and dramatic, trends for 2003 include
a mix of strong colours, mixed with nature inspired neutrals, energy colours like orange, aqua,
sage and blue, along with neutral palates leaning toward bisque, fawn, gray and walnut.
Landscaping
Everyone knows the value of a first impression. But RE/MAX has learned that landscaping the
front and backyard of your home will give you a 7% better return on your renovating dollar, over
the average return on other popular renos you might consider.
Increasing your curb appeal can be as simple as adding containers of brightly coloured flowers.
Another idea would be to add a low maintenance garden for blocks of colour and texture. Also,
consider a simple water fixture in the backyard to add ambiance.
36
Sales Representatives at
RE/MAX Hallmark Realty Ltd., Brokerage
Direct: 705-772-3099
Toll Free: 1-866-326-4056
RE/MAX Eastern Realty Inc., Brokerage
Office: 705-741-8759
Toll Free: 1-800-567-4546
How To Sell Your Home For Top Dollar Fast
Kitchens
Ever wonder why “kitchen parties” naturally occur every time you have guests? Well, it’s because
the kitchen is the hub of every home. It’s where we get nourishment, refreshment, gather and
regroup after a busy day. It is a room with real value for every family. At RE/MAX we’ve learned
that kitchen upgrades can really deliver, with a 44% higher return on investment over the
average return on other popular renos you might consider.
Whether you’re working with a contemporary kitchen or more of a country feel, stainless steel
appliances continue to hold a lot of interest. In cabinetry, look at fine-grained maple, stained or
natural, over the traditional heavy oak look of the past. Laminates and marble are great choices
for countertops, but granite continues to be the most popular surface of all. Also, check out the
latest fixtures in today’s new, brushed nickel finishes.
Bathroom
Today’s stress-filled world leaves us all crying out for rest and relaxation. RE/MAX knows that
making your bathroom the best it can be will generate a 56% better return on investment than
the average renovation.
The goal should be to create a spa-like environment in your bathroom by installing a soaker tub
with relaxing jets, or perhaps a new steam shower stall.
Floors
Great looking floors are a strong feature of any home. It often makes all the difference. With RE/
MAX, we’ll show you how this upgrade can generate a 22% better return on investment than the
average.
Start by ripping out that dated wall-to-wall carpet. Then, sand your existing floors down and
refinish them, or choose one of the many easy-to-install and affordable laminates now available.
A darker stain gives an elegant, yet up to date look. Use area rugs to accent and ground the
space.
37
Sales Representatives at
RE/MAX Hallmark Realty Ltd., Brokerage
Direct: 705-772-3099
Toll Free: 1-866-326-4056
RE/MAX Eastern Realty Inc., Brokerage
Office: 705-741-8759
Toll Free: 1-800-567-4546
RE/MAX discovered that the relative return on investment changes based on the
value of the house being sold. Select the approximate price range of your house, and
compare your return on reno, based on the value of your home.
How To Sell Your Home For Top Dollar Fast
38
Sales Representatives at
RE/MAX Hallmark Realty Ltd., Brokerage
Direct: 705-772-3099
Toll Free: 1-866-326-4056
RE/MAX Eastern Realty Inc., Brokerage
Office: 705-741-8759
Toll Free: 1-800-567-4546
How To Sell Your Home For Top Dollar Fast
Ten Steps Toward A Great Paint Job
Painting is one of the easiest, least expensive, and most dramatic ways to change the look and
mood of a room.
Whether it’s freshening up your kitchen to this year’s blues and greens, or bringing a soothing
new hue to the bathroom, the end result depends on the time, tools, and preparation you put into
the project.
Here are 10 things you should keep in mind as you embark on your painting ventures:
1. Many factors go into selecting colors. The National Paint and Coatings Association (NPCA)
says you should consider the type of mood you want to create, what furniture, artwork, or other
items in the room you want to emphasize, and what color you want to be an integral part of your
overall decorating scheme.
2. Choose the appropriate paint type. The NPCA says latex paints are thinned with water and
easy to use with a brush or roller. Latex is easy to clean with soap and water and does a good
job inside in most cases. They aren’t flammable and have a very mild odor. Alkyd, or oil paints,
are solvent-thinned paints. You can apply an alkyd with a brush or roller, but need turpentine
or mineral spirits to clean up. Alkyd paints are sometimes preferred for kitchens and bathroom
shower areas where constant cleaning is necessary.
3. Select a sheen. Home improvement retail giant Lowe’s says the term sheen means the degree
of light reflection a paint has. The more sheen, the more stain-resistant it is. Gloss is the
sturdiest sheen, and is also the easiest to clean, making it a natural choice for high-traffic areas,
kitchens, bathrooms, woodwork, and baseboards. Semi-gloss is also durable and easy to clean,
but has less shine than gloss. Satin combines easy clean and moderate sheen. Eggshell is smooth
and has low sheen. Many people like eggshell for living rooms, dining rooms, and bedrooms. Flat
is non-reflective and is best for large areas and ceilings, while hiding imperfections better than
the other sheens.
4. Early preparation steps are key. Lowe’s says the best way to get started is to clear the room of
furniture -- at least as much as possible. Group the heavier items together and cover them with
39
Sales Representatives at
RE/MAX Hallmark Realty Ltd., Brokerage
Direct: 705-772-3099
Toll Free: 1-866-326-4056
RE/MAX Eastern Realty Inc., Brokerage
Office: 705-741-8759
Toll Free: 1-800-567-4546
How To Sell Your Home For Top Dollar Fast
drop cloths. Make sure you have plenty of light. Patch any holes or cracks and then sand patched
areas.
5. Clean and tape the walls. Lowe’s says you should then spend the time cleaning the ceilings,
walls, baseboards, window and door moldings. Paint manufacturer Glidden suggests using
painting tape and plastic sheets to cover receptacles, switches, radiators and other surfaces that
will not be painted. If you do not plan to paint entire walls or sections of the room, you may need
to mask off those areas if you are painting adjacent areas. If you have enough drop cloths, cover
the entire floor.
6. Brush up on brushes. The NPCA says natural bristle brushes are best for varnish, enamel,
and shellac, and shouldn’t be used for latex paints because they wear down quickly. Polyester
bristle brushes are great for water-thinned coatings, but wear down on rough surfaces. And
nylon bristle brushes are similar to polyester, but more abrasion resistant. Whatever type of
brush you use, the tips should be flagged, or split. This allows more paint to be retained and the
paint will spread more evenly.
7. Learn about rollers. Rollers are useful for painting a large area. They come in a range of
widths.
8. Develop an orderly fashion. Lowe’s says it’s best to paint trim first, then proceed with the
ceiling by rolling paint with a series of m-shaped strokes, then fill in the open areas by cross
rolling. If you’re using a brush, you should apply the paint in short strokes toward the unpainted
area, going from wet to dry. Then brush back into the area you painted. Then when you get to
the walls, edge around the ceiling first. If you have a semi-gloss or gloss, make the final brush
strokes away from the light source in the room -- the tiny ridges that a brush leaves won’t be as
pronounced. Like the ceiling, use the m-stroke technique.
9. Know how to store your leftover paint. Lowe’s says if you have leftover paint, clean any excess
paint from the rim of the can, tap the lid tight with a hammer and a block of wood and then store
solvent-based paint cans upside down to prevent a skin from forming. Also, avoid extreme heat
or cold.
10. Dispose of paint properly. Disposal methods vary, depending on where you live. Find out
what your local environmental, health and safety laws are regarding paint disposal.
40
Sales Representatives at
RE/MAX Hallmark Realty Ltd., Brokerage
Direct: 705-772-3099
Toll Free: 1-866-326-4056
RE/MAX Eastern Realty Inc., Brokerage
Office: 705-741-8759
Toll Free: 1-800-567-4546
Chapter 5
How To Sell Your Home For Top Dollar Fast
And Now For Something Completely
Different…
Questions Sellers Should Ask Prospective Realtors
There are approximately 450 licensed real estate agents in the Peterborough area. Choosing the
right Realtor to sell your home can be confusing.
It is especially difficult when you have spoken with several
different Realtors and they all seem so convincing.
There is a way to determine who is most likely to succeed
in getting your home sold. The key is knowing the right
questions to ask. The following list provides you with
questions to ask your prospective Realtor.
This list will not only help you to choose the right agent,
but will also ensure that the one you select will be the best
Realtor to sell your home!
For our answers to these questions, see the back of this book, page 79.
1. How long have you been in the business full time?
2. What ongoing education have you enrolled in during the past 12 months to improve your level of service to your
clients?
3. What expertise do you have to help me get the best financing rates and terms that are available?
4. How many listings do you take in the average month? How many sales do you make monthly?
5. How do you rank among your peers? Are you among your company’s top Realtors?
6. Do you have a written marketing plan specifically designed to get my property sold? What major marketing
concepts would you suggest, which would to ensure that my home gets sold?
41
Sales Representatives at
RE/MAX Hallmark Realty Ltd., Brokerage
Direct: 705-772-3099
Toll Free: 1-866-326-4056
RE/MAX Eastern Realty Inc., Brokerage
Office: 705-741-8759
Toll Free: 1-800-567-4546
How To Sell Your Home For Top Dollar Fast
7. Will my property be on the Multiple Listing Service? How will you set my listing apart from the crowd? In what
ways will you encourage other agents to sell my property?
8. Will you produce a professionally designed feature sheet for my property that will include several colour photos?
9. How will you market my home to other Peterborough Real Estate Board members, besides the MLS?
10. Will you market my property by email to potential buyers? How many prospective buyers do you have in your
email database?
11. Do you have full-time personal assistants who see that no details are overlooked?
12. Will I receive a marketing update about what’s happening with my listing on a 2-3 times a week basis?
13. How many potential buyers do you talk to on an ongoing basis? How many hours a day do you or your Team spend
talking to buyers?
14. Do you have a list of seller references for me to review?
15. What is your most important Seller guarantee?
16. Do you have other guarantees as well?
17. How will you assist me in my relocation plans? What if I move out of the city?
18. How does an agent decide what the market value is for my home?
19. What price will I get for my property? What list price should I ask for my property and how is that list price
determined?
20. What happens when an offer comes in… do you negotiate for me?
21. What happens between the time my home is sold and the closing day… will I hear from you ever again?
22. I’ve heard you use the phrase “By Referral Only”… what does that mean for me?
23. Would you consider my sale a ‘one-shot’ transaction, or would it mean something more to you?
24. What happens after the closing?
42
Sales Representatives at
RE/MAX Hallmark Realty Ltd., Brokerage
Direct: 705-772-3099
Toll Free: 1-866-326-4056
RE/MAX Eastern Realty Inc., Brokerage
Office: 705-741-8759
Toll Free: 1-800-567-4546
How To Sell Your Home For Top Dollar Fast
Handy Seller’s Checklist
Once you have decided that it really is the time to sell your home, fill out this handy checklist.
It will help you to identify your concerns, fears and hopes, so that you can more easily share
them with your Realtor.
Please circle the number that most represents your feelings...
What are Your Major Concerns?
Realtor’s experience & enthusiasm?
Not Concerned
0
1
2
3
Very Concerned
4
5
Multiple Listing Service?
0
1
2
3
4
5
Real estate commissions?
0
1
2
3
4
5
Effectiveness of marketing programs?
0
1
2
3
4
5
Open houses?
0
1
2
3
4
5
Inconvenience of showing times?
0
1
2
3
4
5
Possession date?
0
1
2
3
4
5
Pricing your home to SELL?
0
1
2
3
4
5
Net cash in hand on closing?
0
1
2
3
4
5
Aggressiveness to get property SOLD?
0
1
2
3
4
5
Saleability of your property?
0
1
2
3
4
5
How the whole sales process works?
0
1
2
3
4
5
Negotiating the offer?
0
1
2
3
4
5
43
Sales Representatives at
RE/MAX Hallmark Realty Ltd., Brokerage
Direct: 705-772-3099
Toll Free: 1-866-326-4056
RE/MAX Eastern Realty Inc., Brokerage
Office: 705-741-8759
Toll Free: 1-800-567-4546
How To Sell Your Home For Top Dollar Fast
If You Were The Buyer...
What is it about your home that would excite you the most?
Before you answer this question, go outside your house and pretend you were a potential buyer.
Walk up to the door, knock and then enter and tour every room in your home!
It will help if you jot down notes as you walk through. Later, you can pare your list down to a
“Top Ten” version and pass it along to your real estate agent.
This should help him or her to market your house better and will give you an idea of your home’s
best selling features.
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
44
Sales Representatives at
RE/MAX Hallmark Realty Ltd., Brokerage
Direct: 705-772-3099
Toll Free: 1-866-326-4056
RE/MAX Eastern Realty Inc., Brokerage
Office: 705-741-8759
Toll Free: 1-800-567-4546
How To Sell Your Home For Top Dollar Fast
Closing Costs For The Seller
There’s a lot to think about when you’re moving, so many of us forget to investigate the various
costs associated with closing a deal.
Following is a summary, which was prepared with the assistance of a legal expert, that will give
you a guideline for some of the costs you may incur when you are selling your property.
Generally, the closing costs associated with a sale are substantially less than those involved in a
purchase.
They are:
1. Survey Costs (applicable to house owners)
For some home sales, the offer to purchase will state that the seller will provide a survey
within so many days following the date of the offer. Generally however, the offer to
purchase will provide that the seller is only obligated to provide a survey to the extent he
has one already in his possession or control. If the seller is obligated to provide a survey
and none exists, it will cost approximately $800-1200 plus GST.
2. Real Estate Commissions plus GST
Real estate commissions for agents working in the Peterborough area are in the range of
5% to 6% of the sale price of the property, plus GST.
3. Legal Fees plus GST
Generally, legal fees will range from $600 to $1000 plus disbursements. The fee may be
higher if there are one or more mortgages being discharged on the sale.
4. Mortgage Discharge Fees
Most mortgage companies require a discharge fee ranging between $100 and $250 to
reimburse them for their administrative costs. Additionally, if the mortgage is being
discharged prior to its maturity, most mortgages provide that there will be a three month
interest penalty for early discharge, or an interest differential, whichever is greater.
However, in the case of an institutional lender, many mortgages provide a “portability”
feature, which means, in effect, that the three month interest penalty will be waived if the
seller transfers the mortgage from the home that the seller is selling to the home being
purchased.
5. Status Certificate Costs (applicable to condo owners)
Your condo corporation will charge $100 to issue a status certificate. We’ll tell you why
this is so important to order ahead of time and have on hand when an offer comes in.
45
Sales Representatives at
RE/MAX Hallmark Realty Ltd., Brokerage
Direct: 705-772-3099
Toll Free: 1-866-326-4056
RE/MAX Eastern Realty Inc., Brokerage
Office: 705-741-8759
Toll Free: 1-800-567-4546
How To Sell Your Home For Top Dollar Fast
****Also remember to tell utility companies, such as your electricity and gas suppliers, the
municipal Realty Tax Department, and your cable company, the date of closing so that all final
billings are made and you no longer are responsible for any utility or tax charges after the
transaction closes.
How To Estimate Your “Cash In Hand” After
You Sell
Here’s an easy way to figure out how much money you will likely
have in your hand after you sell your home and the deal closes.
SALE PRICE
Deduct Commissions (5 to 6% of sale price)
HST on the commission (13%)
TOTAL Sales Cost
$
$
$
$
GROSS CASH IN HAND... before deducting any
Financing & Closing Costs===>
FINANCING & CLOSING COSTS
First Mortgage Principal Balance
Discharge Penalty
Second Mortgage Principal Balance
Discharge Penalty
Other Closing Costs (Legals, etc - $800 )
TOTAL... ALL Mortgages, Discharge Penalties &
Closing Costs===>
NET CASH IN HAND on closing day ===>
$
$
$
$
$
$
$
$
46
Sales Representatives at
RE/MAX Hallmark Realty Ltd., Brokerage
Direct: 705-772-3099
Toll Free: 1-866-326-4056
RE/MAX Eastern Realty Inc., Brokerage
Office: 705-741-8759
Toll Free: 1-800-567-4546
Chapter 6
How To Sell Your Home For Top Dollar Fast
The ABCs Of Moving
Let’s face it: Moving is NEVER fun! But you can make it a lot less stressful and as hassle-free as possible! For
starters, use this guide for general information and the handy checklist to get yourself well organized.
How To Choose A Moving Company...
First of all, whether your move is local or long distance, choose a properly licensed and bonded company!
Although each moving
company’s rules may vary,
generally a local move is
considered to be within an 80
km radius of the company’s
base.
Get referrals from friends or
family and call the Canadian
Association of Movers for the
background of the company
you are considering using.
A representative from a
moving company may come
to your home to explain their
services and do a furniture
survey. They will probably
also point out items that
cannot be safely moved or that
may need special attention.
Afterwards they will send you
an estimate of what the cost of
your move will be.
47
Sales Representatives at
RE/MAX Hallmark Realty Ltd., Brokerage
Direct: 705-772-3099
Toll Free: 1-866-326-4056
RE/MAX Eastern Realty Inc., Brokerage
Office: 705-741-8759
Toll Free: 1-800-567-4546
How To Sell Your Home For Top Dollar Fast
Obtain estimates from a couple of moving companies for a comparison of both costs and services that they
offer.
Be sure to know what you will be paying for. Do the costs include loading and unloading? How much does the
liability protecting your possessions cover? What happens if something gets damaged? You may find you want
extra coverage through paying a higher premium or by making alternative insurance arrangements.
As it’s usually less expensive to move between October and June, you should ask if there are any seasonal
specials available. Also, try to avoid scheduling your move for the end of the month which is the busiest time
for movers. Moving companies may also offer cheaper rates at different times of the month.
Avoid cash deals - they most likely don’t include declared value protection on your goods, insurance on the
trucks for their cargo or workers’ compensation. You most likely won’t have any recourse if you find broken
items after the movers have left.
Book your move as far in advance as possible, even if your closing date is not yet firm. Most movers can be
flexible with proper notice.
It is advisable to have your goods packed by the movers. They are professionals and know how to properly ship
and handle your belongings. Ask moving companies for the cost of their packing services. It may also affect
your moving insurance cost if their company does the packing.
Keep receipts and check the Canada Customs and Revenue Agency website (www.ccra.ca) for what may be taxdeductible, such as moving expenses related to work relocation, or for students.
Be Aware...
A mover who estimates a cost for you far below that of other companies may spell trouble.
Damage to goods packed by you is your responsibility and not the mover’s, unless the mover has been negligent
in the care of the boxes packed.
Don’t sign any documentation without fully understanding it.
Don’t use any mover who sends a flyer or letter through your door once your home sells! One of our clients a
few years ago had a very bad experience with this. A deposit of $500 was paid in advances and then they didn’t
show up on moving day. It took her 3 months of chasing to get her deposit back, on top of the stress of having to
find another moving company at the 11th hour!
48
Sales Representatives at
RE/MAX Hallmark Realty Ltd., Brokerage
Direct: 705-772-3099
Toll Free: 1-866-326-4056
RE/MAX Eastern Realty Inc., Brokerage
Office: 705-741-8759
Toll Free: 1-800-567-4546
How To Sell Your Home For Top Dollar Fast
How To Calculate Moving Costs ...
Local Moves:
Costs are calculated based on the number of hours the truck is tied up with your move, multiplied by the hourly
for-hire rate based on the number of men required to help. Generally, the hours are based from the time the
truck leaves the moving company’s premises until the time it
returns.
Long Distance Moves:
Costs are calculated based on the weight and distance of your
shipment. Your shipment will be weighed at a government
inspected weigh station.
Storage:
If your goods are to be placed into storage, make sure the
costs of storage are explained to you, including loading and
unloading fees and the monthly rates.
Peterborough’s Real Estate Team Recommends - Our Preferred Professional Mover:
We pay attention to our clients’ needs, and as they become Clients For Life, we hear back from many of
them after the move. As a result we have been told of other highly recommended professionals related to
homeowner’s needs, including movers.
One mover we personally highly recommend and our clients have had great success with is:
Peterborough Movers And Storage
To ask for a free moving consultation call Tel: 1-800-651-2943 or go to www.PeterboroughMovers,com.
The company can often assist with providing moving supplies at a modest cost.
49
Sales Representatives at
RE/MAX Hallmark Realty Ltd., Brokerage
Direct: 705-772-3099
Toll Free: 1-866-326-4056
RE/MAX Eastern Realty Inc., Brokerage
Office: 705-741-8759
Toll Free: 1-800-567-4546
How To Sell Your Home For Top Dollar Fast
Before You Move ...
REQ’D
DONE
DESCRIPTION
Give away, sell or discard any unnecessary belongings - There are various
charities which do regular pre-arranged pick-ups of usable items such as
clothing, linens, books, appliances still in working order etc. or even larger
pieces of furniture. Check for information on the internet or ask around your
neighbourhood
As plants are difficult to move, try to give away as many as you can
Obtain copies of your pets’ veterinary records and make sure their
immunizations are up to date
Go to the post office to arrange for your mail to be rerouted or online at
www.canadapost.ca
Inform financial organizations, insurance companies, medical practitioners,
credit card companies, employers etc. of your move
Give out change of address cards (supplied at no charge by your Peterborough’s
Real Estate Team member) to all your friends, relatives and business associates
- don’t forget your doctor, lawyer, etc.
Obtain school records and transfer them to the new school
Check and clear any outstanding realty taxes on your present property
Call your insurance agent and transfer coverage - or arrange new coverage - for
your new home (get a copy of your insurance binder ... you’ll need to give it
to your lawyer to prove you have coverage, so that your bank will give you the
mortgage funds)
Send out all items for cleaning or in need of repair
Return borrowed items such as library books or your neighbour’s tools, and
collect any items loaned out
Arrange for a final reading for your gas, water and hydro meters and for the
connection of utilities for your new home
50
Sales Representatives at
RE/MAX Hallmark Realty Ltd., Brokerage
Direct: 705-772-3099
Toll Free: 1-866-326-4056
RE/MAX Eastern Realty Inc., Brokerage
Office: 705-741-8759
Toll Free: 1-800-567-4546
How To Sell Your Home For Top Dollar Fast
Before You Move cont’d ...
Dispose of flammable items that may be dangerous to move - The City of
Peterborough has drop-off points set-up for the disposal of household hazardous
waste. Check for a list of the drop-off points and work hours at
www.Peterborough.ca/Living/City_Services/Waste_Management/Recycling/
Facility.htm or by calling 705 742-4268. By disposing of these items properly
(instead of throwing them into the garbage), you will be greatly helping the
environment.
Try to arrange your telephone line cancellation or transfer for the last possible
moment on moving day... not first thing in the morning! Invariably your phone
will be already cut off and you’re still moving at 2:00 pm!!
Clean all drapes, rugs and floors
Clean your fridge and stove one day before the move
Organize any work that has to be completed at your new home well ahead of
time
Obtain appraisals for any items of value in case you need to make an insurance
claim from the moving company. Pictures can be a great help here; take photos
or a video of your most precious items!
Make arrangements to discontinue cleaning services, pool maintenance, window
cleaners, snow removers, landscapers and to transfer them to your new home, if
necessary
Ensure that adequate insurance for all your household goods is still in place
while your goods are in transit or storage
Make travel reservations for your move or make sure your car is serviced for the
trip. Plane reservations should be avoided for the day of the move - closings are
often delayed or an unexpected situation may arise
Prepare for your arrival at the new location - if moving to a condo reserve an
elevator, or if moving to a house arrange for street parking. If it’s a winter move
try to have the driveway cleared of snow
Make a floor plan of your new home and map out where items will be placed don’t guess - take measurements
51
Sales Representatives at
RE/MAX Hallmark Realty Ltd., Brokerage
Direct: 705-772-3099
Toll Free: 1-866-326-4056
RE/MAX Eastern Realty Inc., Brokerage
Office: 705-741-8759
Toll Free: 1-800-567-4546
How To Sell Your Home For Top Dollar Fast
Storing and Packing DO’s ...
REQ’D DONE
DESCRIPTION
Assemble packing materials beforehand
Have on hand: packing paper or bubble wrap (for glassware and dishes), writing pads
(for tracking your property), markers (to write on the outside of boxes which room
they’re going to), heavy twine, masking tape and boxes
Tackle one room at a time
We sometimes have a stack of moving boxes available. Ask your Peterborough’s Real
EstateTeam member for an update
Line the bottoms of boxes with a towel, blanket or heavy cloth
Place heavier items on the bottom and lighter items on the top
Empty gas tanks from lawn mowers, outboard motors etc. and clean appliances you are
moving - you can hire an electrician to help you disconnect items, if need be
Use protective tape on burners, knobs, shelves, doors to keep them closed or in place
Remove all batteries from appliances and toys in case they burst in transit
Set aside things that you will carry personally in the car in a carton marked “Do Not
Load”
Carry all jewelry, documents, valuable papers and currency with you
Tie or tape brooms and mops together and bundle your curtain rods
Identify all fragile and delicate items very clearly
Ensure that tops are secured for all liquids in bottles
Put glass table tops, large mirrors and any valuable pictures into crates
Pack all books on edge in small boxes
Limit carton weight to 60 pounds (25 kilograms)
Remove bulbs before packing lamps
Pack lamp shades in boxes by themselves
Put small appliances, packed and wrapped, in the bottom of boxes
Ensure that heavy china items are placed at the bottom of a box with extra padding
Place flat pieces on edge
52
Sales Representatives at
RE/MAX Hallmark Realty Ltd., Brokerage
Direct: 705-772-3099
Toll Free: 1-866-326-4056
RE/MAX Eastern Realty Inc., Brokerage
Office: 705-741-8759
Toll Free: 1-800-567-4546
How To Sell Your Home For Top Dollar Fast
Storing and Packing DO’s cont’d ...
Pack small delicate items in a smaller box inside a larger box
Dismantle large power tools
Remove fixtures that are fastened to the wall
Move clothes and drapes in a wardrobe supplied by the movers
To safely move computers and other electronics, use either their original packing materials or wrap the items individually in plastic garbage bags to protect from dust. Pad
them in newsprint or bubble-wrap and place in a box and surround with padding such
as styrofoam bits
Indicate which cartons you wish to be unloaded first and unloaded last
Pack your current phone book to take with you in case you need to make calls to businesses or individuals in your former hometown
And DONT’s ...
REQ’D DONE
DESCRIPTION
Don’t overload dresser drawers
Don’t use newspapers to pack (the ink may rub off)
Don’t leave stove or refrigerator shelves loose if these appliances are being moved
Don’t pack cleaning products in the same boxes as food
Don’t roll mattresses or rugs; leave them for the movers to put into special cartons
Don’t wrap furniture, or tie it with ropes
Don’t move on weekends if at all possible - utility offices, banks, government offices
etc. will be closed
Don’t pack flammable or heat-sensitive items such as candles, oil based paints, cleaning fluids, aerosol cans or propane tanks
53
Sales Representatives at
RE/MAX Hallmark Realty Ltd., Brokerage
Direct: 705-772-3099
Toll Free: 1-866-326-4056
RE/MAX Eastern Realty Inc., Brokerage
Office: 705-741-8759
Toll Free: 1-800-567-4546
How To Sell Your Home For Top Dollar Fast
On Moving Day...
REQ’D DONE
DESCRIPTION
Keep your tool kit handy for things that may come
up at either end of your move
Make arrangements to have appliances hooked up
at your new home
Make sure the meters have been read and utilities
turned off
If possible, have friends or relatives take care of
children and pets at their home during the day
Check and number all boxes that are being moved
Ensure you have cash or a certified cheque to pay
the movers
Make sure your lawyer has a key for your
existing home
Confirm with your lawyer what time the
key will be ready for your new home
Once you arrive at your new home...
REQ’D DONE
DESCRIPTION
Set up bedrooms and kitchens first
Check each carton for lost or damaged goods and
prepare a list of damaged or lost articles
Check supply of heating fuel (if oil)
Check to see if all utilities & telephone have been
connected
54
Sales Representatives at
RE/MAX Hallmark Realty Ltd., Brokerage
Direct: 705-772-3099
Toll Free: 1-866-326-4056
RE/MAX Eastern Realty Inc., Brokerage
Office: 705-741-8759
Toll Free: 1-800-567-4546
Chapter 7
How To Sell Your Home For Top Dollar Fast
Beware Of The Buyer Agent
As of January 1st, 1995, home purchasers could choose to have a buyer agent represent their
interests during the transaction. Before that date, all Realtors represented the seller’s interests
exclusively.
So how does this affect the seller? Most importantly, the buyer agent’s responsibility is to learn
as much as possible about the seller, their motivation, their price flexibility and so on. In short,
they want to get your property for the lowest price possible for their buyer!
Now there’s nothing wrong with this. You just have to be aware of it. After all, it is our job as
your listing agent to find out the motivation of the buyer, what their price flexibility is and so on,
so we can get you the absolute highest price possible.
Some of the more skeptical of you might be thinking ... “Sure, but I’ve heard horror stories of
Realtors pressuring their sellers to take a lower offer when they didn’t want to”.
Well, like anything in life, it all boils down to trust. You need to be able to trust your listing
agent to look after your best interests at all times.
What should you do when a buyer comes to look at your home with their buyer agent and that
Realtor asks you a question like “Where are you moving to from here?” You need to avoid telling
them what your plans are. The simplest way is to say “My listing agent told me to refer all
questions to him. Here’s his card... please give him a call”.
Make this same statement to any questions a buyer agent might ask. Only if the question is
as innocuous as “What flowers did you plant in the back yard?”, or if your answer would shed a
positive light on your home (such as responding to the question “How old is your
furnace?” if it is only a few years old), should you give a direct answer.
Of course your answers should be in a very polite manner intended to convey the feeling that
you’re not hiding anything, but that your listing agent has absolutely all the answers that the
buyer agent will need.
55
Sales Representatives at
RE/MAX Hallmark Realty Ltd., Brokerage
Direct: 705-772-3099
Toll Free: 1-866-326-4056
RE/MAX Eastern Realty Inc., Brokerage
Office: 705-741-8759
Toll Free: 1-800-567-4546
How To Sell Your Home For Top Dollar Fast
What is the downside if you do answer questions like “How old is your furnace?” when the
furnace is 18-20 years old? Many buyer agents out there do not know the average life span of a
furnace and they certainly don’t know how well you’ve maintained it.
A good listing agent will tell them that while an average forced-air gas furnace for example lasts
20-25 years, the cost is only about $2,000 to install a brand new one AND you’ve had the furnace
strictly maintained every fall and the technician said last time that it was in perfect order!
Your listing agent is the person best suited to hear any objections presented by the buyer
agent or the buyer. They are
the most qualified to counter
those objections or to offer an
alternative which the buyer
agent might not have thought
of to encourage the purchaser to
proceed with an offer!
To summarize, there is
an excellent World War 2
expression that might apply
here. It is “Loose lips sink
ships”. Let your listing agent
do the job for which they’re
hired... their excellent skills at
negotiation and their expert
knowledge of homes!
56
Sales Representatives at
RE/MAX Hallmark Realty Ltd., Brokerage
Direct: 705-772-3099
Toll Free: 1-866-326-4056
RE/MAX Eastern Realty Inc., Brokerage
Office: 705-741-8759
Toll Free: 1-800-567-4546
How To Sell Your Home For Top Dollar Fast
If You’re Selling AND Buying ... Why
Not Have A Face-To-Face Buyer’s
Consultation With One Of The Buyer
Agents On The Best Buyer Agent
Team In Peterborough?
Our Buyer Specialist Team has helped almost thousands of buyers to purchase their homes since
1980. Over the years, we have fine-tuned and tweaked our buyer’s program to give home buyers
the most vital information in the least amount of time possible.
Instead of shoving you in a car and showing you completely
inappropriate homes, we have designed the Buyer
Consultation.
We start our relationship with all of our clients by having a
face-to-face, 90 minute Buyer’s Consultation in the comfort of
our home office. Your Buyer Specialist gets to know you and
what you want in a house, while at the same time crunching
numbers with you and letting you know if your financial
reality meets your dreams!
For full details about what happens at a Buyer’s Consultation, just go to
www.BuyerConsultation.PeterboroughHomesAndCondos.com. You can sign up on the
spot.
57
Sales Representatives at
RE/MAX Hallmark Realty Ltd., Brokerage
Direct: 705-772-3099
Toll Free: 1-866-326-4056
RE/MAX Eastern Realty Inc., Brokerage
Office: 705-741-8759
Toll Free: 1-800-567-4546
Chapter 8
How To Sell Your Home For Top Dollar Fast
Real Estate Terms You Should Know
Before you get into learning the best ways to maximize the sale price of your home, familiarize
yourself with the terms of the business so that you will be speaking the same “language” as the
professionals in the field!
Real Estate:
Includes real property, lease-holds or a business whether with or without the building, fixtures,
stock-in-trade, goods or chattels in connection with the operation of the business.
Real Estate Broker or Salesperson:
An intermediary between the buyer and seller who is licensed to carry out such activities.
Real Property:
The combination of the tangible and intangible attributes of land and improvements. Value-wise,
it is the sum of the value of the real estate, considered as land and structure and, for example,
the tangible value arising by reason of a favourable lease. The real estate plus the rights that go
with it.
Fair Market Value:
The highest price, in terms of money, that the property will bring to a willing seller if exposed for
sale on the open market while allowing a reasonable time to find a willing buyer, buying with the
knowledge of all the uses, and with neither party acting under necessity, compulsion or peculiar
and special circumstances.
Assessed Value:
A valuation placed upon property by the Province, as a basis for municipal taxation. This is NOT
the same as market value and, so far in Ontario, although we have ‘Market Value Assessment’,
the assessed value is NOT 100% accurate.
Appraisal:
The act or process of estimating value. This appraisal is done for mortgage-lending purposes and
may not necessarily match the sale price of the property.
58
Sales Representatives at
RE/MAX Hallmark Realty Ltd., Brokerage
Direct: 705-772-3099
Toll Free: 1-866-326-4056
RE/MAX Eastern Realty Inc., Brokerage
Office: 705-741-8759
Toll Free: 1-800-567-4546
How To Sell Your Home For Top Dollar Fast
Salesperson (Sales Representative):
An employee of a broker authorized to trade in Real Estate ... your agent.
Agreement of Purchase and Sale (Offer to Purchase):
A contract by which one party agrees to sell and another agrees to purchase. The contract may be
firm (no conditions attached), or conditional (certain conditions must be fulfilled).
Deposit:
Payment of money or other valuable consideration as pledge for fulfilment of contract; given as a
“piece of paper” when the offer is signed and converted to a bank draft or other form of payment
once the offer has been accepted.
Irrevocable:
Incapable of being recalled or revoked; unchangeable, unalterable.
Irrevocable Date:
The date that the offer, from either buyer or seller, is good until. It is typically “same day the
offer is signed,” or up to 48 hours after the signing (or counter-signing) date.
Condition:
A condition in a contract calling for the happening of some event, or the performance of some act,
before the agreement becomes firm and binding for all parties.
Conditional Offer:
An Agreement of Purchase and Sale may be subject to specific conditions. These conditions
could be arranging a mortgage or a home inspection, or the inspection of a condominium Status
Certificate. There is always a time limit stipulated within which the specified conditions must be
met.
Sealed and Delivered:
A term indicating that a seller has received adequate consideration as evidenced by his voluntary
delivery. The word “sealed” adds more strength, since under old conveyancing law an official seal
was used as a substitute for consideration.
59
Sales Representatives at
RE/MAX Hallmark Realty Ltd., Brokerage
Direct: 705-772-3099
Toll Free: 1-866-326-4056
RE/MAX Eastern Realty Inc., Brokerage
Office: 705-741-8759
Toll Free: 1-800-567-4546
How To Sell Your Home For Top Dollar Fast
Home Inspection:
The examination of the house by an expert selected by the buyer.
Closing Date:
The date specified in the Agreement of Purchase and Sale when the buyer is to deliver the
balance of money due and the seller is to deliver a duly executed deed and vacant possession of
the property.
Permanent Fixtures:
Permanent improvements to property that may not be removed upon the sale of the property
(furnace, central air conditioning,
pool, windows, etc).
Chattels:
Personal property that is tangible
and moveable, such as appliances,
blinds, light fixtures, etc.
Encumbrances:
Outstanding claim or lien
recorded against property, or
any legal right to the use of the
property, by another person who
is not the owner.
Adjustments:
Adjustments may be property
taxes (either unpaid or paid in
advance), electricity, gas or other
fuel, condo fees or mortgage
interest already paid out for future service. These must be pro-rated and be credited on closing
to the appropriate side of the transaction. This can involve an expenditure of several hundred
dollars payable on the closing date when the sale is completed.
60
Sales Representatives at
RE/MAX Hallmark Realty Ltd., Brokerage
Direct: 705-772-3099
Toll Free: 1-866-326-4056
RE/MAX Eastern Realty Inc., Brokerage
Office: 705-741-8759
Toll Free: 1-800-567-4546
How To Sell Your Home For Top Dollar Fast
Statement of Adjustments:
A statement of the financial breakdown of the transaction prepared by the solicitor for the seller
setting out, in balance sheet form, the credits to the seller (e.g. purchase price, prepaid taxes,
prepaid insurance, etc.) and the credits to the buyer (e.g. deposits, arrears in taxes prior to the
date of closing) and the balance due on closing.
Survey:
The accurate mathematical measurement of land and buildings thereon, made with the aid of
instruments. They show the legal boundaries of the property, the location of any buildings on the
lot plus measurements.
Title:
The means of evidence by which the owner of land has lawful ownership thereof.
Buydown:
The seller effectively lowers the rate of interest of a mortgage by prepaying a portion of the
interest on his own existing mortgage, or on a mortgage arranged by the buyer.
Canada Mortgage and Housing
Corporation (CMHC):
The federal CMHC is the Canadian crown
corporation that administers the National
Housing Act. CMHC services include
providing housing information and assistance
to consumers and insuring home purchase
loans for lenders.
Deed:
The final document prepared by a lawyer or notary to be signed by the seller and buyer
transferring ownership. This document is then registered against the property as evidence of
ownership.
Mortgage Discharge:
The removal of all mortgages and other encumbrances by paying all outstanding liens against
the property.
61
Sales Representatives at
RE/MAX Hallmark Realty Ltd., Brokerage
Direct: 705-772-3099
Toll Free: 1-866-326-4056
RE/MAX Eastern Realty Inc., Brokerage
Office: 705-741-8759
Toll Free: 1-800-567-4546
How To Sell Your Home For Top Dollar Fast
Easement:
The right acquired for access to, or over another person’s land for a specific purpose, such as for a
driveway or public utilities.
Encroachment:
The unauthorized extension of boundaries of land, such as when a homeowner puts up a fence
over the lot line and “takes over” some of a neighbour’s property.
Holdback:
An amount of money withheld by the lender during the progress of construction of a house to
ensure that construction is satisfactory at every stage. The amount of the holdback is generally
equivalent to the estimated cost to complete construction.
Insurance:
Before the transaction can be closed, the buyer must have fire insurance arranged and in effect.
A certificate from the insurance company (called a ‘binder’) will be required by your lawyer at the
closing.
Owner’s Net Equity:
The difference between the price for which a property could be sold and the total debts
(mortgages or liens) registered against it.
Option Agreement:
A document stipulating that, in exchange for a deposit, a specified individual is to be given first
chance to buy a property within a specified period of time. If the option-holder does not buy
within the specified time, he loses his deposit.
Power of Sale:
The right of a bank or trust company to force the sale of the property without judicial
proceedings, should the owner default on their mortgage payments.
Prospect:
A potential buyer or customer.
Commission:
Percentage of the home’s sale price paid at closing to the listing agent and to cooperating agents.
62
Sales Representatives at
RE/MAX Hallmark Realty Ltd., Brokerage
Direct: 705-772-3099
Toll Free: 1-866-326-4056
RE/MAX Eastern Realty Inc., Brokerage
Office: 705-741-8759
Toll Free: 1-800-567-4546
How To Sell Your Home For Top Dollar Fast
Multiple Listing Service (MLS):
The system in which participating brokers agree to share commission on the sale of houses listed
by any one of them.
Condominium:
The ownership of a separate
amount of space in a multiplefamily dwelling or other
multiple-occupancy building
with proportioned tenancy in
common ownership of common
elements used jointly with other
owners.
Co-operative:
Same as above but the owner
does NOT own his/her specific
unit. He/she becomes a
shareholder of the corporation
that owns all the real property
and occupies the unit by way of a
tenancy agreement.
Amortization Schedule:
The amortization schedule
separates out the monthly
installment portions for both principal and interest and how much of the payment is allocated to
each. It also shows the unpaid principal balance. The amortization is the number of years that
it will take to pay off the loan, were the interest rate to remain constant. Mortgage term refers to
the length of time a particular interest rate will be in effect.
63
Sales Representatives at
RE/MAX Hallmark Realty Ltd., Brokerage
Direct: 705-772-3099
Toll Free: 1-866-326-4056
RE/MAX Eastern Realty Inc., Brokerage
Office: 705-741-8759
Toll Free: 1-800-567-4546
Chapter 9
How To Sell Your Home For Top Dollar Fast
Mortgage Terms You Should Know
Mortgagee:
The lender (bank or trust company generally).
Mortgagor:
The borrower.
Seller:
Seller of real property.
Blended Payments:
Equal payments consisting of both a principal and an
interest component, paid each month during the term of
the mortgage. The principal portion increases each month, while the interest portion decreases,
but the total monthly payment does not change.
Closed Mortgage:
A mortgage that cannot be prepaid, renegotiated or refinanced.
Open Mortgage:
A mortgage that can be prepaid at any time, without penalty.
Term:
In a mortgage, “term” is the actual length of time for which the money is loaned, at that
particular rate of interest. After the term expires, you can either repay the balance of the
principal then owing or renegotiate the mortgage at current rates and conditions. A typical term
is 5 years, with anything from 6 months to 5 years being most common.
Amortization:
Number of fixed payments or years it takes to repay the entire amount of the mortgage loan. In
Canada, this it typically 25 years.
Principal:
The amount you still owe the lender at any specific time.
64
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RE/MAX Hallmark Realty Ltd., Brokerage
Direct: 705-772-3099
Toll Free: 1-866-326-4056
RE/MAX Eastern Realty Inc., Brokerage
Office: 705-741-8759
Toll Free: 1-800-567-4546
How To Sell Your Home For Top Dollar Fast
Rate (interest):
The return the lender receives for loaning you the money for the mortgage.
Conventional mortgage:
A mortgage loan that does not exceed 75% of the appraised value or purchase price of the
property, whichever is the lesser. Mortgages that exceed this must be insured.
Full Mortgage Pre-Approval:
A prospective buyer provides the following to a financial institution: a Financial Analysis form,
a copy of an employment letter or T4s, a copy of proof of down payment (GICs, term deposits,
RRSPs, gift letter, cash in bank, etc.) and, if self-employed, a copy of three years of Revenue
Canada tax assessment statements. The lender does a credit check and issues an Unconditional
Pre-Approval Certificate, which is the lender’s guaranteed mortgage commitment to the buyer
and is conditional only upon an appraisal or CMHC/GE Capital approval. Highly recommended!
High-Ratio Mortgage:
This is a mortgage that is higher than 75% of the purchase price (or appraised value) of the
property. A high-ratio mortgage typically can be as high as 95% of the value (and in some cases
can go to 100% of value).
Mortgage Insurance Premium:
A premium that is added to the mortgage and paid by the borrower over the life of the mortgage.
The mortgage insurance insures the lender against loss in case of default on the part of the
borrower.
Gross Debt Service (GDS) Ratio:
This percentage figure is calculated by totalling the annual payments for mortgage principal,
interest, realty taxes and 50% of the heating cost, divided by the gross annual income of the
borrower. Most lenders prefer that the GDS be no more than 32%.
Total Debt Service (TDS) Ratio:
This percentage figure is calculated by totalling the annual payments for mortgage principal,
interest, realty taxes and 50% of heating costs, PLUS annual payments for bank loans, lines of
credit, credit cards & other debts, divided by the borrower’s gross annual income. Lenders prefer
the TDS be no more than 40%.
65
Sales Representatives at
RE/MAX Hallmark Realty Ltd., Brokerage
Direct: 705-772-3099
Toll Free: 1-866-326-4056
RE/MAX Eastern Realty Inc., Brokerage
Office: 705-741-8759
Toll Free: 1-800-567-4546
How To Sell Your Home For Top Dollar Fast
P and I:
Principal and interest due on a mortgage.
P I T:
Principal, interest and taxes due on a mortgage.
Prepayment Options:
The right to prepay specified amounts of the principal
balance (typically 10 - 20% of original mortgage
principal amount). Penalty interest may be incurred
on prepayment options. You can increase monthly or
bi-weekly payments (10-100%) and also double-up your
payment anytime.
Assumption Agreement:
A legal document signed by a home buyer that requires the buyer to assume responsibility for
the obligations of a mortgage made by a former owner.
Mortgage Life Insurance:
Not to be confused with CMHC insurance, life insurance is a form of reducing term insurance
recommended for the borrower. In the event of the death of the owner, or one of the owners, the
insurance pays the balance owing on the mortgage. The intent is to protect survivors from losing
their homes.
Second Mortgage:
This is usually at a higher interest rate and represents the difference between the price of the
house and first mortgage plus the down payment. This may be obtained from private lenders,
finance companies or through lawyers and notaries.
Roll-Over Mortgage:
A mortgage loan in which the interest rate is established for a specific term. At the end of this
term the mortgage is said to “roll over” and the borrower and lender may agree to extend the
loan. If satisfactory terms cannot be agreed upon, the lender is entitled to be repaid in full. In
this case, the borrower may seek alternative financing.
66
Sales Representatives at
RE/MAX Hallmark Realty Ltd., Brokerage
Direct: 705-772-3099
Toll Free: 1-866-326-4056
RE/MAX Eastern Realty Inc., Brokerage
Office: 705-741-8759
Toll Free: 1-800-567-4546
How To Sell Your Home For Top Dollar Fast
Variable Rate Mortgage (Floating Rate):
A mortgage in which payments can be fixed from one to five years, but the interest rate could
change from month to month depending on market conditions. If interest rates go down, the
monthly principal is reduced; if rates go up, the monthly payments might not cover the interest
owing and payments may be increased for the next term. Most variable rate mortgages allow
prepayment of any amount (with certain minimums) on any monthly payment date and usually
without penalty.
Seller Take Back Mortgage (or Seller Financing):
The seller of a property provides some or all of the mortgage financing in order to sell the
property.
Default:
Non-payment of the installments due
under the terms of the mortgage(s).
Discharge:
The removal of all mortgages and
financial encumbrances on a property.
Penalty:
A sum of money paid to a lender for
the privilege of prepaying a mortgage
in part or in full.
Underwriting Fee:
A sum of money collected by some
lenders to offset expenses incurred in
the lending transaction.
67
Sales Representatives at
RE/MAX Hallmark Realty Ltd., Brokerage
Direct: 705-772-3099
Toll Free: 1-866-326-4056
RE/MAX Eastern Realty Inc., Brokerage
Office: 705-741-8759
Toll Free: 1-800-567-4546
Chapter 10
How To Sell Your Home For Top Dollar Fast
The Dilemma... Do You Sell First Or
Buy First?
This is a very common question which sellers ask themselves when it comes time to make the
move to a different home. There is no right or wrong answer. It is strictly a ‘where is your
personal comfort zone’ in this situation.
A ‘sell first’ scenario appeals most to someone who says “I need to know the exact equity I can
pull from my existing home before I go to buy something else”. In that case, we get the home
sold with a 90-120 day closing so you have plenty of time to find the new property once you’ve
sold yours.
A ‘buy first’ scenario appeals to someone who says “I have very specific, narrow guidelines or
geographic boundaries for the home that I want to buy. I want to make sure I can find that
‘dream’ home before I sell my existing property”. In that case, we again put the closing at 90 120 days, giving us time to get your property sold and ideally match up the closings.
The third choice is a blend of the first two. You come in for a buyer consultation, get educated,
take a look at listings online, perhaps drive by a bunch of them on a weekend and even set up
appointments to see the interiors of your favourites. Simultaneously, we appraise your property
and let you know what the value is. Then and only then do you decide which scenario is best for
you.
The benefit with choice number three is that you receive some education on the value of your
home and about the choices available on the market currently.
You might find that there are lots of homes out there which suit your needs. In that case, selling
first might become appealing.
Alternatively, you might find that the market is very hot and that you can get more than you
thought for your existing home, but there are very few homes out there which fit your needs.
Therefore, you might then choose to buy first to make sure you have a home to move to before
putting your existing house or condo on the market.
68
Sales Representatives at
RE/MAX Hallmark Realty Ltd., Brokerage
Direct: 705-772-3099
Toll Free: 1-866-326-4056
RE/MAX Eastern Realty Inc., Brokerage
Office: 705-741-8759
Toll Free: 1-800-567-4546
How To Sell Your Home For Top Dollar Fast
With choice number three your decision becomes one made based more on facts than on emotion,
which puts you in a better position to make a knowledgeable ‘sell first - buy first’ decision.
If you decide to buy first, we can do all our marketing preparations ahead of time. We’ll advise
you on what cosmetic fix-ups should be done before listing in order to get you the highest price
possible.
We’ll get the floor plans done (we use them in our feature sheet and website marketing) because
sometimes there is a required lead time of several days or more. Once your home is fixed up
cosmetically, we’ll come over and take the digital camera shots of all the rooms and the exterior.
Now we’re ready, so that once you find a home you love we can have your property on the market
within 24 hours or so!
If you decide to sell first, while your home is being marketed, you can still be looking at homes.
That way, once your property sells, you will be very educated about what’s happening in the
market and what’s been available and you’re better able to make an educated decision about
what to buy when the time comes.
Our 21 - 28 Day Marketing Test
In recent years some agents have been counselling their sellers to list their home below market
value in order to try and generate multiple offers. They’re trying to artificially create an auction
effect on that property and hopefully pump up the price to above real market value.
The problem with this strategy is that it often backfires! What if those multiple offers don’t
happen and you’re left with one offer coming in on what is now an underpriced home? Who bears
the cost of this error? The seller of course.
We had a situation recently where we showed a home listed at $269,900. Our buyer, who had
not seen more than 5-6 homes, immediately said “This property is underpriced... let’s put in an
offer right away”. Offers were being held off until 7:00 pm the next evening and all that next day
the listing agent kept telling us that he expected there to be more than one offer.
We did our CMA to determine the market value for this home and we calculated that the true
value was between $290-295,000. We decided to take three offers with us and make the choice of
which one to use at the time, based on what the competition was.
69
Sales Representatives at
RE/MAX Hallmark Realty Ltd., Brokerage
Direct: 705-772-3099
Toll Free: 1-866-326-4056
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Toll Free: 1-800-567-4546
How To Sell Your Home For Top Dollar Fast
We had one offer at $260,000 in case there were no competing offers. We did a second offer at
$282,300 in case there were two offers and we had our client’s ‘absolute best’ offer at $291,300 in
case there were more than two offers.
When we got to the seller’s home at 7 pm, we found that there were in fact no other competing
offers so she presented the $260,000 offer. The seller looked a bit shocked and asked for time to
speak with their listing agent. After about 30 minutes she was called back to the kitchen and
the seller said that he was unable to sell at the $260,000 price and he was even unable to sell at
the $269,900 list price!
We then asked the listing agent to explain why he had listed at that price if the seller couldn’t
accept it. The answer was that it was a ‘negotiating strategy’. Obviously it had backfired and
now the seller was faced with an embarrassing situation. After several back and forths, our
buyer ended up paying $282,000 for the home... almost $10,000 less than what he was willing to
pay.
In our opinion this type of strategy is very risky for the seller. We suggest that we determine as
accurately as we can, the fair market value for the home and then assess what’s happening in
the marketplace for that type of property. If the market is hot, then we add 3-5% more and list it
at that price.
Statistically, the normal spread between sale price and list price according to the Peterborough
Real Estate Board is between 2-3%, so we’ve made our spread a bit larger than that.
Now we monitor the number of buyer showings which we’re generating during the first 21 - 28
days of being on the market. If we’re not getting any showings, then the list price is too high by
6-8% at least. If we’re getting a showing or two every couple of days, but no offers in that 21 - 28
day period, then again, the list price is too high by perhaps 4-6%. Finally, if we get an offer in
that 21 - 28 day period, we’ve priced it right on!
Now, if either one of the first two scenarios takes place, we then cancel the old listing and relist
the home at the new lower price. This sets the days-on-market counter at zero again. You might
ask “Wouldn’t other agents know that?” The answer is ‘sometimes’, but even if they did, they’ll
probably tell their clients that the seller has now reduced the price and they’ll want to see it!
70
Sales Representatives at
RE/MAX Hallmark Realty Ltd., Brokerage
Direct: 705-772-3099
Toll Free: 1-866-326-4056
RE/MAX Eastern Realty Inc., Brokerage
Office: 705-741-8759
Toll Free: 1-800-567-4546
How To Sell Your Home For Top Dollar Fast
A Formula for Success...
The PPPN Principles of Listing
Every industry has it’s particular formulas for success and real estate is no exception. These
formulas are, for the most part, not taught in any real estate school or seminar, although they
are not a secret to the most successful Realtors in the business. If you asked them, most agents
wouldn’t even be able to tell you what the successful formula is for getting a client’s listing sold
for the best possible price.
The formula that we’ve created is PPPN, which stands for Pricing, Presentation, Promotion and
Negotiation. All four components are decisive for getting your home sold in any type of market!
It requires the owner and the agent to work together to discuss the proper pricing of the property
(and set the list price 2-3% above market value to allow for negotiating room) and to show the
owner how he/she can improve the presentation of the home (interior and exterior) cosmetically
and inexpensively to increase its value and marketability.
Once these two key elements are in place, the promotion of the property takes place in several
ways. One of the most important is the designing of a full-colour feature sheet for agents and
buyers.
We take digital pictures inside and out and use them to create a 4-page colour feature sheet that
includes a buyer cost-of-ownership spreadsheet, specific details about the qualities and features
of your property, floor plans for your house or condo and a neighbourhood features page.
We also market your property heavily on several of Peterborough’s most popular resale home
websites.
Finally, once an offer is on the table, the actual negotiations between us and the buyer (through
their buyer agent) will definitively determine what price you get for your home.
71
Sales Representatives at
RE/MAX Hallmark Realty Ltd., Brokerage
Direct: 705-772-3099
Toll Free: 1-866-326-4056
RE/MAX Eastern Realty Inc., Brokerage
Office: 705-741-8759
Toll Free: 1-800-567-4546
How To Sell Your Home For Top Dollar Fast
What Happens At The Offer Presentation?
First of all, there are two scenarios... the most common is a single buyer offering to purchase
your house or condo. The other is if multiple buyers present offers at the same time, creating a
bidding war. Each one of these has some basic similarities and some major differences.
One-On-One Offer Negotiation
Let’s look at the traditional single buyer situation. The typical offer process takes about two
hours of back and forth in the space of a single afternoon or evening. It is the listing agent’s
responsibility to represent the seller’s best interests throughout the process... negotiating hard to
get the seller the best possible price.
The listing agent should try and glean from the buyer’s agent how much flexibility in price and
other terms the purchaser has and then use that knowledge against them in the negotiations.
There’s that old expression... if you don’t ask, you don’t get!
Many offers are presented personally with the seller, listing agent and buyer’s agent being in
attendance. I always try to ensure that the buyer’s agent has their client(s) close at hand... in
a coffee shop or nearby restaurant... so we can do our back and forth negotiations quickly and
efficiently.
We start off by looking at the offer, asking some questions of the buyer agent and then asking
them to leave us in private while we discuss the pros and cons. We can do one of three things...
accept the offer as it is without change, tell them to “skedaddle” because they’re way off, or most
commonly, sign the offer back with changes to price, closing date or other particular terms in the
offer.
We initial any changes we’ve made to usually four copies, sign them all and then give our
signback to the buyer’s agent. By the end of the two hours, we’ve often come to a satisfactory
conclusion. If the buyer isn’t willing to negotiate up to what we feel is a fair price within that
time, we just suggest they go and try to buy another property!
There will typically be one to three conditions in the offer. They might be on arranging
satisfactory financing or home inspection which are usually for three to five banking days.
72
Sales Representatives at
RE/MAX Hallmark Realty Ltd., Brokerage
Direct: 705-772-3099
Toll Free: 1-866-326-4056
RE/MAX Eastern Realty Inc., Brokerage
Office: 705-741-8759
Toll Free: 1-800-567-4546
How To Sell Your Home For Top Dollar Fast
If your property is a condominium, there often is an additional condition upon a satisfactory
examination of the Status Certificate. The condition usually gives the seller ten banking days to
get the Status Certificate from the condo Corporation and then a further 2-0 business days from
receipt to examine it.
I would suggest that you order this as soon as you’ve listed your condo. The cost is a basic $100
fee. That way we have it on hand as soon as an offer comes in. In a multiple offer situation,
potential buyers can review it ahead of time. In the typical situation, we can supply it right
away and the buyer then has to make a yes-no decision within two business days.
If you don’t order the Status Certificate ahead of time, your suite is then essentially off the
market for over two weeks while we wait for your Corporation to provide it and for the buyer
or his lawyer to review it. If the buyer is not happy with the Status when it does finally arrive,
then we’ve just wasted a lot of potential showing time and we have to start the marketing
momentum all over again.
Multiple Offer Negotiations
Frankly this happens predominantly when the property is underpriced... either deliberately or by
accident! In the 21 - 28 Day Marketing Test article on page 69, we talked about how risky it is
for the seller to list the home deliberately under market value, so we never recommend that.
On occasion however, by luck or skilled marketing on our part (I like that one), we do get
multiple offers on our listings. The offer presentation scenario is slightly different here. We’ll
look at each offer independently... I’ll call in the buyer’s agents one by one, we’ll make notes
about the pros and cons of each offer and, once we’ve reviewed all of them, we’ll take some time
together privately to decide what we want to do.
Again you have multiple choices here. You could decide to accept one offer outright... it clearly
is the best one and you’re happy with the price and terms. We might send them all back if they
fall below your expectations. And sometimes we’ll decide to work with one particular offer if that
buyer is able to change one or more things... perhaps price, perhaps closing date, etc.
It often is a more secure decision to accept a firm offer instead of a conditional offer in this
situation, even if the conditional offer is a few thousand dollars higher than the firm one. Why?
Because, quite possibly these buyers have been caught up in the moment (known as the ‘auction
effect’) and have sometimes paid more than the list price. By accepting the conditional offer, you
risk it all falling apart if that buyer gets cold feet a few days later.
73
Sales Representatives at
RE/MAX Hallmark Realty Ltd., Brokerage
Direct: 705-772-3099
Toll Free: 1-866-326-4056
RE/MAX Eastern Realty Inc., Brokerage
Office: 705-741-8759
Toll Free: 1-800-567-4546
How To Sell Your Home For Top Dollar Fast
Room-By-Room Review
Learn What Cosmetic Fix-ups Are Needed For Your House Or
Condo If You’re Selling in the next 3-6 months!
Experienced Realtors can suggest inexpensive home improvement tips
that are guaranteed to boost your home’s value.
Peterborough’s Real Estate Team from RE/MAX call it a “Room-By-Room
Review” and they focus ONLY on cosmetic repairs that will give the
house or condo owner a 100 to 1,000 percent or more return on the fix-up
cost!
After the Room-By-Room Review, we will leave a copy of our free booklet
entitled “The 32 Top Ways To Cosmetically Enhance Your Home’s Value
Before Selling” for you to read.
We know very well that it’s the pretty, well-kept homes that constantly
garner multiple offers; we’ve helped thousands of families to buy or sell
their homes since 1980 and we’ve witnessed it firsthand time and time
again.
Name
Home Address
City
Home Phone
eMail Address
Are you currently working with a real
estate agent right now?
Property Address
Best time to set up room by room review
Best day of the week
When do you plan on selling?
Postal Code
Work Phone
Yes
No
Morning
Afternoon
Evening
Mon Tues Wed Thurs Fri Sat Sun
Next 30 days
Next 60 days
Next 90 days
Next 120 days
In the next 6 months
More than 6 months from now
74
Sales Representatives at
RE/MAX Hallmark Realty Ltd., Brokerage
Direct: 705-772-3099
Toll Free: 1-866-326-4056
RE/MAX Eastern Realty Inc., Brokerage
Office: 705-741-8759
Toll Free: 1-800-567-4546
How To Sell Your Home For Top Dollar Fast
To Summarize…
Has this Home Seller’s eBook been of value to you? We’re sure that your answer is “yes!”
What this eBook really illustrates is the level of service that the Peterborough’s Real Estate
Team is willing to offer to ensure that you have the best possible information available to you
when we are your Realtors.
Our goal is to help you learn and be able to articulate what your goals and dreams are as they
relate to real estate and your family!
When you are thinking about selling your home, picture yourself six months to a year from now.
What do you see? What vision do you have of where you want to live? What does your future look
like?
Maybe you need more information from us before you can do that projection into the future, such
as learning the likely value of your home. We are here to be your real estate information resource
centre -- not to rush you into making a rash decision.
You’ll find that we’ll not pressure you in any way, but don’t misinterpret this lack of pressure for
lack of interest on our part. The interest is certainly there and our level of personal involvement
will increase when you ask for it... as you come closer to putting your home on the market!
You will get periodic phone calls from us inquiring “How is it going?” or “How can we help you?”
but we are patient.
We’re in the real estate business for the long term. You know we will always give you super
service because we want you to become a ‘Client For Life’... not just a client for one transaction.
Once you experience that difference, you won’t ever want to talk to another Realtor. There just
isn’t a need!
We’re excited about working with you and helping you out. That’s where the fun is for us in this
business!
Peterborough’s Real Estate Team… Your Real Estate Consultants for Life!
75
Sales Representatives at
RE/MAX Hallmark Realty Ltd., Brokerage
Direct: 705-772-3099
Toll Free: 1-866-326-4056
RE/MAX Eastern Realty Inc., Brokerage
Office: 705-741-8759
Toll Free: 1-800-567-4546
How To Sell Your Home For Top Dollar Fast
Over-The-Phone Evaluation
Find Out How Much Your Peterborough House Or Condo Is
Worth With Our FREE Over-The-Phone Property Evaluation
We’ll need some basic information about your property. You’ll give us
that by completely filling in the form below.
Name
Home Address
City
Postal Code
Home Phone
Work Phone
eMail Address
Do you have a real estate agent Yes
No
right now?
Property Address
Which area is your property
located in?
How long have you owned this
property
Number of Bedrooms
Number of Bathrooms
When would you ideally
want to put your home on the
market?
less than 1 year
1-2 years
5-10 years
over 10 years
1
2
3
4
1
1.5
2
2.5
3
3.5
Next 30 days
Next 60 days
Next 90 days
Next 120 days
In the next 6 months
More than 6 months from now
3-5 years
4
76
Sales Representatives at
RE/MAX Hallmark Realty Ltd., Brokerage
Direct: 705-772-3099
Toll Free: 1-866-326-4056
RE/MAX Eastern Realty Inc., Brokerage
Office: 705-741-8759
Toll Free: 1-800-567-4546
How To Sell Your Home For Top Dollar Fast
Find Out How Much Your Peterborough
House Or Condominium Is Worth
The traditional Realtor will often market his service to a homeseller
by offering to come over to their property and tell them what the value
of that house or condo is. He or she will also take this opportunity to
demonstrate their marketing plan for that home and how they will be
able to sell the home quickly.
The problem with that is the seller typically needs more! They also
need tips on how to ‘dress their home for success’ by making cosmetic
improvements and they need to know what their bottom line will be. The
seller should be coached on what improvements they should make and
most importantly, the fix-ups they shouldn’t do because the return on
investment won’t be there.
The renovations that the homeowner has already invested in also need
to be taken into consideration in the pricing. The seller also wants to
know what their bottom line will be... how much money they’ll actually net at the end of the day.
What we do is ask a series of questions before we come over for the seller consultation. We want to
know what improvements you’ve done, when you did them and approximate costs, if available.
We’ll prepare a Seller Net Sheet showing exactly how much cash you should have in your pocket
after the sale. For that, we’ll need to know an approximate figure for the balance outstanding on
your current mortgage, the current interest rate and the maturity date. With this info, we’ll also be
able to give you some counselling on future mortgage options if you’re moving to a different home.
When we arrive, our first order of business will be to take a tour of your home. We’ll make notes
on the features room by room and we’ll make suggestions as to cosmetic fix-ups you could do to
maximize your sale price. We’ll also bring all the comparable sales with us for you to look at. You’ll
see what features those homes had compared to yours, and how long they were on the market. This
will give us the data to be able to provide a value range for your specific home.
To request your free home evaluation, please go to www.HomeEvaluation.
PeterboroughHomesAndCondos.com.
77
Sales Representatives at
RE/MAX Hallmark Realty Ltd., Brokerage
Direct: 705-772-3099
Toll Free: 1-866-326-4056
RE/MAX Eastern Realty Inc., Brokerage
Office: 705-741-8759
Toll Free: 1-800-567-4546
Free Home Buyer Class
Avoid Making Home Buying Mistakes Which Could Cost You
Thousands Of Dollars In Just 3.5 Hours Of Your Time
 Why a ‘Quick Qualifier’ from do? What important questions
a bank is not enough to guarantee should you be asking before hiring
you can actually get a mortgage... one?
 A detailed rundown of closing
and what you should get instead
costs that you can expect to pay.
 Discover how to obtain
 Take home an outline of the
free money from the Federal
This comprehensive 3.5 hour
home buying process and find out
Government or even from your
home buyer seminar covers the A mortgage lender... and what you
what to expect every step of the
to Zs of home buying, including
way so that there are no surprises or
can use it for!
everything you need to know before  Zero down payment options
upsets
purchasing a resale house or condo and how to create a down payment  We will show you how to
in Peterborough.
even if you haven’t saved a penny pay off your mortgage in just 10
years without making ANY lump
so far!
Even if you purchased brand new
 How to avoid buying a ‘money sum payments and save you up
construction before, or bought prior pit’ and ways to spot the 6 signs
to $140,000 of interest payments
to 1999, you’ve (probably) still
that mean expensive, hidden costs during the life of your mortgage.
got a lot to learn about the current  You’ll hear ‘real life’ examples
Peterborough resale market…
The workshop is FREE and you can
of how the offer presentation
especially about how the process
also bring a guest if you wish. You
process works, what conditions
works with a strong buyer agent
also might win one of several door
in an offer are different between
advocating on your behalf!
prizes (totaling $1,350).
a house vs. a condo and what $
deposit you need when you present
At the workshop we’ll discuss:
The workshop is presented by
your offer
 How to best begin your home
Peterborough’s real Estate Team hunt to save you time, money and One Home Buyer Workshop
RE/MAX Hallmark Realty Ltd.,
worry
Brokerage and RE/MAX Eastern
Location:
 The critical questions to ask a
Realty Inc., Brokerage & a
Realtor before you ‘hire’ him or
mortgage lender with guest speakers
Downtown Peterborough
her to be your Buyer Agent and
from and a mortgage consultant.
represent you for what will likely be And there’s more ...
You can register on-line at
the biggest single purchase of your  What happens at the mortgage
www.BuyerWorkshop.ca
life.
consultation... learn what your
 Get a complete explanation of
mortgage options are and how to
Gain the knowledge and confidence
buyer agency... what is the cost
negotiate the best rate
and what they should be doing for  Find out why using the listing you need to go out and buy a
you. Also find out why some agents agent to represent you is a definite house or condo! Our Home Buyer
Workshop Classes have had more
aren’t motivated to get you the best conflict of interest... and may
price and what you should be wary result in you overpaying by several than 5,000 graduates since May
1998.
of when signing a buyer agency
thousands of dollars
contract
 What does the home inspector
 How to decide how much you
can afford to pay for house or condo Your Complete First & Last Names
expenses monthly
Full Mailing Address
 The specific benefits of filling
Home Phone Number
out a WishList before you start
Work Phone Number (Not required
looking to help you focus on and
if you have filled in Home Phone)
decide what type of home suits your
Your
eMail Address
lifestyle best
Were you recommended to work with (or have you spoken to) a specific Buyer Specialist on
 How to choose the proper home
when you’re out viewing properties our Team? If so, please enter their name _________________________________________
When would you like to be moved
Next 90 Days
Between 9-12 months
and how you will find out how
Between 3-6 months
Beyond 12 months
in by?
much to offer to avoid overpaying
Between 6-9 months
Before you actually start looking for
your dream home, you should get
educated about the process to avoid
making serious mistakes that could
cost you thousands of dollars.
Sales Representatives at
Learn 24 Secrets To Prevent
Making Home Buying Mistakes!
www.BuyerWorkshop.ca
How To Sell Your Home For Top Dollar Fast
Answers To “Questions Sellers Should
Ask Prospective Realtors”
We’ve got almost 80 years of combined expertise in the Real Estate industry and have helped literally thousands of
buyers and sellers to move suring that period of time.
Ask us for the important answers to questions raised on page 41.
79
Sales Representatives at
RE/MAX Hallmark Realty Ltd., Brokerage
Direct: 705-772-3099
Toll Free: 1-866-326-4056
RE/MAX Eastern Realty Inc., Brokerage
Office: 705-741-8759
Toll Free: 1-800-567-4546