Selling Property in Terrace, BC



What you need to know BEFORE you list :

Selling a home takes more than just putting up a "for sale" sign. When it comes time to list your home, working with the Terrace Real Estate Company and their experienced agents can be an important part of promoting your home. The designated agents from the Terrace Real Estate Company are there to offer you our knowledge, expertise and support, allowing you to enjoy life without the hassles of phone calls, showings and contract writing.

With new regulations set, we are required to make sure the consumer knows about the types of relationships that can exist with an agent before we start providing any trading services. Client relationship (full representation) and No agency (no or limited representation) are the consumers options. It is best to speak with one of our Agents so they can explain to you what is required. Privacy of confidential information is another part of our role so the consumer needs to understand why we have to collect certain information, what we do with that information and then what other parties we will have to disclose to some of the information to as the deal moves along. There will be forms that we will present and discuss with you before we view your home. In a client relationship, we are able prepare and discuss with you the estimated value of your home in a full CMA - Comparative market analysis. In a no agency relationship, we are able to provide you with the information but we won't be able to give you a price. That is the rule.

Understanding Market Conditions

The real estate market is always changing so you need to understand how market conditions can affect your position as a Seller. The agents of the Terrace Real Estate Company will provide you with current information and explain to you the Seller the impact it will have on your property in determining a fair market value. A Comparative Market Analysis or CMA consists of the information we've collected about your home and how it compares with the active and sold properties in the area . This is NOT an appraisal. Our real estate agents have the knowledge and experience with negotiating, contract writing and problem resolution plus we take the personal attachment away from the house and focus on the business side of the transaction.

Signing the Listing Agreement

The first formal step to selling your property is entering into a Multiple Listing Contract. The listing agreement is a contract between yourself and the Brokerage who represents you. If you decided to list with the Terrace Real Estate Company, the Brokerage will assign a "Designated Agent" to you the Seller. This agent is to provide the services set out in the Contract with the Broker still to oversee the activities of the Designated Agent. The Broker at the Terrace Real Estate Company is another contact should you have any questions or concerns. The contract will have terms and conditions that need to be discussed and understood before you sign, along with other forms such as the Individual Identification form: FINTRAC (verification of your ID) , Working with a Realtor ( Designated Agency), Property Disclosure Statement and title searches. The commission for the home will be negotiated between the Designated Agent and Seller at time of the listing so that it is in writing and understood by all parties involved.

Your agent may also ask for the following documents or expenses to help the sale of your property:

  • annual heating costs
  • water and garbage expenses - not on taxes
  • strata fees and security system fees
  • septic information ( mapping, septic search details and last pump out)
  • any recent home improvements done to allow buyers to see what you have put into the home.
  • mortgage verification ( penalties for payout or balance of mortgage left)

The Property condition disclosure statement or PCDS provides the Purchaser with information about your home and property. All answers should be filled out truthfully , honestly and to the best of the Sellers knowledge. Non disclosure of defects or items with issues could create problems or delays if not disclosed up front.

Marketing

The MLS system is a gateway for Buyer's to access all properties currently listed for sale. The opportunity for Buyers to speak directly to real estate agent is key to allow Buyers to gain further information on your property. Using the MLS system and www.realtor.ca helps to promote your home along with lawn signs, photos and comments and our base of contacts. There are other webpages such as Kijiji, Facebook and agents personal webpages that will only give better exposure to your home. Once listed, we utilize all Agents and their contact lists to help find buyers for your home. Remember you are listing with the Terrace Real Estate Company and we have access to all information such as MLS.ca just like any other Franchise Brokerage. 

Home Staging

Getting your home ready for a showing: Having your home in "show ready" condition is critical BEFORE listing. Agents often provide ideas on how to improve your homes appearance so do take them seriously. We understand what Buyer's are looking for, so the better the home shows, the less that the buyer will find fault. A simple "clean and de clutter" goes along way. If items such as roofs, foundations or heating systems come into play and are found to be deficient, costs for these may change the terms of an offer. They don't necessarily have to be addressed before listing so pricing your home properly to reflect any large items will allow Buyers to make upgrades to these items without feeling they've paid too much.   

The most important thing to remember is that by listing with the Terrace Real Estate Company, you will have a Brokerage that represents you and a Designated Agent assigned to you throughout the transaction. Contracts that are not drafted properly can have a large impact on the outcome of the sale for all parties involved.



Ready to Sell?



Contact us today. We'd be happy to come and do an evaluation for you.