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Montreal is currently a buyer’s market- this means that supply exceeds demand and prices tend to drop lower than the average. For many sellers, this can delay the time that a house stays on the market. But with the right tools and knowledge, you can successfully reduce the waiting time and make sure that your home is sold at a fair price. Here are 5 Tips for Selling in a Buyers Market to keep in mind:
1. Know the market
Make sure your broker provides you with a complete comparative market analysis, which shows you similar units that have recently sold in less than 6 months. This will give you a good idea of how to price your unit. At the same time, look at your competition- know whether your neighbours are currently selling in the same building or on the same street ,and how their unit compares to yours. Time is of the essence here, despite needing thorough research you should be working with someone who can complete a CMA in a couple of days so that you can list your home ASAP.
2. Use a variety of marketing channels
In this market, it’s important to work with a broker who will market your property through several different channels and to a wide audience. Open houses and MLS are not enough- you need someone who has a good grasp of social media advertising, online marketing, e-blasts, and in some cases, creative print advertising. When interviewing potential candidates, be sure to ask them who they target in their advertising campaigns and how. If they don’t have a well defined targeting strategy that matches the potential buyer profile of your home, they’re probably not the best candidates to sell your home.
3. Work with a locally specialized agent
Another important factor while choosing a broker in a buyer’s market is to work with someone who has experience in your neighbourhood or borough. With the heightened competition that this market brings it’s critical not to waste time with someone who doesn’t have the right client network and who doesn’t know your market inside out. When interviewing brokers, make sure to ask them how many listings they have in your area, how many transactions they’ve had in your area, and to provide you with 5 of their most recent transactions in your area- including references.
4. Make good first impressions
Photoshoots are potentially the most important part of the home-selling process. A buyer’s first impression of your home will most likely be on online, and not in person at an open house. That being said, you should dedicate as much time and attention to the photo shoot as possible. If you’re not tech-saavy yourself make sure to work with a broker who is or to hire a professional photographer for a shoot before you list your home. Make sure your images are optimized for web and mobile.
Open houses should also be conducted with care and attention. Download our free e-book to read our detailed tips on hosting successful open houses.
5. Stage your home
If your home is old and outdated, and needs renovation work, you’re better off having it done before the spring market so your home can be ready to list at the right time. Don’t renovate without doing your research on which work will bring you a positive ROI- we covered this topic in a previous blogpost. If your home isn’t adapted to mass market tastes- for example, if you’ve painted your walls a bright colour or if your rooms are crammed with personal belongings, it’s crucial to stage your unit before you list. This doesn’t necessarily need to put a dent in your wallet- read this post about affordable and effective ways of staging a home for a quick sale.