Vancouver home sellers often ask, “How quickly will my home sell?”
There are many reasons why home sellers need a quick turnaround:
- The sellers have already made a purchase and are under pressure to complete the transaction early.
- Relocation or retirement has prompted a move out of the province or country, and there is a strict deadline for the desired sale date.
- Financial distress, or as recently occurred, a significant increase in interest rates.
- A risk-averse personality, as the sales process can create a lot of tension and stress.
- Families with young children, which is the most common reason for needing a fast sale. Often, families with young kids cannot maintain optimal showing conditions for an extended period.
In this article we would like to discuss the pros and cons of strategies for selling your home quickly.
Is Selling a Home Fast Means a Lower Price?
The answer is no.
There are a few effective strategies, often overlooked by realtors, that can ensure strategic market positioning and a competitive advantage.
Before discussing the strategies, it is important to highlight the role and scope of work of your chosen realtor. Vancouver realtors, bound by the CREA code of conduct, have the obligation to represent their clients’ best interests, obey their clients’ instructions, and provide the best possible advice to ensure their clients’ best interests and needs are top of mind. If your top priority is to sell quickly, you should communicate this with your realtor and understand the potential drawbacks.
Selling Your Home Fast: The Role of Presentation
Buyers view homes differently than sellers.
While a seller’s main objective is to maximize value, buyers consider many other factors and are bound by a stronger emotional process than home sellers.
When buyers step into a house or condo, the first thing they visualize is how their life would be shaped by living in the space.
Presentation considerations should not be taken lightly. Staging, decor, and presentation should fall within a certain scope: not too unique and not too boring. It’s best to illustrate these points with a few case studies:
Vancouver Condo Fast Sale: Case Study
We were hired by a condo seller in Kitsilano. The condo was located on the top floor of an older, four-story building. It had an average design and a typical floor plan that was characteristic of the mid-70s condo-style units on the Westside. One interesting feature was the ability to use part of the building’s common rooftop deck, which was accessible from the unit. This configuration had been approved by the strata and offered great outdoor space potential for top-floor owners.
At the time of the sale, the competition was fierce, with newer and more appealing condos available in other buildings. We suggested to the owner that they utilize the potential of the deck and create an atmosphere that would appeal to the young urban professional crowd in Kits. The owner contacted a local carpenter and built an ‘oasis-style’ bar and deck to enhance the space. To top it off, we decided to unveil the listing at a VIP event in the evening while hosting a networking event for local realtors.
The results were amazing. Realtors brought their clients, and a successful rooftop party showcased the potential lifestyle for the future owner. One group couldn’t resist and made a highly competitive offer that very evening.
Yaletown Condo Fast Sale : Case Study
The owners of a pre-sale condo needed to sell their investment upon completion. The challenge arose because, on the day of completion, over 20 units were hitting the market. Despite similar prices, sellers were struggling to differentiate their condo and position their investment better than the competition.
We suggested hiring a specific staging company that specializes in small spaces, along with a promise to triple the number of open house sessions during any given weekend. As a result, we secured a favorable offer within the first weekend for the seller.
Buyers Agent Compensation : Bonus Commission Explained:
Monetary incentives serve as motivators in various industries. Consider your purchasing decisions:
- Opening a bank account at a specific institution due to an offer of a ‘free’ gift.
- Buying a gym membership because of a promise of discounted personal training sessions.
- Waiting to purchase an item during well-known sale events held by retailers (e.g., Boxing Day, Black Friday, etc.).
The real estate industry is no different. The seller’s realtor typically offers a cooperation split with all prospective buyers’ agents as an incentive to attract buyers to their listings. There is no fixed rate for realtor commissions in Vancouver; each listing agent can charge and offer a split as they see fit and as agreed upon by the sellers. If the seller is motivated to close a sale by a specific date, offering a bonus commission to the buyer’s agent if the sale occurs by a certain deadline can be a highly effective strategy. It’s important to note that realtors are legally obligated to fully disclose their expected compensation to the buyers.
Extended Showing time: Selling Fast with Better Exposure
Ensuring that the home is available for viewings is one of the key elements of a successful sale. Sellers often overlook the fact that denying access at a specific time might jeopardize a sale.
A common scenario is listings during long weekends. When a property gets listed and has the first open house on a long weekend, many prospective buyers are often out of town. When buyers request access to the home before the open house, sellers often delay access and insist on sticking to the open house times. Sellers can easily lose a prospective, qualified buyer to another property due to their decision. The takeaway message is to allow access when possible, even if it’s not convenient.
Lockboxes, Assistants, and Sellers Showcasing the Home
You’ve hired a realtor to represent and showcase your home. Be sure to capitalize on their expertise, time, and salesmanship skills.
Realtors, at times, suggest putting a lockbox on the property to allow access even when they are not available. However, we would argue that it should never be done. The showing process is not just about opening the door and allowing access. Buyers get to experience the home for the first time, and first impressions matter! An experienced Vancouver realtor can showcase your home, overcome objections, and highlight the positives of the location and the home that are not necessarily obvious at first glance.
A Vancouver Realtor's Perspective on a Fast Sale
Sellers who wish to sell their home fast need to, first and foremost, communicate this with their agent. Strategies should be considered along with the pros and cons of each approach.
Open communication and trust are key to a successful sale and optimal results. View your realtor as your partner and ally, and share your goals and needs with them before listing your property. Lastly, make sure to ask the right questions when you interview realtors to take on the project. The sale of your home is a major financial decision and should be treated as such.
We offer a free, no-obligation consultation based on decades of experience in the Vancouver real estate market. Click the button below to schedule a call. Sellers who wish to sell their home fast need to, first and foremost, communicate this with their agent. Strategies should be considered along with the pros and cons of each approach.