Do this before you sell

When you're putting your place on the market, it's only natural to want to sell it fast and get top dollar. So how do you get those over-asking offers rolling in? Here are 8 things I tell clients who are thinking about selling.

1. Start by getting a good understanding of the market

Is now a good time to be selling? Markets can differ dramatically month to month, by neighbourhood and by property type: think back to 2020, when houses were on fire and condos in the downtown core were in a slump. To find out more about the market, talk to an agent who knows your area well – a downtown condo specialist might not get you the in-depth answers you need if you’re selling a house in Brampton, for example.

Read more: Your definitive guide to the Toronto and GTA market

2. Do your homework on price

Before setting an asking price – or really, before deciding to sell – find out how much comparable homes in your area/building are selling for and how long they're taking to see offers. Condos.ca, property.ca and mrloft.ca all have super-helpful historical data that lets you see what properties have gone for recently. Just remember to compare apples to apples: a fully-renovated penthouse isn’t going to be a good indicator of how much your third-floor unit with basic builder finishes will go for, even if it’s in the same building.

3. Think about why you want to sell

If you’re at the stage in your life when upgrading, downsizing or relocating to a new city makes sense, great. But I also come across people whose reasons to sell could end up being something they’ll regret. There are those who feel like they should sell because their neighbour’s place just got a record price and they want to cash in. But they still have to buy somewhere else, and unlike pre-pandemic times, moving outside the 416 isn’t the cheap option it once was.

I also know someone who decided to sell his house in a hot market and rent until things calmed down - in 2012. (Yikes.) We all know how that turned out. If you decide to sell, do it for the right reasons.

4. Talk to an agent

While it’s great to do the initial legwork yourself, having a knowledgeable expert to advise you on price, bring in stagers and photographers, and recommend contractors, lawyers, mortgage brokers and other trusted pros will help you maximize your selling price as well.

5. Make your place SPARKLE

I talked to Anna Brogan of Brogan Home Staging (one of my go-tos for properties in need of sprucing) about making a home appealing to buyers. She says cleaning is the first and most important thing you can do.

“Always have it super-clean,” she says. “The impact is immediate. There’s no bigger turnoff for buyers than pet hair in the rug or mold on the bathtub caulking. Even if you don’t do anything else, make sure the property is spotless. Bring in professional cleaners if possible – they’re a good investment.”

6. Declutter

Clutter makes things feel smaller and less appealing. To make your place look more spacious, cull anything you don’t need (bonus: you won’t have to move it to your new place), and put the rest in storage. Buyers want to see empty kitchen counters, closets that aren’t rammed with clothes, and shelves without tons of knick-knacks. Rooms should feel clean, peaceful and minimalist.

Anna also recommends putting away things like family photos, kids’ artwork and travel souvenirs. The less personal the space feels, the better for buyers to picture it as theirs.

7. Make small but impactful upgrades

First, fix anything that’s broken or damaged. Tackle loose floorboards, broken handles and leaky faucets. Replace old carpet with laminate or hardwood. Roll on a fresh coat of paint. Replace cabinet handles and doorknobs with something more up-to-date. And don’t forget about the lighting: people like things bright and warm. Add some lamps to brighten up a dark area, and replace cold blue light bulbs with yellow ones for a more inviting space. If you’re in a house, do some landscaping to boost the curb appeal.

And while they aren’t small, bathroom and kitchen upgrades will give you a lot of bang for your buck. Those two areas are important to people and tend to have the greatest return on reno investment.

8. Use a stager

A good stager is worth every penny, especially if your furniture is dated or you’re selling an empty property. Buyers looking at empty space have a hard time visualizing how their stuff will look. But if they see what a queen-sized bed looks like in the bedroom or where they can put their couch and TV, it makes it easier. Staging is really all about helping buyers see the possibilities of a place – and appealing to the greatest number of buyers.

Maximizing the value of your home really boils down to one thing: making it as easy as possible for buyers to say yes. In this market, so many of them are stretching their budgets to the absolute max. They don’t want repairs and renos on top of what they’re already spending. A turnkey property will increase your buyer pool – and your chances of a quick sale at a price you’re happy with.

Want more advice on how to maximize the value of your home? Get in touch!