Are you selling your home,
but you're confused about where to start or not really sure if you should do
your repairs or just leave it as it is? Or what about timing?
How long does it take for me to get my home ready for sale?
And what is the typical time period until I receive an offer? Well,
by the end of this video here you're going to have a deep understanding about
the entire selling process from beginning all the way to the end.
And I'm going to also include the timing between all the major
milestones of the process. So you won't be left,
confused or stressed out,
and it doesn't matter if you're selling a condo townhome or single family house.
I'm going to go through the entire process with you guys,
no matter what type of property you have. Now,
I'm going to have this flow chart for you guys to download,
and it's going to be in the description down below.
So hopefully you'll find this valuable.
And if you do make sure you smash that subscribe button and hit the notification
bell to all so, you know, when our videos will be coming out.
And we're trying to smash over 50 likes. So if you think we deserve it,
help us out with our cause. My name is Felix Chan, Calgary Realtor,
with the LiveInnerCity real estate team. And on this channel,
we bring you transparent and valuable mortgage and
real estate advice. And if you have any questions about anything that we cover,
throw it in the comments below,
we've actually started replying to you guys in video form.
So so check it out. So without further ado,
let's get started. I'm just going to share my screen here. Okay.
And now there's seven major steps of the
home selling process. Now,
assuming that we've had our initial conversation on the phone,
this is when we sit down and actually talk to you. Okay. This takes...oh,
by the way, this is how we do it.
I'm sure there's a lot of different ways that other realtors do it here in
Alberta. But overall,
this is kind of like the general guidelines for timing and things like that.
Okay. So the first step is we sit down for a seller strategy session.
This is usually about an hour. And in this session,
we go through a very important elements about
you and your situation. So we ask you, you know,
why is it important for you to sell your home? Why is it a priority?
We also talk about what kind of situations you could be in,
or you want to be in, in order to achieve your real estate goals.
We also talked about, you know, like who you work with matters.
It is important. So this is where we talk a little bit about our team,
our philosophy,
and how we would handle the entire process from start
to end. There's also some real estate principles that we want to share with you.
Of course, this, one of the biggest ones is the costs of selling.
You have to know your costs and it is our job to let you know what those costs
are. So, you know what you're going to net from the sale of your home.
We're also going to talk about the market overall and how the market impacts the
sale of your home.
Of course we talk about our marketing strategies for those that are new to our
channel. I mean, check out our YouTube channel.
We put our listings in our YouTube channel and
guys remember when you hire a Realtor,
you're hiring them to market your home. Okay.
And so a lot of Realtors, I mean, they're doing videos,
but there's a big difference between doing videos and creating videos versus
getting them seen.
And if you go to YouTube and you type in, you know,
Calgary Condo for Sale, Calgary Real Estate for sale,
Calgary Housing Market all of our videos rank,
and we do the same thing for our listings so that we can get
many, many more eyeballs on your property.
Than just someone creating a video for you guys.
Now, of course, we always let you know what the next steps are. So
when we, when you understand what the next steps are, people to call documents,
you sign, it takes a lot of the home.
It takes a lot of the stress out of the home selling process because now you
know what to expect. Okay.
So from the time that we sit down it takes about three days or
so one, two,
three days for people to typically make up their minds and the,
they usually do hire us.
And so we would move on to the second stage of the selling process,
which is preparation now at this stage.
That's when we will review and sign the listing documents. Okay.
And once the listing documents are signed, it triggers the next steps.
Nothing happens until those listing documents are signed because
that's the commitment between the two parties.
So from there we set up the for sale sign right
away. It's important to get that for sale sign and get your,
get exposure for your property. And I've been able to sell properties before,
even before you even hit the market. Just from this simple strategy.
So we put the for sale sign and the onboard you with what you can expect and
the details of having your property up for sale.
So things like we use a ShowingTime app to
manage all the showings. This is where you can authorize them.
If you own a single-family home,
we ask a real property report. It must be current.
We asked her for the keys and alarm code. If there is one,
if you own a condo, then we'll be asking you for condo documents.
Any open houses that we'll be doing obviously it's pandemic,
so we don't do that. And then of course,
if the property has a tenant in there we get the tenants information.
Now we act as a third party on your behalf,
as a third party on your behalf, if you don't want to deal with the tenant.
So we take care of everything from onboarding the tenants.
We let them know about the showings and all those things. Okay.
Once we do that,
then there are responsibilities that you and I have to do for
us.
A lot of our marketing comes from even before we go live and hit the
market.
We have an entire system for pre-marketing your property that goes
out to hundreds of Realtors before it hits market.
And we also start planning our videos - our video for your property.
For you, we would have discussed you know,
any repairs and improvements that you may or may not do. Now, guys,
there's a big difference between repair and an improvement.
A repair is something that you have to fix because it's broken.
An improvement is an upgrade.
So you don't have to fix anything. You're just making it nicer.
A lot of people get those two things confused.
When you do a repair,
you can't expect money back from your repair because it shouldn't be broken
to begin with. However an improvement will actually add value to it.
For example,
if you update the kitchen or the flooring or something like that
this is where you declutter the personalized and make sure you do a really good
job cleaning the home.
Once we have an idea of how much declutter and depersonalizing cleaning and
repairs that you have to do,
we'll have an idea of when the expected list state's going to be. Okay.
When I know that,
then I tee up my professional photographer and my measurements
guy. And then we also, if we have time before we go live,
most of the time we don't, we will shoot our video. Okay.
So that includes the second step.
Now it usually takes about one to two weeks until people are
usually ready to list a property for sale.
And this is where we go to the third phase, which is the live cycle,
meaning we posted online.
And it is now for sale on realtor.ca among a few
different marketing channels that we have.
This is typically we released the video and the
biggest complaint that a lot of sellers have about realtors is
once they list the property, they don't hear from them.
That is a huge disservice.
And so knowing that we have systems and processes in place where you're going to
hear from us every single week,
we have to be proactive when we have a listing for sale,
because we have to adjust to the market. If the market is adjusting,
either up or down, we want to make sure we're there to make those adjustments.
And so we will let you know about showing feedback.
Of course not all Realtors will give us feedback if they're not interested in
the property,
any new competitors that come to the market and any properties that are similar
to our property that sold because those sold properties
is an indication of what the market is doing.
And of course we have monthly Calgary Real Estate
updates.
So you'll be getting bats at the when the timing is right for the month.
Okay. So when we're live,
it usually takes about one to,
up to about three months to receive an offer,
assuming that we are listed at
realistic market expectations. Once we receive the offer,
then there are some key elements that we have to negotiate,
mostly it's price. We have to determine the possession date,
which is usually about 30 days, 30 to 45 days.
They'll be offering us the deposit typically with a condo
$5,000. If it's a single-family home or a higher priced home, $10,000 is
sufficient, if it's, I'll typically ask for a little bit more,
if the possession date is a little bit longer than 30, 45 days,
or if the price of the home is say more than, you know,
450 $500,000.
Now there's going to be some conditions with the offer,
which I will go through with you at the next slide
where the next phase, there's going to be some terms in there. Most often,
and I do this for my purchase contracts as well is a
seller to,
or buyers will say this seller to allow the buyer a walkthrough within
24 hours of possession.
The reason why they want to do this is just to make sure that the house is not
trashed and it's in the same condition when they last saw it.
And also the offer expiry time. It's usually the same day.
So between the offer and accepting an offer,
it usually takes about a day or maximum 24 hours
to negotiate and come to an agreement.
So when that happens, this is considered the conditional period,
meaning your home is conditionally sold. When that happens,
we have to fill out a document called the conditional disclosure document.
And this shows to the public and realtors,
how the status of our listing,
you have options of taking it completely off the market so that it doesn't show
up on realtor.ca not allowing showings, or we can keep it as active where
the public and Realtors will be able to see and,
and show the property.
But we make some disclosures about it being conditionally sold. The conditions -
this is where the buyer has either two or
three conditions.
If this is a condo that you were selling,
they're going to have a condition for condo doc review. Okay.
this is where we provide them the condo documents and they take it to a
professional and review all the documents and they have to get mortgage
financing. And this is where they will be doing the home inspection.
So again, providing condo documents to the buyer. I
mean, there's no home. That's perfect.
Usually there is something that comes up in the inspection.
Either somebody repairs or something like that,
or something comes up either we can fix it. Well, we, as in you, the seller,
or you can deduct those funds off of the purchase price.
It depends on the situation. Whatever the case may be there,
we will have to fill out a and mint for the changes. Okay.
After we've received an amendment, we typically get the waiver.
Now the waiver basically means that the buyers have done their due diligence,
meaning they've, they've done their condo doc review,
you they had their mortgage financing and they'd done their home inspection,
and they're satisfied with all those conditions and they want to move forward
with the deal. When
they submit that well.
And this conditional period is usually between seven to 10 business days when
they submit the waiver to us,
then the house is considered sold
and it is a firm offer now. Okay.
So when that happens there's a few things that we have to do.
We will send you the next steps through email,
which are the things that you have to do as well as the purchase documents for
the sale,
you are going to have to provide some lawyer info.
And don't worry if you don't know a lawyer,
we have all the contacts in the industry. So we can definitely recommend you.
And this is where you can start canceling, you know,
your services and you can start changing your address with your
vendors.
Now you do have to take care of your contractual obligations. Most of the time,
these are related to inspection issues and then
about a week or so before possession,
you'll typically see your lawyer.
And at this time your is going to ask you to bring in some
identification and you're gonna be signing some of the last documents there.
And then right before possession, you're gonna move. And of course,
I always recommend my people to clean the home.
So from the time when it is from a deal to
possession, it's usually between 10 to 30 days. Okay.
So on possession day it usually happens as per the contract
by noon. And what happens is
your lawyer, the seller's lawyer will,
when they receive the funds from the buyers and confirm that everything is all
good,
then they're going to call me the listing agent and let me know that keys are
releasable. At that point,
we know that you got paid and it is now okay for me
to call the buyer's realtor.
And also let them know that the keys are releasable. At that point,
they can go to the house,
access the lock box and turn the keys over to the buyer.
And then of course you get paid.
So that's really the entire selling process.
I'm going to have again,
I'm going to have this as a downloadable for you guys in the description down
below. And this will really give you guys clarity again,
if you guys have any questions about this, throw it in the comments below.
If you enjoyed this content,
make sure you hit subscribe and turn your notifications on to all so you don't
miss out on this important info. And of course, if you think we deserve a like,
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We would appreciate all the love from you guys.
And looking forward to chatting with you guys in the comments.
My name is Felix Chan with the LiveInnerCity real estate team,
helping you keep real estate simple, and we'll see you in the next.
Cheers.