For Sale by Owner In Ontario
In some cases a potential home seller may not want to hire a realtor. In other cases there may not be able to hire a real estate agent to represent them due to a price drop in the market, or perhaps a unique financial situation. For these people, a little bit of knowledge and some good old-fashioned elbow grease will have to do. For House sellers going the “for sale by owner” route (or FSBO for short), and wondering how to make sure your FSBO sale is a success in the crowded Ontario market, here are some tips and tricks to help you succeed with your FSBO listing:
Price it right, price it tight
In Ontario, it’s important to know that the real estate market is regulated by the Real Estate Council of Ontario (RECO). While you don’t need a real estate agent to sell your home, it’s still important to price it correctly. RECO has a set of rules and regulations in place that require you to provide truthful information about the property you are selling. This includes disclosing any defects or issues with the property. Additionally, you should do your research and price your home based on comparable sales in your area. This will help ensure that you’re pricing it competitively.
Get the Word Out
Marketing your home is crucial to a successful sale. In most of North America, it’s common to use the Multiple Listing Service (MLS) to list your home. The MLS is generally only available to licensed agents, although there are companies out there that offer listing services for the MLS to FSBO clients. The MLS, which Canadians can search by visiting Realtor.ca, is certainly the largest, but not your only option. You can also use social media, Facebook marketplace being the most dominant in the real estate space as a social media alternative to the MLS. Don’t forget the power of putting up signs around your neighborhood, and list your home on websites like Kijiji. The more exposure your home gets, the more likely you are to find a buyer.
Spruce it Up
Make sure your home is in tip-top shape before you list it. In Ontario, it’s common for buyers to request a home inspection before closing the sale, so it’s important to ensure that your home is in good condition. Clean it from top to bottom, declutter, and make any necessary repairs. Consider hiring a professional home stager to make your home look its best, or at least do a few searches on Pinterest for some house staging inspiration. Remember, first impressions are everything!
Be Available and Ready to Negotiate
Be prepared to show your home at a moment’s notice. In Ontario, it’s common for buyers to bring their own real estate agent to view the property, even if you’re selling by owner. If you want to accept this sort of appointment, you’ll have to agree to pay the buyer’s commission fees should their client buy, despite your house being FOR SALE BY OWNER. either way, you’ll need to keep your home clean and tidy, and be ready to accommodate potential buyers’ schedules. Remember, the more flexible you are, the more likely you are to find a buyer.
Be Open and Honest
It’s important to be open and honest about any issues or defects. The Ontario Real Estate Association (OREA) requires sellers to provide a Seller Property Information Statement (SPIS) that discloses any known defects, and be upfront about any potential challenges. This will help you build trust with potential buyers and make for a smoother sale.
Have your Real Estate Lawyer Lined-Up in Advance
It’s worth considering hiring a real estate lawyer ahead of locking up a buyer to help you navigate the process. They can help you with paperwork, negotiations, and legal issues that may arise during the sale. In Ontario, it’s not uncommon for the seller to offer to pay for the buyer’s legal fees to get the deal done faster, so keep that in mind when setting your asking price.
Consider Selling To Us!
If you’re looking to sell your Ontario home quickly and without the hassle of dealing with real estate agents or making repairs, consider selling to us! We buy houses all across Ontario, in any condition. We’ll make a fair offer for your home in its current as-is condition, so there’s no need to worry about fixing everything up. By selling to us, you can keep more money in your pocket with no sales commissions or hidden fees. Selling your home fast to us can give you a fresh start and help you move on to your next adventure. If you’re interested, fill out our easy questionnaire to get started today!
Selling your home in Ontario can be a complex process, but following these best practices can help make the process go smoothly. With a little bit of effort and a lot of enthusiasm, you can successfully sell your home by “for sale by owner”, and if you’re having issues you can reach out to us at any time for a fair cash offer!
