When I was buying my first home in Toronto, the selling Realtor made a mistake that almost cost the sellers $100,000. It is one of the reasons I got into Real Estate and created the Home Sale System, so that other people don’t fall afoul of home selling mistakes like this one.
Realtors have a lot of skills and training but they are not valuation professionals.
Since pricing is one of the most important parts of selling a home, this means that mistakes can be made – mistakes that could cost you tens of thousands of dollars if you are selling your home.
This is what happened when I went to see a Townhouse in Toronto. The selling Realtor had valued the home based on the previous sales in the neighbourhood.
However, what they had not factored in was the current market conditions and how different the market was since the previous sale (which had been almost 2 years before).
With my background being in finance and building financial models, I had created my own valuation model for houses in Toronto (the same model is part of the valuation service we offer with the Home Sale System) and I found that the Realtor had under-priced the home by $100,000!
I put an offer in that evening.
It was considered a ‘bully offer’ since I was making it before the official listing day.
Unfortunately, I gave the selling Realtor too much time though and despite my offer being half signed, a 2nd offer came in and the Realtor then realized their mistake.
The selling price ended up being $2,000 more than my model had valued it at. A full $102,000 more than the listing price!
The lesson here is how crucial pricing your home for sale is. If you get this wrong, it doesn’t matter what else you do while selling – it is very hard to overcome this.
It is this $100,000 lesson that resulted in the first stage of the Home System product that we offer being a full valuation report prepared by a Chartered Accountant.
That way you can have confidence in the selling price and make sure that you don’t end up making a mistake that could cost you $100,000…
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