Lockhearts Sellers Guide

Your home is one of your most prized assets. Making the decision to sell your home can be full of emotional, financial, and logical considerations that require a careful assessment. Once you’ve understood your motivations why you want to sell, the next challenge is to feel confident that you are fully aware of the process. 

It can feel overwhelming when you approach a task this big but we are here to break every step down and support you in achieving your goals. This guide is intended to be your best first resource, we’ll support you in the decision making and lay out the process in plain English. So, let’s get moving. 

Making the decision to sell your home

Most of us have made some major moves in our lifetime, they’re never straightforward but they can always be very positive. Depending on where you are in your life journey you will have certain motives and aspirations, we’ll support you in determining these through our needs assessment and goal-setting process. You’ll reach a clear decision and be provided with an action plan that suits your unique situation. 

• Are you looking to increase your property size for a growing family? 

• Are you looking to downsize after kids have flown the nest? 

• Are you retiring? 

• Are you looking to make a change in your lifestyle and would a new neighbourhood suit you better? 

• Has there been a change in your family, finances, or day-to-day life? 

• Are you hoping to take advantage of a seller’s market?

If you can’t find something that resonates with you here, don’t worry, these simple reasons to sell are not exhaustive. They are just the common situations that we have worked around over the last 45 years - we’ve really seen it all!  

In regards to the process itself it is highly likely you are tossing a few unanswered questions around in your head right now.

• Do I have a timeline set already?

• Are there improvements I need to make to get it ready?

• How much should I spend on preparing my property for sale?

• What can I sell it for?

• Would it be easier, and more cost-effective to sell it myself?

• How do I find a REALTOR® I can trust? 

• Is it even the right time in the market?

• What happens if it sells too quickly or too slowly? 

• Do I need to have another home lined up to live in? 

We hear these common questions all the time, luckily for you they are very easily answered when you enlist our support. Throughout the rest of this guide and the simple steps to selling your home you’ll find information that helps answer these, when you’re ready to chat further we will be here for you. 

Define your goals 

Before you start to think about all the things that need to be done, take some time to reflect on why you are selling and clearly define your goals. Everyone has different reasons. As you start to go through this process of discovery, focus on what is important to you and your family, this will help streamline the process. 

Important questions to ask yourself:

• Is there a timeline?

• Are you relocating?

• Are you looking for a bigger home or to downsize?

• Are you looking for a different neighborhood? More city, more suburban?

• Are you looking for different amenities?

• Are financial considerations relevant?

Other important considerations:

• Do you understand the associated costs?

• Is this the right time for you to sell?

• What are the present market conditions and the implications to your sale?

• Does your home’s equity give you an advantage?

• What are the current mortgage interest rate options compared to your rate and commitment?

Recognize that every market is different and the selling process can be a sprint or a marathon - we will prepare you for both.

Prepare the home

Some homes might require care and attention to get them sale-ready. There is always a balance to be struck between timing, cost, and efficiency sought in the sale process. Some sellers with tight timelines will be unable to prepare the home for sale, knowing that this could impact the sale price is essential.

Overall, some simple repairs, refreshments, and a world-class staging partner will maximise the value of your property. Some of the most impactful tactics are often the easiest to do, think about; 

• Removing clutter and giving the property a good clean

• Tidy up all outdoor areas: mow the lawn and prune the roses

• Look for cracks in any walls and repair them. Throw on a fresh coat of paint to the rest of the interior

• Repair any broken handles and cupboards

• Overall, ensure everything is neat and tidy. We want the buyers to see the property and it’s features, not focus on all of your belongings! 

A top tip is to view this process as the first step and a head start to packing up your things. Organise, tidy, and declutter to give you a smoother transition into your new home. 

Select a REALTOR®

Selling a home on your own is possible, but it certainly is not easy. By selecting a REALTOR® to be your ally you will benefit from world-class marketing, home preparation expertise, and all of the negotiation and closing skills you can imagine. Picture this - you’re showing your home and receive offers from buyers represented by some highly experienced agents. Wouldn’t you want to fight fire with fire? With an ally like Lockhearts, you’re more likely to negotiate a higher selling price that will cover the cost of our fees and pocket you some extra cash. 

So what would a REALTOR® do throughout the process? 

Act as your point person to: 

• Fully prepare you for the process and all if it’s wonderful intricacies

• Advise you on how to get the home ready for sale

• Set a competitive pricing strategy 

• Use world-class marketing, both physical and digital, to showcase your home far and wide

• Handle all inbound queries and show the home to potential buyers and agents

• Keep you regularly informed through open-ended communication 

Find pre-qualified buyers: 

• We know our local colleagues well and we often discuss the needs of our clients. When a home goes on the market, it is likely we will already know many interested buyers who are pre-qualified and ready to buy

Negotiate the deal: 

• So many things can go into a property negotiation. Will we need to lease the property from the buyer for a short period of time? Are we placing the onus on them to complete an engineering inspection? Whether your ideal sale is driven by price, timeliness, or convenience, we’ll negotiate the best deal for you

• As offers come through we will be able to advise you which ones are best suited to your needs, as it isn’t often clear

Be your closing coordinator:

• Ah, closing, the light at the end of the tunnel can be seen but there is still a ways to go

• Documents must be properly completed within tight timeframes, communicating with a range of parties representing you and the buyer is essential, and making this all happen without it impacting your life is key. We’re seasoned project managers and able to relay information at warp speed, closing has never been so easy

• Deliver the keys to the lucky new owners and support you with a smooth transition onto your next journey

We’re proud of the reputation we’ve earned as top REALTORS®, but the relationships we form with our clients are the best part of our job. Building a solid relationship before the start of this process is critical, with us you will find a trusted, down-to-earth partner who places your interests above those of ourselves. 

Price your property

One of the first things we do when we search for a home is figuring out what we can afford. If you’ve ever sifted through listings on a website you’ve likely set a minimum and maximum price for your search. We don’t love the fact that money dominates our decision-making, but those are the times we are in. 

Pricing as a form of marketing

So, to satisfy interested buyers who will want to know the price of the property before anything, you will need to make sure your home is priced strategically. We will want to kick start a competitive competition between buyers and leverage all the best features of your home to achieve a great return for you. We’ll do this by determining what the market says about your home, what unique features complement this, and be sure not to overprice the property and lose out on buyers before we’ve even started. 

How to handle hot and slow markets

In hot markets the price posted is rarely what you will receive at closing, buyers will fall in love with a home and do as much as they can to secure it. The opening price must draw them and allow us to showcase your property in all of its glory to as many qualified buyers as possible. The best result for us would be to receive multiple offers, this will increase the chances of your home selling above the asking price. 

In slower markets, our efforts will be multiplied. We will price competitively and market the property aggressively. We will look to add value for potential buyers that go beyond the price of the property, flexible terms and fewer conditions are ways of increasing the value of the deal without impacting the price. Also, slow markets can often be capitalised on by securing your next property at a cut-price too. We like to call these ‘move up markets’ whereby the average property prices have dropped, but this represents an opportunity for you to secure a bargain on your next property. Thus, we don’t ever recommend viewing the potential price you can get for your property in isolation. 

Using real estate trend analysis

Historical and local trends dictate much of the fundamental pricing strategy, supply and demand for desirable and growing areas being a key component of this. Think back to before our world changed in 2020, vertical living in urban centres was becoming more popular, now, we see remote work and opportunities to live with more space prioritised by buyers. 

We’ve been analysing markets and making correct predictions for 45 years, it is why we are where we are today. We a range of real estate intelligence, local knowledge, and social economics to understand the perceived value of areas and price our clients’ properties accordingly. 

Market the home

Your prized asset deserves the best marketing possible so you will need to leverage every tactic out there to show your home off in all of its glory. 

Understanding buyer personas

Great marketers derive strategy and meaning from buyer personas. For example, a property in an area with a high proportion of retirees should be marketed differently to a new-build condo in a vibrant, growing suburban centre. It is common to create multiple advertising campaigns for the same property to appeal to many different types of buyer, e.g: 

• The young family

• The tech-savvy remote worker

• The downsizing retirees

In our downtime, we invest a lot of time in understanding trends of technology use, sales strategies, and the social habits of a range of buyer personas. This way you are always one step ahead of the rest. 

Network and reach

In addition to an extensive digital presence, listings should be promoted through an ever-growing network of REALTORS®, buyer syndicate groups, targeted neighbourhood mail-outs, a robust buyer database, personalized advertising and digital advertising. When you’ve been in the business for as long as we have you have an extensive network to market to - what’s that saying, it’s all about who you know? 

Digital-first marketing approach

Experience has taught us that good marketing can’t be faked. Today’s homebuyers grew up using services like Google, Facebook, Instagram, and expect a buying experience that’s equally as intuitive and enjoyable. Ensuring the property is marketed effectively on digital platforms is a must, here’s how this should be done: 

• High-quality professional photos optimised for screens of all sizes 

• Taking advantage of data-sharing platforms and our regional listings feed. This will put your property on national platforms like REW and Realtor.ca 

• Effective, engaging, and digestible social media adverts

• Regular analysis on engagement and impressions to maximise reach

• Virtual tour technology

• And a lot of other methods! 

Home staging

Statistics have shown that home staging can dramatically increase a home’s sale price and go a long way in communicating trust to a prospective buyer. We work with some of the best staging partners in the business, they blend interior design and visual storytelling to elevate the characteristics of your home. 

Ask for feedback

As with any large project, feedback is essential, so throughout the process of marketing your home, we will talk to a number of potential buyers to understand their thoughts on the property and its price. Implementing continual feedback into our strategy will only benefit in the long run. 

Be prepared for all kinds of feedback - the good, the bad, the ugly. All of it can be used constructively to increase the chances of securing a great price for your home. By talking to buyers and other agents, we will learn; 

• How much interest is there in the property? Are homes of similar characteristics receiving more viewings?

• What did people love about the home and how can we capitalise on this? Equally, what do buyers think could be improved upon? 

• Is the home under or overpriced compared to others?

• What value adds could be included to make this irresistable? 

We all like to know where we stand and if you take this information and use it to your benefit you will stand a far greater chance of achieving your goals. 

Prepare for offers

The most complex moment in the sales process is when you get an offer on the home. There are many components to an offer and your REALTOR® will explain the entire process so you are comfortable with all the steps involved. There are two types of offers. An offer with or without conditions: an offer without conditions is known as a firm or subject-free offer, and one with conditions is known as a conditional or subject offer. You can reject or accept the initial offer. 

If you agree to some points of the offer but not others then you can submit a counter offer. Offers can be countered back and forth between the parties until one of you accepts or rejects, ending the negotiations altogether.

Counter offers

Counter offers are generated by the seller after a buyer has submitted an offer to purchase. Typically, counter offers will state that the seller has accepted the buyer’s offer subject to particulars such as:

• A higher price (if buyer’s offer doesn’t match sale price)

• Increase the amount of the deposit

• Refusal to pay for certain reports or fees

• Altering closing and/or possession dates

• Modifying the contingency time frames

• Excluding personal property

Remove subjects

Before a transaction can be finalised, the subjects (if included) will need to be removed from the sales contract. To remove the subjects, their conditions need to be met by both parties.

After an offer is made, a set period of time will be given to meet these conditions. This is the “subject removal period” and is typically given as seven days in BC. That means if the offer you have received is approved on a Wednesday, we’ll have until the following Wednesday to remove the subjects.

How much work you need to get done in this time will obviously depend on how many subjects the buyer has included in their offer and how many are your responsibility to handle.

Close the deal

Once all subjects have been removed the sale is considered final - congratulations! 

The final documents will be sent to your lawyer/notary to prepare the necessary documentation pertaining to the sale of your home. Your lawyer/notary will forward these important documents to the buyer’s lawyer/notary for final execution. Your lawyer/notary will arrange with the buyer’s lawyer/notary to pick up funds and then you will be notified when the sale is complete. 

Your REALTOR® will contact you to handle any further requirements, such as transferring the keys to the new owner.

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