Tag Archives: real estate

3 Common Mistakes First-Time Home Sellers Make

Selling your first home can be daunting.

It often feels as though there is an incentive to getting your home sold as quickly as possible. But like any rush-job, this can open up a bunch of mistakes that can end up costing you a lot of money.

You don’t want that.

Here are three of the most common mistakes that people make when selling their homes and what you can do to avoid them:

Avoiding the Professionals

Many people believe that they can save money when selling their homes by doing it themselves. Big mistake. (Click to Tweet)

Without the assistance of a real estate professional, you avoid paying real estate agent commissions. But you may also end up paying a lot more to find a buyer.

When you don’t have the power of an experienced real estate agency behind you, you can have difficulty letting prospective buyers know that your property is for sale. This results in less competition to buy your property.

So you end up with less negotiating power and may have to settle for a lower price than you had hoped for.

Pricing Incorrectly

Too high or too low – either one has problems.

Some people believe that setting a low sale price for their home can help it to sell quickly, but people often wonder what’s wrong with it.

Of course, if you set a low price you also end up reducing the amount you receive for one of your biggest assets.

If you over-price your home you risk pushing buyers away and making it more difficult to sell. Frustrating isn’t it?

This is why it’s best to have a professional set the value for your home. Homeowners usually have sentimental attachments to their properties and tend to fall into the trap of over-pricing.

Prospective buyers are more clinical and consider the merits of the property itself, not the fact that your three children grew up in those rooms.

Skipping the Inspection

Foregoing the inspection seems like an easy way to save a few hundred dollars during the sales process, but it could potentially cost you thousands down the line. A thorough property inspection before you list your home for sale alerts you to any potential problems.

Buyers will always conduct an inspection and often use the results to drive down the offer you’ve accepted. So it’s better to know beforehand what that inspection will reveal.

Then your agent has the opportunity to price accordingly, depending on whether you choose to address the issues before listing.

These are just a few of the many potential pitfalls you may run into when selling your home. Let the experts at Residencity guide you through the process to minimize your risk and maximize your profits.

When it comes to selling your home, you want to do everything in your power to get the highest selling price you can for it. It’s likely to be your most valuable asset, and you’ve worked for it.

Call us on 604.288.9166 today to learn more about our services and to get your home sale started.


4 Simple Things to Help Maximize the Sale Price of Your Home

How do you get the most you can for your most valuable asset?

When it comes to selling your home, you want to do everything in your power to get the highest selling price you can for it. It’s likely to be your most valuable asset, and you’ve worked for it.

This doesn’t mean you need to do a complete overhaul on your home – and you shouldn’t. Undertaking major work may end up costing more than the value it adds. 

Luckily, there are several simple things you can do to bump up your home’s value before the sale. (Click to Tweet)

Spruce Up Your Yard

Your home’s curb appeal plays a major role in its value. Make sure your lawn is looking its best, trim your trees and plant a few flowers. 

Don’t go too overboard, though; prospective buyers don’t want to think about all the yard work that will be involved. The plants you choose should look great but be easy to care for.

Apply a Fresh Coat of Paint

New paint is the quickest way to give your home a facelift and make it feel like new. You don’t need to do the entire house, but look out for any areas that are worn, peeling or stained. 

Try to keep the overall look as consistent as possible so that no area looks significantly better than any others.

Upgrade Your Fixtures

New fixtures, like doorknobs, cabinet pulls and faucets can transform your kitchen and bathrooms. 

Remember that you will no longer be living in the house, so there’s no need to go for the most expensive options. Choose something that looks nice and fresh but that doesn’t break the bank.

Clean Your Carpets

This is something that you should entrust to the professionals. The last thing you want your prospective buyers to see is the areas of wear and tear leading up and down every hallway. 

Professional carpet cleaners can restore your carpets to their former glory so that they almost look like they have never been walked on.

For even more ideas like these, let Residencity handle the sale of your Vancouver home. We are experts at what we do and can help you get the most out of your property sale. 

That way you can use the proceeds towards the purchase of your dream home. 

We’re revolutionizing the sales process to make it easier for vendors and buyers alike. When you sell with us you receive the best staging, photography, and marketing available. Your home looks its best, which maximizes the sale price.

Call us on 604.288.9166 today to learn more about our services and to get your home sale started.


Who is Residencity?

Having been a part of the real estate industry for 12 years, we have become too familiar with the shortcomings of Vancouver’s real estate industry. We believe that there are better ways to sell your home and this is why we created Residencity: a team that focuses exclusively on selling your home to help you get a higher price and increase your profit.

What sets us apart from everyone else?
There are several key aspects that sets Residencity aside from everyone else.

  1. Inclusive inspection. Residencity performs a home inspection prior to listing contrary to the current system of making an offer then having the buyer carry out the home inspection. Having completed one increases buyer confidence and trust knowing that we’ve laid out all the cards on the table. The home inspection is on us as well.

  2. Personal service. Each team member at Residencity is equally invested in the presentation and sale of your property. We want to earn your trust by being there for you every step of the way. Have a question regarding the property you’re selling? Call Residencity and all of our agents will be able to answer your question.

  3. Open house service. A qualified and knowledgeable agent will always be there to present your home. Our open houses are solely dedicated to selling your property and will never be conducted for the sake of marketing our real estate agents. Residencity holds mandatory open houses on the first two weekends that your listing is active and potential buyers are able to book private showings online as well.

  4. Minimum of 6 business days before listing your home. Unlike other agents who promise to list your property the next day, Residencity takes a minimum of 6 business days before listing to prepare your home for presentation, capture professional photographs, videos, etc. We want to provide you with professional quality marketing materials that will sell your home.

Why should you hire Residencity to sell your home?
Our agents are interested in doing one thing only: selling your property. Hiring us means that you get real-time updates about your home and listing, inclusive inspection, an entire team focused on selling your home, proper open houses and top of the line marketing materials. 

We are not a brokerage, but a team of individuals working out of Sutton West Coast Realty that want to revolutionize the way the real estate industry works by identifying its weak spots and presenting you with a solution. Call us at 604.288.9166 or email us to see what we can do for you.


Selling your home by yourself: should you do it?

There are a few options for selling your home privately in BC:

  1. You can market your home yourself on websites such as Craigslist and Kijiji
  2. You can work with websites such as OneFlatFee.ca that will sell your property for just that: one flat fee.

With these options, you save on a real estate agent’s commission, but you become responsible for all preparations, showings, questions, and marketing of your property. The greatest disadvantage you face if you self promote on websites such as Craigslist and Kijiji, is that you lose out on marketing experience and exposure to 95% of the market from not being able to list your home on a Multiple Listing Service (MLS), where most people and real estate agents search for a home.

By listing your home privately you are indeed saving on commission, but we believe that the exposure you would receive through MLS and the marketing services offered by the agent pays for the commission itself. By selling your home yourself, you would have to invest much more time with all the added responsibilities and you might not even be saving as much as you had imagined to do so.

By listing your home with Residencity, you will be working with experts who focus on enhanced MLS listings, professional marketing materials, extended open houses and a pre-inspection. Call us at 604.288.9166 to see what we can do for you.


One of the solutions to getting your home sold (and you don’t even need to do anything)

Imagine blow drying your hair in your new home and having the circuit breaker trip: you’re in the dark and you have no idea where the breaker box is, and often it’s tucked away in a dark corner in the basement. Everything you buy nowadays comes with an instruction manual- the drawer set from Ikea, the blender from The Bay and even the second hand car comes with a manual in the glove box. Buying a new home, probably the most expensive thing you will ever own, does not come with a manual.

Whenever someone buys a house, they should always receive a specification sheet. Residencity will provide you with both a specification sheet and a manual. The manual will provide details such as location of breaker boxes, water shut off, instructions for sprinklers. The specification sheet will contain details of the appliances and materials used in the house.

We believe that it is essential to have a specification sheet when selling a home and to find a realtor who will make you one when listing your home. Not only does it contain important notes for the new homeowner, but it can also be used as a marketing piece. Additionally, a manual should be provided upon closing with the rest of the details. The more information you present, the more familiarized potential buyers are with the property, the more likely they are to take interest and present you with an offer.

Specification lists and home manuals are a standard here at Residencity and we prepare one for every property that lists with us. Call us at 604.288.9166 or email us for a consultation to see what our agents can do to get your property sold.


The importance of real estate awards: not as important as you think

You pick up an agent’s real estate brochure. On the back of the 6 page brochure there are 5 awards.  


What do all these even mean? They’re not there for you to understand, they’re just there to tell you that the agent can do the job for you. Each brokerage has their own awards and standards and by no means are these indicators of how well they do their job, as there is almost an award for every agent out there.

At this day and age, it is almost difficult to come across an agent without a real estate award. From Rookie of the Year, to Award of Excellence, and the list goes on.. So what sets one agent above the rest? We’re not here to tell you how to distinguish one award from another, but rather to advise you on how not to let awards get in the way of choice in hiring a real estate agent that is right for you.

Or hire Residencity. We don’t present real estate awards to cloud our seller’s judgement, the proof is in the care and pride we take in our work. Listing with Residencity means a standard and an unbiased marketing plan which includes enhanced MLS listings, extended open houses, pre-inspection and professional grade marketing materials. Call us at 604.288.9166 or email us to list with Residencity and see what else we can do for you.


A Private Sale With A Real Estate Agent: Worth it?

You’re talking to your friend who’s a real estate agent and you tell them that you’re looking to sell your property in Burnaby. You give them a tour of the home and get all the fine print sorted out. They tell you that they know someone who is perfect for this listing, meetings are held and the exchange happens. This is great, your home has been sold quickly at asking price, without being listed on MLS.

Although your property in Burnaby was sold promptly at asking price, it could have had offers that were even higher, if you had posted it on MLS for a few days. Imagine what you could potentially get when 13000 agents. There is a fairly high chance you would get more than what you got with the 1 agent.

At Residencity, we believe that it is important to let the property sit on the market for a minimum of 7 days. This way, it is shown to real estate agents who also have the opportunity to show it to their clients. We advise that regardless of the market condition, the exposure should still be there to ensure that you get the best selling price.

Call Residencity at 604.288.9166 or email us to list your home with a team that will ensure that your property receives the market exposure it deserves even if there are interested buyers prior listing the property.


Selling a tear down or a land value property

In these types of transactions, the target buyer is a builder. When a builder is looking for a lot, they are not looking for things like a kid-friendly backyard, kitchen, storage space, pretty bathrooms or faucets. What they are looking for are things that are directly related to the building cost.

Example 1: Elevation of a lot. A lot that is located on an uphill section of the street yields a different cost compared to one that is on a downhill area. The uphill section of the street requires more material and manpower for the foundation to be built which decreases the profitability of the lot compared to a lot on a downhill area.

Example 2: Location of sewers. If the basement of a building is lower than the sewer, a pump will be required to direct wastewater in order to avoid building floods. A generator will be needed for the pump and this lowers the value of the lot.

Example 3: True property lines. It is always important to know what’s yours and what’s not yours. Even though a fence may already be in place, it may actually be on your side, or the neighbours. Knowing where your property truly starts and ends can alleviate many disputes that may arise in the future that may slow down the project.  

Example 4: Alleys. Having two access points (alley and front of lot) makes the building process a lot quicker and cost effective allowing the machinery to be brought in from both ways. What if there was no alley? The cost of building the backyard will most likely be double as more manual labour would be required to move materials in manually vs having a truck drop them off.  

This is where a Site Survey comes in handy. Site surveys map out features such as change in elevation, trees on site, drainage systems, unknown obstacles- things builders need to be aware of before starting construction to create a safe, accurate structures.

There are many variables that can cause the price of the lot to fluctuate and a site survey will provide builders with the necessary resources to help them make a quicker decision and to provide you with a higher value property as it removes the if’s and buts. All you have to do is call a land surveyor in your area to have it done and you will gain a powerful marketing tool for your property.

Alternatively, you can email or call Residencity at 604.288.9166 to list with us. Every lot we list includes a site survey and the best part is, the cost of getting it done is on us.   



BMW vs Honda: Which agent is working harder?

Real estate agents are walking advertisements. The way they conduct themselves in public is considered a representation of how they work and is usually the first impression that a potential client receives from them.

Let’s talk about the cars of real estate agents. We have two well-dressed real estate agents and at first glance, the individual driving the BMW seems like an agent who has many clients and has closed many successful deals. The fellow with the Honda, may be an individual who is starting out in the real estate field and is not as experienced yet.

Although we know that this may not necessarily be the case, our subconscious makes these assumptions for us whether we realize it or not and oftentimes it plays into our decision making. In reality, the individual driving the Honda may have purchased and paid the car off in full whereas the agent driving the BMW may be leasing it, paying several hundred dollars per month.

What we’re NOT trying to say here is that the agent driving a Honda is the better agent. What we’re TRYING to say here is that the brand of car your agent drives is a tool they use to market themselves, and not so much a representation of how hard hard of a worker or successful they are as an agent. Although this goes against our assumptions, it would simply be incorrect to label that one agent is working harder than the other simply by the car they drive.

When choosing a real estate agent, evaluate the agent’s marketing plan by seeing what they have done in past. Not everything in the marketing plan benefits you. Head on over here for our cheat sheet to on how to interpret real estate agent marketing plans, or even simpler, call us at 604.288.9166 or email us to list your home.


What not to do when selling an investment or tenanted property

You’ve decided to sell your investment property and you’re unsure of whether you should tell the tenants as you are afraid that they might not want to stay, causing you to lose your rent.

Most real estate agents will let you as the owner decide whether to tell your tenant regarding the sale of the property and often, people will choose to not tell their tenants.

At Residencity we suggest:

  1. Have open communication with your current tenant(s)
    • Let them know that the property is for sale. Let them know that there will be people coming in to look at the property and that you will be tidying up your area and putting things away and that it would be great if they could do the same.
    • Provide 24 hour written notice if someone is coming. Open houses are a rite of passage and this goes hand in hand with letting them know that people will be coming.
  2. Let them know their rights. Perhaps the new owner may want to use the property, or do a major renovation meaning that the current tenant has to move out.
    • 1+2 factor. 1 month rent + 2 months notice. In BC, the landlord is required to give you 2 months written notice and compensate you with 1 month rent. Tenants can leave sooner within that 2 month time frame by giving the landlord 10 days notice in writing and compensation will be a prorated amount calculated on a daily basis.
  3. If they want to leave, let them. If anything, this might even be better. You get to clean the place and stage it to your liking. This also eliminates the possibility of having to deal with uncooperative tenants.