You’ve Found “The Home.” Now What?


The long, tiring search is over and you’ve kissed a lot of frogs. You've finally found your dream home and want to make an offer on the property. How do you know how much to offer and if you’re getting the most value for your money in this Brandon MB market?


The offer phase of purchasing a home isn’t always straightforward and you need to at least know the market on homes in that area so you can determine if you’ll be getting the fair market value for that home. Ask your real estate agent to go through neighborhood  comparable actives and solds with you.  This report should be helpful with the offer process.


Lowballing is a common term in the world of real estate. It means that you’re offering to buy the house for a number that’s far below the market value. You run the risk of insulting the seller and losing the home for good.


But, if you don’t know the fair market value of the home you could overpay by thousands of dollars. To zero in on the market value of the home you’ve chosen, you should know if you’re in a seller’s or buyer’s market.


A buyer’s market means that there are plenty of homes for sale, but a shortage of buyers. This gives you more power to bid lower than the asking price and to even ask the seller to pay for some or all of the closing costs. In a buyer’s market, you’ll find the seller more willing to negotiate.


If you’re in a seller’s market, there is a shortage of homes for sale and you’re likely to have several potential buyers making offers at the same time. A seller’s market is a little tougher to negotiate in because you may need to compete with other buyers.


It’s sometimes devastating to a potential home buyer when their good-faith offer is rejected – especially without a counter offer. This could happen when the seller receives many offers and your offer was much less than the others. Or, the seller may back off of your offer to see if he can eventually get a better one.


All may not be lost, even if your offer has been rejected by the seller. The seller may not have accepted any offer on the home and you may still have time to negotiate by moving rapidly with a higher offer. This may result in a bidding war that your real estate agent will need to help you with.


A buyer’s agent is extremely helpful if you’re a first-time home buyer. He or she will be familiar with the local market and be able to negotiate the best deal on your behalf. You’ll learn a lot during this process, which may be helpful to you when you decide to sell.


If you’re working in a seller’s market and there’s a real shortage of homes in the area, you may still be able to get your dream home. Find a home you really love in an area you’re interested in and write a letter to the homeowner.


It’s a true leap of faith to try this method, but it’s worked for thousands of buyers and it just might work for you. Even if you receive a “not interested” reply, at least you’ll know you tried.


Never rush to make an offer in any market until you’re sure the home is right for you. Unless you do the proper research on the home, you may be rushing in to a situation that you’ll later regret.


Whether you live in Brandon MB, Virden MB or you're searching for acreages in these surrounding areas, the search can be strenuous and time consuming.  You can call on me to be your trusted go to REALTOR®, with insight on all new listings and recent home sales, within our local real estate market.

3 Common Mistakes Commercial Property Sellers Make: A Guide


Owning commercial real estate for sale is a privilege, yet it can also become a huge responsibility when you sell it. Unfortunately, most owners lack the experience and knowledge to sell real estate.


For instance, you need to compare various price points and ensure there’s a balance between having a competitive yet profitable price. Remember, your main goal is to sell your property for a favourable price and look into the possibility of either buying more real estate or investing the money in other ventures. One wrong figure can make or break your return on investment. That’s why knowing more about the property selling process is of utmost importance.


This article will discuss the three most common mistakes commercial property sellers make. Take this as your starting point to ensure you can avoid these pitfalls, allowing you to present your listing in a way that best represents your ideal buyer.

Mistake #1: Failing to Know Why Prospects Want to Buy or Sell Commercial Property

Before you sell your commercial property, you may already have preconceived notions about the typical buyer, allowing you to spark relevant conversations towards selling your real estate. However, the problem with this approach is it’s only looking into the buying perspective, which is just one side of the conversation. But why exactly would a prospective buyer want to buy your property just to sell it again?


The truth is the commercial side of real estate is a huge, profit-producing business. If they collect more properties for sale, especially those nearby, it can build their reputation as professional real estate investors. It can also be a way to transform multiple lands to service a corporation’s wishes to scale their operations by having a monopoly on viable locations.


As such, it’s best to always note your buyer’s intent of purchasing the property, giving you the chance to present your real estate as a worthwhile asset. It gives you the chance to sell your property quicker, expand your connections in the commercial market, and look into the possibility of being a real estate investor.

Mistake #2: Having No "Property Story" Ready

Every commercial property has a special story worth telling, especially to buyers. Remember, you are essentially marketing your product to them, so if you don’t sound enthusiastic about it or have a boring pitch, it can lead most prospects to ignore you.


If you are confused about how to craft your property story, just remember to go beyond the typical opening line for selling, like listing the technical features. You can talk instead about how you first came across the commercial property and share its intended purpose, like if it was supposed to be a restaurant or a property that was handed down in your family for generations. Don’t forget to include any distinguishing characteristics, like included assets with the purchase. For further guidance, it’s recommended to consult with a real estate professional to go over some marketing pointers.

Mistake #3: Resorting to Independent Selling Without a Real Estate Agent’s Assistance

You may be looking into selling the property yourself since you believe you have the connections you need. While you may have the capacity to do it independently, the point here is you can miss out on valuable real estate tools and services to boost your commercial property’s value across various interested buyers. You may even get the chance to see it for higher than you were offered.


With the professional assistance of a real estate agent, you have access to their Multiple Listing Service, an innovative platform for more agents and buyers to hear about your property more than you would by simply putting it on the Internet. You can also get relevant information about any buyers’ trends, giving you the opportunity to meet demands and maximize your sales efforts.

Conclusion

If you are selling your commercial property, you may make some mistakes, causing prospective buyers to take advantage of your inexperience. Fortunately, you now have a much-needed awareness of what you shouldn’t do. Just remember all the common errors mentioned above, identify with the right professional to help you, and make informed decisions based on research and real estate market-relevant information.


Are you looking for the best real estate agent in Brandon and Virden to help you sell your commercial property? Consult with me, Chris Low. I am well-versed in helping many clients buy or sell their residential and commercial properties. Talk to me today to set the appropriate price for your real estate!

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