Hitting the Market
Once you’ve decided to sell, picked your agent and gotten your property ready to be listed, it’s time to hit the market!
The first thing that will happen is your realtor will list your home on MLS (Multiple Listing Service), which is going to be your primary marketing tool. Within twenty-four hours, your listing will also go live on realtor.ca. At this point, anyone who is currently looking for a home that matches your property’s criteria will get an email in their inbox. It is the most valuable exposure you can get. The attention your property receives in those first few weeks from people looking for a new home will likely be willing to make a promising offer. Therefore, we spend so much time getting the home ready, taking high quality photographs, and analyzing the property’s best features. It’s also why leaning on your realtor’s pricing expertise is so important. After that initial few weeks on the market, you start losing leverage. At that point, you are waiting for new buyers to enter the market (or change their price range or criteria).
Those initial few weeks will most likely be the most active period of the listing. You want to make sure your agent has a clear marketing plan to highlight your property, and that your marketing material is attractive and compelling. They will be keeping close watch on the backend statistics while tracking what is happening in the market, what feedback is coming in, and what is happening with showings. This is important information in making your selling and pricing decisions moving forward.
Although your agent might advise patience – depending on what those backend stats are revealing – you may also see a boost in showings with a change in price. When you hit certain thresholds of pricing, you enter a new bucket of potential buyers. Entering a new price range can lead to more traffic, just as a new listing does.
Sound like a lot of overwhelming decisions? Not to worry. If you did your homework and picked a capable realtor, you will be able to lean on their expertise and make the best decisions for your sale.