As the old saying goes…”Times change.” That is never more true than with the real estate business. Back before there was internet marketing running ads in the newspaper for your home became a vital part of the selling process. Newspaper ads were vital in getting the word out that a property was for sale. Buyers were far less sophisticated and at the mercy of the local information that was available to them and that information was limited to their individual agent or brokerage that they were dealing with at the time. Buying a home back then could be a lot harder and depended greatly on brokerages to give out information.
Since the internet age the marketing of a well known product, like a house, has been dramatically streamlined and made easier. The internet has allowed organizations to easily gather information and sort it so that it can be easily viewed and analyzed. Everyone knows that if they want information on a certain topic they can “google it” and answers to their questions will magically appear before their eyes. As real estate professionals in Canada we enter listings into a large data base following strict guidelines that keeps track for past sales, expires, and active listings. We even made it easier for Buyers looking for homes to find them, no website is required, just an email account. In fact, properties that meet a Buyer’s criteria can get emailed to them directly as soon as they hit the market or change in price.
Before the internet it was not hard to see where the value was in using a brokerage to sell your house. Today the value of real estate agents have shifted to analysis of the data that is now available and analysis of the buying processes itself. Today, just like in any established industry, the value of a good real estate agent is all about making the home buying process more efficient. There are a lot more options out there for the average buyer and a lot of potential risk they might run into. Prices of homes have dramatically gone up and there is an expectation of transparency from the public to insure that confidence remains as high as possible. It is now the real estate agents job to insure that Buyers are treated with VIP treatment and guided to make the right choice(s) when it comes their home purchase. Every buyer has their own needs that is based on their particular personality and lifestyle. As a sophisticated real estate agent I know it is in everyone’s long term interest that they find a house that best meets their needs so that financial freedom and not hardship can be had through real estate ownership.
Have you been trying to sell your property with no luck? You are not alone every month there are about 300 listings in the Kamloops area that come off the market without selling. Here are two important factors that surprisingly get over looked or ignored.
First, price is a huge factor on whether or not you get an offer from a potential buyer because buyers always want to see value in what they are buying. When you are trying to determine the right price for your house the best way for you to know that number is by knowing what comparable houses have sold for recently. You should never really take an appraisers evaluation or even real estate agents valuations to heart unless particular comparable houses back it up. The market is dynamic so you should get updates on those houses to see where the market is going. The market can change after just one sale or even before a sale happens. These market changes occur for a number of reasons but they can be monitored to a certain extent with inside industry information. Real Estate agents earn their pay by converting as many potential buyers into actual buyers and by limiting unnecessary risks. As a general rule of thumb, in the real estate business poor real estate agents perform 5%‐15% worse than a good real estate expert.
Secondly, when a buyer is trying to buy something outside of their disposable income it becomes a huge decision for them, a life changing event. Whenever I deal with a buyer I always sit them down and ask them about their particular needs and wants. I use this time with them to educate them about the market conditions just so they know what to expect before we even start going to view houses. The information they give me and information I provide them greatly increases the speed and likelihood they will make an offer on a house I show them because I am going to do a very good job of identifying their needs. I will just show them properties that meet their needs then I will gain a commitment from them. If I don’t go over their needs then it is likely I will be running around town with them looking at so many properties everyone’s head will start to hurt, and a top quality sale will be hard to come by. Buyers are free agents they have no commitments– they can be in the market one week and out of the market the next so it is important to get them to commit sooner rather than later and address their needs to help insure every sale is a win/win situation, for both the seller and the buyer.
If you are thinking about selling in the Kamloops area contact me for a no obligation real estate consultation. I want you to make the most amount of money for your property.
This is a graph showing the relationship of list price to sell price of homes in Kamloops over the years as well as the average house values. The data is collected from local real estate companies and local real estate agents and processed by our local real estate association through mls realtor data. This graph represents residential real estate in Kamloops.
If you or someone you know is looking to buy or sell real estate in Kamloops please feel free to contact Andrew Thompson from Century 21 for detailed information about the real estate market.
Managing all of the details surrounding the sale of your home is one of the most important factors in getting the best results. One aspect of the managing process includes the advertising strategies a Realtor(R) implements for your property. Conveying the value of your home and targeting your ideal buyer is crucial. Your agent should take high quality pictures and advertise using a variety of mediums, such as websites, direct email, and other digital marketing mediums.
Another significant aspect of the managing process is concerned with dealing with people. In real estate, establishing good relationships with buyers is key as this enables an agent to investigate buyers’ needs to match them up with an appropriate property. This process leads to the best results which is a win/win situation where the seller sells their unique property to a buyer who appreciates the value.