A property with a ton of potential can go either way. Buyers can walk in and see what’s possible, or they can step in and see all the work they don’t want to do. This home, built in the ’80s was all original. The market was relatively quiet at the time of listing, and similar homes were sitting on the market two weeks or more before selling. The goal was to create, not just desire but demand, in a market where buyers were in control – for a home that was not the newest option on the block. But BREL agent Nicole knew, with the BREL resources at the ready, this home would have the perfect chance to shine.
Here’s Nicole’s Story
My lovely clients were Barbara and Christine, a mother and her daughter. Barbara was moving into a retirement facility. Her daughter and power of attorney, Christine, was arranging the details for the move and sale while trying to maintain her own life. This type of move is never easy, and they were both little overwhelmed by the selling process. Barbara needed to sell her home for her target price to fund her retirement. And, they needed to work with what they had – making upgrades to the property for the sale of the home was not an option.
A winning strategy
Usually, the strategy for selling goes one of two ways. You either have an offer night and underprice the property or price at the high end of market value and take offers anytime. Neither of these was likely to deliver the results Barbara and Christine needed, but I had an idea. And it paid off.
This home had such a great living space. The living room and dining area were an open concept layout with a walkout to the backyard. There was also a deck overlooking the park with a really great pergola above it. With the full power of the BREL resources, we made the space look fresh and current. Our handyman Jim fixed all the little things that can leave a poor impression, like drywall holes. Then our staging team, led by Kiel, made it look like such an inviting space.
This process was not without hiccups. In particular, there was a medical emergency situation in the home right before we went on the market. Emergency professionals did irreparable damage to the door while trying to access the property. We took over handling the door installation negotiations with the condo corporation and management company. We needed to get someone out to correct the situation asap, so the home and Barbara’s possessions were safe, and she could focus on recovering from the incident.
The plan comes together
We listed at the high end of market value, taking offers anytime. The market was not very busy at the time of listing and similar properties were sitting on the market for 2+ weeks before selling (indicating lower levels of demand and slower-moving buyers).
Our hard work paid off, and the home showed fantastically, with over 16 showings on the first day on the market – (which is very high for Mississauga). The best part? We had an offer after only a few hours of being available on the MLS – exactly what we were hoping for. That allowed us to create a spontaneous bidding war the following day, and give all interested parties the chance to participate – and netted us two more offers.
This kind of situation is unique, especially in Mississauga. Typically, when you list at the high end of market value, you wait for offers to come in and deal with one offer at a time. Usually, it also takes longer to sell and you end up negotiating down from the asking price. In this case, we sold over-asking in just two days on the market. This wouldn’t have been possible without a winning strategy, negotiation tactics and the BREL marketing/advertising and staging/handyman.
Why it’s worth it
I’ve helped a lot of clients downsize. It’s an emotional process, especially when a seller is not able to handle all aspects herself and needs someone like her daughter to step in as POA. I always made sure that both parties felt included in the discussions and conversation so that everyone felt heard – which is vital in situations like this.
Selling this home meant that Barbara was able to retire stress-free, and Christine was able to take one more thing off her plate and get back to her life.
This one was genuinely humbling – such small acts can make such a difference in someone’s life. I’m grateful that I was trusted to help Barbara and Christine through this experience.