I often get questions about the listing and marketing process. What are the steps involved? What kind of marketing is done? What works and what doesn't? While this isn't a comprehensive list, it should serve to give you an idea of the transaction from start to finish.

THE ANATOMY OF A LISTING

You have contacted a Realtor (hopefully me!) that you're comfortable with. This is important as it will be a close working relationship until the home sells. Trust and compatibility is essential.

1. A market evaluation is done based on previous sales of similar homes, present competition, market trend, location and condition.
2. A partnership is formed. Each party has a job to do - the Realtor to market the property and the Owner to price it right. This is very important! All the best marketing in the world will not sell an over-priced property. For instance, in 2003, 04 and 05, (the hottest and most successful period of sales in this area in over 30 years), only 66% of homes actually sold. Last year (2007) a record year for sales in Nanaimo, just over ½ of listed properties sold (57%). A reasonably priced home, in conjunction with a comprehensive marketing plan, is a must for success.
3. The property is now listed and the Realtor goes to work. But first, what is he/she selling? A visual inspection of the home and property, with the owner, is conducted and notes of all defects are made. This is then entered on to a Property Disclosure Statement to be given to any prospective Buyer. No surprises! Next is a trip to City Hall to check for any outstanding, uncompleted work permits, property complaints, etc. that may have to dealt with. When everyone knows what is being bought and sold, you very rarely get litigation after the sale completes. Again, no surprises!
4. The Realtor orders a title search, at his/her expense, and peruses it for potential obstacles to the sale, such as duplicate titles, easements or legal notations ( an unauthorized suite, grow-op, etc.), that may affect the Buyer's decision whether to proceed or not. In some cases, these may be rectifiable. In others, a simple explanation to the Buyer will suffice to ease their doubts.
5. Accurate measurements are taken of the interior and exterior (this is very important - inaccurate sizing has been the cause of many lawsuits), pictures are taken, a write-up is done and a sign is installed.
6. The information is entered on my web site, the Remax web site and the MLS system. Over 800 people, many of them Realtors from other Realty Companies, join the Remax automated notification program. This guarantees that they will receive notification of all properties that may be suitable for their clients before they hit the MLS system. These listings are also entered on to another 40 Remax web sites, for maximum exposure. Of course, the most important web site in the world is the MLS! To better utilize it, there is a Private Client Services program available whereby a Buyer is automatically notified of any new listings that meet their needs, before they enter mainstream MLS sites (see me for details). Thousands of Buyers have signed up, through their Realtors, for this exciting program! Now that's exposure!
7. Continuous newspaper ads are run until the property is sold. Some Realtors don't like to spend the money, as it is expensive! However, despite today's technology, it should still be an integral part of any marketing plan, especially in a market where listings are up and sales are slowing. Every avenue should be utilized. Remember, the internet is just an 'electronic newspaper' and should be used in conjunction with other marketing tools.
8. Professionally done feature sheets are ordered and delivered to all Realtors on a regular basis. With new listings coming on every day, this helps to keep your property top-of-mind.
9. Open houses, with your permission, are held. Some Realtors who don't like working the weekends, or lack people skills, will tell you that open houses don't work. Personally, I find them tremendously successful! I sell a large number of properties this way. After all, who knows more about the property than I do?
10. Searching my own data base, I frequently come up with Buyers for my listings. At all times, I have a backlog of people looking for specific properties. If your home fits, all the better!

This, of course, is only the beginning. Keeping the transaction together is where the real skill comes into play! Title problems, Buyer's remorse (a big one!), building inspection deficiencies,
financing difficulties, parents who want to 'advise' their kids, kids who want to 'advise' their parents (another big one, as each party's priorities, due to generational differences, are different)!These are just a few of the issues that may have to be handled before, during or after the sale.

I hope that you found this enlightening and of interest! As you can see, while technology is great and should be in every marketing plan, good old-fashioned, hands-on, personalized service, as well as negotiating and good people skills are still of paramount importance.
If you have questions, please don't hesitate to contact me. In the meantime, if you know of someone who is interested in having their home marketed, or perhaps, to buy a property, please give me a call - it's what I do!

Best regards,

RE/MAX of Nanaimo
#1-5140 Metral Drive
Nanaimo BC Canada
Phone: (250) 751-1223
Fax: (250) 751-1300
"Each office independently owned & operated"