No doubt about it: when the market heats up, home sellers are in an ideal position. These circumstances typically result in multiple offers and even bidding wars. If you’re fortunate enough to sell under these conditions, you can almost certainly expect a good result. That said, there are steps you can take to help ensure even further success!

If you’re preparing to sell your home in a seller’s market, here are some tips for doing it right…

Price for the market

Even when the scales are tipped in your favour, it’s still important to list for the right amount. It could make the difference between a good sale price and a great one.

From demand and competition levels to regulatory shifts, there are many factors to consider. For example, the OFSI recently proposed changes to the mortgage stress test. A knowledgeable real estate professional will know how this type of change could impact your target demographic (if at all).

Your agent will also look closely at recent sold prices for similar properties—and consider your goals. If receiving multiple offers is one of them, they may suggest setting a price slightly below market value.

Don’t skimp on preparations

It’s much easier to sell in a seller’s market, but that doesn’t mean you should forgo home preparations. Sure, some buyers may be willing to overlook flaws when they don’t have a wealth of options. But as a rule, it’s still going to be the stand-out properties that receive the best offers.

From performing a thorough cleaning and decluttering to staging with the right furniture and decor, taking steps to make your property shine is crucial. A full-service agent can help you prep your home—and tailor its look and feel to maximize buyer interest.

Be careful when considering an offer date

Some sellers choose a specific date and time—and make it known to potential buyers that they won’t review any offers until then. This move can, in some cases, result in more bids. While that’s a definite pro, there’s also a potential downside to consider.

Some buyers are extremely wary of bidding wars, and they do what they can to avoid them. That may include opting out of making a bid on a property when there’s an offer date in place. Your real estate representative can help you weigh the pros and cons—and decide what makes the most sense for you and your sale.

Review your offers carefully

In a seller’s market, you have the opportunity to look beyond offer prices. You can afford to be a little picky, especially when there are two or more bids that are close in terms of dollars and cents.

A high deposit amount, favourable terms and conditions, and move-in timeline flexibility are some of the most common bonuses that buyers will provide. If there isn’t one offer that stands out, you may want to make a list of the pluses and minuses associated with those you’re seriously considering.

Know your next steps

When there are multiple offers on the table, there are several paths you can take. First, you can accept one bid straight out of the gate. You can also enter into negotiations with one buyer and set the other offers aside, or bargain with one and reject the other bids. Lastly, you can ask alll potential purchasers to submit their best offers.

In a hot market, you should be prepared to deal with competing buyers. That means understanding the negotiation strategies available to you. Luckily, your agent can discuss your options to help you make a truly informed decision!

Ready to make the most of a seller’s market? If you’re preparing to sell, we can help you secure a result you’ll be happy about—get in touch to learn how!

Do you have a parent or older loved one who could benefit from downsizing? Perhaps they’re having trouble maintaining their vast square footage, or they could benefit financially from moving to a smaller space. Either way, selling a home that’s full of memories is never easy. Fortunately, approaching the issue in the right way can make it less overwhelming.

Learn some tips for helping your loved one make their move with ease here in our guide to downsizing.

When helping someone else with real estate, it’s important to remember that you’re not alone. Here’s What Resources Are Available When Selling a Family Member’s House.

Preparing for the talk

It’s always challenging to delve into the downsizing process, but it can be especially difficult if your loved one is resistant to the idea. When that’s the case, it’s crucial to approach that initial conversation with great care.

Be upfront about your concerns while highlighting the positive aspects of a potential move (like a lower-maintenance lifestyle and the opportunity to put money towards living life to the fullest). You can find more tips for broaching the subject here.

Above all, remember that you’re not meddling. You’re helping someone you care about take a critical next step.

Bringing options to the table

Making a major life change can feel daunting in the beginning. Fortunately, you can make things easier for your loved one by helping them imagine the possibilities that go along with downsizing.

What kind of beautiful smaller living spaces are available? How much money could your family member save for their dream vacation if they weren’t pouring it into their house? Look into the potential savings, along with the costs associated with condos or assisted living residences you think they’ll love—and be ready to discuss.

If and when your relative is ready to sell, a qualified local agent can help them understand how much their living space would likely sell for in the current market.

Start decluttering well in advance

When selling a home—especially one that’s been in the family for years or decades—a very thorough decluttering is crucial. Sorting through memories can take time, so be sure to get started as early as possible.

Here are a few tips for helping your parent, grandparent, or older relative pare down their possessions.

Go room by room

Chances are, there’s going to be a lot of ground to cover. Your best bet is to start early (several months before your loved one will likely move) and begin with the most cluttered room in their home. Beware the trap of simply shifting belongings from one area of a property to another.

Donate, donate, donate

From duplicate appliances to sweaters that haven’t been worn in years, many of the items that should be donated are obvious. Look into local charities that could take them early on. If there’s one that your family member has a connection to, even better!

Honour the memories

If your relative has been in the same house for a long time, they’ve created a lot of memories there. During the decluttering process, take it slow—and be open to talking about the experiences attached to various items.

There are also some great ways to display much-cherished belongings in a new, smaller space. From framing old photographs to purchasing stylish shelves, consider turning decluttering into a fun family project.

Getting a property in show-ready shape is one of the most important steps toward securing a great price. From decluttering to working with professional cleaners, every part of the process counts.

Why does the right real estate agent matter when buying or selling a home? Find out in the posts below:

• 7 Amazing Benefits of Working with a Real Estate Agent
• Fact Vs Fiction About Working With A Real Estate Agent

Work with a local expert

You want to work with an agent who has a proven track record of securing successful results. Your loved one’s home is likely their largest investment, so getting the highest possible return (through top-notch staging, polished marketing, and negotiation know-how) is key.

If a home purchase will be part of the downsizing process, it’s best to work with an agent who also knows what to look for in a smaller property in your relative’s price range.

The truth is, your family member should feel free to ask questions when you’re zeroing in on the right agent. That’s what the interview process is all about! Speaking to a professional’s past clients can also help you understand what working with them will really be like.

Preparing your home for a sale can be complicated, but it doesn’t have to be. When downsizing, clients often want to simplify the process. The posts below can help:

• The Power of Staging When Selling Your Home
• Minor Upgrades, Maximum Results
• Do I Really Have to Update My Home Before Selling It?

Thinking about estate planning

Talking about wills can be pretty uncomfortable—which is why many people put it off. Of course, just because your older loved one isn’t bringing it up doesn’t mean it hasn’t been on their mind. Once you start downsizing, it’s the perfect opportunity to start a conversation about their financial wishes, whatever they may be.

Make sure your family member knows that your goal is ensuring their peace of mind. One of the most helpful things you can do may be introducing them to a qualified financial planner with the right expertise.

If someone in your family is ready to downsize, there are steps you can take to reduce the headaches that often come with the process. We’re here to help.

Ready to learn how we can simplify the downsizing process? Get in touch here or call 905-332-9223 to take advantage of our expertise!

Top-Selling Real Estate Team Invests in Future & Historic James St N

HAMILTON, ON (March 1, 2021) – Woolcott Real Estate, one of Hamilton’s largest real estate teams, today announces it is opening a second office location on Hamilton’s James Street North. The new office space, slated to open on Monday, March 1, 2021, is taking over a sprawling former bank at 303 James Street North.

“Hamilton has long been underestimated by people and businesses outside of the city,” says Drew Woolcott, broker of record, Woolcott Real Estate / Re/Max Escarpment Woolcott Realty Inc.

“When we came across the building at 303 James Street North, we jumped on it immediately as it was the perfect space for our team to expand into,” Woolcott continues. “We are strong believers in Hamilton and all it has to offer, and this building was the ideal project for us to invest in and grow with the city.”

The building at 303 James Street North has had a long, rich history. Though its earliest use has yet to be uncovered, it is known to have served as a branch for the Bank of Hamilton as early as 1894. In 1969, it underwent an extensive renovation under the helm of famed Hamilton architect Trevor Garwood-Jones and went on to house a Bank of Montreal branch. Its final iteration, prior to Woolcott Real Estate’s takeover, was as an illegal cannabis dispensary in early 2020.

“The space was a real diamond in the rough, and we were thrilled to have the opportunity to restore it to its former glory and help it shine along with its peers on the strip,” says Woolcott. “It has been a true labour of love keeping the old character while modernizing the space.”

Woolcott Real Estate itself has long-seeded roots in Hamilton. Drew Woolcott was born and raised in the city, and it was in the early 1990s when he was living in the downtown core that he began building his real estate busines.

“Hamilton is really home to me,” says Woolcott. “It’s where I spent my formative years, where I met my wife and had my oldest kids. I am always drawn to the grit of the city and find myself coming back to the excitement of Hamilton time and again.”

The idea behind the design of the space was to create an experience-focused office that was comfortable for agents, clients and the general public.

“Our goal, post-COVID, is to have this office space become a destination for Hamiltonians to drop in and learn about real estate in an unintimidating, casual environment,” says Woolcott.

The design features soft meeting spaces, a coffee bar and drop-in desk spaces for real estate agents to use.

Woolcott Real Estate’s new office space will be staffed from Monday to Friday, with a licensed real estate agent on duty from 9 a.m. to 5 p.m.

ABOUT THE WOOLCOTT TEAM

Woolcott Real Estate is one the top-selling real estate teams in the Hamilton-Burlington area. With a roster of 25+ experienced, dedicated real estate agents and a full-service support team consisting of marketing, staging and administration, Woolcott Real Estate creates a seamless, stress-free real estate experience for its clients. The team services buyers and sellers across Waterdown, Burlington, Hamilton, Flamborough, Dundas, Carlisle and beyond. In 2020, Woolcott Real Estate helped clients in over 500 real estate transactions. To learn more about Woolcott Real Estate, visit www.woolcott.ca.

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For more information, visit www.woolcott.ca or contact:

Justine Woolcott

General Manager – Woolcott Real Estate

647-862-5565

justinewoolcott@woolcott.ca

No doubt about it: selling a home is hard work. Buyers have options, which means sellers who want to get top dollar need to ensure that their property stands out. No matter the market, it starts with a tailored, data-backed marketing campaign. Luckily, with help from a true real estate professional, you can ensure that all eyes are on your home.

If you’re ramping up to sell, check out our five modern real estate marketing tips…

Make it stand out

In a digital world, capturing attention can be a monumental task. It’s all too easy for buyers to scroll and click past properties with potential, which is why making a stellar first impression is crucial.

From detail-oriented staging to stunning professional photography and videography, taking steps to create compelling visuals is key. They say a picture is worth a thousand words, and that’s definitely true when it comes to real estate marketing. Pro tip: drone photography can further bolster your home’s appeal by providing a bird’s eye view!

Create beautiful print pieces

While buyers are increasingly going online to find the right home, polished print materials can still go a long way when they’re considering which properties to tour.

To start, a magazine-quality marketing book that tells the story of your property (and showcases it in photographs) can be very powerful. Of course, promotion in the right places is another surefire way to attract attention. For some homes, that could mean household-name newspapers (like the Globe and Mail).

It could also mean options offered exclusively by a team that has a strong local presence. For example, we market our listings in our own full-colour publication (sent to over 140,000 recipients via Canada Post) and in weekly print ads across our communities.

Leverage digital and social

The best modern real estate marketing strategies combine print and digital. While there’s no harm in talking about your listing on your social media feeds, you can generate way more interest if you have help from a local agent with a large online presence (think thousands of engaged followers on their accounts).

We can’t forget about advertising! From Facebook to Instagram, eye-catching ads can help ensure that your home gets abundant clicks, impressions, and unique views. If you’re not social media savvy, that’s okay—your agent can help you understand the bigger picture.

Don’t forget the basics

Of course, many buyers prefer a direct approach. These home hunters tend to go straight to the source—which usually means websites like realtor.ca. That said, while it’s important to distribute your listing amongst the heavy hitters, syndicating it far and wide will only help more buyers find it!

Crucially, your property needs to be on the MLS—the database that brokers use to share listings. To maximize its exposure, your agent should put it in every relevant database. For many local properties, that includes those for the Hamilton-Burlington, Toronto, and Ontario inter-regional real estate boards.

Work with a well-connected agent

To extend your marketing reach as far as possible, your agent should use a tailored combination of the modern real estate marketing strategies above. They should also have strong industry connections, which will allow them to start reaching out to buyers who could be a good match for your home—even before it’s listed.

When you’re considering a potential agent, try to get a sense of whether they’re part of a network that could benefit your sale. Do they have a strong presence in your area? Are they part of a team that includes buyer’s agents? Is there a talented sales manager at the helm? These are questions you should feel free to ask during the interview process.

Marketing a home takes experience, finesse, and extensive local reach. From our 20,000 email subscribers and nearly 50,000 monthly website views to our proven ability to create marketing strategies, our team has what it takes. Are you ready to get started?

Interested in learning more about our selling process? Get in touch. We’re happy to answer all of your questions—and help you put your property on the market if the time is right!

One of the biggest decisions every new agent needs to make is whether they want to join a tight-knit team. Part of the draw of a career in real estate is the independence it can offer, which is why some budding professionals are reluctant to work closely with others in the industry. That said, there are some major benefits to joining a team—so long as you go into it with all the information you need!

If you’re thinking of joining a real estate team, here’s what you need to know…

What are the benefits of joining a real estate team?

One of the biggest advantages of working with a well-established team is the leads you can get right out of the gate. They could mean the difference between making money at the beginning of your career, and…not.

In a highly-competitive industry, it’s also important to gain traction early on. The right team will have the reputation and name recognition to provide you with a certain level of credibility. They should also be capable of helping you develop professional marketing materials to promote yourself effectively.

Along with access to proven systems, processes, and general knowledge, joining a successful team will offer plenty of hands-on learning experience. That means opportunities to brainstorm with other successful agents and obtain guidance from experienced real estate leaders.

How does a real estate team work?

When a team works well, it works really well. Everyone fulfills their role to a tee—and is supportive of one another. Agents are in a much better position to achieve their goals, and the potential for growth is high.

It all starts with structure. The roles included may vary from one team to the next, but they typically look a little like this:

Broker of Record

Along with other responsibilities, this professional is responsible for ensuring that their brokerage (and all of its employees) are in full compliance with industry rules and regulations.

Sales Representatives

You know what this role entails. Along with agents who handle ongoing listing and selling activities, some teams also have dedicated buyer’s and leasing agents.

Management

Management may include anyone from a general manager (who oversees operations at a high level) to a sales manager (who trains, motivates, and helps agents meet objectives) to a marketing manager (who oversees promotional activities).

Administration

Administrative staff takes care of paperwork and ensures everything runs smoothly. Roles may include professionals who work the front desk, along sales, listing, marketing, and transaction coordinators (among others).

Staging or Design Experts

Many teams have their own staging and home design experts on staff. They help provide a higher level of service for sellers.

How do real estate teams split commissions?

When you’re choosing a team, the financials matter. While many new agents are focused on receiving the highest possible commission, there are pros and cons associated with various splits.

The most common is probably 50/50. This means the brokerage gets half of your commission from a transaction, and you get the other half. This structure typically includes desk fees, support from administrative staff, and plenty of assistance with marketing.

Keep in mind that higher commission often means less support overall from the brokerage. It’s all about finding the balance that meets your specific needs.

Questions to ask before joining a team

There’s no doubt that choosing the right real estate team could be crucial to your success. That’s why it’s so important to ask the right questions before making a commitment.

When you’re considering working with a team, you’ll definitely want to enquire about their structure, their management’s experience, and the commission splits they offer. Beyond that, you’ll need to understand potential expectations and talk about your own professional goals. Through this conversation, you’ll quickly discover whether the team represents the right opportunity for you to grow.

Don’t forget to ask about culture. From work-life balance to a team’s mission and major priorities, it all plays a role in whether you’ll be a good fit—and whether you’ll flourish in a career that you love!

Exploring your options? Learn more about us—or get in touch to learn what life is like as part of Woolcott Real Estate!

Are you thinking of buying a pre-construction condo? You may like the idea of owning a brand new unit, but it’s important to understand the purchase process before you dive in. The steps involved differ from those you’d expect if you were buying a resale condo. Fortunately, learning about these differences can help you make the right decision—and secure a place that’s perfectly suited to your needs!

Here are some of the most commonly-asked questions about buying a pre-construction condo…

What are the benefits of pre-construction?

There are several major benefits of buying brand new. For one, you can forgo the stressful bidding wars that often occur in hot markets. You can also lock in a favourable interest rate at the beginning of the process—and then watch as the value of your unit grows. We’re talking about a very low-maintenance investment—and the protection of a Tarion warranty is nice, too!

Perhaps best of all, developers often offer customization options. If the idea of choosing your own colours and finishes appeals to you, pre-construction may be the right choice!

How does the deposit structure work?

While you can get away with putting down as little as 5 per cent on a resale condo, your pre-construction down payment will be 20 per cent. The good news? You’ll pay it in installments. That means more time to save up—another benefit of being a pre-construction buyer.

You’ll generally pay your remaining deposit amount in 5 per cent increments—at 30 days, 60-90 days, and 120-270 days. The exact timing will vary from one project to the next.

✤ For more general information on deposits and down payments read:

• Deposit & Down Payment: What’s the Difference?
• 8 Tips On Saving For A Down Payment

What will the timeline be like?

First comes the launch, then construction. Next up, occupancy—this is when you’ll get the keys to your unit (but you won’t own it in full quite yet). Finally, the building will be registered, and you’ll get the deed to your new condo.

The whole process is typically around three years, though it can take less time (or more). In other words, pre-construction is best for those who don’t foresee any unexpected life changes in the years ahead.

What is “phantom rent?”

There will be a period between the day you can move into your unit and the day when you officially take ownership. It’s what’s known as interim occupancy, and it can last anywhere from a few weeks to several months. During this time, you won’t be paying your mortgage. Instead, you’ll owe occupancy fees (also known as “phantom rent”).

The good news is, you’ll have access to your unit during this time (though your amenities and common areas may not be completed yet). You can also begin leasing out your space.

✤ For more information on buying real estate check out:

• Pre-Qualification Vs Pre-Approval – Which Is Better?
• 7 Amazing Benefits of Working with a Real Estate Agent
• How To Negotiate A Real Estate Contract

Will my unit be ready on time?

To be honest, delays happen—and they aren’t uncommon. Developers are allowed two extensions lasting up to 120 days each. After that, they must set a new date, and buyers are eligible for delayed closing compensation. If another year passes, you are entitled to cancel your agreement (within a 30-day period).

There’s no doubt that delays can be annoying, so try to factor them in if possible. You can also increase the likelihood that a building will be completed on time by working with an agent who knows which developers are most reputable!

Can I sell a pre-construction condo before it’s complete?

Life happens. If you realize that owning your pre-con condo no longer makes sense, you can make what is known as an assignment sale. Through this process, you can sell the purchase agreement to your unit. A word of warning: you’ll want to ensure that your contract allows for assignments—and that your developer signs off on it.

If you’re an investor, be aware of your tax obligations. Failing to pay what you owe on an assignment sale could land you in hot water, so make sure you speak to a financial professional with the right expertise.

✤ Click here for more information on assignment sales!

Can I get an inspection?

Resale condo buyers often opt for a status certificate review instead of a full inspection. In contrast, when you’re buying a brand new unit, having it professionally inspected is part of the process! For more information about how it works, check out the Tarion website.

Pre-construction condos can be great investments, and buying one might turn out to be one of the best decisions you ever make. The keys to a successful purchase is knowing how the process works—and whether it suits your goals, preferences, and timelines!

Thinking about buying a pre-construction home? We have the expertise to guide you through the process—get in touch to learn how we can help!