Preparing to sell your house can be a monumental project, with countless moving pieces to juggle. The process involves a lot of planning, preparation, and a serious eye for intricate details. 

Through it all, it helps to think about what happens once you’ve accepted an offer and everything is over and done with. Perhaps your dream is to retire off the funds and travel the world. Or maybe you plan to upgrade and move into a larger home with your family.

Whatever your goal, it’s essential that you get the absolute best results the market will allow. However, selling a house in Winnipeg also has costs involved, both intangible and financial. In this post, we’ll take a look at what it takes to go from the planning stages right through to the close and beyond.

The Cost of Hiring a Realtor®

Real estate commissions are often the elephant in the room when it comes to hiring a Realtor®, but it’s a discussion worth having. A good real estate team can take 3 to 5% once your transaction closes. If you sell your house for $400,000, this could work out to $20,000.

At first glance, it may seem like a lot. However, the commission often covers a significant portion of preparing and marketing your home.

If you hire the right real estate team, you may think of it more as an investment than a cost, as you will earn more from your sale to begin with. According to the National Association of Realtors, the median of a real estate-assisted sale was $405,000 compared to an owner sale, which averaged out to $310,000. Even after subtracting the commission, those who sold their homes under the guidance of a real estate agent came out ahead.

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Transcona is one of the top suburbs in Winnipeg! Curious to know more? The resources below will give you some food for thought:

• Everything You Need To Know About Living In Transcona
• Our Favourite Transcona Neighbourhoods
• Our Favourite Transcona Neighbourhoods: Part 2

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Can FSBO Help You Save?

FSBO stands for For Sale By Owner. Since many people are looking to save money wherever possible, trying to sell a house without the help of a real estate agent can seem like a good idea. However, we’ve already established that you’re likely to earn more when receiving professional guidance. 

$20,000 for commissions is a small price if you receive $60,000 or more than you would have by selling on your own. Plus, not all costs are financial. If you’re not well-versed in the industry, selling a house is a complex transaction that can feel treacherous and full of landmines. 

The paperwork alone can make your eyes glaze over, but as legal documents, every line must be filled out meticulously and accurately. A real estate agent who handles numerous transactions each year has seen it all and knows precisely what to do if things go sideways. 

Selling your house becomes far less stressful when you have someone to call the minute you feel overwhelmed. Access to localized expertise can answer questions instantly instead of stumbling around on your own.  

Lastly, selling a house is essentially a full-time job. Imagine trying to rush during your lunch break to show your home to a prospective buyer, which is just one small aspect of the process. When your day is already full of commitments, it can be difficult to make the time to sell your house on top of everything else – at least successfully.

The Cost of Faulty Advice

One of the worst tolls of selling a home is bad, outdated, or incomplete advice. This can come from well-meaning friends and relatives who, though they may have sold a house many years ago, their knowledge does not translate well to the current landscape. Or it may come in the form of an inexperienced real estate agent or discount service.

You may very well understand the importance and benefits of working with a real estate agent to sell your home. But what happens if (shudder), you partner up with someone who is not up to the task or does not handle your transaction with care? This can cost you greatly in terms of your time, money, and peace of mind.

Tips for Finding the Right Realtor®

Fortunately, vetting real estate services is relatively simple, thanks to the abundance of information online. The following checklist can help you narrow down your search to ensure your agent will be the right fit for your situation.

• Does the agent have a solid online presence beyond the MLS®? Since many buyers begin searching online, access to a host of web marketing tools is essential.
• Is the real estate agent you’re considering from a discount brokerage? If so, what services are they not providing, and is it worth going without?
• Does the agent work full-time in the industry? Real estate is a complex field, and success requires skills in terms of analysis, networking, negotiation, and marketing. There’s a good chance that a part-time agent simply doesn’t have the experience or expertise that allows you to maximize the value of your home.
• How long have they been in business? Many real estate agents got their licenses as late as 2020 when the market was on fire. If that is the case, they may not know how to navigate a more challenging landscape.
• Does the agent have numerous positive reviews from happy clients? This is a sign not just of expertise and knowledge, but also a dedication to service. It’s even better if several of those glowing reviews are from repeat clients.

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Are you looking for more advice on how to prepare your home for maximum results in Winnipeg? The resources below will help:

• Is Staging Really Necessary When Selling Your Winnipeg Home?
• Should I Renovate My Home Before Selling?
• A Step-By-Step Guide For First-Time Sellers In Winnipeg

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The Cost of Preparing a Home for Sale

Investing in expensive upgrades and repairs to a home you will soon not be living in can feel counterintuitive. However, there’s no denying the impact that many of these can have on your final selling price. If a repair costs $2,000 and adds $10,000 to the value of your house, it is well worth the time and effort.

However, the trick is knowing which updates are most likely to pay off. Paying $10,000 for a value increase of $10,000 will not feel like a win after going through the headache and hassle of renovation. Investing in fabulous features that buyers love but won’t pay extra for is even worse. 

The fact that every buyer is different and everything is affected by the current market only complicates the matter. How can you know what will be the best use of your time and money when everything is constantly evolving? That is just one more advantage of working with a real estate agent who knows the market inside and out. That said, some updates are relatively minor but almost always help you achieve better results. For example:

• Sprucing up the outside is essential. The exterior of your house is the first thing a potential buyer will see, and you want them to fall in love at first sight.
• Cleaning and decluttering is a low-cost or even no-cost upgrade that impacts the speed and quality of your sale.
• Fresh paint is another low-cost upgrade that usually offers a substantial return on your investment.
• If you have more room in your budget, consider updating your kitchen or installing new floors. These features are highly attractive to most potential buyers and can help your listing stand out against others in your neighbourhood.

Renovations to Avoid

Unnecessary repairs and extensive renovations can become exorbitant. Luckily, some of these costs can usually be avoided without detracting from the value of your property. Keep in mind that buyers are rarely searching for perfect; they just want a place to call home. And they will want to add their own personal touches once they move in, which means you don’t have to attend to every last detail.

The repairs you make versus the ones you avoid will depend on the potential buyer and the type of home you are selling. If you’re listing a million-dollar home on the waterfront, it makes more sense to splurge when getting it ready for the market. For a small bungalow or condo, there usually is no need to make it appear like a luxury listing. 

In addition, many do-it-yourself upgrades are better left for the new buyer unless you have the skills to handle them. A botched paint job costs money regardless, and it detracts, rather than adds, value to your home. 

Marketing and Promotion

No matter how much you spend on updating and preparing your home for the market, you still have to find a way to bring your listing to the attention of the most likely buyers. This requires a comprehensive marketing and advertising strategy, which also has a cost.

• Professional photography and videography helps generate early interest in your listing, which makes it a worthy investment rather than relying on smartphone pictures.
• Paid social media campaigns allow you for better targeting, expanding your reach to those with the most interest in a listing like yours.
• Despite what you may have heard, print ads are not dead, especially in real estate. Older buyers especially love to have high-quality feature sheets that they can hold in their hands.

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Why are so many home buyers considering Winnipeg? Here are just a few reasons:

• 5 Reasons To Move To Winnipeg Right Now
• How To Find A Great School In Winnipeg
• Our Top 6 Luxury Neighbourhoods In Winnipeg

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Why Winnipeg?

With one of the most affordable housing markets in the country, people from all walks of life are flocking to Winnipeg. Students, newcomers to Canada, young professionals, and families have their eye on the city, and not just because of lower costs. 

Winnipeg offers a high standard of living, with rich heritage and a thriving entertainment district. Friendly and safe communities are ready to welcome you, and we haven’t even mentioned the many parks, trails, and beautiful green spaces!

Winnipeg is a fantastic place to live and raise a family, which also makes it a great place to sell or buy real estate. Even when the market slows to a crawl in other cities, houses here remain in high demand and often sell quickly. When you understand the dynamics and have the expertise of a local real estate team by your side, you are well-positioned for results.

Do you have questions about the process of selling a house in Winnipeg? Our experts are ready and waiting to help with anything you need. Reach out today to 204-224-2551 or info@goodfellowrealty.com to start the conversation.