The passing of a loved one is arguably the most painful event anyone can experience. The support of friends and family plays a pivotal part in helping you through it. However, in the meantime, you have a role of your own to fulfil as the executor of the will. 

Sometimes, it helps to have a comprehensive checklist to go through line by line. When that feels overwhelming, you might want to sit back and focus on the whole picture. In this post, we’ll keep your broader vision in mind as we explore all of the ways to make the most out of an estate sale.

Focus on a Goal

The first step to a successful transaction in real estate is to understand the market, and an estate sale is no different. Before listing the property, you’ll want to know whether we are currently facing a seller’s market, buyer’s market, or balanced market.

Understanding how much demand there is will help you form a strategy for preparing, pricing, and promoting the home effectively. Fortunately for existing homeowners, Winnipeg real estate is in high demand, and the long-term outlook tends to be positive.

That said, if you want to make the absolute most of the transaction, a little deeper analysis will help. A local expert can help you understand current statistics, what they mean, and how they will affect your next steps. 

An overall understanding of the Winnipeg real estate market will help you stay on track. Learn more in the posts below:

• 3 Things To Know Before Selling Your House In Winnipeg
• How Much Does It Cost To Sell A House In Winnipeg?

Surround Yourself With Support

Real estate transactions are challenging enough at the best of times. Add grief, a tense family dynamic, and a few legal quagmires into the mix, and estate sales become even more stressful. To top it all off, you may need to act quickly while facing delays from the courts when trying to obtain probate.

As the executor, you are primarily responsible for overseeing this task, but that does not mean you need to face it alone. You should surround yourself with your friends and family, as well as a few local professionals you can trust. 

One of your first steps is to obtain legal advice from a lawyer with experience in estate sales. They will be your touch point to ensure everything is above board, which reduces the chances of someone contesting the will or delaying the process in other ways.

If you don’t know where to turn, a local real estate agent will have a network of professional contacts. When you’re in a time crunch and feeling stressed, having access to reputable experts with a single phone call, email, or text can be a lifesaver.

The executor of the will has many responsibilities. For a more detailed checklist, visit The Duties Of An Executor Of An Estate In Manitoba: A Comprehensive Guide.

Home Preparations in a Hurry

Many people who are selling a home will spend months preparing it so it offers maximum appeal to potential buyers. These may include extensive upgrades or even a total remodel from top to bottom. You rarely have that kind of time when handling an estate sale.

Settling the will quickly allows everyone involved to move on to the next stage of the healing process. A seamless process grants closure to all of the beneficiaries, some of whom may be relying on their inheritance to give them financial security. Overseeing a successful transition is one way to honour the memory of your loved one.

If you want to get the best possible results in the minimum amount of time, focusing on the small details will go a long way.

• Cleaning and decluttering are non-negotiable. People need to be able to envision the space. Keeping the house free and clear of clutter helps them see the potential.
• Focus on minor repairs that showcase the layout and natural light in the home, such as a coat of neutral-coloured paint.
• Fix any glaring imperfections. For example, potential buyers won’t notice silicone around sinks and bathtubs – unless it’s dirty and grungy. Fortunately, it’s also an easy and inexpensive repair to make. Your real estate agent can help you spot many minor upgrades like this.
• Create an outstanding entrance. Buyers will form an impression as to whether they like the house within seconds of seeing it. Ensuring that the lawn, gardens, and walkways are well-maintained is essential. Some cozy outdoor furniture will also help buyers visualize enjoying their time outside.

Are you looking for more advice to get the house ready to show? The resources below will help:

• Considerations For Selling Your Parent’s Home In Winnipeg
• Is Staging Really Necessary When Selling Your Winnipeg Home?
• Should I Renovate My Home Before Selling?

Price for the Market

When it comes to getting a house on and off the market quickly, no element is more important than pricing. You don’t want to shortchange yourself or the beneficiaries by setting the price lower than it needs to be given the current market. However, you do need to factor in the condition of the home and how it compares to others in the area. 

• If you decide to sell as-is, you might have to consider a lower price in exchange for a faster sale with less effort.
• If you want to hit the market at the maximum price, you’ll need to take more time getting the house ready.

Finding the right initial price point is challenging, especially when you’re trying to manage all of your other duties as executor. Once again, this is one area where you should lean on an experienced real estate agent. With the support of your loved ones and the guidance of a local expert, you can rise to the challenges of handling an estate sale.

Do you have questions about buying or selling Winnipeg real estate? Our compassionate and knowledgeable team of experts is happy to help. Reach out to info@goodfellowrealty.com or call 204-224-2551 to get in touch with us today.