Thinking about going “for sale by owner in Canmore”, and selling your own home?
If you’ve ever owned a property, I’m sure you’ve considered selling it privately without an agent. This is a perfectly understandable line of thought, and in many cases and markets – it can be a huge success!
Usually with a private sale, the seller and buyer know each other or are even neighbours. Let’s say the seller is asking a fair price, and the buyer is willing to pay it. Maybe some minor repairs are negotiated and agreed upon. One or two lawyers wrap up the paperwork in their own special way, and the sale closes.
Sounds easy, doesn’t it?
Unfortunately, this idealized situation is rare – especially in a real estate market like Canmore & Banff. Why? For starters, Canmore isn’t filled with local acreages and neighbouring families going back generations. Canmore & Banff aren’t exactly filled with “undesirable” properties, either. As a town of high-end homes and high price tags, both buyers and sellers often expect a lot more.
Today, let’s explore some misconceptions about selling your own home, or going for sale by owner, in Canmore & Banff.
Companies like Property Guys Canmore and Purple Bricks don’t really do real estate – they just do marketing. As a corporation or franchise, they provide business people with the tools to sell you their system (website, signs, etc). In fact, what they sell is simply access to their marketing platform or system. So what they are focused on is marketing their system to sellers (like you), rather than marketing your home to buyers.
When you work with a (hopefully good!) licensed REALTOR, you are partnering with someone who should be solely focused on your needs and your property. Of course this should include extensive marketing of your home not just on the MLS, but on various websites, in the local community, and through social media networks. This is a huge part of my strategy when marketing homes – and it pays off! A licensed agent also has a fiduciary responsibility to act in your best interests mandated by law.
From the Property Guys Website: “We are not real estate brokers or agents, and we represent neither the buyer nor the seller. We do not trade in real estate. We neither warranty nor make any representations as to the outcome of a property sale.”
Doesn’t sound like they’re really on your side… or like they even sell real estate…
Once they’ve sold you their marketing package, companies like Property Guys and PurpleBricks offload responsibilities and duties to you and to people outside of your local market, who don’t have a vested interest in your needs or goals.
You might be responsible to field phone calls and decipher emails from their basic automated system. It will be up to you, the owner, to negotiate not just your price, but also commissions with the buyers agent (a professional negotiator). Most people don’t find this kind of thing a relaxing use of their precious spare time.
Make sure you read reviews for some of these services before making a choice. You can check some out here and here.
So as a seller, say you’ve listed your property for $1M.
Ask yourself this: If you were buying a $1M property in Canmore or Banff, would you want to do it on your own, without professional advice and assistance?
Answer: Not likely.
Real buyers want to work with trusted real estate professionals, because they can be wary about the risks of properties in the open marketplace. They want someone in their corner, looking out for their best interests and guiding them every step of the way.
This can totally work! At least your up-front costs will be minimal. The only problem is, your marketing system and strategy in this case is confined to the area where your sign can be viewed. All of the same truths about commissions and buyers above will also apply though. During the transaction process, you may also expose yourself to major insurance, financial and legal risks without the frequent – and very costly – consultation of a lawyer.
I am in no way discouraging people from selling their own home privately. If you have a buyer lined up, go for it! Or maybe you think the hard work and difficulties of the process are worth your time. Thats completely fine! My intention with this article was simply to clear up some common misconceptions I see fairly often.
If you are looking for someone who is focused on your best interests, and reaching your goals when it comes to selling your home, I’m just a call or a text away. I pride myself on putting in a quality effort when listing a home, delivering results, and fighting my hardest day in and day out to keep money in your pocket as an owner. Cheers!
Like this post? Check out some of my other articles to learn more:
Canmore Buyer Agent – Dan McGuire
Feel free to call, text, or email Dan today for no-pressure advice,
tips and insights into the Canmore, Cochrane & Banff real estate market.