For Sale By Owner In Canada: How does it work?

In: Guides|Real Estate News

22 Nov 2010

In addition to our recent blog “Homes For Sale By Owner 5 Tips For Selling“, here are some more things to consider if you are thinking about selling your home “For Sale By Owner” in Canada.

1) Advertising your home:

There are different ways to advertise your home: Internet and signs are the most important. In Canada, each for sale by owner property should be advertised on the internet if they wish to get exposure for their property and find a buyer. PropertySold.ca is a great website to advertise on (of course!) because we receive approximately 16,000 unique visitors per day and we have a low price compared to other for sale by owner websites in Canada. Other great places to advertise a For Sale By Owner home in Canada are Kijiji and Craigslist. One thing to consider when posting on a free classified website is that they are not specifically dedicated to real estate. In addition to online advertising, signs are an incredibly important aspect of selling a home in Canada. A high percentage of homes are sold just from the lawn sign!

2) Getting your lawyer involved:

When selling a home by owner in Canada, make sure to get your lawyer involved from the start. Let them know that you are selling privately and ask them if they can review any offers before you sign. Ask them if there will be any additional charges for this service. If you are serious about selling and know that you will be moving, then it makes sense to call your lawyer as soon as you advertise your home for sale.

3) Think about offering commission to agents with buyers:

For sale by owner’s in Canada are mainly selling in order to save commission. The “standard” commission of 5% is a lot of money. Commission rates vary per province and all commission rates are negotiable. If you are a For Sale By Owner in Canada and you sell completely without an agent, you will have save thousands of dollars. However, when selling by owner, you should consider offering a commission to agents with buyers because some buyers will use agents. If you are offering no commission to an agent with a buyer, there will be very little motivation to show your property. While some for sale by owners in Canada want to try to sell their home for a few hundred dollars and involve no agents, others want to sell their home by owner, but are willing to offer a certain amount to agents with buyers. The more buyers that see your home, the better chance you have to sell.

Propertysold.ca

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More Information:

For all of your real estate questions please call PropertySold.ca Inc. today at:
1-855-900-SOLD and speak to a customer service representative. We have licensed real estate professionals on staff ready to take your call right now. List your property for sale by owner today. New! We now accept real estate listings from real estate agents and new home builders & developers. More Information »

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Canada Real Estate News

Real estate news in Canada including buy and sell information, local market updates, guides, tips for Canadians in the real estate market.