Establishing the right selling price
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Please note that the following article has not yet been updated since the coming into force of the new Real Estate Brokerage Act on May 1, 2010. The OACIQ positions which are conveyed in this article may have evolved since the date of its publication. It is your responsibility to ensure, at all times, that you are acting or that you are exercising your rights or recourse in accordance with the Real Estate Brokerage Act, its regulations or any other applicable law.
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One of the essential tasks of the real estate broker or agent is to help the owner establish a realistic selling price. Sometimes, the price requested is inadequate because the owner lacks information. To establish the property's fair market value, the broker or agent may perform a comparative analysis with other similar properties on sale or recently sold in the vicinity.
When you want to sell a property, several important pieces of information must be obtained and verified at the start: lot size, amount of taxes, general condition of the house and its main components (roof, electrical system, septic tank, artesian well, etc.). It is therefore essential that you supply your broker or agent with all the information regarding the property, as well as all documents that may fully enable him to perform his role. In particular, the location certificate describing the current status of the property will be necessary when the contract of sale is signed. With the assistance of your broker or agent, try to identify the factors that may have a positive or negative effect on the property's selling price: site, dimensions, year of construction and condition of preservation of the building, number of rooms and their layout, material used, development of the land, current market characteristics, etc., so that you arrive at a fair and competitive price. The asking price generally has a direct influence on the time necessary for the sale. You must know that a property listed on the market too long tends to lose value.