At the Sylvain Bourgon Real Estate Group, we’re always ready to help our clients overcome obstacles in order to achieve their real estate goals with absolute success.
Today, we’d like to highlight one particular experience by sharing a real estate case study that demonstrates what happens when the local Realtor isn’t the best Realtor…
The Property
The home was a 6,600 square foot all-stone bungalow built in 2001, located on Cumberland Ridge Drive in Du Gouverneur Estates. The homeowners were past clients that we helped to purchase and sell many investment homes.
The Obstacle
Their personal property was clean, but outdated and in need of an update. We provided them with an Opinion of Value of $900,000. However, they moved forward with an agent that worked in the area a little bit more than us, who suggested no changes and a much higher price of $1,450,000.
After 3 years, the home still hadn’t sold – that’s where our team came in. We took over the listing and determined the major obstacle our clients were facing was how dated, overpriced, and in need of repairs the home was.
The Solution
We brought in our team and our stager and recommended that they either renovated or lowered the price to adjust for work needed (which included mismatched floors, a dated kitchen and ensuite, fence repairs, painting, landscaping work, and front door replacement). The homeowners invested $100,000 into the renovation and we listed their home for $1,350,000, which was market value at the time.
The Outcome
After only 5 days on the market, we sold the home for $1,175,000. At the time, the average days on market in that area was 49.
If they hadn’t made any changes, they most likely would have sold the home between $825,000 and $875,000. For their $100,000 investment, they were able to make approximately $200,000 more and had a much faster sale.
The Takeaway
Unfortunately, many agents will only tell clients what they want to hear, not what they need to hear. Instead, you need to work with an agent who will go in with honesty to maximize your net dollar return – even if they aren’t necessarily the ones who do the most deals in your specific neighbourhood.
Speak with an agent that sells many homes and has a full toolbox to help you get maximum dollars as well as maximum exposure. If an agent is only advertising your home on their own website and the MLS, your home won’t gain exposure to a large group of buyers.
Want to be our next success story? See how we can help you with your next purchase or sale by calling us at 613.590.3036, sending us an email at info@buyandsellottawa.ca, or scheduling a meeting.