Market Trends
When you have to relist your property
February 21, 2019
If a home buyer backs out of a purchase, the seller may need to relist the property to attract new potential buyers.
The process of relisting a property involves the following steps:
- Informing the Real Estate Agent:
If you were working with a real estate agent or broker, you would need to tell them about the buyer backing out. They will help guide you through the relisting process and help you update the property listing accordingly. - Reviewing the Listing Agreement:
The seller should review the existing listing agreement with their real estate agent to determine any terms or conditions related to relisting the property. This agreement outlines the agent's duration, terms, and responsibilities in marketing and selling the property. - Assessing the Market:
Before relisting the property, it's essential to evaluate the current market conditions, including the local housing market trends, comparable sales, and demand for similar properties. This evaluation can help determine the optimal listing price and marketing strategy. Take a look around you. - Updating the Property Information:
Take the opportunity to review and update the property details, description, and photographs to accurately reflect the current state and any improvements made since the previous listing. Updating your property info helps attract new potential buyers and showcases the property's unique selling points. - Marketing and Promotion:
Your real estate agent will develop a marketing plan to promote the relisted property effectively. A marketing push may include online listings, professional photography, virtual tours, open houses, staging, advertising campaigns, and targeted outreach to potential buyers and other real estate professionals. - Considering Feedback and Adjustments:
If the previous buyer provided feedback or specific concerns, consider them and address any necessary repairs, improvements, or adjustments to increase the property's appeal to future buyers. It might be worth your while. - Evaluating Offers:
As new offers come in, carefully review and assess them with your real estate agent. Consider potential buyers' terms, conditions, and financial qualifications to make an informed decision.
It's important to note that real estate laws and procedures can vary by province and territory in Canada. Consulting with a local real estate professional or lawyer can provide specific guidance on the relisting process in your jurisdiction.
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