My second loft expert came to view my place on Tuesday evening. He came well prepared (PowerPoint presentation and all) and he's well versed in my building. His company had originally sold the lofts from the developers to the original buyers. He's also sold my unit before.
I'd have loved for him to have seen the condo before I purchased it. I was trying to explain that it showed horribly -- a makeshift platform bed, no place to eat, dirty, bad use of space, etc.
His first words were "you'll definitely lose money on this". However, the more questions I'd asked, such as "are there any other lofts listed for under $200,000 in Toronto?" and "how many first time single buyers come to you looking for a loft in this price range" the more he changed his tune price-wise.
So, we went from a potential list price of $175,000 (what I'd paid for it) to the idea that we could try and put it on the market at $199,000 since I'd have no competition.
Like I'd mentioned after the first visit, even if I did sell for $194,000 I'd be making just less than $5,000....in my mind, not worth it. The only reason I'd sell is to be able to get into a larger place and renovate it.
That got me thinking: what if I sold it on my own and saved the realtor fees.....
Comfree/formerly By The Owner offers packages for sellers to go at it without a realtor. For $299+tax I would get:
- a listing on their site for 6 months
- email alerts to potential buyers
- listing on realtor.ca (an extra $179)
- 7 day display on the featured listings page
- 10 professional photos taken
- access to real estate lawyers to answer questions
- directional signs/lawn signs - nice, but according to my condo regulations I can't use this anyways!
Saving even 2.5% (sellers commission) would be helpful to the bottom line - that's potentially $5,000 extra in my pocket. My parents sold our childhood home without a realtor, so I know that it is possible.