No floorplan on your home’s listing? Your REALTORⓇ is cutting corners, says agent Leo Wilk
Let’s jump right into it. If you are trying to market and sell your home, and your listing agent is not providing a floor plan for your property, they are being frugal. What’s more, you should fire them and get a new agent who offers the full package. This is costing you lots of money!
Why? A Quick Example
One lovely townhouse in Fairview was listed in November 2016 (multiple-offer frenzy season) and did not sell. As well as a few other things done wrong, the listing agent at the time did not do a floor plan. They simply relied on the strata plan, which said the size of the home was 1,017 square feet.
So after 40 days listed they came off the market, as they could not sell.
When I was approached by the frustrated sellers to evaluate their home, my first comment was “I need to measure this professionally.” Why, they asked? My gut said it was bigger than the 1,017 square feet the strata plan had registered. In a market where we are seeing homes sell from $900 to $1,000 per square foot or more, another 10 to 20 square feet can equate to $10,000 to $20,000!
So my minor investment of a few hundred dollars can literally mean tens of thousands for my sellers.
The result? The professionally measured floor plan came in at 1,085 square feet. We found another 68 square feet. Do the math: 68 x 900 per square foot = an additional $61,200.
Re-Marketing the Home
Now, fast forward to earlier this year, when the owners decided to market and sell their home with me…. We listed the home only three months after they could not sell, in early 2017.
After the floor plan found us more space, we took professional photography, videos, etc. We included all this in the listing, and I raised the price by $35K. We ended up receiving four offers and sold for $55,000 above asking – $90,000 higher than the original list price in November.
Doing it Right
I am not saying the floor plan alone was the deciding factor in selling for $90,000 more compared with when they listed in 2016. But even in a hot market, it is integral to do it right.
Floor plans, pictures, videos, showings, open houses – everything has to be done, and done right. Getting a floor plan created has to be the easiest thing to do when it comes to listing a home, and offers buyers an additional way of visualizing living in the home. If listing agents do not do this, they are not helping to qualify buyers before seeing the home in person and are costing the seller money.
So when you are interviewing and selecting your listing agent, make sure that their marketing package includes all of the tools they have available to them. Anything less and you’re not getting a full service.
Interested in becoming a contributor for REW.ca? Whether you're an agent, broker, home inspector or general real estate professional, we're always looking for writers to share their knowledge with home buyers and sellers. Contact firstname.lastname@example.org for details.