Phantom Offers in the Toronto Reat Estate Market

As a realtor who works with buyers in a HOT Toronto real estate market, Multiple offers, well, it's just a normal part of doing business. All too often, agents will underprice a property to generate numerous offers and hope someone comes up with a big number.

In a recent article in the Toronto Star, some consumers have complained of phantom offers. These consumers were making offers on properties that had been on the market for an extended period of time. Suddenly, when their offer was registered, another offer just happened to be registered as well. Coincidence........no one knows. In my opinion, the Toronto Real Estate Board should establish clearer guidelines on how multiple offers should be handled. The process of handling multiple offers is not very transparent. As a buyers' agent, you have no real way of knowing if there is another offer in fact.

My brokers, Ken McLachlan and Debra Bain of REMAX Hallmark Realty Ltd, who head one of the larger brokerages in Toronto, once again have decided to lead the way and establish a new policy around multiple offers.

The policy of REMAX Hallmark Realty Ltd regarding multiple offers is as follows:

In Offer situations when RE/MAX Hallmark Realty Ltd. is representing the seller in multiple offer scenarios, it will be the company wide policy of RE/MAX Hallmark Realtors to disclose the name and company of all Realtors (in writing), who have registered an offer on the property to any participating co-operating broker when requested.

When requested, this information will be provided to any co-operating broker either in writing before Offers are being presented of after completing of transaction.

Check out my broker's blog to see other related stories

Sam Soukas
REMAX Hallmark Realty Ltd
Sales Representative
www.AgentSam.ca

Staging your home - is it really worth the effort?

First of all, let me apologize to my clients who have sold their homes recently. You finally find your next home and now its time to sell. I arrive with a pad of paper and pencil and we start to make the list!

Preparing your home for the market is no small order. The list could include painting entire rooms, minor repairs, packing up all the toys and on and on and on!

Last month, it was my turn! We had finally found our next home and now it was time to get our home ready to sell. So I thought that I should do exactly what I make my clients do. We started at the front of the house and went from sidewalk to front door and through every room making a detailed list of all the things that need doing!

While this in and of itself was a monumental task - I can't beleive how much stuff we have/had - we also decided to remove the remaining knob and tube wiring to improve the saleability of our home. This involved gutting the basement to allow the electrician access to the old wiring. Not only did we have to demolish the basement but the electrician had to poke numerous holes in the old plaster walls on the main floor of our bungalow to ensure all the old wires were gone! WHAT A MESS!

So on top of packing up a lot of possessions, we undertook this renovation and all of it in 3 weeks. Time was of the essence as we had a closing date on our purchase and I wanted to ensure that we were on the market before Thanksgiving weekend. In the end, it took 4 weeks but the results were nothing short of amazing.

Once all the dust had been removed and all the holes patched and repainted and the basement renovation completed - it was time to stage! This part of the fun part - when the pictures go back on the walls, the furniture gets re-arranged and the fresh flowers go out on the table....



While I knew the process of preparing to sell was a challenge, I have a new appreciation of what I put my clients through. Was it worth it - YES! We set a record for our street and I think my clients would concur that their homes have sold for more than they thought might be possible!

To see some of my listings - go to www.AgentSam.ca for an inside look at some of the homes (including my own) that I have staged!

Sam Soukas
Sales Representative
REMAX Hallmark Realty Ltd
Toronto, Ontario
Canada