Melanie Press : Impress Island Realty : Archived blog posts for : February 2024

13 Reasons Why

Posted on February 26, 2024 by Melanie Press

13 Reasons Why Your Home Isn’t Selling and How to Fix It

Unfortunately, you’ve put your beloved house on the market, hoping to sell it quickly, however, weeks have gone by, and there’s not a single offer in sight. Even showing requests are running dry, and you’re left wondering what went wrong.

Why isn’t your house selling? Don’t worry; it’s not too late to turn things around. The longer a house sits on the market, the more concerned buyers become about what’s wrong with it.

Here are the top 13 reasons why your house might not be selling and some actionable steps you can take to get your sale back on track:

1. The price is too high

This is a common reason why homes struggle to sell, and the same holds true for most other items. Every item holds value, and the worth of your home is based on what a buyer is willing to pay and what the bank will lend against it. While we appreciate your attachment to your home and your belief in its high value, setting an inflated price can deter potential buyers. To attract buyers, adjust your asking price by comparing it to similar homes in your area. Avoid the pitfall of overpricing as it can be detrimental.

ALWAYS get at least 3 valuations on your home and ask for evidence of value. Don’t fall into the old trap of ego boost pricing and agents buying your listing with the promise of achieving a higher price UNLESS they have an offer in hand.

2. You missed the market’s peak

Real estate differs from the stock market as it can undergo subtle changes when least expected. Keep yourself informed about the market and assess buyers’ choices promptly. Properties that used to sell quickly in 2021 might now stay on the market for months. Additionally, remember that real estate is influenced by local factors. Comparing our market to Calgary or Toronto is not valid as each market has its distinct characteristics.

3. You have a specific problem to address

Receiving feedback from showings is crucial for resolving any issues that require attention. After pinpointing a problem, take steps to alleviate it by adjusting lighting, decluttering, or revamping the staging. Keep in mind that while lowering the price may sometimes be the most effective solution to sell your house, it’s also important to listen to potential buyers or ensure you’re receiving accurate feedback – this is where your Realtor® plays a key role!

4. Your home is unconventional

If your home is distinctive or unconventional, it might require more time to sell. However, fret not! By implementing an effective marketing strategy, you can connect with the ideal buyer who will value the unique qualities of your home.

5. Your listing photos are not on point

In the current digital era, the significance of your online listing photos cannot be overstated. Low-quality images or a shortage of photos may deter potential buyers. Capture high-quality photos showcasing your property’s standout features, and think about engaging a professional photographer if photography is not your strong suit.

6. You’re not marketing your home effectively

Your home might be fantastic, but without proper marketing, it may not attract buyers. Enhance your home’s visibility by listing it on prominent real estate platforms, leveraging social media, and displaying “For Sale” signs and flyers in your local area.

7. You’re working with the wrong buyers

Indeed, such an option exists! If traditional buyers are not showing interest, you might want to explore selling to a real estate investor. They tend to be more open to properties that require some tender loving care.

8. Your curb appeal is no good

Drive-by viewings are still a common practice among home buyers. The initial impression is crucial, and if the exterior of your home is unimpressive, potential buyers may not even step inside. Enhance your yard, plant some flowers, and ensure that the exterior of your home looks its best.

9. Your staging is non-existent

Home Staging Can Accelerate Sales and Increase Value: Enhance the selling speed of your home with staging. A properly staged home can even fetch up tp 18% more than one that is not. Simplify by decluttering, storing personal items, and enlisting a professional stager to add the desired wow factor to your home.

10. Your marketing needs a makeover

In today’s digital realm, buyers are scouring the online marketplace to discover their dream homes. Get yourself a top-notch sales agent who knows the ins and outs of your area. They’ll help you identify your home’s selling points and craft an irresistible marketing strategy.

11. Your listing description is too blaaaaaa

An uninteresting listing description can make buyers lose interest and look elsewhere. Instead of just stating facts about the house and its location, aim to captivate buyers with the enchantment of living there! Showcase the unique features that turned it into your sanctuary and craft an enticing vision of the potential that awaits buyers in their new residence.

12. You’re getting bad advice

Collaborate with a knowledgeable local agent who can assist you with pricing, staging, and spearheading marketing strategies to ensure a quick sale of your house.

13. You’re a helicopter seller

We all have a deep attachment to our homes, making it tough to part ways – it’s understandable! However, micromanaging the selling process can sometimes cause issues. Trust a real estate professional to take the lead and navigate you through the selling journey smoothly.

It is always possible to sell your home. If your current approach is not yielding results, consider revising your strategy. Take your home off the market, make necessary adjustments, and then relist it – perhaps with a new agent.

Keep in mind, there is a buyer out there for every home! Let me help you find them.

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So You Want To Be A Realtor®

Posted on February 23, 2024 by Melanie Press

Starting a real estate journey can be a goldmine, but only if you play your financial cards right from day one. After meeting all the educational hoops and acing that exam, get ready to invest wisely in your future success in this thrilling industry.

Real Estate Education, Licensing and Initial Costs.

When stepping into the real estate industry, it’s crucial to anticipate a range of expenses to kickstart a successful professional journey. Below are the initial costs that new real estate agents should budget for to excel in their career:

Real Estate Career Prep Course $250.00
Pre-Licencing Course $3,500.00 Plus HST
New Member Initiation Fee (one time) $ 550.00
Errors and Omissions Insurance Initiation Fee (one time) $100
Errors and Omissions Insurance $515.00 (plus HST on management fee – prorated)
CREA New Member Fee (one time) $200 plus HST
Salesperson Licencing Fee $200 (for two years)
CREA Member Dues $310 plus HST (prorated)
Salespersons Bond $150 – $250 (depending on the insurance company you use)

So for the initial start up you are looking at around $5,875.00

Then you with immediately start to incur, monthly:

PEIREA Dues of $74.00 plus HST
MLS® Provider Fees $17.00 plus HST
GEOLINC Access Fee $15.00 plus HST
Plus and monthly dues or desk fees from your Brokerage.

Brokerage and Desk Fees

When starting your real estate career, the brokerage sponsoring you will typically impose either a fixed or graduated commission split on each property transaction or a flat brokerage fee. Brokerages might also mandate a monthly desk fee that includes resources such as office space, supplies, mentorship, and access to collaborative teams.

It’s advisable to have savings to cover your expenses and ensure timely payment of all dues each month. It can be discouraging to land your first deal and then have a significant portion go towards settling outstanding expenses with the broker.

REALTOR® Association Fees

Membership in Canadian Real Estate Association (CREA) offers a plethora of benefits, including marketing support, exclusive designations as a REALTOR®, a vast professional network, advocacy, research resources, and advanced training opportunities.

Errors & Omissions Insurance

Becoming a CREA member provides access to top-notch Errors and Omissions (E&O) Insurance, offering protection against claims of negligence in client services.

Health Insurance and Life Insurance

Since real estate agents usually work as independent contractors, obtaining a suitable health insurance plan is crucial to reduce possible medical expenses and a life insurance policy is prudent (and tax deductible) for people in business.

Continuing Education & Professional Development

Continuous professional growth and keeping up with market trends are vital for a thriving career in real estate. In Prince Edward Island, Continuing Education courses are mandatory to uphold agents’ status. While most courses are free, specialized designations and certifications that boost networking, broaden knowledge, and attract specific clients are available for a fee through CREA.

MLS® Fees

The Multiple Listing Service® (MLS®) network helps real estate professionals link buyers with residential properties. Usually, brokerage firms grant access to the local MLS® and are billed by the governing association, so in PEI, The Prince Edward Island Real Estate (PEIREA).

Marketing Expenses

Allocating funds for marketing initiatives is essential for promoting a new real estate venture. This includes expenses like a real estate website, email services, online advertising, business cards, social media tools, mailers, signage, and promotional materials. Even though referrals and repeat clients are significant for REALTORS®’ business, it is crucial to make initial investments in advertising to establish a solid client base.

Mileage and Vehicle Expenses

Many Realtors® feel the pinch when it comes to their trusty wheels, especially with gas and maintenance bills skyrocketing. These costs add up fast due to agents zooming around like speed racers, clocking over 40,000 kilometers annually. Keeping a keen eye on the budget for fuel, repairs, and TLC is key to smooth sailing.

Income Tax Considerations

Self-employed real estate agents need to factor in self-employment income taxes when planning their finances. To maximize tax advantages, it’s crucial to keep detailed records of deductible expenses like fuel, mileage, repairs, office supplies, software acquisitions, real estate brokerage fees, and marketing costs.

By planning wisely, agents can manage initial start-up expenses efficiently, paving the way for a smooth shift from being a real estate learner to a seasoned professional. Having a thorough grasp of budget needs is key to easing the transition into the realm of real estate entrepreneurship.

And in conclusion…

Starting a real estate gig is like launching your own enterprise – it’s all about having those coins stacked up to weather the stormy first few months. Thinking of diving into the real estate world? Drop me a line in secret to chat about the ups and downs.

The real estate realm loves to flaunt its perks while sneaking the downsides under the rug. Sure, curveballs might pop up, but let’s try to dodge them like a pro!

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Melanie Press Celebrating 28 Years!

Posted on February 16, 2024 by Melanie Press

Today Melanie is celebrating 28 years helping clients find home!

When You Continually Demonstrate Optimism, Drive And Passion For Life, You’ll Undoubtedly Make A Difference In The Lives Of Others And Your Own – Melanie Press

Melanie, a seasoned real estate specialist originally from England and proud islander by choice, has resided in PEI for the past 15 years. Her decision to move to the island was a no-brainer; the moment she and her family set foot on the island’s iconic red soil, they knew they had found a place to call home.

Melanie finds that PEI is a fantastic place to raise children, work, and live. When asked why she chose to make PEI her home, her response is always the same: “Try everywhere else, and you’ll answer that question for yourself.”

Melanie’s career in real estate just hit a milestone, spanning 28 years! Having worked in the UK, Europe and of course, Canada. During her career she has sold everything from parking lots to a pop stars mansion.

I am incredibly grateful for the opportunity to work with some of the most varied and valuable real estate in the world, as well as some of the most volatile and demanding markets. This experience, in turn, allows me to appreciate the importance of my clients’ individual needs more than most.

Her clients rave about her ability to comprehend their unique needs, which has resulted in an extensive and devoted clientele. Her straightforward and honest approach, combined with her ability to adapt to difficult situations, has been instrumental in her success.

Melanie is dedicated to elevating professional standards in the PEI real estate industry. She has served on the Professional Standards Committee and as chair and committee member of the PEI Real Estate Association (PEIREA). Melanie’s unparalleled experience, focus on clients, and forward-thinking approach are the driving forces behind the Impress Island Realty brand.

Opened in 2019, Impress Island Realty is a unique boutique firm that provides a comprehensive range of real estate services. As a locally owned and operated business, the business is entirely independent of any corporate hierarchy, which allows Impress Island Realty to offer tailored programs and services that meet our clients’ needs.

At Impress Island Realty, they are dedicated to providing exceptional customer service and professionalism. No real estate experience is average, each one is unique, and the team is committed to delivering above-average representation for all types of transactions, regardless of the size or value of your property.

As a community member, Melanie has served on the PEI Business Women’s Association Board of Directors, the PEI Real Estate Association Board and Professional Standards Committee, and she currently serves as a board member and treasurer for the Mid Isle Matrix Hockey Association.

Outside of work, Melanie is a proud mother of two teenagers, two German Shepherds, a cat (Mr. Socks), as well as being married to her (long suffering) husband Paul. Her and her family are also a billet family for the Charlottetown Islanders and host players in their home for the duration of the QMJHL season.

When she’s not working, she can be found at the soccer field, hockey rink, or one of the island’s many spectacular beaches.

Melanie’s commitment to the client experience is paramount and feels privileged to have supported so many wonderful clients over her extensive career.

The role of a great Realtor® is imperative to the transaction to ensure the best experience for everyone involved and I am truly blessed to have supported so many wonderful people from all corners of the world. I have had, and continue to have one incredible career.

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