Hiring a real estate agent is usually the best way to ensure your property reaches the largest audience. However, this also means that you will incur additional costs that may not be made transparent when you first sign a contract with the real estate agent. Let’s discuss four hidden costs of working with a real estate agent in Toronto.
The first unexpected cost of hiring a Toronto real estate agent is the photography fees. When you first meet with the realtor, they will mention adding high quality pictures to the listing. They usually have a preferred or recommended photographer they work with and they trust, but this will often cost more than anticipated. Today, especially with COVID-19 and limiting people in your house, it is highly recommended to include 360 degree photos of each room, a virtual tour and perhaps a video. These added features are becoming standard practice when listing your house, but they definitely do not come cheap.
The second hidden cost of working with a Toronto real estate agent is staging fees. If you do not have furniture, the real estate agent will often recommend hiring a staging company or interior designer in which case you will have to rent the furniture. This is said to help the buyer envision how the space would look and see themselves living there. On the flip side, if you have too much furniture or cluttered spaces, you may have to pay the interior designer to help you declutter and reposition furniture to increase the appeal of your property.
Curb Appeal and Improvements
The third hidden cost of working with a Toronto real estate agent is curb appeal. Real estate agents will often suggest improving the curb appeal of the property. This will usually include a fresh coat of paint, landscaping and doing some minor repairs if needed. Of course, painting an entire home, putting in new plants, adding mulch, pressure washing the driveway and other visual improvements will cost thousands of dollars.
Property Inspections or Surveys
The fourth unexpected cost of working with a Toronto real estate agent is a home inspection or survey. Having a recent property inspection or survey is a great selling tool, especially if the property has no major issues or property line encroachments. This will alleviate buyer skepticism or reluctance to put in an offer.