Real Estate Terms: Having your listing “on tour”

Ryan Coffey
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House hunting happens on tour as well.

House hunting happens on tour as well.

Around here we call it “tour” and in some other parts of North America I’ve heard it referred to as “caravan”. Regardless of terminology it is practiced widely across North America and for all I know beyond those borders as well. Every week the Realtors get a chance to see what listings are fresh on the market.

Depending on market conditions there may be many properties on tour or there may be only a handful. Either way, in Nanaimo the tour starts Tuesday morning around 10 am and last a couple of hours until the Realtors participating have either seen the ones they wanted to see, or have seen all of them. Reasons why Realtors participate include keeping up to date with what the inventory and prices are like, finding a property that might be right for their Buyer, checking out the competition for a listing they have or may soon have as well having a chance to chit chat with their peers.

The benefit to you as a Seller is of course that one or two dozen Realtors will be through your property when it is fresh on the market. The thing with Realtors is that we have Buyers. Some are there just to see listings in general but some have specifically chosen to see yours because they have someone who may be interested in it. If the price is right and the other criteria are too, they will contact their client and set up a showing hoping to get their client in there before someone else snatches it up. I have sold quite a few houses to Buyers this way as well as had quite a few listings of mine sell quickly for top dollar because the right Realtor with the right clients came through on tour. Realtors bring Buyers so it literally pays to be on their radar.

 

Ryan Coffey