Properly Review

WRITTEN BY
Lisa Rennie
Updated November 24, 2020

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Buying a new home and selling your current home at the same time can be stressful, especially when it comes to lining up the closing dates. What if your home sells long before you find a new home to buy? Where will you live until your new home closes? 

Or, what if you find a new place, but your current home just isn’t selling? How will you manage two mortgages simultaneously?

The home buying and selling process can be daunting and overwhelming, but it doesn’t have to be. Properly, a Toronto-based real estate technology company promises to streamline the buying and selling process while eliminating the stress and hassle. 

With Properly, you can purchase a new home and sell your current home without having to go the traditional real estate route of working with an agent in-person. And as you settle down into your new house, Properly will do all the leg work for you to prepare, list, and show your old house until it’s sold. 

There’s no need to stress out about showings, open houses, and lining up closing dates. Properly takes care of everything for you while you start enjoying life in your new home. 

If you’re considering selling your current home and buying a new one in Toronto or Ottawa, Properly may just be the simplest way to handle the process from A to Z. Let’s dig into this revolutionary new service to help you determine if it’s right for you. 

Properly’s ProperPriceTM Report

There are a lot of unique features about Properly, and the ProperPriceTM Report is one of them. This free tool allows you to accurately assess and appraise your home’s value with the help of the Automated Valuation Model that helps to estimate your property value by evaluating various influential factors, such as:

  • Your home’s features and upgrades
  • The age and condition of your home
  • Location
  • Crime rates
  • Quality of schools
  • Nearby amenities
  • Access to roads and public transit
  • The current temperature of your local market

The Automated Valuation Model uses more than 75 data sources from tens of thousands of homes recently sold to come up with an accurate valuation of your home. Within minutes, your customized ProperPriceTM Report will be available to give you a clear indication of how much your home is valued at in today’s market. 

The report will also detail the number of properties listed for sale in your neighbourhood, how many days they stay on the market on average, how many properties actually sell, and how close to the listing price homes are selling for. 

Understanding the value of your home is important before you choose a listing price. In fact, the price you list at will play a key role in how successful you are at selling your home. 

If you list too high, buyers who otherwise would be interested in your home will gloss over it. This can lead to far fewer showings and offers. Your home could end up sitting on the market for longer than necessary as it waits for a qualified offer.

Instead, you want to make sure your listing price will deliver as much money as possible while reflecting what your home is actually worth in today’s market. At the end of the day, your home is worth what qualified buyers are willing to pay for it. And Properly’s ProperPriceTM Report will give you that invaluable information.

ProperPriceReport

How Does Properly Work?

Properly works on a buy-before-you-sell principle. Rather than selling first and being rushed into a home purchase, you can take your time finding the perfect home for you and your family. And once you’ve done that, you can sit back and relax while Properly helps find a buyer for your old home.

Step 1: Decide if buying first is the right move. 

Your first step is to connect with a member of the Properly team to determine whether or not buying first is the right choice for your situation. You’ll be provided with a Sale Assurance contract, which will let you access the equity in your current home to be put toward the purchase of a new home. 

That way you can line up financing right away so that when you find your dream home, you can make an offer on the spot and not risk letting the opportunity slip through your fingers. 

Step 2: Look at homes available on the market. 

Properly will help connect you with a local real estate agent who is well-versed in the area you’re looking to buy in. With a seasoned professional by your side, you’ll have everything taken care of for you, including picking the right listings to visit, scheduling showings, and negotiating the right price that matches your budget. 

Step 3: Finalize a home purchase. 

After finding the perfect home and putting in an offer, Properly’s Sale Assurance will help you partner with a lender to get final approval on a mortgage and finalize the transaction. You won’t need to rely on the proceeds of the sale of your old home to do so, since you’ve already lined up financing beforehand and are accessing the equity in your home to put toward the new purchase.

Step 4: List your old home for sale.

Once you’ve moved into your new home, your old property will be listed for sale. Properly will take care of staging and marketing it, handling the showings, and finding the right buyer. All of this will be dealt with while you enjoy your new home.

Step 5: Sell your home.

After successfully marketing and showing your home to prospective buyers, your home will eventually be sold. Most homes sell in 90 days or less on average, so you can expect to sell your property at some point within that time frame. There’s no risk to you, if your home doesn’t sell for whatever reason, Properly will buy the home from you. 

Cost of Using Properly

Properly charges a 5% commission on the sale value of your current home, which is comparable to what conventional real estate agents charge for their services. 

But with Properly, a lot of the heavy lifting will be done for you. Unlike the traditional route that requires you to constantly keep your home in pristine condition and make plans to vacate the premises every time a potential buyer visits your home, you will already be nestled in your new home while Properly tackles the staging and showings for you.

Types of Homes That Qualify for Properly Sales Assurance

Properly does not work with all types of properties. Right now, the service is available for the following types of homes, based on where they are located: 

TorontoOttawa
Property type– Detached 
– Semi-detached 
– Townhouses
– Condo apartments
– Detached 
– Semi-detached 
– Freehold townhouses 
Age of property– Detached, semi-detached, & townhouses: No age restrictions
– Condo apartments: Constructed after 2000
Constructed after 1960
Property valueDetached, semi-detached, & townhouses:
– City of Toronto: $500,000 – $2 million
– Mississauga, Oakville, Brampton, Vaughan, Richmond Hill, & Markham: $500,000 to $1,750,000
– All other GTA regions: $500,000 to $1.5 million
Condo apartments: $300,000 to $1 million
$250,000 to $700,000
FeaturesNon-condos:
– # of bedrooms above ground: 2+ – # of full bathrooms: 1+
– # of half bathrooms: 1+
– Lot size: 1 acre or smaller 
Condos:
– No studio units
– Not a condo apartment without parking in the City of Toronto 
– Not a condo-hotel- Maintenance fees: less than $0.85/s.f.
– Not leased at time of closing 
Location:
– Not in Simcoe or Dufferin County
Non-condos:
– # of bedrooms above ground: 2+ 
– # of full bathrooms: 1+
– # of half bathrooms: 1+
– Lot size: 1 acre or smaller
Other limitationsProperties cannot:
– Be located in age-restricted communities
– Be located in a flood zone
– Be used for a grow-op
– Have any foundation issues
– Have any Masonite woodruff roofs
– Be leased at the time of closing
Properties cannot:
– Be located in age-restricted communities
– Be located in a flood zone
– Be used for a grow-op
– Have any foundation issues
– Have any Masonite woodruff roofs
– Be leased at the time of closing

Types of Properties That Properly Won’t Make an Offer on

Currently, Properly does not make offers on the following types of properties:

  • Apartments
  • Properties with 1 bedroom above ground
  • Properties constructed before 1960
  • Properties valued under $250,000
  • Properties valued over $485,000
  • Properties outside of Toronto and Ottawa

Benefits of Using Properly 

There are plenty of reasons why you might want to use a service like Properly to buy a new home and sell your old one:

  • Guaranteed sale of your home. If your home doesn’t sell within the average amount of time that homes are selling for in your area, Properly will buy your home. Either way, your home will eventually be off your hands.
  • No risk of carrying two mortgages. Many buyers and sellers find themselves stuck with two homes when they are unable to sell their current home in time for the closing date on their new property. With Properly, there’s no risk of having to hold two mortgages at the same time. Instead, Properly will pay your old mortgage even after you’ve moved into your new home. 
  • Less stress. Imagine not having to constantly keep your home clean and tidy so that it’s always show-ready. Properly will take care of all the prepping, staging, and showing for you.
  • Confidence in the process. If you don’t know how much your current home will sell for, it can be difficult to commit a certain amount of money to the purchase of a new property. But with Properly, you can go into the process with full confidence knowing that your home will sell, whether to a buyer or to Properly. Having this confidence will give you the freedom to make competitive offers quickly

Drawbacks of Using Properly 

While there are several reasons why you should consider using a service like Properly, there are a handful of drawbacks that warrant some consideration:

  • Not be suitable for first-time buyers. If you’re a first-time homebuyer who doesn’t currently own a property, Properly is not for you. Ideally, you should already own a home from which you can access equity to be put toward the purchase of a new home. 
  • Limited areas serviced. Right now, Properly is only available to buyers and sellers in Toronto, Calgary, and Ottawa.
  • Not all homes qualify with Properly. As illustrated above, Properly does not make offers on all types of properties. If you have a home valued at $500,000 that was constructed in the 1950s based on the information above, for instance, it won’t meet Properly’s criteria for making an offer.
Properly Home Information Form

FAQs About Properly's Services

Is Properly Safe?

Yes, working with Properly is perfectly safe. In fact, the company has been accredited with the Better Business Bureau (BBB) since 2018 and has an A rating. 

How do I search for homes for sale?

Properly offers a free listing search tool that you can use to browse all listings on the local market and recently-sold comparable properties. 

What happens if my home doesn’t sell and Properly buys it?

If you are unable to find a buyer, Properly will buy your home directly and try to sell it for the highest possible price. If your home sells for a higher price than what Properly paid for it, you’ll receive the difference, less any land transfer taxes paid. If you choose not to have Properly buy your home from you, you’ll have the option to cancel the contract.

Can I work with any lender for my mortgage?

Yes, Properly’s Sale Assurance can be taken to any lender for mortgage approval before your old home is listed on the market. 

Is Properly Right For You?  

One of the biggest questions that home sellers have is whether to buy or sell first. Buying first risks leaving you with two mortgages if your current home doesn’t sell in a reasonable amount of time. But selling first risks you having no place to stay if there’s a big gap between closing dates.

With Properly, you won’t have to worry about either scenario. Since Properly takes care of selling your home for you and guarantees a sale with a backup offer, you can choose a timeline that suits you best without having to be concerned about lining up closing dates.  

Having said that, you’ll need to own a home already to use Properly’s services, as the system relies on equity in your current home to facilitate the process.