Selling your Home

Many Vendors wish to sell their home…

  • With as little hassle/stress as possible
  • For the best price achievable
  • To the most suitable buyer
  • Within a convenient time frame

Choosing the correct agent is crucial to achieving this. But how do you differentiate a good agent from a bad one?

When meeting with agents discover how they intend to market your home, who will be doing the selling and how they will negotiate and consolidate the deal.

When requesting valuations it is important to note that agents do not actually VALUE your home, but instead only suggest an ASKING PRICE through appraisal. (True property valuations cost several hundred pounds and are carried out by specialist qualified surveyors). Your home is only worth what someone is willing to pay for it. The agents guide will take into account your properties location, condition, type, potential, market conditions and comparable sales. We recommend you gain three separate valuations to help towards deciding upon the asking price. Consider carefully, as the highest figure may not be the most realistic.

Once a guide price has been agreed, your agent will discuss the marketing approach for your property. Be honest, as your input will affect their advice.

Asking price

The advertised asking price for a property does not necessarily reflect what a particular property is worth. An asking price is a guide, and is designed to pull interest and obtain viewings. Be careful when deciding what price to attach to your property, as too high and you will deter ‘would be’ buyers. Likewise, too low a price may also deter buyers as they wonder ‘what is wrong with it?’ In short, if you require a quick sale be careful not to overprice your property as it will slow your sale, and may lead to a lower final selling price.

Types of agency

There are three types of agency available when selling your home: sole, joint or multiple agency.

Sole agencies allow a single agent full responsibility for the sale of your home. Your agreed fee will be paid on completion of the sale.

Joint agencies exist when two or more agents are involved in the sale of your home, however, on completion of the sale they will share the commission.

Multiple agency occurs where two or more agents have been instructed on the understanding that whoever sells your home claims all the commission.

Adding value to your property

Maximum value is achieved through having a property in peak condition and with its potential fulfilled.

Physically you cannot alter location or what surrounds you (schools, transport links etc). But you can consider what your properties ultimate state would be. For instance:

  • Size – by adding more space you may increase the properties appeal. Consider carefully though, and take professional advice. You don’t want to create an albatross. For instance, you may produce a calibre of property not suited to its surroundings, or that is too good for the area or neighbouring properties.
  • Condition – The value of a property can quickly decline if you are not on top of its maintenance. It is generally cheaper in the short term to fix a problem, than to leave it until it becomes a major issue. This is an area that will be under scrutiny from buyers willing to pay a premium.

Below are a few pointers for consideration if you are selling:

  • Who is your property most suited to? Gear your presentation towards these buyers – give them what they want, because that is what they will pay the most for! Example; family buyers are not going to be drawn towards a property which is presented as a bachelor pad.
  • Consider first impressions. A buyer will very quickly establish a certain frame of mind whilst viewing your home. Their first impression will generally be one of two reactions:
    • They like what they see, and so seek other things they like, and therefore establish reasons to buy.
    • They are put off by something, and so seek other off putting things to ensure they don’t regret the purchase.

Once these mindsets are formed it is very difficult to reverse them. To achieve maximum results it is important to ensure the first seen part to your home (front garden, parking, front windows and doors, guttering, cladding, hallway etc) is at its best.

Tips on presentation

You cannot expect to get optimum prices for any product, unless the product is in excellent working order. Each area skimped is effectively money lost. Ensure each room is tidy and clutter free, and provides a feeling of purpose. It is important to remove anything that will put buyers off. Freshen the house, finish any outstanding jobs, tone down bold colour schemes, provide extra lighting for dark rooms and replace tired flooring. Again think from the buyers point of view. Remember, you are not selling your home, you are selling somebody a property. You will be taking your home and establishing it somewhere else.

Target markets

Who is most likely to buy your property? Who is it most suited for? Once this is established you can gear the whole presentation and delivery of the property towards these buyers. Basically ensure you provide something that appeals to you widest audience – the more potential buyers, the better the final selling price.

Selling features

It is important to identify with your agent the key selling features to your home. These are what should help draw buyers to view. Whatever they are they should be well presented and in good working order. Examples may include: fireplace, central heating, double glazing, elevation, outlook, proximity to transport links/schools/shops etc, parking area, room size, history and so on.

Advertising

Opening your property to the widest buying audience is essential if you are seeking to maximize it’s sale potential. In order to do this it is key to establish where buyers search. The websites are by far the most effective tool for attracting buyers. They account for around 85% of property sales. Links to the major portals allows you 24 hour coverage, seven days a week and to a national audience.

Press Advertising

Press advertising can bring awareness to your sale locally. However, with most buyers now searching via websites, it is fair to say this media is very much in decline. It is avisable not to overspend or over expose your property in the papers or your sale can quickly appear stale. Ensure your adverts are clear, highlight the main selling features.

Sale boards

Sale boards account for around 10% of sales. They are a must if you require a quick sale. Active and procedable buyers are often out looking at areas for boards. Don’t worry about the neighbours knowing – the more gossip the more exposure! If you remove this resource from the sale you may close the door to a fantastic buying section of the market  thus reducing the potential sale price.

Viewings

First impressions count. Make an effort to ensure the property is well presented. Greet buyers warmly, and allow them to feel at home. Do not take attention away from the property, or get in the way. Pets may be best removed. Often buyers talk of the ‘feel right factor’, so allow them to ‘feel’ the property, rather than your personality – they are not buying you! Answer questions honestly, positively and concisely. Don’t rush the viewing. Let buyers wander for themselves where appropriate, and give them time to digest their thoughts. Avoid ‘other offer’ questions and ‘how much do you want’. Deflect these questions to your agent; they are trained to handle such issues.

Considering offers

Ultimately as the vendor, you have the final say towards offers.  It is important, however, that you don’t allow your emotions to stand in the way of a sale. Be prepared to take advice from your agent. Look carefully at peoples buying position/readiness to move, and have flexibility where possible around your asking price. The more open to negotiations you are, the more easily you may sell your house.

Costs related to selling

Consider the following:

  1. Estate agents fees
  2. EPC (energy performance certificate)
  3. Legal fees/Conveyance costs
  4. Removal costs
  5. Any works to the property in preparation for the sale
  6. Time off work

Choosing a solicitor

It is important you choose a solicitor who you are comfortable dealing with, who will communicate effectively with you, and will process your conveyancing as smoothly as they can. Agents will generally know of solicitors who have processed previous sales.

Conveyancing

Ensure the following are covered during the conveyancing period:

  • Buyers funds are in place
  • Relevant surveys are carried out
  • Searches are instructed
  • You obtain an early exchange date
  • Exchange contracts
  • Complete the sale and handover keys