Seller’s Guide – Red Hot Property

Seller’s Guide

At Red Hot Property, we understand you want to sell your home with as little hassle and stress as possible, for the best price to the most suitable buyer, and all within a convenient timeframe. Choosing the right agent is crucial to achieving this. But how do you differentiate a good agent from a bad one?


At Red Hot, we recommend when meeting with agents, you should find out how they intend to market your home, who will be doing the selling and how they will negotiate and consolidate the deal. We’ve compiled a handy seller’s guide packed full of hints and tips to help you find the right agent for you.

Asking price

When requesting a valuatioxn it is important to understand that agents do not actually VALUE your home, but instead suggest an ASKING PRICE through appraisal. The asking price represents the current potential MARKET VALUE of your property. Did you know that a true property valuation costs several hundred pounds and can only be carried out by a specialist qualified surveyor?

Ultimately, your home is only worth what someone is willing to pay for it. The agent’s guide will take into account your property’s location, condition, type, potential, market conditions and comparable sales. At Red Hot, we recommend you obtain three separate valuations to help you decide the most reasonable asking price.

Consider your guide price carefully – the highest figure may not be the most realistic and could impact your property’s sale potential.  Equally, set the asking price too low and it may deter buyers too.

Once a guide price has been agreed, your agent will discuss their marketing approach to help sell your home.  Be honest – your input will affect their advice and their approach.

Types of agency

There are three different types of agencies that can help you sell your home.  They are: 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 when two or more agents have been instructed on the understanding that whoever sells your home claims all the commission.

Adding value to your property

You can add potential additional value to your home by ensuring that it is presented in peak condition.

Of course, location plays a big role in the value of your property…

Size

By adding more space to your home you may increase the property’s 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 one that is too good for the area or neighbouring properties. All of these things can affect the ability to sell your home.

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.

Here are a few pointers for you to think about to make sure your property is Red Hot and market- ready if you’re 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: a) They like what they see, and so look for other things they like, and therefore establish reasons to buy. b) They are put off by something, and so look for other elements they dislike, ensuring they don’t regret the purchase. Once these mind sets are formed it is very difficult to change. To achieve maximum results it is important to ensure the first part to your home visible to potential buyers (front garden, parking spaces, front windows and doors, guttering, cladding, hallway etc.) is at its best.

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 buyer’s 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.

Selling features

It is important to identify with your agent the key selling features of your home. These are what should help draw buyers in 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.

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. It’s also a good idea to keep pets out of the way of the viewing too.
Often buyers talk about the ‘feel right factor’, so allow them to ‘feel’ the property, rather than your personality – after all, they are not buying you.  Answer any questions the buyer may have 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 seller, 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 people’s buying position and their 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

Selling your home and moving into a new property can be costly.  To help save you from any nasty financial surprises, you may want to think about the following:

  • Estate agents fees
  • EPC (energy performance certificate)
  • Legal fees/Conveyance costs
  • Removal costs
  • Any works to the property in preparation for the sale
  • 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 possible. Agents will generally know of solicitors who have processed previous sales.

Conveyancing

Conveyancing is the action of preparing legal documents regarding the sale and purchase of a property.  While these documents are being prepared by your solicitor, make sure the following are covered during the conveyancing period:

  • Buyer’s funds are in place
  • Relevant surveys are carried out
  • Searches are instructed
  • You obtain an early exchange date
  • Exchange contracts
  • Complete the sale and hand over keys