6 Tips for selling property in a difficult market

It’s been a difficult year in the housing market, and with fears of a return to recession, things are not looking up.  Buyers are strapped for cash, finding it harder to get a loan, and complaining of a dearth of affordable property available. 

However, there will always be people who for one reason or another need to move, and you can do a lot to help yourself to attract those serious buyers to your property. So if you are selling, you might have to work that little bit harder these days, to close a deal and here are 6 tips to help you get on your way.

1. Choose your estate agent carefully

In tough times it is more important than ever to have someone on your side who has good local knowledge (the wider reach of a network as well is a bonus) and is a skilled negotiator on your behalf.  Personal recommendation is always a good way of identifying a good agent, but even more critical is feeling reassured that this is a team that will represent your interests well, and with whom you can work during what could prove to be quite a stressful time.  See our blog on Tips for Choosing your Estate Agent

2.  Price Realistically from the start

This will save you time in the long run: if you are too aggressive to start with, you’ll only have to bring the price down later on.  By that time your details will be looking tired to serious prospective buyers in your area.  Your property may also be listed on some property websites that monitor every sale price as it changes, such as www.home.co.uk.  It is not always healthy for buyers to see how you have lowered the price.  Check what similar properties in your area have fetched on mouseprice.co.uk, and be realistic about how yours compares.

3.  Make a good first impression

It’s more important than ever in a poor market to make the property as attractive as possible.  Dealing with an unruly front garden, cleaning the windows and their woodwork, keeping the place very tidy and so on cost little or nothing and make a big difference.  (If necessary, the cost of a coat of paint can pay for itself.)  Not only will the place look nicer, it will look as though it is loved by you, which will increase its ‘curbside’ appeal.

4.  Be flexible

Prepare to negotiate and to offer extras such as legal costs, repairs and renovations (or a discount to cover them) as well as fixtures and fittings such as appliances and curtains.  Make sure your estate agent listens carefully to any concerns the prospective buyer has and feeds back to you.  Then you can react immediately to counter wherever possible.

  5.  Embrace technology

Make sure your estate agent has the main property sites covered, and make creative use yourself of the tools at your disposal.  Sellers are increasingly making YouTube videos to showcase their property.  Tell all your Facebook friends that you are looking to sell – you never know, one of their friends might be looking!

6.  Help with viewings

If you are on hand to answer any questions about the fabric of the property and the local area, then as long as you can be enthusiastic and come across as trustworthy and accommodating, you could be an excellent spokesperson.   Print out any local planning applications that may or may not affect the property as these will arise in the solicitor’s searches anyway. See more in our article Information To Reveal to your Buyer. This way you can chat about their likely or unlikely impact informally.  The personal touch might just tip the balance.

Look on the bright side: in today’s market you’ll have fewer prospective buyers but they are less likely to waste your time, and some effort on your part can really pay dividends.

image:  ddpavumba / FreeDigitalPhotos.net

6 Tips to sell your home

A successful home sale takes more than tidying up before viewings (although obviously this is still very important!). The attitude with which you approach the situation can really make or break your sale, so here are our tips to help you prepare yourself in order to sell your home:

Make it easy to view your property

When someone is trying to arrange a viewing of your property, make sure you are as accommodating as possible. Each viewing is an opportunity to sell your home so it’s important to try not to miss any.

Don’t be too sensitive

Remember that potential buyers want to like your home; otherwise they wouldn’t bother to come and look at it. The chances are that they have a wish-list of features that they are looking for, which may have been written before they saw your house on the market. When you show potential buyers round your home, be prepared that they might point out any flaws your home has and ask probing questions. Don’t be offended if your house doesn’t turn out to be the one they are looking for.

Stay optimistic

It is easy to start feeling despondent if your property doesn’t attract offers as quickly as you’d hoped. Don’t be disheartened; if you are having difficulty, it may be worth rethinking your marketing strategy. Assess whether the property is competitively priced, whether your advertising reach is broad enough and don’t be afraid to discuss this with your estate agent. Having excellent marketing photos will also help to attract more viewers. You can read how to take great shots of your property in our moving advice section.

Be nice to your estate agent

Remember that in your property transaction, there is a lot that depends upon you having a good relationship with your estate agent. He or she will be more enthusiastic about contacting you if you communicate positively with them than if you moan at them. Trying to sell your home can be frustrating at times but try to encourage them rather than complain to them.

Keep things moving

A good solicitor will always keep you updated about your situation. It is reasonable to expect a transaction period of between 6 and 8 weeks to sell your property, although there are various complications that can slow down the process. A lack of communication can result in the transaction becoming stale, so keep in contact with your solicitor to make sure everything is proceeding as it should. Always update your estate agent with important news so they can pass the message on to your buyers.

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Communicate via your estate agent

Exchanging contact details with your buyer could be a big mistake. Your estate agent is there for a reason, and although sometimes they can drive you crazy, it is good to have somebody there who can be diplomatic if the situation gets stressful. Also, if your buyer wants to negotiate or has any difficult enquiries, having your estate agent to act as an intermediary will give you time to mull things over before you go back to them with your answer.

The most helpful thing you can do for yourself is try to approach everything with a positive attitude. If you give people your best, you are more likely to get the best back.

Image: Ambro / FreeDigitalPhotos.

How to view a property - top tips from an estate agent

With thanks to Sandfords Estate Agents, here are some top tips on how to view a property. 

Whether you are a first-time buyer or a seasoned investor, viewing a house can be a tricky business. The first rule of thumb is not to let your heart rule your head. By all means, fall in love with a property but don’t be seduced into falling for the owner’s lifestyle – once they have gone you will be left with an empty house and it has to be right for you.

Make lists

Before you have even chosen your first house to view, it may be worth spending time creating an image of your perfect house. Make a list of the various features you want your perfect house to have. These features should cover the obvious criteria such as the size of the house and the number of bedrooms and bathrooms but also criteria relating to the environment in which your house will be located.

“The number of rooms requires careful thought: do you have guests to stay often and do you need spare rooms for a nanny? If you work from home then a separate office is crucial. In fact, the top end of the market often requires two home offices,” Andrew Ellinas, Director of Sandfords.

How many viewings?

Do not view too many properties in one day. It takes time to view a house properly and viewing too many will make you tired and irritable and make the whole process much more stressful. It may also make you overlook a potentially great house, simply because it happens to be the last one you arranged to view on a particular day by which time you are simply fed up of the whole thing.

“Allow enough time to properly view each property. Talk to your estate agent about the best way to plan your day’s viewing. Take time to view each property and don’t be afraid to ask the owners or the agent to revisit rooms,” Andrew Ellinas, Director of Sandfords.

Ask questions

Don’t be embarrassed about asking direct questions. Buying a house is a huge investment and you will regret not asking something if it turns out to be a problem later. However, remain friendly towards the owners because if you do decide to make an offer, the whole process will be made easier if there is a good relationship between owner and buyer.

“Keep the lines of communication open with your estate agent and try to be as flexible as possible when it comes to viewing property. Developing and maintaining a good relationship with agents is paramount and in a competitive market, it will stand you in good stead and may mean your are at the front of the queue when something new comes onto the market,” Andrew Ellinas, Director of Sandfords.

Look out for problems

Be wary of problems such as damp and even if you can’t see it, you can sometimes smell a musty smell, which is a strong indicator that there is damp around. The seller may also try and hide problems and common problems can include painting over damp patches, putting furniture in front of cracks and using rugs to hide any floor problems.

“Don’t necessarily be put off buying the property if you do spot any problems. Get a professional opinion from a Chartered Surveyor to work out how serious they are and use this information to negotiate on price,” Andrew Ellinas, Director of Sandfords.

Ask for the history

Ask for the sale history of the property as it might give you indicators of any past problems. Find out how long has it been on sale, have there been offers, if so, have any been withdrawn and why? Has it had a full survey? Prepare questions and your own list of minimum requirements.

“While you need to have the full details of the property you are hoping to buy, it is also important not to forget to have your own details up to date. In a fast moving market, it is important to have your mortgage in place and be as ready to go as possible because if more than one person makes an offer, buyers are more likely to go with the person who can move the fastest,” Andrew Ellinas, Director of Sandfords.

Period properties

Older homes tend to have bagged the best locations. Many have larger rooms, more storage space and larger gardens than their more modern counterparts. However, there are potential problems that you need to keep an eye out for. A chocolate-box cottage or a Georgian gem is truly gorgeous but before taking a step inside, look up to the roof. If there are any missing or slipped tiles or slates or the flashing looks like it might need repairing you may want to think twice about making an offer: re-roofing is a messy and disruptive business.

“In older homes, there can be problems with electrical installations that do not meet today’s standards. Because much of the wiring will be hidden under floors and behind skirting boards, it may be impossible to see some things, but if sockets are the old-fashioned two-pronged variety (which do still exist), or any visible wiring looks damaged, rewiring will certainly be required,” Andrew Ellinas, Director of Sandfords.

by Andrew Ellinas, Director of Sandfords estate agents

photo: scottchan / FreeDigitalPhotos.net

Thinking of making some Olympic cash from your home? Think again.

The Government has been encouraging us to rent out our spare rooms for some years.  However, if you live in London, don’t get too excited at the prospect of letting out your entire house during the 2012 Olympics.  The BBC has investigated the 33 London Councils, and have discovered that only 27 will allow for their owners to rent out their homes.

The Councils of Kensington & Chelsea, Camden, Islington, Tower Hamlets, Southwark and Westminster do not let their residents make short term letting arrangements of 90 days or less. 

If you are found to be letting out your property, you could be viewed to be breaking the law.  Even worse, your tenants could be faced with an enforcement order whilst you are away enjoying the peace and quiet.

The councils claim that they require planning permission for a property to have a short term let of under 90 days.  According to the BBC, this is rarely granted.

The council leaders claim they are trying to protect the noise and disruption caused by short term residents, as well as keeping tabs on population targets.  Maybe they should take a look at our latest Migration Monitor to see what % of residents are moving out of their districts.

Here is a link to the BBC video

Photo image from Sayan Samana / FreeDigitalPhotos.net

Tips for First Time Tenants

If you are moving into a rented property for the first time, you are probably concerned about the advantages and limitations of renting your home. Here are a few useful tips to help you settle in to your rented property worry-free.

 

Decide on your furnishing requirements

Decide whether you will be able to furnish your home yourself, or if you are going to need a place that comes with all the essentials supplied. If you don’t already have your own furniture, moving into a pre-furnished property will save you money twice; firstly you won’t need to buy any furniture, and then when you move out, you will have cheaper quotes for removals, as removal companies’ charges depend on the volume of articles to be moved.

Some landlords can offer alternate furnishing options and will supply or remove furniture if needed, so feel free to enquire to your letting agent as to whether the landlord is able to add or remove items. Remember that whether you rent the property furnished or not can affect the type of tenancy agreement you have. You can read about tenancy agreements on the Direct.gov website.

Think about safety

Your landlord is legally obliged to ensure that your home is a safe place to live, particularly concerning the gas and electrical equipment supplied with the property. Homes that use gas must come with a valid Gas Safety Record, and be checked annually by a GasSafe registered engineer. Any electrical equipment supplied with the property must also be regularly tested by a qualified electrician. If you can’t find evidence of these crucial things, raise the issue with your landlord or letting agent straight away.

If you are a residential landlord, your rented properties must meet health and safety standards designed to protect your tenants. Any good estate agent should be able to tell you a bit about these but it is up to you to make sure you follow the guidelines. You can read all about safety regulations on the Direct.gov website. It is also a good idea to make sure that there is a working smoke alarm installed at the property.

How energy-efficient is the property?

If you are house-hunting, EPCs are a useful piece of information because they will give you an indication of how much the energy bills are likely to cost for the property.

If you rent out, buy, sell or build a property, you will need to get an Energy Performance Certificate (EPC). An EPC rates the energy efficiency of a property. It is based on the building's energy performance - for example, how much heat is lost through the roof.  An EPC also takes account of the property's heating and lighting. EPCs do not cover domestic appliance performance, like washing machines. An EPC is valid for ten years - even if new tenants move into your property during that time. You should give a copy of your property's current EPC to each new tenant.

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Important – check your inventory

When you get the keys to your new home, make sure that the first thing you do when you walk through the door is check your inventory. If you don’t have an inventory, request one. Take note of any discrepancies between the items present versus the items listed, and their condition. If you discover any unlisted issues, make sure that you add them to the list and inform the letting agent and/or your landlord as soon as possible. If you don’t do this, it’s possible that the landlord was unaware of these issues before you moved in, and therefore may wish to recoup the cost of any necessary repairs from your deposit when you move out.

Think about insurance

It is sensible to consider taking out specialist home insurance for tenants, as your landlord’s contents or home insurance policies will probably not cover you. Taking out a policy like this could protect you against having to use your deposit to pay for the cost of repairs as a result of any accidental damage.

Image: Michal Marcol / FreeDigitalPhotos.net