Selling strategies for 2013, sell through an award winning Estate Agent

publication date: Jan 3, 2013
 | 
author/source: Kate Faulkner, Property Expert and Author of Which? Property Books
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Selling strategies for 2013, sell through an award winning Estate Agent

 

If you have had your property up for sale for more than three months in 2012 and you haven’t sold, you need to have a new plan for 2013. 

Properties which have stuck on the market this Autumn and Winter aren’t likely to be sold in 2013 due to a pick-up in the market. The market we are in is going to stay for some time. There are a few lucky areas which have been and are now out of the influence of the credit crunch, visit our current market report for areas which are doing well. However, these are few and far between, and if you really want to sell your in 2013, then you are going to have to work a lot harder and be prepared to compromise. 

As a seller, there are three reasons why your property isn’t selling:- 

  1. Buyers are buying other properties at a cheaper price
  2. Other properties have less work to do
  3. There are no buyers looking for your type of property

So the first step is to work out whether you are trying to achieve too higher price.

Most people try to value their property based on what they need to move on. This does not work in the tough market we have. Buyers either offer on a property which is in show home condition, but priced fairly, or they want a complete wreck and has a bargain price tag to go with it. Most buyers’ money in this market is going on the finance, so less people have money to spare even for a few thousand pounds on odd jobs.

Use the Rightmove House Prices tab and click on ‘comparison report’. This will help you work out whether your property is priced fairly versus the competition and what other properties like yours have sold nearby.

The biggest reason why a property won’t sell, next to property price issues, is the property has rooms which are show home quality and others which need work. In a poor market like ours, I’m afraid trying to sell this type of property is virtually impossible unless you drop the price to the same level as it would be worth if the whole property needed work.

If your property is half done up, then you would be better finishing it off to show home standard. No mould in the bathroom or kitchen, a paint job goes a long way, as does fixing any bare wires or cracks in walls. You don’t need to spend more than 1% of your property’s value, and if that means you end up selling within weeks not months or even years, it’s worth the money.

One thing you may have to accept is that in a market where we have half the number of buyers and sellers than pre credit crunch, there just might not be someone out there to buy your property. This isn’t the end of the world. In this case, you have two choices to consider.

Firstly you can take a good look at your property and if you are staying locally, consult with a local surveyor or architect to see if they can think of ways you can adapt your home to suit your needs. It may not be possible, but it’s worth taking some time to consider.

If you have to sell the property and buy another, then go to all the new build sites and see if any properties suit you. Our view of new builds is still stuck in the 1980s as consumers – developers these days build very different properties to the boxes and sprawling estates back then, so even if you aren’t initially keen on a new build, take a look as they may have a part exchange facility which means the developer will buy your home to release you and your funds to buy theirs.

Secondly, even though the buying and selling market isn’t functionally normally, the rental market is. So if you are able, it is worth looking to see if you can rent your property out. If you have never done this before, then you can’t just buy a tenancy agreement from a shop or on-line and rent out the property. You will need to visit a local letting agent who is a member of the National Approved Letting Scheme (NALS) or Association of Residential Letting Agents.

Here are five essential tips if you are considering renting your home in the short term:-

  1. Make sure you seek advice from a NALS or other approved letting agent
  2. Check the agent has up to date insurance so if they go bust or run off with your cash, you get your money back or the tenant’s money they have taken is paid to you
  3. Find out the cost of upgrading your property so you can let it legally
  4. Work out whether you want to rent a property for just six to 12 months or commit to a long term rent of one or more years. This way a tenant can be found that suits both of your needs and you reduce your letting costs
  5. Ensure you seek out specialist landlord insurance visit Direct Line 

If you want more help selling your home and are considering trying to sell to a quick sale company or rent out your property, visit Property Checklists which will help you understand whether it’s right for you. The site includes award winning property companies, checked by me, so you can be assured of best advice.

If you are thinking of selling, then visit Property Checklistss or why not buy into our unique One to One Property Services. You can purchase our Sellers Service which will help you value your property to secure a sale and choose the right agent to sell your property for you.

Our unique, independent service gives an A4 ‘how to’ guide, containing dos and don’ts, factsheets, checklists, handy tips and forms. Plus, access to Kate and her team, by phone and email, for an essential 3-4 queries you might have during your project. 


Need help with a property problem? Have a question? Why not call Designs on Property on 01652 641 722 or Contact Us via email.
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