How to ensure a successful sale or let in any market

The property market is constantly fluctuating. Average prices and number of days it takes to sell or let go up and down all over the country throughout the year and one micro-market can move in a very different way to another. So, while the headline data might suggest the market, on average, has slowed and prices are barely increasing, certain properties in certain locations might have 20 viewings in a weekend and be shooting up in value, simply because of demand for that particular type of home.

Over the summer holiday months, there tends to be a slowdown in the number of sales and lets being agreed, as many people are focusing on relaxing and enjoying the warmer weather, rather than thinking about moving home.

But that doesn’t mean you can’t still successfully sell or let – you just need to take the right steps.

Here are 5 key things to do that should help you secure the best possible buyer or tenant:

1. Work with a qualified agent

Some people think that it’s all about being listed on the top property portals, but a good agent – ideally one that’s a member of the self-regulating industry body Propertymark - should be proactively looking for potential buyers/tenants. The best agents will often sell or let a home at a great price to someone who’s never seen it online – it was shared with them as a recommended property by their agent.

2. Get the price right

These days, it’s very easy for buyers or tenants to get a good idea of what the ‘right’ price is for a property, and if you are over-optimistic it can put people off even viewing. Your property might sit on the market for weeks and you could end up getting less than it’s really worth, simply because it’s gone ‘stale’ and people think there must be something wrong with it.

According to Rightmove:-

A study of 300,000 newly-listed homes across four months shows those that needed to be reduced had a one in three chance of finding a buyer (32%) within the time frame, compared to a 63% chance if priced right from the start.

Over-priced homes could also cost sellers an extra 26 days on average to find a buyer:

The average time to find a buyer if a property is priced right is currently 21 days, rising to 47 days if it needs to be reduced.

As long as you’re working with an agent who really knows the local market and understands how much buyers or tenants are willing to pay for your particular type of property, they should be able to recommend an appropriate listing price.

3. Have good-quality advertising

Your online listing needs to be immediately eye-catching and that’s about the photos. Once people click through to your property details, they want to see lots more photos and a floorplan, followed by all the significant property information, so make sure you supply your agent with everything they ask for.

Most agents will include all the standard advertising in their fee, but it’s worth checking when you get a valuation.

4. Let the agent carry out viewings

It’s much quicker and easier to arrange viewings if you give your agent a key and are happy for them to simply call or message to let you know when they’ll be coming round. A good agent will know how to show the property in its best light, and what to say to prospective buyers or tenants, and people tend to be more relaxed and ask more questions when the property owner isn’t there, so it’s best if you can go out and leave the agent to it – certainly on first viewings. 

5. Be prepared to compromise

You might be lucky and have everything go exactly as you would ideally like it, but chances are you’ll have to make some compromises on the way to a successful sale. For instance:

• You need to accept that for however long it’s on the market, it’s primarily a show home. You may need to declutter and keep it tidier than you might normally, and you should be prepared to accept viewings at short notice and at times that aren’t particularly convenient. Every person wanting to view could be your dream buyer or tenant, so the more accommodating you can be, the better. Golden rule: try to live so you’re always just half an hour away from ready to show.
• Be flexible on the price. Successful transactions aren’t necessarily all about money, and it’s sometimes worth accepting a slightly lower offer from someone who, for example, is able to complete a purchase quickly or wants to take a long-term rental.
• Be flexible on extras and inclusions. For example if you’ve got a good potential buyer who‘s happy to pay the asking price as long as the curtains are included, is it worth haggling?

If you’re looking to sell or let a property in the coming months, get in touch with your nearest branch and one of our local market experts will be happy to discuss the current market with you and carry out a free valuation.