Ten top tips for property sellers17/05/17
1. Choose your estate agent carefully
Look at whether they specialise in particular types of property and ask about the average time it takes them to sell similar properties.
2. Do your own price research
Of course you'll look to estate agents to suggest realistic valuations, but you should also research the market before making a decision. Look for the asking prices of properties similar to the one you're selling and, if possible, find out how much such properties are actually selling for.
3. Make sure your asking price is realistic
Don't be lured by excessively high valuations that are being used to entice you to engage a particular agent. High valuations sound great and can cause you to dream of spending all that money. The truth is that over-priced properties don't sell quickly and the longer your home is on the market, the harder it will be to sell.
4. Gather a range of quotes
Make sure you ask at least three estate agents to view and value your property before making your choice. Ask them to value the property on the basis of making a sale within three months. By doing this, you'll get a good idea of the sale price you can realistically expect to achieve in a short timeframe.
5. Look for experience
Estate agents with experience have a strong advantage over newcomers to the market. With experience comes knowledge and, importantly, contacts. An experienced agent is likely to sell your home more quickly and will also be able to guide you through the whole process efficiently.
6. Is the estate agency cooperative or competitive?
Find out how individual estate agents are paid before making your choice. Firms that pay a salary to their staff will be more inclined to work together as a team to sell your property. Those which pay on a commission only basis are more likely to see their agents working against each other, which can impede your sale.
7. Could a small discount sell faster?
Ask your agent whether pricing at a slightly lower level than the market average will encourage more offers. If you receive multiple offers, you could still achieve your original price anyway.
8. Find out about costs in advance
There are a range of transaction costs associated with selling a property including lawyers and estate agents fees, as well as possible early repayment fees on a mortgage. Make sure you're aware of all of the costs associated with selling your property as these could affect the rationale behind your sale.
9. Undertake a survey
Surveys are usually associated with buying but it can pay to have a property survey undertaken in advance of going to the market. The survey will tell you about any structural or other problems with the fabric of the property, which means you can remedy them before the sale. Avoiding this puts you at risk of the buyer finding out through their own survey, which could lead them to delay or cancel the transaction.
10. Assess all offers
Homes that stay on the market for a long time tend to go 'stale', making them harder to sell. If you receive an initial flurry of offers after going to market, it's worth assessing them properly rather than holding out for higher offers later on. The early viewers are the most likely to be your buyers.