How to sell your property

The UK housing market is a law unto itself as one can witness each month. How often so-called experts make wrong forecasts about whether the values are rising or falling & very often we read conflicting newspaper reports. That said if the decision has been made ‘to sale’ then there are many practical tips that vendors can use to try to secure a quick sale at a good price.

Choosing an estate agent

You should get quotes from several agents. Many will not tell you how much they charge until they have come to see your property, and most are willing to negotiate. Expect to pay between 1% and 3% (+ VAT) for their services, but ask for the best price they can do before giving your formal instructions. Be wary too of signing long sole agency agreements which can be very restrictive & potentially tie one to an Agent for a long period of time. In my opinion four weeks is long enough.

I do know that some sellers incentivise their agents, offering a higher commission to sell within a certain period of time and then reducing the fee as time goes on.

Do not be swayed by a high valuation, especially if it's higher than you expected. Choose an agent who turns up on time, responds quickly and politely to your inquiries, and is making sales (look out for "sold" signs in your area, and check the online property portals). When it comes to a marketing ‘value’ question the Agent as to how the figure was arrived at & seek him to qualify with actual sold prices of comparable properties as well as examples of similar properties they have marketed within your area.

Look at how the Agent presents properties for sale ie. do they use high quality images, floorplans, & advertise on a good range of property portals.? Insist always that the Agent contacts you each & every week with an update on activity. Do remember that it is important that the Agent relays to you the activity logged via site such as rightmove as well as the impact of local media advertising. These statistics are very important indicators as to whether the property is getting a good amount of interest on the sites. One can then evaluate as to how, or if, the interest is converting into viewings. Viewings should then convert to offers, which in turn convert to a completed sale.

Consider selling privately, or via one of many on line, list only websites. Things to weigh up are that in most cases the seller deals with all matters from viewing through to negotiating an offer & the sale process. Additionally how well will your property be promoted & enquiries handled. If one is experienced with the process then it could be a viable option. If not experienced it could end up costing you the money saved on an estate agents fee, or more.

Get the EPC done

Energy Performance Certificates (EPCs) give information on how to make your home more energy efficient and reduce carbon dioxide emissions. All homes marketed for sale or rent require an EPC. Find out what EPCs look like and what they contain.

You will have to meet the cost, which could be anywhere from £45 upwards.

Mortgages

 

Find the best deals on the market. Contact a number of mortgage brokers who will find the best deal for you by providing a free comprehensive review of your mortgage needs. Most Brokers will access to a wide range of packages & providers from the whole market place. Additionally they may also have access to exclusive deals that may not be available from other providers. The key here, as I stated above importantly, is to contact a good number of Brokers in order to gain a good evaluation of your situation allied to the products available.

 

Pimp your property

To get the edge, you need to present you property in pristine condition in order that it is presented as hassle free to potential owners. Unless they’re buying a property that requires renovation, buyers generally want the condition of the property to be in good order that they can move in or rent it out without spending any money. Small issues such as creaking cupboards, broken light fittings or damaged window screens

mount up – prompting buyers to flick your listing into the ‘too hard’ basket.

 

I often see properties that fail to achieve their full worth because of lacklustre

preparation & presentation. When I attend viewings, whether buying or selling, I find the same mistakes over and over again. There are a few simple things that almost anyone can do that will have a positive effect on the sale price of your home,

Without costing the earth.”

 

Fix it

If you tie up the loose ends to small repairs, you property will look attractive,

Trouble - free and instantly liveable. “For every pound in repairs your home might

need, you could lose two from the sale price. If something needs to be repaired,

whether it’s a fence or cracked tile, then get it done before you sell.

 

Outdoor space

First impressions really do count. If there’s an outside area, like a deck or

balcony, put a small table and chairs there to emphasize the outdoor aspect.

Manage the temperature

On inspection day, make sure the temperature is comfortable. Turn on your

cooling or heating, depending on the season.

Spruce up the bathroom

Mould is common in older homes, so use a household cleaner to clear it up.

Investors could also use mould-resistant paint for an ultra-clean finish. A grimy

shower screen is a no-no, and consider replacing your shower curtain.

Home wares and furniture stores like lKEA sell different designs for next to

nothing.

Maximise storage space

If the property is you own, one of the biggest things you can do is to clean the

storage and pantry. When they’re really cluttered, they look smaller than they do

when they’re sparser. You don’t want them completely empty, but if you get

about 50% of the content out of the way, it will create the illusion of space.

Let there be light

Turn on the lights no matter the time of day, and replace broken light bulbs.

Also maximize natural sunlight by opening drapes and blinds.

Pristine Kitchen

The kitchen should be “gleaming spotless, hygienic and sparkling – inside and

out. I recommend baby oil to leave stainless steel appliances “shining like new.”

Also, make sure you clean inside the oven – greasy kitchen appliances are a

major turn off.

Declutter

To make the property look as large as possible, clean out the clutter. This

includes everything from the contents of drawers to the decorative home wares

on your dining table. A great idea, if you have a small space, is to use a glass

table you can see through, rather than solid.

Refresh the garden

Consider adding some fresh mulch to the garden beds. It’s literally as cheap as

chips, and it’s a great way to put fresh natural colour in an older garden. It also

pays to grab a broom and brush down cobwebs or dust.

Window treatments

At a minimum, you need to have quality window treatments. Without curtains or

blinds, it just feels like a big echoey cave. Window treatments really soften the

space.

 

Location

• Prove it's a great location: your estate agent will probably know already but check to see whether your home is in the catchment area of a good local school and measure how far your home is from the nearest commuter station, shops and town centre.

• Give parking potential. Clear the junk from the garage. If you don't have one, and even if you prefer your front lawn grassed, check with the council to see whether it could be converted to hard standing by the next owner.

• Show off any gadgets you have.

Deal with negatives

If there are things that could put people off your property try to address them before they look round.

Always make sure you eliminate cigarette smoke, animal odours or the lingering aromas emerging from a teenager's bedroom. Paint dark rooms in as light a colour as possible and leave doors open if they allow in natural light from elsewhere. If you have had an extension added without consent, get it agreed retrospectively by the planners it will only come back to haunt you during the conveyancing (legal) process if you do not.

Accepting an offer

It is impossible to say how much you should accept for your property, as it depends on what you need for your next move in order to make it ‘work.’. According to Hometrack, in autumn 2012 buyers were paying between 92% and 95% of the asking prices, but that does not mean you should expect that for yours.

Once you have received an offer you are happy with, you can instruct your solicitor to get the paperwork ready. You do not have to take the property off the market, but may agree to if the buyer asks. The buyer's solicitor will send you over some questions about the property – you must answer them honestly, so no trying to hide a legal dispute with the neighbours. They will also provide a list of fixtures and fittings so you can indicate what you intend to leave when you move out.

Your solicitor will sort out the repayment of your mortgage and draw up the contract with the buyer. Once you have exchanged contracts you will need to agree a moving date – again this will depend on your plans. If you are in a chain you might have to agree a date with the people you are buying from and the people you are selling to.

On the day you move, you will need to clear the property, only leaving the things you have agreed to sell on to your buyers.

The Solicitors will deal with all handling of monies on the day of completion & contact you to let you know when it is completed.

 Telling people you have moved

If you have been living in the property you may want to redirect your post to your new address to give you time to contact everyone who needs to know that you have moved on. Royal Mail offers a redirection service, at a cost. You can find details on its website.