Guide To Selling
For most of us, our home is not only our most valuable asset, but also the object of a great deal of emotional attachment - so it's not surprising that selling it can sometimes be stressful.
As a firm of independent estate agents in Coventry, with a wealth of knowledge and practical experience, we recognise and understand this. Our role is therefore to help bring your sale to a successful conclusion as smoothly and as speedily as possible, through a combination of first-class customer care, expert assessment of external factors like the state of the market, and of course, highly effective marketing.
As the vendor, you can help too. That's why we've put together this exclusive Guide to Selling Your Home. It explains how your choice of agent, your asking price and the condition of your home can all have an impact on your sale. Having these three things right can materially help you achieve the best possible price for your home, in the shortest possible time. Getting them wrong...well, let's not go there!
Choosing your Agent
The role of an estate agent
Essentially, the role of the estate agent comprises 4 main elements:
- To provide expert advice on the pricing and positioning of your home in the marketplace in order to maximise its appeal to the widest possible audience.
- To attract serious buyers through the proactive use of the most effective marketing techniques.
- To negotiate a sale on the best possible terms.
- To help smooth the sale through to a successful conclusion.
Choosing the right agent
In other parts of the world, estate agents have to be professionally qualified and even licensed. Unfortunately, that is not the case in Britain. Here, in spite of repeated calls - not least from responsible industry groups like The Guild of Professional Estate Agents, of which we are members - anyone can set themselves up as an estate agent, without any previous training, qualifications or experience whatsoever.
In fact, if anything, this problem is getting even worse. So-called "virtual" estate agents, with no High Street presence whatsoever, and no staff to give expert local advice, are proliferating. Even supermarkets are trying to get in on the act - presumably in the belief that selling houses is as simple and straightforward as selling baked beans!
All estate agents are most definitely not the same - and not even the big, well-known national chains are any guarantee of good service. Estate agency is essentially a people business - so the service you get is only as good as the people staffing that particular branch.
Now, more than ever before, you need to consider your choice of agent very, very carefully - because your decision can materially affect not only the quality of service you receive, but also how quickly you sell your home, and the price you achieve for it.
Independent and local, or a faceless nationwide corporation?
Does it really matter who owns an estate agency? The short answer is yes. Independent estate agents are experts in their local market. As an integral part of the communities they serve, their businesses really do stand or fall by the quality of service they provide and by their ability to successfully deliver sales at the best possible price.
Elephant & Castle Independent Estate Agents are an independently owned family business. As such, we believe in treating our customers with respect and courtesy whilst providing a professional, friendly and approachable service right through from valuation to moving day.
Reputation and standing
In estate agency, as in everything else, one of the best guarantees is a solid local reputation. You also need to be sure that your chosen agent adheres to the very highest professional standards, operates to a strict Code of Conduct, and carries professional indemnity insurance.
As Guild Members we have been individually hand-picked as highly-regarded agents in the Coventry area. We adhere to the very highest professional standards, operate to a strict Code of Conduct and are required as a condition of membership to have professional indemnity cover.
Trust and confidence
A key element in your relationship with your chosen agent must be trust. In 2004, The Guild set new standards for the entire industry by becoming the first national network to insist that all member firms belong either to the Royal Institution of Chartered Surveyors (RICS) or The Property Ombudsman.
National network
While expert local knowledge and reputation are crucial, it is still important that your chosen agent should be part of a nationwide network, to ensure that your property benefits from the widest possible market exposure.
As Guild members we are part of a national network of offices working together to serve you better. The Guilds headquarters are the prestigious National Property Centre in London's Park Lane, providing high-profile exposure to the London market and direct access to the international investment community.
Marketing ability
When all's said and done, estate agents are only as good as their ability to proactively market your property to the widest possible audience, using the most effective means at their disposal. For Sale boards are important, as are traditional window displays and local press advertising, but you need more than that. You need an exceptional agent - one who will go that extra mile, and who has access to more powerful and more sophisticated marketing techniques.
Our Guild membership demonstrates a real commitment to marketing at every level - local, regional and national. We enjoy exclusive access to the industry's most advanced and most powerful armoury of marketing tools and techniques.
These include:
- A high-quality full colour monthly magazine.
- A high-profile London office serving the entire network.
- Uniquely powerful programmed marketing software.
- Centrally co-ordinated referrals.
- Local and national press relations support.
- Email and text marketing.
- Dedicated design and publishing studio.
- Floor plans.
- Virtual tours.
- E-mailers plus e-magazines.
- Regular property exhibitions.
Internet marketing
Almost 80% of prospective buyers start their property search online - so you need an agent with a coherent strategy to ensure your property receives maximum online exposure.
As well as our own website we also subscribe to the major national portal sites, such as Rightmove. In addition, The Guild has its own exclusive national site - guildproperty.co.uk, updated daily and displaying a selection of over 30,000 properties throughout the country, together with location maps and a host of useful local information. Widely advertised in the national press, guildproperty.co.uk is also increasingly well-placed on all the major search engines.
Pricing
All the research shows that price is the single most important factor of all in achieving a successful sale. But accurate pricing takes a real expert, since it depends crucially on a close reading of market conditions and trends.
Our valuers have all the necessary knowledge and experience to read the market accurately, and help you pinpoint the fair market value of your home, based on the following factors:
- The location and character of your home.
- Its features and condition.
- Recent comparable sales.
- The amount of similar property currently for sale.
- Projected market trends.
Beware the estate agent who gives you a price on the basis of little more than a casual glance round your home!
Graph to show market interest over time
As you can see, a house is viewed most during the first four to five weeks it is on the market. Activity is declining noticeably by the 7th week. So, getting the price right from the start, enables you to take full advantage of this initial burst of market interest giving you your best chance of getting the best price, in the shortest possible time.
The dangers of over pricing
Naturally, we all want to get the best possible price for our home, so it's always tempting to ask just that little bit more for it. Unfortunately, some less scrupulous agents understand this only too well, and will deliberately over-value your home in order to gain the instruction.
However, this does not mean you will end up with more money! Buyers aren't stupid. They can recognise an overpriced home when they see one - the internet has made this even easier - and they simply look elsewhere. Put your home on the market at too high a price, and it'll just sit there, unsold, while other more sensibly priced properties fly off the shelves.
In the end, you will have to reduce your asking price to a more realistic level. Is that a problem? Yes - because you will have missed out on that precious, never-to-be-repeated surge of buyer interest that greets every sensibly-priced new listing.
Remember, the longer your home is on the market, the harder it becomes to stimulate buyer interest.
There are a number of other risks associated with over-pricing:
- The longer a property remains unsold, the more buyers start to wonder if there is something wrong with it
- Even when you reduce your price, it can be difficult to persuade buyers to reconsider a property they have already rejected.
- Having your home on the market for an extended period can be inconvenient and stressful.
- Many British people often feel uncomfortable about haggling. So, instead of making a lower offer and giving you the change to negotiate, they will simply walk away
- Unless you fancy paying two mortgages at the same time, missing out on a sale might mean losing the home you want to buy.
- The longer your property is on the market, the greater the chance that something will need repairing.
- Last, but by no means least, lenders are not impressed by over-priced properties - so, even if you do find someone willing to pay your asking price, they could have problems getting a sufficiently large mortgage!
Your best chance of selling your home quickly, for the best possible price, is to offer it at a fair market price from Day One.
Presenting your home in the best light
It's a fact that a few small cosmetic improvements can have a big impact on the way buyers react to your home. First impressions really do count. According to research, potential buyers will form an opinion about your home in the first 15 seconds - so it's important to ensure that it's a favourable one. A little effort can make all the difference in terms of attracting buyers - particularly in a very competitive market, or if you need to sell quickly.
Of course, there's no substitute for regular maintenance. Trying to make up for years of neglect can be very expensive! By the same token, avoid anything too big and costly - otherwise you will almost certainly lose money. If your home needs a whole new roof, then your best bet is to adjust the asking price accordingly.
Little things can make a big difference in creating the right impression, for example:
- Your front garden is the first thing people will see - so make sure it's clean, tidy and clear of rubbish. The back garden too should also look neat and well cared-for.
- As for the outside of the house itself, a lick of fresh paint - particularly to the window frames and the front door - costs next to nothing but does more to create that all-important good impression than almost anything else.
- The inside basically needs to be clean, neat and tidy. Paintwork should be free of cracks or stains. Carpets, floor coverings, curtains and soft furnishings should be clean and in good condition, whilst windows should be cleaned inside and out.
- Pay special attention to kitchen and bathroom areas, to ensure that they are sparkling clean and fresh-smelling.
- In the case of pets, take particular care to clean up their sleeping areas, and make sure you eliminate any strong smells.
- Just to be on the safe side, remove all small valuable items from view.
In addition, there are a number of simple sensory tools you can use to create a pleasant ambience.
Light
People react more positively to properties that are well lit. So, during the day, keep curtains wide open and windows clean. At night, switch on all the lights, replacing any blown bulbs.
Sound
Classical music playing softly in the background can help create a calm atmosphere. Otherwise, peace and quiet is generally best. Avoid loud or intrusive noises, like barking dogs, or the TV.
Smell
Smell can work either for you or against you. Strategically-placed vases of fresh flowers or pot pourri can help create a pleasant atmosphere, but don't overdo it. These days, people have pretty much cottoned on to gimmicks like fresh-brewed coffee and freshly-baked bread. The strong smell of air freshener is not pleasant, nor will it fool anyone. The smell that makes the best impression is the smell of cleanliness and freshness.
De-personalising your home
Buyers need to be able to visualise what it would be like to live in your house - a process made more difficult if your own personality is stamped too firmly on it. So, try to avoid the following:
- Extreme colour schemes.
- Anything unusual or potentially upsetting in the way of furnishings or decorative effects.
- Strong odours from tobacco, pets or cooking.
- Powerful political or religious statements.
- Excessive numbers of personal photos.
Ask your Agent
Remember, we take buyers in and out of houses every day, and we know what appeals to them, and what doesn't. So, if you need any advice on simple, inexpensive changes that would enhance the appeal of your home, feel free to ask. It's all part of the service.
And finally...
When showing a prospective buyer round your home, don't have too many other people present. Be polite, but not over-friendly. Never apologise for the appearance of your home. And, if you are asked why you are selling, tell the truth - without giving away too much information.
