As the Christmas holiday season is upon us, many people will start to think about the prospect of moving house early next year. However, as the evenings will still be dark, and the garden remains rather sad, there is usually the feeling that it would probably be best to wait until the spring before putting your property on the market. After all, spring is traditionally associated with a time of change and this has always had a bearing on the property market.
However, we would urge some caution on this. Firstly, serious buyers do not give up over the Christmas and New Year period, and can even become frustrated by lack of choice as properties are withdrawn from the market in the mistaken belief that nobody will be looking at this time of year. You can take advantage of this temporary imbalance of supply and demand by being one of the properties that is actually new on the market! Whilst viewing activity may be slightly less frenetic, you can be assured that every viewing will count, as you will only be dealing with serious buyers.
Many sellers will inevitably wait until the spring before putting their property on the market – which could flood the market and potentially thwart prices. However, last year’s backlog of frustrated buyers are already looking today.
So if you are contemplating a sale this year, we suggest you take advantage of the situation, be strategic, and position your property for an early sale at a time when demand is likely to outstrip supply.
Monday, 7 December 2009
Tuesday, 1 December 2009
“Showing Buyers Around” (Part Two)
Some people feel that houses should be able to “sell themselves” and do not need to be “shown” by estate agents. Whilst this may be true of certain exceptional homes, or where achieving the optimum price is not an issue, most properties require the skills of a well-trained estate agent if they are to sell for the best price within a reasonable period timescale.
One benefit of your estate agent showing your home is honest feedback. Many purchasers wish to avoid appearing rude and build up a seller’s hopes by telling them what they want to hear; “It’s lovely – we’ll get back to you”. By the time they have seen several other properties their feedback to the agent about your particular home is likely to be minimal.
Additionally, the buyer will probably want to discuss aspects of the property out of the seller’s earshot. They may have plans that they feel would offend the seller, such as knocking down a wall the seller built!
When we show your property, immediate feedback can also be generated from buyers who might not have been so frank with you directly. This helps us understand their buyers and allows us to fine-tune our marketing efforts. Clients often say that sincere post-viewing feedback significantly helps to reduce the stress of selling, and after all, this is surely one of the most compelling reasons for appointing a professional and reputable estate agency to represent you in your sale.
Please feel free to contact us at any time on 023 92 602155 if you would like to discuss any aspect of the possible sale of your property, without obligation.
One benefit of your estate agent showing your home is honest feedback. Many purchasers wish to avoid appearing rude and build up a seller’s hopes by telling them what they want to hear; “It’s lovely – we’ll get back to you”. By the time they have seen several other properties their feedback to the agent about your particular home is likely to be minimal.
Additionally, the buyer will probably want to discuss aspects of the property out of the seller’s earshot. They may have plans that they feel would offend the seller, such as knocking down a wall the seller built!
When we show your property, immediate feedback can also be generated from buyers who might not have been so frank with you directly. This helps us understand their buyers and allows us to fine-tune our marketing efforts. Clients often say that sincere post-viewing feedback significantly helps to reduce the stress of selling, and after all, this is surely one of the most compelling reasons for appointing a professional and reputable estate agency to represent you in your sale.
Please feel free to contact us at any time on 023 92 602155 if you would like to discuss any aspect of the possible sale of your property, without obligation.
Monday, 23 November 2009
“Showing Buyers Around” (Part One)
Some estate agents claim that the seller is the best person to show a property to prospective purchasers.
However, apart from the inevitable awkwardness of inviting strangers into your home, there are sound reasons why good estate agents prefer to accompany buyers around.
When buyers see a property for the first time, they are probably viewing it alongside other properties, and simply want to get a feel for its relative suitability in terms of location, layout, size, condition and style. These can all be assessed within the first few minutes. Vendors are understandably emotive and partial to their own property and tend to go into too much detail, which can frustrate buyers who simply want to assess the property in principle and move on to the next house. Such a vendor can unwittingly appear desperate to sell.
The agent on the other hand is the “impartial broker” who has an understanding of the buyer’s needs and can use the feedback gained during each viewing to facilitate the decision-making process, leading to strong offers and decisive moves.
Children and pets, no matter how sweet they may be, should also be kept out of the way during a viewing, as they can become an unnecessary distraction. Buyers should be focussed not on the property’s occupants but on the home itself and what it would be like living there. Our job as estate agents is to facilitate this in order to secure a speedy sale with the minimum of disruption to our clients’ life!
However, apart from the inevitable awkwardness of inviting strangers into your home, there are sound reasons why good estate agents prefer to accompany buyers around.
When buyers see a property for the first time, they are probably viewing it alongside other properties, and simply want to get a feel for its relative suitability in terms of location, layout, size, condition and style. These can all be assessed within the first few minutes. Vendors are understandably emotive and partial to their own property and tend to go into too much detail, which can frustrate buyers who simply want to assess the property in principle and move on to the next house. Such a vendor can unwittingly appear desperate to sell.
The agent on the other hand is the “impartial broker” who has an understanding of the buyer’s needs and can use the feedback gained during each viewing to facilitate the decision-making process, leading to strong offers and decisive moves.
Children and pets, no matter how sweet they may be, should also be kept out of the way during a viewing, as they can become an unnecessary distraction. Buyers should be focussed not on the property’s occupants but on the home itself and what it would be like living there. Our job as estate agents is to facilitate this in order to secure a speedy sale with the minimum of disruption to our clients’ life!
Wednesday, 18 November 2009
“How Long Has It Been On The Market?”
One of the first things a buyer will ask an estate agent when offered a property is “How long has it been on the market?”, and with good reason. Buying a property is a huge transaction and it takes courage to commit to undertake such an apparently huge decision – often with very little support other than pure instinct.
One of the most persuasive and apparently reliable indications as to the suitability of a property is to check out whether other people have expressed an interest. There is great comfort in knowing that you are not the only one who would like to buy the property.
Once people hear that others have expressed an interest, then everyone seems to want the property as the power of this “social proof” kicks in. This competition can often stimulate a quick sale at a high price, and usually occurs when a property is attractively priced in relation to other properties available for sale.
Of course the opposite is also true. When the price of a property is overly ambitious, the excitement that should surround a property that is new on the market is reduced, and it can begin to go stale. This is when nobody has made an offer and the property is seen to be repeatedly advertised. When buyers find out that it is no longer new on the market they think “Well nobody else wanted it – perhaps we are making a mistake.”
So our advice would be to position your property as one of the best available in its price range from day one. This will prompt interest and encourage asking price offers from qualified buyers. Under your agent’s advice, you should then have a choice of buyer, resulting in a fast, reliable, sale at the highest price the market will pay.
One of the most persuasive and apparently reliable indications as to the suitability of a property is to check out whether other people have expressed an interest. There is great comfort in knowing that you are not the only one who would like to buy the property.
Once people hear that others have expressed an interest, then everyone seems to want the property as the power of this “social proof” kicks in. This competition can often stimulate a quick sale at a high price, and usually occurs when a property is attractively priced in relation to other properties available for sale.
Of course the opposite is also true. When the price of a property is overly ambitious, the excitement that should surround a property that is new on the market is reduced, and it can begin to go stale. This is when nobody has made an offer and the property is seen to be repeatedly advertised. When buyers find out that it is no longer new on the market they think “Well nobody else wanted it – perhaps we are making a mistake.”
So our advice would be to position your property as one of the best available in its price range from day one. This will prompt interest and encourage asking price offers from qualified buyers. Under your agent’s advice, you should then have a choice of buyer, resulting in a fast, reliable, sale at the highest price the market will pay.
Thursday, 5 November 2009
“ Autumn’s All Go!”
With the summer now firmly behind us, the market is active once again, and we actually find that we currently have the opposite of many estate agents – we have far more buyers than we do stock, but predict that there will be a run of properties coming onto the market in the run up to Christmas. Those who enter the market ahead of this rush are likely to be the winners, as they will be competing with old stock.
Property which is new to market is highly prized over old stock. The first question buyers ask is, “how long has it been on the market?” If nobody else wanted to buy it – why should they? Any agent will tell you that a property is most likely to sell within the first two to three weeks of marketing. That’s when buyers are excited about your property, often leading to a price increase as buyers compete for your property.
So if a move is on the cards, we urge you to consider bringing it forward if at all possible. You can always extend your completion date if need be. But the key in this market is to secure a buyer sooner rather than later.
We would be happy to create a Marketing Plan that really works for you – without obligation – quickly, efficiently and with great care and courtesy for local homeowners over the coming weeks.
So why not call us today, and discover a refreshingly different estate agency?
Friday, 30 October 2009
The Value of Sold
Our last article considered some of the dangers associated with pricing your home in relation to other properties available for sale (ie those remaining unsold). This time we’ll consider pricing in relation to properties which have actually sold.
When considering what asking price to quote for your home, common sense dictates that the price of other homes which have sold locally should be a good indicator of the price you should be quoting. However, your research could well prompt you to price your property at a level which could prove difficult to sell. In this weaker market it is a sure bet that the price achieved for a property is highly unlikely to be achieved again, and may well represent a snapshot of the market several months ago.
Additionally whilst a property might have been advertised at a particular figure, it could well have actually sold substantially below this.
Irrespective of national trends, the property market is very sensitive to imbalances in supply and demand even on a street by street basis. When there are many qualified buyers all seeking a rarely-available house in a popular street the price goes up. If fate dictates that the following week five such houses become available in the same street, the price will inevitably fall.
Likewise there can be situations where a property is sold at a record price to an individual who particularly wanted a specific property for personal reasons. Conversely a situation could arise where a desperate seller, who might otherwise suffer repossession, agrees a sale at a very low figure for a quick sale.
Only the estate agent involved in any of these transactions knows how the individual circumstances of sale can affect value. So a word of caution – leave the science of valuation to an experienced local estate agent who is highly active in the market and has a good track record of achieving swift sales at or close to his/her suggested asking price.
When considering what asking price to quote for your home, common sense dictates that the price of other homes which have sold locally should be a good indicator of the price you should be quoting. However, your research could well prompt you to price your property at a level which could prove difficult to sell. In this weaker market it is a sure bet that the price achieved for a property is highly unlikely to be achieved again, and may well represent a snapshot of the market several months ago.
Additionally whilst a property might have been advertised at a particular figure, it could well have actually sold substantially below this.
Irrespective of national trends, the property market is very sensitive to imbalances in supply and demand even on a street by street basis. When there are many qualified buyers all seeking a rarely-available house in a popular street the price goes up. If fate dictates that the following week five such houses become available in the same street, the price will inevitably fall.
Likewise there can be situations where a property is sold at a record price to an individual who particularly wanted a specific property for personal reasons. Conversely a situation could arise where a desperate seller, who might otherwise suffer repossession, agrees a sale at a very low figure for a quick sale.
Only the estate agent involved in any of these transactions knows how the individual circumstances of sale can affect value. So a word of caution – leave the science of valuation to an experienced local estate agent who is highly active in the market and has a good track record of achieving swift sales at or close to his/her suggested asking price.
The Value of FOR SALE
When considering the value of a property prior to putting it on the market, many vendors understandably look at the asking price of other properties currently on the market locally, and draw pricing conclusions based on this research.
Whilst this is not an unreasonable way of determining value, there are some traps for which to look out.
Firstly, an important observation is that if a property is on the market, it is by definition “unsold”. An unsold property is invariably one which is overpriced. If it had been priced correctly then it would have sold, but in the event the market has rejected it and it will probably only sell if the price is reduced. So if you have a similar property and you price it at about the same level as the unsold property, then the chances are that yours will remain unsold as well.
We know that purchasers buy by comparison. So your property has to compare favourably when seen alongside others on the market. If your property is similar to another on the market nearby, then yours only becomes readily saleable when it is priced favourably and offers better value for money.
Additionally, if you feel that your property is slightly better than a neighbouring property for sale (as you are bound to as you chose the décor and it has your own possessions in it) then surely it makes sense to quote a similar price, rather than attempting to offset the extra features with a higher price.
Ultimately, correct pricing is all about seeing the world through the eyes of the buyer and making responsible and effective pricing decisions which always point to offering better value than that offered by competing properties available locally.
Our next article will consider the merits of pricing in relation to properties that have already sold.
Whilst this is not an unreasonable way of determining value, there are some traps for which to look out.
Firstly, an important observation is that if a property is on the market, it is by definition “unsold”. An unsold property is invariably one which is overpriced. If it had been priced correctly then it would have sold, but in the event the market has rejected it and it will probably only sell if the price is reduced. So if you have a similar property and you price it at about the same level as the unsold property, then the chances are that yours will remain unsold as well.
We know that purchasers buy by comparison. So your property has to compare favourably when seen alongside others on the market. If your property is similar to another on the market nearby, then yours only becomes readily saleable when it is priced favourably and offers better value for money.
Additionally, if you feel that your property is slightly better than a neighbouring property for sale (as you are bound to as you chose the décor and it has your own possessions in it) then surely it makes sense to quote a similar price, rather than attempting to offset the extra features with a higher price.
Ultimately, correct pricing is all about seeing the world through the eyes of the buyer and making responsible and effective pricing decisions which always point to offering better value than that offered by competing properties available locally.
Our next article will consider the merits of pricing in relation to properties that have already sold.
Sole Mates Forever?
Most estate agents make similar claims about their ability to secure the highest possible price, in the shortest possible time, with the least possible inconvenience.
These things are easy to say, although in reality many agents do not always find them easy to deliver. Indeed, such claims set a level of expectation that can sometimes be followed by disappointment.
One thing to look out for when selecting an agent is their period of sole agency. There is no doubt that a sole agency is far preferable to asking two agents to market your property, particularly in terms of accountability. But some agents insist on a sole agency tie-in period of 8, 12, 16 or even 26-weeks! Our question is….why?
In our opinion, a long period of sole agency suggests a lack of confidence on the agent’s part, and it is a way of preventing the seller from sacking them if they fail to deliver! What sort of accountability is that?! It means that the agent can say whatever the seller wants to hear in order to secure the property on their books, and then wait for the property to sell itself. Indeed, some agents take on properties under a long-term sole agency agreement, only to recommend a price reduction shortly after the initial marketing period. Sole agency periods protect agents not sellers!
We are breaking the mould in this area, as we believe property sellers deserve better. We feel that if, at any time, you no longer enjoy working with us, you should have the right to fire us! We simply ask for twenty eight days notice. We find that our clients really appreciate this transparent approach. It certainly keeps us on our toes, and ensures you get the commitment we promise at the outset.
These things are easy to say, although in reality many agents do not always find them easy to deliver. Indeed, such claims set a level of expectation that can sometimes be followed by disappointment.
One thing to look out for when selecting an agent is their period of sole agency. There is no doubt that a sole agency is far preferable to asking two agents to market your property, particularly in terms of accountability. But some agents insist on a sole agency tie-in period of 8, 12, 16 or even 26-weeks! Our question is….why?
In our opinion, a long period of sole agency suggests a lack of confidence on the agent’s part, and it is a way of preventing the seller from sacking them if they fail to deliver! What sort of accountability is that?! It means that the agent can say whatever the seller wants to hear in order to secure the property on their books, and then wait for the property to sell itself. Indeed, some agents take on properties under a long-term sole agency agreement, only to recommend a price reduction shortly after the initial marketing period. Sole agency periods protect agents not sellers!
We are breaking the mould in this area, as we believe property sellers deserve better. We feel that if, at any time, you no longer enjoy working with us, you should have the right to fire us! We simply ask for twenty eight days notice. We find that our clients really appreciate this transparent approach. It certainly keeps us on our toes, and ensures you get the commitment we promise at the outset.
Tuesday, 6 October 2009
More than Pictures
As you look through the pages of most local property newspapers and magazines, all you generally see are pictures of properties. As you turn from page to page the only discernable difference between estate agents is their corporate colour scheme, which does not tell you a great deal about who they are, what they stand for, or what it would be like to work with them.
Additionally, most readers are not actually thinking of moving, although the majority of homeowners naturally have an ongoing interest in the local property market, especially during these uncertain times.
So, from October 2009, we will be publishing weekly articles on our website that look at property-related issues. Not just about flats and houses that are currently available for sale, although these will always feature prominently on our site, but opinion, commentary and advice on the wider issues of property ownership.
After all, there is so much more to property than selling; yet few estate agents offer anything remotely associated with property lifestyle. This is surprising considering the overwhelming interest in property-related subjects on TV. Where many agents appear only interested in the sale, we see our role as helping with the move as a whole, including a contribution towards helping people enjoy their home.
So whilst many of our articles will offer advice on how to maximise your prospects of buying or selling quickly and with minimal stress, we will also consider other aspects of property, including topics such as interior design, gardens, security, planning, etc.
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