Like many industries, the property world is full of smoke and mirrors, marketing jargon, well-honed fast selling techniques all mixed with a little dash of mystery to make the business quite bewildering to the public at large.
In many cases this is quite deliberate because it makes the whole process seem more complicated than it is, and that keeps many people in business – from estate agents to solicitors to surveyors and insurance companies.
So, here is a list of just 4 things that you thought you knew, but surprise, surprise, it is not as clear cut as that!
Here Are Our Fast Selling Myths Debunked
1. Using An Estate Agent
After all, they know all of the buyers.
Remember, a buyer does not care who they buy property from. They simply want one that suits them at the right price.
Knowing an estate agent is of no benefit, particularly since the advent of the internet – that great global democracy – which means that buyers can see every available property with every agent at a click of a button.
With the exception of some very small villages and extremely high value property (I’m talking in the tens of millions) the old boys’ network in property is a thing of the past.
So, don’t let estate agents get you into thinking it’s a closed shop.
2. Renovating Will Make It Sell
Sorry, but sometimes it’s the complete opposite! There is a perception that property that requires renovation is a bargain.
Just look at the TV programs and everyone wants a ‘do’er up’er’. Sometimes, properties that need renovation are a good buy and people are able to make money on them if that is the intention. Often however this is not the case and once the purchase price and renovation cost have been factored in they could have bought a property that was already in good condition and move straight in!
Unless you are a property developer or you know your market extremely well, it is not normally wise to second guess what your buyer may want.
So, whilst you should make the best of what you have and ensure the house is clean and tidy, do not go to the trouble or expense of renewing bathrooms, kitchens or carpets – you are very unlikely to see a good return on your money.
3. Put Your Property On With Lots Of Agents
One click will find a property on a portal like Rightmove and if your house is displayed by 3 or 4 or more agents, you’re going to look desperate which will immediately discourage interest.
After all, most people want something that is not easily had.
The same applies to local newspapers. You really don’t want your property appearing in the home section in 3 or 4 different adverts.
Add in the fact that the estate agents themselves probably won’t be so motivated because they’ll know that they only stand the one in four chance of selling the house and this will be a recipe for disaster.
You should try a sole agent initially, increasing to multi-agency if you have to but with no more than two agents. If one doesn’t perform, dis-instruct and find another (make sure that you check any sole or multi-agency agreements you sign).
4. Keep Dropping The Price
There is a degree of truth in this.
Of course, if you are to half the price of your home, somebody would buy it no doubt, but be wary of chasing the market down.
Again, this looks desperate (see 3) and also clever buyers will sense your desperation and hold back letting you do the negotiating for them by constantly making the house cheaper!
Be as realistic as possible from the start.
You can still add a little to allow for negotiating, but do not enter the market at too high a price or your home may be affected by the most serious illness there is in the estate agency world. . . ‘market sickness’ i.e. the house, marketing and estate agents have all become tired and these are the properties that sit there with no interest.
Lastly, the market is improving and if this continues will come to the aide of many sellers who have been unable to find a buyer in reasonable time. But be realistic from the start and you will stand a much better chance.