20 December 5 Reasons You’re Struggling to Sell your Property
If you’ve had your house on the market for some time, it can be very frustrating to not know why it isn’t selling. It has often been the belief that a property will sell itself, but this simply isn’t the case, to give you some guidance, we thought we’d list five reasons that might effect your ability to sell your property.
1 – You’ve instructed the wrong estate agent
Not all estate agents are created equal and it is important to pick the best one you can to sell your house. Ensure that your key driver in picking an estate agent isn’t price, the cheapest are often the cheapest for a reason, that being – they don’t sell many houses!
It is important to know that your agent’s job is to sell your house – not just to list it for you. Good agents will be able to give you a marketing plan for what they intend to do in order to get your home sold, quickly and at your asking price.
Different agents often specialise in specific property types. So, if you’re selling a cheap 1 bed studio, it wouldn’t make much sense to go to an agent who generally sells prime property. Equally, if you’re selling a five bed penthouse, the agent who sells the bedsits isn’t going to be right for you either.
Make sure your agent’s experience, marketing, fees and success match your property.
2 – The property is messy
It might sound blunt, but you’re going to struggle to get top price for your property if it looks like its been hit by a bomb. Make sure it is presentable, clear surfaces, floors and clutter out of sight.
Even if you lack storage space, perhaps a friend or relative will be able to store some things for you while you have viewings of your home. It will be worth it in the long run.
Make sure fixtures, fittings and lights are all working properly. Ensure any scuffs or damage is repaired and presentable too. However, don’t be tempted to spend lots of money getting a new kitchen or bathroom fitted, you generally won’t see your money back on such an investment.
3 – You’re asking for too much
Everyone likes to think that their property is worth more than all the others on the same street or in the same building, but when it comes to selling it is important to be realistic.
Remember that you’re always likely to get offers below what you want, a sale price is, on average, 5% lower than the marketed price. So bear that in mind. That being said, if you’re valuing your property at 20% above market value that doesn’t mean you’re going to get beaten down and sell at 15% above market value. The more likely outcome is, you’ll get no offers at all.
Don’t be tempted to list the property for a high price and drop it if it doesn’t sell. Buyers are wary of properties that are on the market for a long time and lower suddenly in price. The perception is either, that there is something wrong with the property, or that the price will probably drop again, so they’ll wait, or offer even lower.
Make sure you list at the right price to begin with and you can avoid all sorts of problems.
4- You have poorly presented or shot photographs
Generally, the first impression someone gets of your property is seeing it online. At the very least, the first impression they get will be the photographs that the estate agent shows them.
Therefore, it is vital that those photographs are as good as they can possibly be. A good estate agent will hire a professional photographer to come and take well-staged, well-lit, welcoming and enticing pictures of your property. If they don’t do this, make sure you are completely happy with the photographs they take and don’t be afraid to ask for better pictures to be taken if needs be.
If yours is a high-value property, there are a variety of ways to use photography to really add value to your home. Virtual tours and 360 photos are immersive and will make a big difference to interested buyers.
5 – The market isn’t right
Like any market, the property market is subject to outside influence and a plethora of contributing factors effecting its buoyancy. If the economy of the country isn’t doing so well, property is one of the first markets to feel the pinch.
In austere times people’s ability to borrow is impacted, thus the mortgage market retracts and buying a home becomes more difficult. The natural outcome of this is that houses take longer to sell, have to reduce their prices to sell or, worst case, do not sell at all.
Issues that create market uncertainty are chief among the factors that will negatively impact property. Brexit is a prime example, the continuing uncertainty and lack of clear direction, future and stability are already beginning to show their effect on the property market.
In such times, perhaps selling isn’t the answer. If the option is open to you, renting can be far more sensible. Covering your costs of the property whilst the market recovers.
We hope this sheds a little light on how your property could be better marketed to ensure you’re able to sell it effectively. Remember, don’t be too disheartened about seeming inactivity, it is better to have one serious viewer than a hundred who aren’t going to buy.
At Walton Estates, we employ a number of tools in order to effectively market and sell your property. These include paid ads, targeted demographics and market segments, open houses, listings in local magazines, social media marketing and many more.
If you don’t manage to sell your property, sometimes taking it off the market for a few months and then re-listing can often yield results.
For more information or to discuss your property sale with us, please drop us a call on 0207 581 4540 or email us on email@example.com