Every industry has its secrets and its experts. Work within a particular retail sector or space for long enough and it’s not just the jargon you get to understand, but what sells best, how, where and with whom. And the property industry is no different.
So, how do you as the ‘man (or lady) on the street’ know what’s true and what isn’t? Unless you have an insider within the trade who can advise you, it isn’t always easy to work out. And that’s why we’ve written this post, outlining some of the top fast selling myths when it comes to going through a house sale.
1. Renovate your house before you sell it
The reason for renovating your house before putting it on the market is that it will make your house sell quicker and for more money. That may be the case but will you get a return for the thousands you spent on putting in a new bathroom or kitchen?
So it’s not as easy as just putting a new kitchen and bathroom, many factors need to be taken into considerations such as property type, demand in the area, location, delay to renovate, cost to renovate…
The likelihood is you will be better off leaving it as it is and allow a property investor or house hunter to come in and put their own stamp on it. And, there’s no rule to say the new buyer can’t rip out your lovely new bathroom because it doesn’t suit his or her tastes.
2. Never try to sell independently
Why? Lots of people do engage in a private sale. Not only does it mean they don’t have to spend a fortune on estate agents but they can also reduce their conveyancer fees too.
It’s far easier for an individual to sell online these days, using Facebook marketplace, Gumtree or other online sites. We know of a neighbour of a ground floor flat who managed to quickly sell a property by putting the asking price and his contact details on a sign in the window. So, don’t be flummoxed when wondering how to sell your house without an estate agent.
Also, the days of a local estate agent knowing all the potential local buyers are long gone now that the whole house selling process has gone online. It’s perfectly possible to sell your house independently for cash.
3. Put the property on at 15% more
The reason many sellers believe it’s good to overprice their property is so that it gives them the opportunity to negotiate with a potential buyer. That way, they will get what they wanted for it and their buyer will think they have a deal.
Yes, in a way that makes sense. But, think about how many buyers you’ve already put off in the first place by overpricing the property. Buyers aren’t stupid, they’ll already know what similar properties in the area are selling for and – unless there’s something particularly special they want from it – will steer clear of yours. Then you’ll be left asking yourself ‘why isn’t my house selling?’
4. The more agents, the quicker you’ll sell
Maybe this works in other industries, but not when it comes to the property market. Using a handful of estate agents means your property will be marketed five times in Rightmove and/or Zoopla, for instance. And, in a way, that smacks of desperation. So, in answer to the question ‘what sells a house fast?’ it’s not lining up a whole troupe of agents.
Buyers will think there is something wrong with your home if you weren’t confident enough that just one agent would be able to sell it.
It will also put the agent themselves off. If they’re competing against four other estate agents then their chances of selling are diminished so, maybe they won’t work as hard on marketing it, thinking they’re more likely to get a sale with the seller whose house is exclusively on their books.
5. Never accept the first offer
Taking the first offer means you’ll miss out on a better deal later on, right? Not necessarily. Someone who has made an offer quickly may have been looking for weeks and when they saw what they wanted, they jumped on it. It doesn’t mean your house is under-valued, rather that the buyer knows what they want.
If you feel it’s low then negotiate. But be aware that the longer a property sits on the market, the more difficult it is to sell. Buyers begin to get suspicious about why it’s still there.
6. You have to use the agent’s conveyancer/solicitor
That’s not true, nor do you have to go with mortgage broker (when buying) they recommend either. By recommending these people your agent will be getting a commission. Yes, they may be good but still, shopping around will probably get you a better deal. Always compare prices and the type of service a professional is willing to offer before signing up. It’s not as if their services are just pennies, after all.
7. It’s best to sell in the spring
Why? Yes, your house exterior will look better during the lighter, warmer months than in winter when it’s dark, cold and gloomy outside. And, people tend to house hunt more during April and May.
But, there are still people looking for homes in September, October etc. Just sticking to one period of the year means you’re missing out on potential buyers the rest of the time. If you need that house sale, then just bite the bullet and get your home on the market.
Get in touch
If you’re wondering to yourself ‘how do I sell my house fast for market value’ then you can get in touch with ourselves here at Faster Property Solutions.
We offer a Helping Hands service where we can take you through the whole process of selling and staving off debt collectors if you are selling for financial reasons. We can stop a repossession process too. That’s because we offer a range of financial solutions to make sure you get the best deal for the sale of your property (if, indeed, that’s what you would like to do).
For more information about our service then call us today, or speak to us via live chat on our website www.fasterpropertysolutionstoday.co.uk.