Getting Your Home Sold in a Buyer’s Market

Let’s face it, selling a London property over the last 24 months hasn’t been a walk in the park. Transaction volume in the capital has fallen from its peak in 2007 before the financial crisis and still hasn’t recovered.  While property prices in London increased significantly from 2009 until 2016, since then we’ve seen price reductions throughout London, with some of the most drastic occurring in Prime Central London.

What this means is that there are fewer buyers for every listing.  Buyers know that they have a great amount of choices, so they are demanding tremendous value.  While this can be frustrating for sellers, rest assured that there are still buyers out there.  So how can you get your property to stand out in the face of the competition?  Here are a few of our most effective tips for getting your home sold.

De-clutter

Many sellers believe that when the right buyer comes along they will fall in love with the property.  While that may be true, you can certainly help the right buyer fall in love by actually letting them see the property!  This means clearing off surfaces and removing the pictures and artwork that are very personal.  Buyers need to be able to visualise themselves in the property but won’t be able to do that if they can’t see beyond blocked pathways, toys strewn throughout, unmade beds, and dishes in the kitchen.

Do All the Necessary Maintenance

Most buyers want a home they can move into without a lot of fuss.  If while viewing your home, they see lights not working, gaps in the grout in the kitchen or bathrooms, water stains, etc., many will be turned off.  The issues may indeed be minor, but it gives the impression of a property that has not been cared for, and suggests that there may be other problems down the road.  Give your property a freshen up by painting tired looking rooms, grouting tiles throughout, testing all lights and switches and make sure that everything that is supposed to work, actually works.

Stage it Properly

While many people will discount staging as an unnecessary expense, data suggests otherwise.  In the National Association of Realtors (in America) survey, 60% of agents said that staging decreased the amount of time a home sat on the market, which in some cases is as good as extra cash.  Close to half of agents reported that staging increases a sale price between 1% an 10% compared to similar homes.  Buyers need to fall in love with a home and staging creates a beautiful representation of what it would be like to live in, and enjoy the rooms.  You don’t have to stage each room, but I highly recommend that you do at least the main rooms and any tricky/awkward spaces that buyers will have a hard time visualising the purpose.

Take Great Photographs

This should go unsaid, but given the shocking amount of properties on portals with poor photographs, the point must be stressed.  Beds should be made, curtains pulled back, and rooms de-cluttered so that photographs of the highest quality can be taken.

Write Up a Great Description

Many buyers start their search online, so along with great photos, you’ll need a great description.  Not too wordy but enough to give buyers a good sense of the property, and more importantly entice them to book a viewing.  At the property, keep a listing sheet that gives buyers all the salient points and highlights all the really great things such as amenities, location, access to transport, etc.

Price it Right

Having done all of the above, if you are over-priced in a buyers-market, it is unlikely that you’ll get much interest. Many sellers who are willing to accept a lower price, want to price higher to give themselves room to negotiate.  However, the problem with this is that many buyers who would be interested in the property might not even see it if it doesn’t come up in their searches which are up to certain price bands.  Also, those who do see it will compare it with other properties in that bracket that may have more features (bedrooms, bigger size, better location) and won’t enquire about your property.

Contact a Professional to Sell It

While there are many online sites to help sellers sell their home directly, utilising a professional still offers distinct advantages.  A professional can give candid feedback on how your property compares, not just to those that are on the market, but to those that have sold recently.  They can help you with a marketing strategy that should be customised to your unique home as well as your time frame for selling.  They should be proactive in responding to enquiries and provide easy access for viewings.  When showing the home to potential buyers, they should be able to dispassionately highlight the best features and also speak about the neighbourhood and other amenities.

If you want your property to stand out amidst the competition, get in touch today.  We can provide a free valuation and create a bespoke marketing strategy to get your home sold.  And that’s what you want, isn’t it?