Are you struggling to sell a property? At Doormarked we love problem-solving, particularly when it comes to anything property related. In order to solve any problem you need to understand where the problem is. You need to apply this exact principle to the sale of your property. If you can identify what part of the sale process you are having difficulties with you can then work out what you might need to do, to help sell your property.
To help you work out where your problem is, we will work through each aspect of the sale in steps… if you are unable to move onto the next step this suggests that the issue lies in either the step you are on or one of the previous steps! Click on each step to get a drop down of the points we think are important.
Has your property had lots of viewings? If your property has had lots of viewings you can move onto the next step.
Property viewings are a crucial part of a property sale and the amount of viewings booked can be an indicator of how popular your property is in the current market. During the COVID-19 pandemic many individuals are using virtual viewings as an alternative. If this is what you are offering then it is still important to consider how many of these viewings your property has had! It is very rare for anyone to buy a property without looking at it first…..
If you haven’t had many viewings there are several things you should consider:
Have you got good quality photos? Good photos are crucial when selling your property. Different angles and lighting can turn a beautiful room into something resembling a dungeon! Time spent on good quality photos is well spent. You want to stop people scrolling past and make them want to see more!
Are your photos‘show-home’ enough? People love seeing ‘instagramable’ properties. Partly because it is easier for them to visualise the space and imagine themselves living in it! We know everyone has different interior design preferences which may or may not suit everyone’s taste but we’d strongly recommend trying to remove any clutter and styling rooms to look ‘fit for a magazine’. This also applies to empty properties. By adding furnishings a viewer can instantly get a better understanding of the space and will be able to visualise themselves living there…. This will encourage potential buyers to organise a viewing.
What is your asking price? Another reason why potential buyers don’t organise viewings is if they think the price is too high for the property being advertised. This may be because the quality of your photos doesn’t demonstrate the property’s value very well. Or it could be that your property is priced higher than what potential buyers are looking for or comparing your property to. It’s important to carefully consider the asking price of your property. Make sure you are considering what the price is of other properties that are also on the market in your area, as these will be used by potential buyers as comparisons! If your property is unique with key details and features that make its value worth more than surrounding properties, make sure that these are clearly outlined in your property’s description. A potential buyer will want to understand why your property is valued higher than others and if it’s not immediately obvious they may just assume it’s overpriced and won’t bother to organise a viewing!
Has your property had viewings but no one has made any offers? If you have received offers you can move onto the next step.
If potential buyers are taking the time to view your property but not making an offer this might be related to what they are seeing during their viewing and it not matching their expectations or requirements. If you are stuck at this step it is really important that you try to collect feedback from individuals who have viewed your property and what it was that stopped them from making an offer. This can guide you on which of the following points you might need to address.
Are your photos & description over-selling your property? If your photos demonstrate your property having deceptively large rooms or cleverly hide areas of the property that are in need of attention, this might put off potential buyers. It can also make them question what else you might be trying to hide…….Potential buyers will have certain requirements when buying a property and if your property met their requirements in your advert but doesn’t when they viewed it, this may be why they haven’t made an offer. Try to make sure your advert accurately represents your property to save yourself and viewers time!
Are potential buyers being disappointed by something? This is similar to the point above but with regards to the actual viewing. If your property has become untidy since you had photos taken or the kitchen is in need of a clean, this can be enough to put off potential buyers. Make sure that your property is still as ‘show-home’ as possible, as potential buyers will want to visualise themselves in your property! In addition, there may be things that aren’t visible in a photo which are off-putting in person. This could be nearby noise, the smell of your kitchen, or how warm the property was when walking around. All of these factors leave an impression on a potential buyer and may influence their decision to make an offer or not. Try and address these factors where you can!
What is your asking price? If potential buyers are deciding to not make an offer after viewing your property, it may be because they feel the price is too high for your property as it is or too high when compared with other properties they have viewed. If potential buyers want to make changes or feel your property is in need of refurbishments, this can be enough to put some buyers off. Where possible try to establish from viewers why they haven’t made an offer and if it is due to price, try to find out what price they would be willing to pay. This can help you to establish whether you need to change your asking price or whether you need to make other improvements to your property to suit more buyers’ needs for the current market.
Have you chosen not to accept any of the offers you have received? If you have received offers on your property that you have accepted you can move onto the next step.
Accepting an offer you have received for your property is an important decision. We understand that sometimes it is difficult to know whether this is the right decision to make.
Have you only received one offer? Often we want reassurance that we are making the right decision and sometimes this comes in the form of receiving multiple offers of similar prices. However, sometimes we don’t have this privilege and we have to use other methods to help us decide whether the price being offered is right. This can be in the form of researching the prices of similar properties that have sold recently in your area. Alternatively, you can consider how much you previously paid for a property and whether you feel the offer you are receiving is a fair inflation over the time period you have owned the property for. If the price being offered is comparable and reasonable then just because it is the only offer you have received doesn’t necessarily mean you shouldn’t accept the offer.
Are the offers you have received below your asking price? If you have received offers which are below your asking price it is important to consider whether you are happy to accept a lower offer. There are many factors that will determine whether you’re happy with a lower offer which range from your own personal financial circumstances, what you purchased the property for initially, what you have spent improving the property, etc. As mentioned in the point above, you can also use other methods to help you decide whether the price being offered is reasonable. Such as looking at recent house sale prices for similar properties in your area. Ultimately, you have to decide whether to accept a lower offer or not. However, if you have received multiple offers which are all lower than your asking price and are in a similar price range to one another, then this could be a more accurate indication of the true market value of your property. If you are physically unable to accept a lower offer due to negative equity or other financial concerns, you could consider finding a local independent property advisor (IPA) who will be able to help you.
Are there specific reasons why you don’t want to accept an offer? Sometimes there are particular reasons why you don’t want to accept a particular offer, even if they are offering the asking price. This may be due to how the potential buyer intends to use your property. Or maybe you’re concerned about a potential buyer’s financial situation and would rather a cash buyer. Depending on how many offers you have received, sometimes you can be selective about who you choose to accept an offer from. If you don’t have this luxury you will need to carefully consider what your reasoning is for not accepting an offer. Depending on your situation, a local independent property advisor (IPA) may be able to help you!
Have you accepted an offer but are now having difficulties completing the sale of your property?
After you’ve made the decision to accept an offer it feels like you should be on the final stretch to selling your property, but in reality it is often just the beginning. The property conveyancing process is arguably the most challenging part of selling a property. Data indicates that almost 25% of property transactions fall through every year. So if you have got to this point and are now having difficulties selling your property, you are not alone! There are many steps in the conveyancing process which can impact how quickly it progresses. Things that you can consider include:
Are you already aware of issues that will be discovered during surveys and searches? Part of the conveyancing process includes searches and surveys being carried out which can result in issues being identified that will impact the potential buyer’s decision to proceed with the purchase of your property. If you are already aware of issues that will be raised and may put off a potential buyer, there is no point trying to hide these and it may save you time discussing them with your potential buyer at the beginning.
What is your property’s tenure type? Sometimes problems arise in the conveyancing process due to there being issues with the Title Documents (i.e. who the rightful owner of the property is). If you have advertised a property with a particular tenure (e.g. freehold, leasehold, commonhold etc.), we would advise that you make sure this is correctly advertised. Prospective buyers will often have a requirement for a particular tenure type and if your property hasn’t been correctly advertised they may decide not to proceed with the purchase of your property. This is wasting time and money for both you and the prospective buyers.
How is the potential buyer financing the purchase of your property? There are many different ways to finance the purchase of a property, the most common methods are using a first-charge loan (i.e. a mortgage) or a cash purchase (i.e. the buyer has all of the funds needed to buy your property in their own bank account). If you have already accepted an offer from a potential buyer it may be too late to consider which method you would rather your potential buyer use; however, if someone is a cash buyer it can sometimes make the conveyancing process faster and easier compared with a buyer using different financing methods. This could be something you consider when choosing which offer to accept.
What are the terms of your contract? Many offers are made subject to contract; therefore, a prospective buyer may retract an offer if the terms in your contract are unreasonable. If you and a potential buyer are disagreeing on particular terms, we suggest that you carefully review your contract and carefully consider whether certain terms are necessary before you lose a potential buyer.
Are you doing what you can to speed up the conveyancing process? The conveyancing process involves lots of documentation & checks which can take a while. Some of the aspects of the conveyancing process will be out of your conveyancer’s/solicitor’s control (such as how quickly the purchasing party’s conveyancer/solicitor works, how long it takes to complete the searches etc). It’s important that your conveyancer/solicitor doesn’t cut corners but at the same time where possible you should try to do what you can to speed up the process. This includes completing paperwork and responding to any communications promptly. Try to make sure you aren’t away on holiday!
Overall there are many issues that can arise during the house selling process which can make selling a property difficult; however, many of these can be overcome as we have outlined in these 4 steps. If you are faced with a particular issue which is making it difficult to sell your property you may benefit from speaking to a local independent property advisor (IPA). Together, every property issue can be overcome one way or another!
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