I’ve recently completed a loft extention to a 4 bedroomed property in Surrey. As anyone trying to sell right now will tell you, February is a tricky time to sell.
People are preparing for the spring market to open and there are few buyers out there. In any other situation I would hold on until the season starts but I’ve just found a potential plot and need to get a significant deposit together and then means payoff my debts.
Marting your property development in these tricky times can lead to frustrations. But here’s a few helpful tips on how to maximise your property for resale value.
Don’t ever appear to be motivated to sell
Any buyer worth their salt will ask what position you are in as a seller. If they hear that you’ve found somewhere else that put you in the motivated ‘ Seller box’ and all of a sudden the low offers come in. My experience of estates is that they want to talk too much and listen too little, mach sure if you’re selling through an agent you’re coy about your position. If you need to clear debt or raise finance nothing is worse than a low offer which is what you’ll get if someone sniff’s that you’re keen to sell.
Dress to impress
Always remember you are selling more than a house or flat, your selling a lifestyle. People really do buy into an idea of living somewhere. Whenever I put a place on the market I make sure there’s flowers in the kitchen, trendy magazines in bedrooms. I also make sure there’s a nice clean car parked on the drive when viewings take place. People can then ‘see’ themselves living there rather than just buying a house. It’s something they would want to show off.
Put pressure on your agents
Agents can charge up to 3% of a property value for doing very little. I make sure every estate agent I work with is answerable for what they do. Why haven’t there been any viewing this week? Why has there been no offers? Are you talking to other agents? Push them hard they stand to make alot of money. I once sold a 2 bed flat for £700k, it took the agent 1 day to sell it and for that he got £14k! So when things are difficult, push them harder. They will respond.
Apply for planning
If you have the potential to develop your property it makes sence for your to realise that potential. But if you don’t have the time then sellig with the planning permission could be the next best thing. A property with planning to extend will be more attractive to a buyer than a property without.
Outline planning permission can take up to 8 weeks to be granted to even if you just apply it enables your Agents to have a more engaging discussion with their clients about the potential of your property and this gets people excited.
When ‘silly offers’ come in make sure you keep your cool. If the offer is way below the asking price don’t try to negotiate. If they want it they’ll be back. But if the offer is within 10% of your asking price there is always roon to negotiate. If you’ve done a good job developing the property then they will not want to loose it, offer a mid way price that they can come then don’t budge. Say ‘no’ even if they are a few £100 off this – it will send a clear message that you are waiting for a better offer.
Be honest from the outset
If you have an expectation of price make sure your agent know it. Even though by law they must tell you any offer they have, make it clear to them what you expect is a sale is to proceed. This way they’ll know how to manage buyers expectations.