Selling Guide

Marketing

INTRODUCTION
Your home is almost certainly your single most valuable asset, so it’s not surprising that selling it can sometimes be a stressful business.

As estate agents, we understand this only too well - but we also know that it does not have to be that way! That is why we have put together this Guide to Selling Your Home, which contains all practical tips and useful information on the key factors that
contribute to a successful sale.

THE FOUR KEY FACTORS
There are basically four main factors affecting the sale of your home:
1 Market conditions
2 Your choice of estate agent
3 Your selling price and,
4 The condition of the property
Of these, only one is outside your control…

THE MARKET
Like any other kind of market, the property market is driven by the constantly shifting balance between supply and demand, which in turn is influenced by a whole range of other factors.

If there is a shortage of properties for sale, then the market will tend to favour sellers, and prices will rise.  If, on the other hand, there are a large number of comparable properties for sale and relatively few buyers, then the advantage will lay with them, and
prices will start to fall back.

Understanding how the market works, and being able to correctly assess the state of the market at any given time, are crucially important in achieving a successful sale. But no one controls the market. Like it or not, we all have to live with it - and it is as well
to recognise that right from the start.

However, the other three factors affecting the sale of your home are very much within your control. By choosing the right estate agent, pricing your home correctly, and ensuring that it is presented in the best possible condition, you can:

Achieve the best possible price for your home

Sell it within your own chosen timescale

CHOOSING THE RIGHT ESTATE AGENT
Of course, no estate agent can buck the market.

Nevertheless, your choice of agent can materially affect how quickly you sell your home, and the price you get for it.

In essence, your estate agent is your connection to potential buyers.

His or her primary role is to:
Attract serious buyers to your home
Negotiate a sale on the best possible
terms for you the client
Help smooth the sale through to a
successful conclusion
Sounds simple enough - but the fact is all estate
agents are not the same!

COMPARE ESTATE AGENTS CAREFULLY
When choosing an estate agent, you need to be confident that they will give you the best advice on pricing and presenting your home for sale. You need to be sure that they will market your home effectively and to the widest possible group of potential buyers. And, you need the peace of mind of knowing that your best interests will be protected at every stage of the sale.

Estate agents, in other words, are a people business.

What you are buying is skill, experience, in-depth knowledge of the local market - and a commitment to quality personal service.

Unfortunately, in Britain, unlike elsewhere in the world, anybody can set up as an estate agent - no licence or qualifications are required, and some agents have very little skill or experience.

What is more, not even the big well-known national brands are any guarantee of good service. Unlike supermarket chains, which sell exactly the same products throughout the country, the service your get from any estate agent is only as good as the people staffing that particular branch.

So, in many ways your best bet is going to be a well established independent local agent. Yet, how can you be sure that a local firm will have the resources to reach the widest pool of potential buyers - and thus achieve the best possible price for your home?

That’s where Williams & Donovan comes in!

PRICING
Pricing is probably the single most important factor in determining whether or not you achieve a successful sale. Yet in many ways it is the most difficult part to get right. Everyone naturally wants
to get the very best price for his or her home – but how much can you ask, without asking too much?

Contrary to popular belief, looking in lots of different estate agents’ windows and newspaper ads is not necessarily much use. Remember, these are asking prices – not the prices actually achieved!

The fact is pricing your home accurately takes a real expert, because it depends on the state of the market. As we’ve already seen, no one controls this, but you can be confident that Williams & Donovan has all the knowledge and experience necessary to be
able to read the market accurately, and help you arrive at the fair market value of your home.

The directors, Ian Williams and Colin Donovan have over 25 years experience valuing property locally. In addition to their intimate first-hand knowledge of the market in your area, built up over many years, they will systematically assess:
All recent comparable home sales
The location and character of your home
Its features and condition
The amount of similar property currently for sale and, Projected market trends.

Finally, we have the unique advantage of instant access to the details of 20,000 property transactions via our state-of-the-art multilisting system – a database of invaluable market intelligence which is not available anywhere else.

Beware the estate agent who gives you a price on the basis of little more then casual glance around your home!

As you can see, a house is viewed most during the first four to five weeks it is on the market. Activity is declining noticeably by the 7th week. So, getting the price right – right from the start – enables you to take full advantage of this initial burst of market interest, and gives you your best chance of getting the best price, in the shortest possible time.

RISKS OF OVER PRICING
We all want to get the very best price for our home, and so it’s always tempting to ask just that little bit more for it.

Unfortunately, some less scrupulous estate agents are only too well aware of this, and will deliberately overvalue your home in order to get your instruction.

However, this does not mean you will end up with more money! Remember, buyers can spend months looking for the right property.

They know an overpriced home when they see one, and they simply walk away.

Think about it – would you pay several thousand pounds more for something than you know its worth? No, we didn’t think so!

All that happens if you put your house on the market at too high an asking price is that it will languish there while other, more sensibly priced properties sell all around you.

In the end, you will have to bring the price down to where it should have been in the first place. But meanwhile, of course, you will have missed out on all that initial market interest…

There are a number of other risks associated with over-pricing:
- Buyers notice the amount of time a property is on the market, and they may wonder if there is something wrong with it.

- The Internet makes it much easier for them to become experts on asking prices.

- Even when you reduce your price, it can be difficult to persuade buyers to reconsider a property they have already rejected.

- Having your home on the market for an extended period can be very stressful, because it can mean your life is on hold. Also, constantly trying to keep it in a suitable condition to be inspected by prospective purchasers can be inconvenient, to say the least!

- Many buyers will not make a low offer for fear of insulting the seller – so they just go away without even giving you the chance to negotiate.

- Missing out on a sale may mean losing the dream home you want to buy. Or, it could mean you end up trying to pay two mortgages for a while!

- The longer your property is on the market, the greater the chance that something will need repairing; leading to expense that could have been avoided.

- Last, but by no means least, lenders are not impressed by over-priced properties – so, even if you do find someone willing to pay your asking price, they could have problems getting a sufficiently large mortgage!

THE CONDITION OF YOUR PROPERTY
In our experience, a few small cosmetic improvements can have a big impact on the way buyers react to your home. You may not actually get more money, but a little effort can make all the difference in terms of attracting buyers – particularly in a very competitive market, or if you need to sell quickly. After all, if you saw virtually identical properties, but one was neat and clean and tidy – which would you choose?

Of course, there is no substitute for careful regular maintenance to ensure that a home always looks at, or near, its best. Trying to make up for years of neglect can be very expensive! Nevertheless, the small things can make a big difference in creating the right ‘feel’.

Remember, first impressions really do count. Potential buyers will form an opinion about your home in the first fifteen seconds – so it’s important to ensure that it’s a favourable one. The fact is, a house that suffers from an un-mowed lawn, grubby paint or stale damp odours feels unloved and uncared for. Prospective buyers will be put off – which could end up costing you valuable time and money.

The key is not to try anything too big – otherwise you’re almost certain to lose money. If your home needs a completely new roof, for example, then the most sensible option is simply to adjust the asking price accordingly. No buyer will pay £10,000 more for your house simply because that’s what it would cost for you to re-roof it!

Here are a few tips on how to present your home in the best possible light – without it costing you a small fortune. Some of them you can easily do yourself. Others might be worth getting estimates from professionals.

Litter
Remove litter and sweep the roadway and pavement outside. Okay, so no-one is going to be fooled if the rest of the street looks like a scene out of Blade Runner, but it immediately creates the impression that you, at least, care about your home.

Approach
A newly painted fence, or freshly clipped hedge is welcoming – as is a clean weed-free path and driveway. In the case of the latter, a quick blast from a pressure washer can work wonders.

Front Garden
The front garden should be tidy and well tended. Any rubbish should be removed entirely – or at least put out of sight behind the shed.

Back Garden
The back garden too should look well cared for. Make sure that your lawn is edged neatly, flowers are weed-free, patio areas are swept clean and shrubs and trees are neatly pruned.

Exterior
As for the outside of the house, a lick of paint costs next to nothing, but is proven to be one of the most important factors in creating a good impression.

Front Door
The front door is worth particular attention. It is what your potential buyers concentrate on while they are waiting to be let in. So, in addition to a bright new coat of paint, you should replace broken knockers and other fittings.

Interior
Inside, while it may not be worth going to the trouble and expense of completely re-decorating – unless you have rather eccentric taste in colour schemes that is – all paint work should be clean, free of cracks or stains, and any chips should be touched up using a small brush.

Clean and Tidy
Generally speaking, rooms should be clean and tidy, and you can even create the feeling of greater space by removing certain items of furniture. It is certainly worth offering your children some sort of bribe to keep their rooms reasonably neat. However remember, this is your home, not a show house, and people expect it to looked lived in. Still, on balance it is probably best to remove those roller skates from halfway up the stairs!

Soft Furnishing
All carpets, floor coverings, curtains and soft furnishings should be clean and in good condition.

Windows
Windows should be cleaned inside and out and any cracked panes replaced.

Kitchens and Bathrooms
Special attention should be given to kitchen and bathroom areas, to ensure that they are kept sparkling clean and fresh smelling. Any broken handles or hinges on cupboard doors should be replaced; the same also goes for shower fittings and dripping taps.

Cupboards
Don’t be tempted to use cupboards as a convenient dumping ground. Keep them neat and tidy.

Prospective buyers will not take kindly to being submerged in an avalanche of discarded clothing as they open a door. Saucepans, even less so!

Pets
In the case of pets take particular care to clean the areas that they inhabit, and eliminate any strong smells. In the case of dogs it is best to keep them tied up in the garden – assuming its not raining that is!

Bedrooms
Bedrooms should be kept clean and tidy. Built-in wardrobes and other storage areas should be rearranged to make them look as neat (and spacious) as possible.

Valuables
Just to be on the safe side remove all small valuable items from view.

Light
Studies show that people will react more positively to properties shown under a bright light. So, during the day keep curtains wide open and windows clean. At night switch on all the lights replacing any blown bulbs or dingy fluorescent tubes

Sound
The best sounds to have when showing your home to potential buyers are the sounds of peace and quiet – although classical music playing softly in the background can help create a calm atmosphere.  Avoid loud noises – barking dogs, vacuum cleaners and above all, the sound of something going wrong, like banging pipes or broken kitchen appliances. Make sure the television is turned off for the duration.

Smell
Smell has more impact than you might think. It can work either for you or against you. So scour kitchens and bedrooms with bleach, and use lemon oil or fine polish on your furniture to add richness. Place fresh flowers and pot pourri strategically throughout the house. For a delicious, homely feel, place a dish of vanilla in a warm oven to create the aroma of freshly baked cakes or bread. Freshly brewed coffee has a similar effect.

Ask Williams & Donovan for suggestions Ian Williams or Colin Donovan will be happy to cast a critical eye over your home to see where you might make simple, cost effective improvements. Bear in
mind, we take the buyers in and out of houses every day – so we know what appeals to them, and what puts them off.

And Finally…
When actually showing your home to a prospective buyer, avoid having too many people present.  Friends, family and neighbours may be very well meaning, but in this case, less is definitely more!  Be polite, but don’t try to entertain your buyer.  He or she wants to inspect your house not pay a social call.  Never apologise for the appearance of your home.

After all, it is your home! And if you are asked why you are selling, tell them the truth – without giving away too much information.