HOW TO SELL YOUR HOME

Today there are several different options for selling your home, some cheaper or more effective than others. All these options are available to you whether you are selling a house or a flat.

Home for Sale

The traditional way in the UK is to use an Estate Agent to sell your home, but they will charge you are large fee for their service. If you want to do this then make sure you find an agent you like and that you seem to get on with. Also insist that you have a single point of contact and if you can’t get that then pick a different agent.

You will also have to decide whether or not you want just a sole agent who should charge you a lower commission. Having two or more agents marketing your property at the same time should give you a quicker sale but will probably cost you a larger commission.

In the end your choice will come down to personal or financial preferences, but in either case make sure the agent or agents you select prove to you that they understand the local market, don’t just assume that they do. Also shop around before you make a final selection as fees can vary greatly and ask friends and relatives for recommendations.

Self Sell

A cheaper option would be to do it yourself and advertise your property in the local papers and it may be worth doing this first just to see what response you get. Your costs will be directly related to the amount of advertising you do. However if you don’t have much time or can’t take phone calls at any time this option may not be for you.

Sell Online

Another cheaper alternative would be to sell online by using one or more of the websites you can now find on the Internet, which specialise in selling residential property such as houses and flats in the UK.

Some are free but you may have to pay a fee to each site to get the details of your home online and there is often a monthly subscription to keep your details on the web. Subscription can be in the range of £50 to £125 per month and for a small extra fee of about £30 they will even provide a For Sale sign.

You can usually upload extensive details of your property and several photographs. If you can also upload a room plan or layout of your home with accurate dimensions as this allows buyers to get a better feel for what you are offering. Some will even allow you to link to your own website which could be extremely useful if you are Internet savvy.

Coping with Viewings

On the day of a viewing make sure that your home is comfortable and inviting. In the winter make sure it is warm, but not hot, and if you have an open fire make sure it is on. At other times make sure your home is airy and bright, and if it is hot then try and keep the interior cool.

If it is dark when your viewing takes place make sure that your home is brightly lit and that you put the lights on in every room before the viewing.

Whenever you have a viewing make sure you have fresh flowers in several locations in your home. Don’t go for huge displays but try and be subtle.

When your potential buyer arrives make sure that you and maybe you partner are the only ones present and that means no pets if possible. Too many people can confuse the viewing experience for your buyer. The buyer needs to be relaxed and focussed to take in all the aspects of you property.

Let the buyers do the talking. Show them your home but let them ask the questions. Don’t be tempted to oversell your home. Answer their questions truthfully but emphasise the positives about anything they want to discuss.

Accepting an Offer

Never rush into accepting an offer. Always take your time, look at all the angles and consider what the property market in your area is doing. The response you get will be an indication of this.

If the market in your area is buoyant and you get a lot of viewings then wait to see if any other offers come in. If they do then you are in a strong position to stick to your price.

However if things are slow you need to consider any sensible offer more carefully especially if you are in a hurry or your home has been on the market for some time. Also if the condition of your property is not as good as it could be then way up the pros and cons of each offer carefully.

With the offer should come other information on the buyer’s current situation. If you do get this information then make contact and find out, because it could have a major impact on your decision.

Obviously a buyer who is in chain will be putting you in the same position, but it will then be a longer chain. They won’t be able to give you any sort of accurate information on a timescale to completion and if the chain breaks then you would have to start all over again.

Cash Buyers are the best as they should be able to move as fast as you want and there is no chain to break. First timers and people who are currently renting would also attractive buyers especially if they are already pre-approved for a mortgage because you know that their money is likely to be available when you need it. Property investors may also be a good bet, as they won’t have to sell their own home first.

If you accept an offer the buyer may ask you to take your property off the market. Definitely don't do this if your buyer has not yet exchanged contracts on his or her own home sale.

Not selling?

If you are not getting any offers and not many viewings then chances are that the price is too high. Don’t wait too long if nothing is happening.

Talk to your estate agent if you have one and ask about the current market situation and why your home is not selling. If you don’t get satisfactory answers then change your agent immediately.

Talk to other estate agents anyway and let your current agent know that is what you are doing. Ask the other agents for their opinion on what you should do and see if their suggestions are better than what your own agent suggests. If they have better ideas then change agent straight away.

If the property market in your area really is very slow then you could consider taking your home off the market until things pick up which of course could be some time.