How to Sell your House Quickly
Your house has been on the market for about four weeks (eight weeks in the north). It has been advertised, details have been sent out, and purchasers have been telephoned. You may well have had some viewings but there is still no sign of a buyer.
If this is the stage that you have reached, then it is time to visit your agent for a review meeting. Telephone your agent, tell him that you are concerned that the property has not yet sold and ask for an appointment to discuss what else can be done. Try not to get drawn into a discussion over the telephone. A review meeting really is something that needs to handled face to face.
Has the Property been properly Marketed?
Start the review meeting by asking your agent, in a non-confrontational way, why he thinks that your property has not yet sold. Whatever answer he gives, you should ask him next to go through everything that he has already done to find a buyer. In particular you should ask about:
1. Feedback from existing viewings - what comments have been made by the people who have viewed? Is there one thing that is putting people off! Could anything be done to change it?
2. Mail-outs - ask how many sets of details have been sent out.
3. Phone-outs - ask how many people have been telephoned to try to obtain a viewing. Ask what comments were made about the property by people who did not wish to view it. Again, is one thing putting people off! Could something be done to change it?
4. Other branches - check to ensure that any other local branches have details of your property.
5. Advertising - ask to see copies of all advertisements for your property. Are you satisfied these show your property to the best advantage?
6. Details - ask to see a copy of the details again. Are they still as well presented as the first set you saw?
Reviewing the Asking Price
The value of any property is ultimately determined by the price of the properties that are currently competing for the same buyers. The properties that are available change all the time and this means that the value of your property can fluctuate. If, for example, the house next door to you is put on the market for £5,000 less than yours, it will make it much more difficult to achieve your asking price. In order to check that your asking price is still realistic you should:
- Ask to see full details of all houses that the agent has sold in the same price range, whilst your property has been on the market. How do they compare to your own?
- Ask to see details of all other houses that the agent is currently marketing in the same price range. These properties will be competing directly with yours for the same buyers. How do they compare?
- Go through the current issue of the property newspaper with your agent. Are any of the properties advertised by other agents better value than your own?
In the light of such evidence you may need to consider reducing the asking price.
