Property Market News

Selling an empty property presents it’s own particular unique challenges.

A common scenario is when selling property from a deceased estate. This can be a very difficult time for relatives, faced with the prospect of sifting through personal belongings, clearing old furniture, and trying to prepare their loved ones property to go on to the market.

Often the property may be in a poor state of repair and their may be lots of clutter and stored items in attics and garages. Many clients tell me that they simply don’t know where to begin and they have little idea what to leave and what to throw away prior to putting the property on sale.

My advice is to clear as much of the clutter and personal items as possible but to leave basic items of furniture in each room (presuming they are in reasonable condition). Also leaving a few pictures on the wall (as long as they are not personal ones) will help to make the place feel a bit warmer and a bit more homely.

Emptying the home completely can leave it looking cold and barren. This can make it difficult to sell and also makes it exceptionally difficult to photograph. Potential buyers will be more attracted towards a picture of a Lounge with a sofa and a coffee table than they would towards a picture of the same room empty with no sense of purpose and just a couple of blank walls and a door to focus on. Maintaining the garden of an empty property is also an important consideration so it is definitely worth employing a gardener during the sale process.

For further advice on selling an empty home or any other kind of property call us today on 02476 010105.

Buying the cheapest product available is a poor choice in most given situations. Don’t get me wrong, everyone likes a bargain including me. But if we all just made our buying decisions based on price we’d be buying some pretty shoddy goods. The prospect of living in a cheap prefabricated house, going to work in a Reliant Robin car wearing a Primark suit and a plastic watch from Poundland, drinking Tea made with Tesco Value teabags, eating lentils and rice every mealtime………………not a very enticing lifestyle is it?

In actual fact when you think about it very few people choose this lifestyle. Most of us aspire to buy expensive goods of a higher quality when we can possibly afford it. Most of us would choose a BMW over a Vauxhall Corsa or stay at the Ritz rather than at a Travelodge if our budget could possibly stretch that far.

So now that we’ve cleared that one up…………….WHY ON EARTH  do some homeowners phone round all of the Estate Agents prior to going on sale and ask what fees will be charged with the sole intention of choosing the cheapest one to sell their most valuable asset?? Are they completely mad? An Estate Agent provides a personalised, professional service and the standard of that service can vary dramatically from one agent to the next. The better the service provided, the higher the price one can expect to achieve for one’s property and in the shortest time-frame.

So if you like your BMW’s then why not give us a ring today. If on the other hand you do all your shopping at Poundland then please save yourself the money on the phone call.

I recently employed a plumber to fit a new heating system into my house. We agreed that he would remove the old system and then fit a new boiler, pipe-work and radiators.

What’s so unusual? Nothing, except……….  the day work was due to start nobody turned up at the house. In fact work didn’t begin for another 2 weeks. When the job did finally begin it quickly became apparent that the plumber had no idea what he was doing and wasn’t up to the job. The pipework leaked, the radiators were fitted at wonky angles and the boiler gave off dangerous fumes. The job dragged on for many weeks and in the end I decided that I needed to sack the plumber and get somebody else in to do a proper job.

But when I phoned the company to tell them I was firing them they told me that I was tied into a six month contract and wasn’t allowed to use the services of another plumber until the six months was up!

In actual fact this is an imaginary scenario but doesn’t it sound ridiculous? But this exact sequence of events happens on a regular basis in the world of property sales. The homeowner realises that they have employed an estate agent that is professionally inadequate but instead of being able to fire them and move on, they are tied into an unfair & lengthy contract.

A good estate agent knows that it’s not necessary to tie his clients into a contract because he is confident he can sell any property quickly and for full market value. And for that very reason if you market your home with Elizabeth Davenport there will be no minimum term contract. Call us today for your free appraisal.

Ok I admit it’s been about five years since I last bought a property but what I can remember distinctly is this:

Both myself and my partner were at the time working long hours through the week and so going to view properties on sale was difficult. It was summer so we could do late evenings (while it was still light) but weekends were best for both of us. That meant Saturdays & Sundays.

If this is similar to your own situation then you might be wondering why nearly all of the independent Estate Agents in town are closed at the weekend beyond Saturday lunchtime. Well let me explain the reason. It’s perfectly simple………….They don’t like working weekends so they don’t bother staying open!! This is despite the fact that many buyers require weekend viewings.

That’s very bad news if you’re about to put your property on sale because you are going to miss a lot of opportunities and your lazy Estate Agent could cost you a sale. Unless that is you manage to find a buyer who is unemployed and can come and view on a Tuesday afternoon.

The other option is to sell with Elizabeth Davenport. Our office is open until 4.30pm on a Saturday but we answer the phone on Sundays and are happy to organize accompanied viewings throughout the weekend and late on weekday evenings. Call us today for a free consultation.

The most common fear I hear from vendors is that their property might sell for less than full market value.

This is perfectly understandable but often leads to a defensive pricing strategy when their home goes on sale. Their “defence” is to set a high asking price because they are worried that buyers will try to knock them down. The high price leads to a muted response from buyers and a long slow sale. Eventually, after many months on sale and a couple of price reductions they are forced to let the property go……………….for less than full market value. A defensive strategy is counter-productive.

The offensive pricing strategy comes from confident vendors who are prepared to overcome their natural fears. Their “offence” is to set a competitive asking price (less than other similar properties in the area) because they know this will attract lots of buyers and give them the initiative. The competitive price brings a flood of viewings and lots of offers. The frantic buyers then desperately try to outbid one another and the vendor gets to cherry pick a buyer who can proceed quickly. The property often sells within days and for………………full market value. The offensive strategy works.

Great offence always beats great defence and that’s why Brazil always win the World Cup.

Question: When is a property unsaleable? 

Answer: Never.

Put quite simply, every property has a market value and can be sold in a matter of days or weeks. This may sound incredible, especially if you have been on the market for months (or even years) but it is absolutely true.

If a property is stuck on the market then it is for one of 3 reasons. Firstly, the vendor is not motivated to sell, secondly the property has not been marketed correctly or thirdly the property is not being advertised at the right price. There is no other reason why a home will not sell.

Bad neighbours, busy roads, railway lines through the garden, poor decor, old fashioned kitchens, not enough bedrooms, pink bathroom suites, unfinished extensions, holes in roofs, lack of parking, too many bedrooms, no heating system, poor location……………………….. THESE ARE NOT VALID REASONS FOR A PROPERTY TO BE STUCK ON THE MARKET. They are simply factors that negatively affect the value of a property.

So if you have a property that has been stuck on sale for a long time and you think it’s not selling because of the motorway at the bottom of the garden, think again. It’s simply the wrong price.

If you’re about to put your property on the market and aren’t sure which Estate Agent to use then here’s a little help:

Invite at least three agents to your property and get them to give you valuation figures. Whilst they are there take the opportunity to give them a real grilling. Don’t let them set the format of the meeting – it’s your house and you have invited them in. Therefore you should decide on the format and structure of the meeting.

There are three essential questions that you should ask each agent:

1. In the current climate, exactly what percentage of properties that you put on the market do you eventually agree sales on? What percentage do you fail to agree sales for and why do you fail?

2. How long does it take you to find a buyer on average?

3. On average, what percentage of the initial asking price do you achieve for the properties that you sell?

Any agent that cannot answer these questions is either hiding some poor results or knows very little about their own business. You should dismiss any agent that cannot provide details of their results – if they cannot demonstrate a good track record then they don’t have a product to sell, period!

Many agents will put up smoke screens, bragging about number of “For Sale” boards, big shop premises, number of branches, etc. These are all meaningless and irrelevant statistics and have no impact on an agents ability to sell your property. The proof of the pudding lies in their recent results and if they can’t be bothered to provide you with evidence of those results then you should give them the sack straight away.

And always remember: the agent that has the most For Sale boards in your area can only brag one thing; they have the largest number of Unsold properties in your area!

Statistics show that in the current market your property only has a 52% likelihood of selling. That’s just a 1 in 2 chance of finding a buyer. This is a shocking statistic and sheds light on the real state of the current housing market (outside of London).

Many homeowners have no idea of the task ahead when they market their property, usually because of poor advice and a string of broken promises  from their Estate Agent. But why should this be the case?

Quite simply, many Estate Agents are afraid to tell you the truth when they value your property. Instead they opt for the easy option and tell you “what you want to hear” promising instant results and recommending an unrealistic asking price. Overpricing is the most common reason that properties fail to sell but other important failures typically include poor marketing details, shoddy photography, poor descriptions, and omission of important information such as dimensions and floor plans.

The good news is that you can instantly increase your chance of selling to at least 84%. This is the percentage of sales achieved by Elizabeth Davenport, Coventry office over the last 2 years. This has been achieved by careful pricing of properties and excellent marketing details including professional photography and high quality printed brochures that show off properties to their best potential.

In the current market don’t leave things to chance with an average Estate Agent. Give your property the best chance of achieving a sale by calling George at Elizabeth Davenport on 02476 010105.

HOW’S THE SALE OF YOUR PROPERTY PROGRESSING?

 1. Has your Estate Agent agreed a sale yet?