Surprisingly, even in such circumstances, it's not all plain sailing.
isn’t that easy.
Notwithstanding their personal experiences, they have picked up some valuable lessons - which you can also learn from as well.
‘I didn't realise how important first impressions are’
While Bola Ranson's job involves marketing property through his commercial and residential agency, Ranson Estate Agents, based in London's Canary Wharf, he has encountered difficulties when selling properties personally.
He attempted to put onto the market a two-bedroom, two-bathroom flat he owned in a modern, purpose-built block in Westminster Bridge Road in London in 2023, but discovered that its décor was a major deterrent for potential buyers.
"One of the biggest mistakes I made was underestimating the need for renovation and cosmetic upgrading. It had this one property, which was a bit worn out, and even though it was structurally solid, it did require a fresh coat of paint," he said.
The skirting was a bit damaged; the bathrooms required a spot of grouting. I thought the charm and inherent value of my property would speak for itself, but I underestimated the importance of first impressions to potential buyers.
being revamped with new, modernisation works: “Simple updates like a fresh coat of paint, modern fixtures, and clearing clutter could have significantly increased house appeal and value.”
When selling your flat, Mr Ranson has discovered that timing the sale is crucial to sparking interest and securing a good price.
Recommended
Phil Spencer: My property mistakes
Listing my house during the summer break turned out to be an unfortunate mistake. Many prospective purchasers travel during July and August, and it's only in September when they return.
The item up for sale was a two-bedroom, one-bathroom flat located close to City Airport in London's Docklands, something Ranson attempted to sell in 2022.
I'd previously put my property on the market in June. I had imagined it would be in high demand, given the pleasant weather and longer days, but I failed to consider that many potential buyers would be on a summer break. Ultimately, my property attracted very few viewings and interest remained low.
‘I went with the agent who provided the most favourable appraisal.’
Before establishing her own independent estate agency in Yorkshire, Claire Roberts, owner of Rutley Clark, encountered difficulties attempting to sell her home through selecting the "wrong" representative.
Says she, 'I was trying to sell my first home, a two-bedroom semi-detached house in Barnsley, back in 2007 - a few years before I started working as a estate agent'.
My mistake was in choosing an estate agent solely on the basis of who offered me the highest valuation, without probing into what they based that valuation on. Looking back, I suspect their valuation was intentionally high in order to persuade me to instruct their services – and it certainly had the desired effect.
Whilst Ms Roberts received three offers within the initial couple of weeks of promoting the property, they were all substantially under the asking price.
"I turned down the first two because I thought I was missing out on a lot of money, but in truth, I didn't actually have that much money in the first place, and my house wasn't worth the higher price I wasbeing asked for. I eventually accepted the third offer in this area as it became clear that nobody was going to bid at or above my asking price," she says.
“Things were moving rather slowly with the sale (we also picked up on the fact that you either go with an estate agent who puts a lot of effort into getting the sale finalised, or you handle it yourself). Unfortunately, the potential buyer pulled out around six months later, and by that point the credit crisis had kicked in, interest rates had soared and house prices had plummeted.”
Recommended
How to choose an estate agent to sell your property (and what you can expect to pay)
She altered her own moving plans as a result.
“If I had gone with the agent who initially estimated the lowest, and indeed the most realistic appraisal, I would most probably have sold during the peak of the market for a price that now seems nothing more than a mirage from the following year.
The lesson learned from this is to think carefully when selecting an estate agent to work with, don't be swayed by the highest valuation or the lowest fee.
“Opt for an estate agent who is prepared to give you the most honest guidance (even if it's not what you want to hear), provide evidence to support the valuation of your house with credible data, and deliver the most effective marketing to generate a significant amount of interest and offer excellent service from start to finish.”
We agreed with the representative's decision not to do professional photographs.
Liam Gretton owns Liam Gretton Estate Agents in the Wirral. However, he made the logical choice of using a third party to sell his own home – a two-bedroom, semi-detached cottage with views of Liverpool’s Anglican Cathedral – in 2019.
“Despite my experience as a bespoke estate agent, I made the choice to step back from dealing with enquires, viewings, feedback and the emotional side of selling our own home,” he says.
The property was a bit peculiar. Constructed in 1810, it much resembled a Tardis, externally modest but internally surprisingly spacious.
“Although I had a good idea of our home's value in the market, the agent advised a slightly lower price to generate some competition. Relying on their professional opinion, we went ahead as suggested.”
“Our initial mistake was assuming they knew what they were doing when it came to taking their own photos. I'm convinced that having a professional photographer is essential for truly capturing the best features of a property, but we decided to give their judgement the benefit of the doubt, thinking we might learn something new from it.”
After two weeks with not a single viewing and minimal response to his marketing efforts, Mr Gretton was contacted by the estate agent he'd appointed, advising him that a price decrease may be needed.
“To me, as a representative, this is a standard baseline setting, though, as a seller, it is quite disappointing because I've been instructed one way and then told to do another.”
“We listed the property £20,000 higher than the agent's recommended price, confident in our estimate of its market worth and target customer profile. Within the first fortnight, we received nine expressions of interest and three formal offers.”
Holding the reins in this manner brought home to Mr Gretton the substantial value in selecting an estate agent equipped with professional expertise, a profound grasp of the market and, in his case, a keen understanding of the unique requirements of discerning buyers.
Post a Comment
0Comments