Tips For Selling A Property

If you're about to put your property on the market, here are some tips that may help.

When it comes to stressful things you can do in life, moving house has to be up there. And if you're in the fortunate position of having a property to sell, life becomes complicated even before the cardboard boxes appear. Decisions must be made regarding whether or not to use an estate agent, how much to pay them, which one to choose, how to "dress" your home for viewings...arrgghh!

If you're currently in this situation I can sympathise, as so am I. And although I would in no way claim to be an expert, I have picked up a few things from various professionals I have spoken to on the subject. So here are, hopefully, some tips to make the whole process a little simpler:

1. Check out the Market

Before you even get your house valued, check out the market yourself. Use sites such as Rightmove and Findaproperty to get an idea of how much similar sized property in the same location is on the market for. And sites such as Nethouseprices can tell you how much properties on your street actually sold for, as recorded by the Land registry. Also, note how long properties are taking to sell. Are certain estate agents selling more quickly/slowly than others?

2. Valuations

It's usually best to ask three local estate agencies to do this -- ask around for recommendations if you're not sure who to choose. Valuations are free, and a good estate agent will also be able to advise you on any minor work you could think about doing to increase the value of your home.

Provided your agents know the area they should all give pretty similar valuations -- and you should have an idea of a realistic price from the research you've done. Pricing can be tricky; too low and you could be missing out, too high and your property may not sell for a long time. But remember, regardless of what an estate agent reckons to be a good price, it's your house and the final decision is yours.

3. Marketing

Traditional estate agents typically charge between 1-3% plus VAT of the selling price of your home, which for a £200k house could mean forking out as much as £7,050! But you can sell your property yourself, although this will mean you'll be responsible for marketing your home and organising viewings etc.

Another alternative is to use an online estate agent -- they will usually market your home and deal with any offers for you, but you'll need to organise the viewings yourself. One example is House Network. It differs from sites such as Rightmove which are just a collection of ads placed by estate agents, offline and online.

Prices with an online agent can start from just £199+VAT when you sign on with the agent, plus another £199 when the sale is completed.

This could save thousands -- especially for more expensive properties. And as most buyers use the internet these days to search for properties anyway, you could be quids in. However, you will potentially have to forfeit a few weekdays/weekends for viewings.

The choice is up to you and it all really comes down to what your time is worth.

4. Negotiate

If you do choose a traditional estate agent, do not simply agree on their quoted fee -- save yourself some money by negotiating. I know it's not the British way, but we're talking thousands of pounds that could potentially be saved. Ask what their best offer is, or even better, tell the agencies you're interested in the percentage you're happy to pay, and be prepared to negotiate slightly. Alternatively, agree a sliding scale according to how much the house sells for.

Incidentally, high valuations can often go hand in hand with higher selling fees, as some estate agents argue that you'll recoup the extra money spent by achieving a higher selling price. This may work in some cases, but you could end up with an overpriced property that fails to sell.

5. Dress your Home

Anyone who's ever watched a property programme will know how important creating the right impression is for selling a home. Painting the front door, trimming back hedges, hiding bins and planting flowers will all aid its "kerb appeal".

Once inside the property, make sure each room does what it says it does -- if you have advertised it as having three bedrooms, make sure this is what it has, even if this means converting your office back into a bedroom (and borrowing a bed!).

Let in as much light as possible by pulling back curtains and cleaning windows. Keep the kitchen and bathroom immaculate and ensure that the whole place has been well aired. And make sure that the property is well lit for viewings in the evening by brightening any dim lights with higher wattage bulbs.

Hopefully some of these tips will come in handy if you're contemplating selling. And remember that from 1 June 2007 Home Information Packs are mandatory, so you can console yourself at least that putting your home onto the market now should save you at least £400.

Good Luck!

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