All too many times these days we hear how Estate Agents have failed to secure a buyer. With a slow moving market, what makes some sellers seem luckier than others? And how is it that some houses get snapped up within the 1st few weeks of being on sale? To be a good seller you need to understand buyers. With it currently being a buyers’ market, what attracts a buyer to a property?
Location is always one of the key factors; far too often we hear location, location, location when buying and selling property. Well fighting for that number one position at the top has to be the price! Once a buyer has chosen where they want to live, they will then start viewing property based on their budget. A savvy buyer will do plenty of homework when it comes to paying the correct price for a property and very few will be fooled into paying over market value for such property.
With the current market being over saturated with property for sale, buyers have the upper hand after a few weeks of searching the internet and viewing property, they are well versed on how much property should cost within that area and what they can get for their money.
With that said many sellers still feel that “their” property is worth far more than the current market value…. The property will then sit there for many months if not years in certain cases, with various FOR SALE boards being left to gather dust from a variety of different agencies, auction sites etc. Eventually after time a seller will be frustrated and become to feel as if their home is being invaded by agents and prospective buyers, as they trawl around their much loved home time after time.
Once these feelings of frustration rear their ugly head , some sellers then feel the need to dig in their heels and wait it out, after all they have waited this long? So they refuse to give in and drop their price, the battle within commences.
At this stage what should your agent do? Well in theory they should sit with you at least once a month and evaluate the situation. Together, agent and seller should discuss the sales within the vicinity that have been happening and the price they sold for. Discuss new marketing plans and strategies. A seller should always have a good relationship with their agent as selling your home is going to be a very stressful time. You will need to disclose personal financial information, which is normally only discussed with your bank manager of financial advisor.
Sellers remember you have the property to sell your agent facilitates this and markets the property for you, however if you cannot be realistic on the listing price then unfortunately most agents are not magician’s and cannot magic you a buyer no matter how many tricks they may have up their sleeve.
A good seller will always be a serious seller. So when you next pick up your phone to invite an agent into your home, make sure you really want to sell and do not always be fooled into listing your property with the agent that gives you the highest market price, beware of these agents. A good agent will show you what price properties similar to yours in the area have achieved. Remember the price that properties are listed at, are not always the price that they sell at!
Also remember to give an agent a sole mandate and agree a fair commission and you are giving them a good incentive to sell your property. Giving an agent a low commission and an open mandate is really giving them very little incentive. Be a good seller, chose your agent wisely, ensure they have your best interests at heart and list your house at a market related value. That way no matter how slow the market is moving you will feel pro-active, productive and positive. Always a winning combination!