Struggling
struggle

 

Time for a fresh approach

 

It is not uncommon for sellers to contact us after several months, even years in some cases, asking how we can improve their situation and generate a sale. In fact, we've had clients in the past that have instructed us on the understanding that we succeed where others have failed.

We recently sold a property which had been marketed by three different estate agents, for a total of four years. As expected, the previous agents advised the client to significantly reduce the marketing price, to generate interest.

Receiving the instruction towards the end of May, the decision was made to market at exactly the same price advertised for the last four years. The difference this time being, a plethora of proven marketing techniques, implemented by a select team of passionate experts, combined with the Addison Mead 7 planning pointers.

The result? Within three weeks, a sale was agreed at 98% of the asking price with another buyer in waiting should the original sale fall through.

There have been many similar instances where we have increased the price of a previously marketed property and agreed sales, in excess of the original asking price.

For us, it is quite simple, instruct an estate agent to gain the best possible price for you – anyone, in the industry or not, can give a property away at sub market value.

 

If you are struggling to sell, you have likely taken or considered these steps:

  • Reduce the asking price
  • Change the marketing agent
  • Revise your marketing

 

These are all rational decisions in what is understandably an extremely frustrating time, but what if these did not work? What other options do you have?

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Firstly

 

1) Remove your property from the market

 

Although this may seem counterproductive, it is an essential first step for a number of reasons:

 

  • Reduces the chances of your home becoming stale. It's likely that if your home has been marketed for several months or even years, prospective purchasers will have become used to seeing it advertised on the various property portals/websites. It is also fair to assume most are also questioning 'why hasn't it sold?' or 'what's wrong with it?'.​

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  • Allows you and your family time to regain control. No longer are you at your agent's beck and call to accompany those last minute viewings. Remove the tired For Sale board that's become part of the scenery. And most importantly... 

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  • Plan a successful re-launch. Read through this guide thoroughly to ensure your new marketing campaign is a success. Please remember, if you have any questions whatsoever, or would like to discuss any of these points in more detail, do not hesitate to contact a member of our experienced team for a confidential conversation, without obligation.​

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Most estate agents require 14 days written notice before terminating their agreement. Upon providing your notice, we suggest you request your property to be removed from all online marketing during that 14 days thus enabling you to commence with your re-launch sooner.

 

Find a new Estate Agent

 

The initial agent used to market your home may not be best suited for the re-launch. After failing to sell your home, their motivation is likely to be low, with the more recently marketed properties taking precedent.

 

2) Mystery shop

Contact a number of potential agents either by phone, email or better still, in person. Question them on a property of similar style or value to your own, asking open questions wherever possible to see how much the agent really knows.

  • Is the agent knowledgeable? Have they been to visit the property or simply reading the details off a computer screen?
  • Do they offer you a viewing? 
  • Do they take your contact details? If not, how are they going to contact you in the future with other suitable properties?
  • Do they ask you any questions to ascertain your requirements?
  • Do they provide professionally printed property particulars?

 

3) Compare your results

Having mystery shopped a number of potential agents, compare the results and check their current stock.

  • Do they market a huge quantity of property? Meaning you are likely to become just 'another client'.
  • Do they specialise in properties of a certain value? Or do they simply deal with anything and everything?
  • Do they deal in both sales and lettings? Or focus all their efforts solely on sales?
  • How do their photographs, brochures and general marketing compare to your initial agent?
  • Are they members of The Guild of Property Professionals?

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4) Interview the agents

You should now hopefully be in a position to select two or three agents to interview within your home. It's likely the chosen agents will know the property has recently been marketed without success and will undoubtedly advise you to reduce the asking price. As mentioned earlier - this is not want you want to hear. Instead ask them:

  • What sets them apart from other agents?
  • How will their marketing differ from the initial agent?
  • Why should you instruct them instead of their competitor? 

 

It is important to remember not to choose the agent that provides the highest valuation with the lowest fee. There are many agents out there who will quite happily tell potential clients what they would like to hear as opposed to what they need to know - after all do you wish to sell your home or simply advertise it? Please also make sure they are not tying you in to lengthy agreements - you should only instruct an agent on the basis of 'no sale, no fee' with no tie in period. Meaning if the agent does not perform as promised, you can sever all ties immediately without incurring any costs.

 

Presentation

 

5) Review your photographs

Buyers are currently faced with an overwhelming choice of properties, therefore it is important that your home stands out from the crowd. Ensuring your home is captured through stunning photography will truly gain a potential buyers interest. Compare your existing photographs to any one of our properties. 

  • Have they captured each room from the very best angle?
  • Have the photographs been edited to remove shadows and enhance colours?
  • Are aerial photographs required?

 

We are all guilty of judging a book by its cover, this is why we insist that all of our properties are marketed with professional photography, using one of three different companies depending on the type/style of property. We have those that specialise in drone photography, ideal for those properties occupying large plots often with several acres land and outbuildings in addition to architectural photographers and even those who concentrate solely on home interiors.

From here, the photographs are then edited to include blue skies, remove unsightly bins or skips; we can even virtually furnish empty rooms - ideal for those with vacant or new build properties. 

 

Finally

 

6) Price

With over 90% of property searches conducted online, it is imperative to ensure your home is found by the maximum number of buyers. Refrain from using psychological pricing; it is more beneficial to advertise at a rounded figure that sits in line with the property portal bandings. So instead of the traditional £399,999 - opt for £400,000 as this will maximise the number of people who see your property.

Then question your agent about how to attract the best possible offers by using either 'Offers In The Region Of' vs 'Offers In Excess Of'. 

 

7) Insist on quality

You only have one chance to make the right first impression, so do not settle for anything less than perfect. Before you re-launch your home to the market check you are happy with:

  • Photography - do they portray quality and professionalism?
  • Floor plans - are they legible and drawn to scale, including outbuildings and garages?
  • Property particulars - are these printed professionally on laminated card or merely the office printer?
  • Have all the staff visited your home to ensure they fully understand what it is they are trying to sell?
  • Will your property be featured on Rightmove as a Premium Listing?
  • Will your For Sale board be located in a prominent position in order to gain maximum exposure?
  • Will your For Sale board be used as a tool to market the chosen agents company or will it be a unique board displaying an image of your home? Ideal for those living along private roads or located far from the road.

Struggling to sell?

We would love to hear from you and advise on how Addison Mead can help you sell your home.