Selling A Property
What should I look for in an estate agent?
When you're looking for an estate agent to sell a development property, you really want to find an estate agent who specializes in selling the type of property that you are selling. You need to be sure that the estate agent has really good sales particulars, and that you've been impressed enough to buy a property from that estate agent, because if you're not impressed by them, people looking for property aren't going to be buying from that estate agent either. So that would be my best advice. Find an estate agent that you could really work with, that you like the way they approach the whole sales process, and are really going to work hard for you to sell your particular type of property.
Should I put my property on with more than one agent?
I always think putting a property on with more than one agent looks like desperation. You've got two estate agent's "for sale" boards in front of the property, and people just know that you are really desperate to sell, which may mean that you're going to get a lower offer on the property. It's far better for you to actually find one really good agent that's a specialist in the type of property you're trying to sell. The other thing is, if you go with two agents, they'll probably split the commission, so you're not going to be worth as much to either agent as you would be if you went with them just on their own.
Do I need an estate agent, or can I sell my property privately?
You can sell a property privately, but if you're really serious about selling it, I would recommend that you do use an estate agent because they are already set up to do all the marketing and advertising. Estate agents have already got in with the property newspapers to help put the adverts in there, and that's really what estate agents are designed to do. If you sell a property privately you could be wasting a lot of time getting yourself organized to do the promotion and it might not be as effective. On the other hand, by selling privately, you could save yourself a lot of money. But if you're serious about selling, I think you need to be selling quickly, because every month that goes by, as an investor, you're having to pay the mortgage on that property, so I'd say get professional estate agents in to help, rather than selling privately.
What makes a property sell quickly?
Properties sell quickly when they appeal to the right audience and they come across as being completely finished and very polished. Those types of properties will always sell more quickly than ones that need work doing to them. So, as a developer, you need to be sure that you know the market that you want to buy the property, and meet their requirements, that way your particular development will sell to that particular type of person very quickly indeed.
When is the best time to sell a property?
They say, as an investor, the best time to sell a property is never, and the reason for that is your property is always going to be adding value. The best time to buy is going to be the winter-time. The best time to sell is going to be the spring-time. You do need to bear in mind that you've got a lot of competition in the spring because it's the best time to sell, so the busiest sell-period of the year, so your property is going to be absolutely spot-on to compete with everybody else.
Can you add value without doing building work?
The minimum that you can do on a property is to redecorate throughout and replace the carpets. I'd say that was the minimum that you could do, basically, just refreshing the whole property. But there are a couple of other strategies you might want to use, such as getting planning permission for an extension. It doesn't' necessarily mean you have to build it, but the property being remarketed with planning permission will have more value. Likewise, you might be buying a property and decide to go for a change of use on that property. And again, you're not actually doing any building work on it; but to be remarketed with a different change of use will, again, possibly help to add more value to it. So you just turn it around and put it back on the market again.
What should I do in the week before my property goes onto the market?
The week between completing the project and marketing the property is really important, and in those few days, you need to make sure that you've cleaned the property throughout. You'll probably have to do a "builder's cleaning" in the week before the property goes on the market, which is getting rid of all the heavy grit and grime off things like the windows, around the paintwork, all those things, but also, it needs a good cleaning in the kitchen, so that you're getting rid of all the grit. Then in the week before it goes on the market you need to make sure that any carpets are cleaned, because if it looks grubby, and as though it's not really finished, that will put people off quite a lot. The other thing you can consider putting in place before the property goes on the market is putting down carpets, even putting some simple window dressings in, changing all the bare lightbulbs you've got in there for light fittings, because that adds perceived value to the property, and makes the property worth the price that you're looking for. And finally, in the week before putting the property on the market, you could even put furniture in there, and actually dress it as a house that's being lived in. So it's like a mini show home. That will ensure that you get a very quick sale for the maximum possible value.
