How To Choose The Right Selling Strategy For Your House?
Selling your house is one of the most important financial decisions. With the UK property market being so competitive, choosing the right strategy to successfully sell your property at the best possible price in a reasonable timeframe is crucial.
Here is a guide to help you select the ideal selling method based on your goals, local market conditions and property type. By following these key steps, you can effectively develop and execute a tailored sales plan to achieve a profitable house sale.
Here are the steps on how to choose the right house-selling strategy:
Step 1 – Set Clear Sales Goals
Before determining the strategy, you need to define your priorities for the sale. Setting an ambitious yet realistic target sale price is key to maximising your profit as a seller. Thoroughly research selling prices for comparable properties in your local area over the past 6-12 months, taking into account any additional home improvements you have made that enhance value. Consider investing in professional property valuations from property buyers too. This will give you an accurate indicator of both current market value and the highest pricing the buyer market may withstand. However, a balance between stretch pricing for profit and pitching too high causing a lack of interest is essential. View your property objectively, noticing any work needed to achieve your premium pricing ambitions before confirming the final asking price goal.
If your priority is a fast sale, this requires a different strategy to hold out for maximum value. Assess how long you can realistically wait for a buyer match before onward plans are impacted, then market even more aggressively from the outset. Consider pricing just below the average market rate to generate constant interest among serious buyers only. Be responsive to enquiries 24/7, flexible on viewing times, and have property details and contractual paperwork ready for rapid progression. However, balance speed with avoiding first low offer acceptance which could lose thousands.
Selling any property involves significant admin, paperwork and stress. Be realistic about the time and energy you can dedicate to already busy lifestyles. Tasks like arranging viewings, responding to queries, negotiating offers, sourcing conveyancers, providing property history documentation, monitoring progress and chasing all interested parties need to be completed. Depending on your strengths, using property buyers may be the best way forward, delegating key tasks for better workload management while dealing with fewer buyers directly too. Alternatively, online self-service platforms can streamline much of the legal complexity if opting for DIY sales. Either way, be clear on the admin support you’ll require.
Step 2 – Research Local Market Conditions
Gaining a detailed understanding of the current state of the market is essential for tactical planning. Research what the average time on the market is for properties similar to yours that have recently sold in your local area. This includes factors like property type, number of bedrooms, location, size and style.
Research actual selling prices attained for comparable homes against the initial asking prices over the past quarter. This will reveal if properties are routinely discounting to drive interest or frequently exceeding pricing expectations for example. Understanding the negotiation power buyers have and overall demand levels help guide your starting point.
Certain months or seasons may see far greater numbers of active buyers in your region impacting supply and demand dynamics. Analyse historical transaction records and monitor current listing viewer traffic through the year to spot peak periods. Typically spring is an optimal selling time ahead of summer when families finalise moves before the new school year. Forecast your marketing and viewing strategy around identified peak months for maximum exposure to buyers when they are most actively searching in your local area.
This will reveal if it’s a buyer’s or seller’s market and the level of competition, informing the approach you’ll need to take.
Step 3 – Set The Right Asking Price
An accurately judged asking price is one of the most pivotal elements for selling your property efficiently in the UK. Finding this crucial balance between being overambitious with your pricing expectations versus undervaluing your home is key.
You first need to thoroughly research the latest sold prices which have been achieved over the past 6-12 months for other comparable properties in your local area. This includes homes similar to yours in key attributes like property type, number of bedrooms, overall square footage, garden size and style of build.
As well as checking advertised guide pricing, you also need to consider any additional home improvements, renovations or extensions you have carried out whilst being resident which further enhance the value, quality and desirability of your home versus other standard market offerings. If you have carried out refurbishments like a lavish fitted kitchen or landscaped garden for example, factoring in premiums of 5-15 per cent on achieved area rates due to these upgrades could be reasonably justified when setting expectations.
Seeking professional opinions from 2-3 local estate agents to perform formal property valuations is also wise. Whilst inevitably serving their agenda for securing listing mandates, they equally cannot afford to over-inflate proposed figures beyond buyer feasibility without reputational risk. The variance between advisors also offers useful guidance on price flexibility tolerances. Consider the figures suggested as a good benchmark to still independently sense check yourself against wider comparative indicators though.
Equally important is aiming to view your property itself through an objective buyer’s perspective, noticing any existing wear and tear like tired decor or DIY jobs needed which could compromise pricing ambitions if apparent on first impressions during viewings. Small touches like neutral colour schemes, clutter removal and quality furnishings can also enhance show home appeal to support value aims.
Carefully balancing setting expectations high to achieve maximum sales reward versus risking no initial viewings by over-elevating beyond average attained prices is a delicate balance to strike. Remember though that a subsequent reduction in guide pricing always negatively signals negotiating power to prospective buyers further down the line. Securing the best possible profitable deal relies upon confidently pitching keenly from the start. Equally, pricing thousands under the market rate simply erodes potential return, even if achieving a faster sale. Consider all metrics carefully in alignment before finalising that all-important asking price.
Step 4 – Prepare Your Property Thoroughly
Making an outstanding first impression with extensive preparation is essential to enhance buyer appeal and achieve the maximum selling price for your property. Viewings can often be decided in mere minutes upon that vitally important initial walk through the front door as buyers form quick subconscious judgements on the appeal and integrity of your home.
Ensuring clutter is completely tidied away throughout to create a feeling of spaciousness and decluttered cleanliness is key. Buyers will be visualising how their furnishings and lifestyles would fit within the property space available, so removing household items to maximise evident square footage and create a show home look supports this. Equally, carrying out minor repairs like fixing leaky taps, lubricating any stuck doors and filling in marks on damaged walls removes visual distractions during viewings focussing attention solely on your property’s positive attributes.
Giving every room a fresh coat of paint transforms interiors to look contemporary, well maintained and light. Avoid bold colours or patterns which may not fit future owners’ visions for furnishing schemes. The goal is to allow buyers to easily visualise their belongings occupying the blank canvas you provide by depersonalising the space during viewings for maximum appeal.
Pay diligent attention right across the property too – thoroughly cleaning windows, conservatories, kitchens and bathrooms to let the home truly sparkle. Shining chrome taps, glossy splashbacks and illuminated views outside signal pride in ownership hopefully transcending into the buyer’s future custodianship of this impressive home themselves.
Kerb appeal makes those vital first impressions before even crossing the threshold, so tending all exterior areas is also essential. Ensure front gardens are weeded and cut neatly, side passages and garages cleared out plus sweeping driveways to promote positive kerbside visibility. Remember, great kerb appeal and interiors in pristine, move-in ready condition enhance buyer appeal substantially towards clinching that successful sale.
Step 5 – Decide Between DIY Sale Or Property Buyers
Once you have researched the market dynamics in-depth and completed all necessary preparations listed in the previous steps, an equally important consideration is deciding whether to sell the property yourself or enlist the support of a professional estate agent. There are advantages to both approaches depending on your situation and priorities. Key advantages of opting for DIY sales include avoiding paying typical estate agent fees of 1-3 per cent of the final sales price, which could easily amount to thousands in cost savings. You also maintain full control over aspects like scheduling accompanied viewings to match your availability and tailoring the exact content and media used in marketing listings to your preferences. The downside however is handling the entire end-to-end sales process yourself – from conducting physical viewings, fielding enquiries, negotiating offers, arranging surveys and conveyancing through to successful completion. This is extremely time-intensive with a steep learning curve if you lack experience in the many legal formalities involved.
Consulting property buyers conversely allows you to leverage their extensive experience managing every step of facilitating profitable property transactions on your behalf. This includes showcasing viewings to emphasise your property’s strengths as an expert salesperson; widely advertising your home across the top UK property portals, print publications and relevant social channels; guiding pricing strategy plus negotiation support to achieve the best sales outcomes and crucially, project handling all administrative processes from offer acceptance through legalities to successful completion. The trade-off is paying their fees plus giving up some control over aspects like viewing coordination or marketing content used. Carefully assess your capabilities and strengths here. Consider leveraging agent capabilities against elements you are less skilled or confident handling yourself to strike an optimal balance between cost savings and time pressures.
Step 6 – Market Your Property Extensively
Once your asking price is set and you have decided whether to pursue a DIY sale or appoint an estate agent, launching an extensive marketing campaign across multiple platforms, both online and physically, is crucial to maximise exposure for positioning your property as the most appealing area option to potential buyers. This requires producing engaging written descriptions and professional photos to portray your property in the best possible light. Additional awareness can be generated through placing eye-catching ‘For Sale’ signage outside the home, holding weekend open house events for increased viewing flexibility, pitching to local relocation agents to reach incoming transferees plus connecting with relevant regional investment/developer mailing lists for offers. By diversifying messages across this blend of digital and in-person channels to relay property details, accessibility for viewings and your pricing expectations, you capitalise on every available avenue to market the sale to find a buyer promptly and achieve the optimum competitive price.
Step 7 – Carefully Vet Potential Buyers
As buyer enquiries start flowing in responding to your property listings and viewing invites, crucial due diligence at this stage is qualifying leads by asking vital questions to filter time-wasters out and identify motivated buyers worth investing effort into negotiating further with. Key areas to probe include establishing whether they are cash buyers or requiring a mortgage in principle already confirmed, if they have a property sale already progressing needing to coordinate exchanges versus unencumbered proceeds ready, what their target timescale is for completing purchase formalities and crucially, assessing their sense of urgency plus ability to commit promptly if deciding to make a firm offer on your home. Screening respondents on the capability to purchase, associated buying chain impacts and aligned expectations on transaction pace prevents fruitlessly over-investing time in pursuing unqualified leads unlikely to proceed. Equally, be vigilant against buyers exhibiting gazundering risks – initially offering your full asking price to then attempt reduced price renegotiation when contracts are close to exchanging in the hope you compromise to avoid sale collapse. Assessing seriousness and integrity here is key.
Step 8 – Negotiate Effectively
When receiving the first offer, avoid accepting immediately – notify the buyer politely you are hoping for higher initial proposals still to allow negotiation room. Outline objective reasoning like comparable area sales, property enhancements boosting value and existing strong interest levels to evidence pricing justification should queries arise. Address any concerns firmly but positively, avoiding emotional aggression which could risk losing the buyer. While holding price ambitions high initially, also prepare reasonable compromise solutions to help bridge significant valuation gaps when inevitably needed to drive the deal towards completion. Where possible, leverage multiple interested parties against one another to stimulate bidding competition, essential for achieving original asking price goals.
Step 9 – Progress Purchase Swiftly
With price and non-financial terms formally agreed, promptly progress transaction completion by requesting the buyer reconfirm the full offer amount and all other contractual conditions in writing by a defined date to prevent renegotiation. Evaluate and respond to any specific fitting and fixture queries rapidly. Have property history paperwork and all other documentation required by conveyancers/mortgage providers etc prepared upfront for providing immediately when requested to prevent delays. Set clear expectations on timescales with buyers and wider stakeholders through the process, tracking and chasing continually to hit key milestones – allowing a maximum of 14 days for completion steps for example. Staying closely connected eliminates barriers through strong end-to-end management keeping all parties aligned to schedule.
Step 10 – Continuous Improvement For Future Sales
Review what worked well and what requires improvement through each transaction to strengthen future sales execution. Analyse marketing channels providing genuine buyer connections versus wasted effort on unattractive mediums and timeframes taken to attract serious buyers. Compare the achieved sale price to the initial asking price listed– assess why deviations occurred for strategy adjustment. Reflect on scenarios where price negotiations were misjudged and could have been conducted differently. Also rate how well other participants like solicitors, mortgage advisors etc were managed in the process. Apply every lesson captured into an evolved strategy focused on the most impactful methods proven to maximise achieved sales prices in minimum timeframes for your area.
Selling property is complex, with many factors impacting your ability to strike the optimal deal. Approaching the sale strategically based on researched market insights and tailored goals sets you up for the greatest levels of success.
Equipping yourself with the knowledge needed to carry out tasks diligently or outsource effectively is key. Working in partnership with professionals can enhance credibility with buyers too.
With the UK property market constantly evolving, remaining flexible to apply learnings with an informed outlook is essential for prospering as a seller. Planning carefully, while reacting positively to changing dynamics will place you in a strong position to achieve your property sale aspirations.