How to get the full asking price for your property
When looking to sell your property you will obviously want to obtain the best price possible. In this article we look at the actions you will need to take to ensure you get the full asking price for your property when you decide to sell.
Setting the original marketing price
It is vitally important that you set a realistic marketing price for your property when you first put it on the market. Addressing the following points will help in setting the right marketing price.
- make sure you engage an estate agent that can prove recent success in selling properties of your type in your area
- visit the property portals and search for similar properties to your own for an idea of asking prices
- you need to understand that the asking prices of properties are often as much as 5% above the actual sold price, so keep this in mind when setting your asking price
- if there are a large number of similar properties to your own on the market then your property will have to be keenly priced or in exceptional condition to stand out from the crowd
Preparing your property for sale
- you will need to show your property in the best light to get the best price
- do all the little maintenance jobs you have been putting off for another day
- if any rooms are in need of decorating then put aside a weekend to bring these rooms up to scratch as it will pay dividends in the long run
- keep your property tidy while it is on the market, consider moving things into storage to provide an uncluttered feel to your property
- make sure your garden and outside areas are looking the best they can to give a great first impression to viewers
Manage your estate agent
- if you want to get the best price for your property you cannot just leave your estate agent to get on with it
- go through the property details carefully before you agree them to ensure your property is described fully and all the best features are included
- scrutinise all the photographs and make sure, where possible, that there are no cars, wheelie bins or rubbish in any photographs
- Have the photographs taken in fine weather as this will make your property look more appealing
- make sure the photographs are presented in the most appealing sequence on any website or property portal, for instance, show the living space first rather than the downstairs cloakroom
- if you are not happy with the standard of photographs then ask your estate agent to take them again to ensure they represent your property in the best way possible
- if you have not received any viewings in the first week of putting your property on the market then chase up your estate agent to see what action they are taking to rectify this
- set up a contact schedule with your estate agent to make sure you are kept fully informed about the progress of your property sale
- make sure your estate agent provides comprehensive feedback on any viewings so you can rectify, if possible, any deficiencies highlighted by viewers
Managing viewings
- make sure your property is fully prepared for every viewing and that your house is not full of family or friends when the viewing takes place as this will make your property appear smaller
- try to book your viewings all together at a weekend this will give viewers the impression that there is strong competition for your property
- if you have managed to book all your viewings for the weekend then any offers should be forthcoming on a Monday and this may drive competition between offers received
- your estate agent may offer to carry out the viewings on your behalf which you may find useful, if this is the case ensure your agent is fully briefed on the best features of your property and that they highlight these to any viewers
Managing Offers
- when you start receiving offers they will usually be below the asking price but do not reject these offers out of hand
- find out why they are offering lower than the asking price and try to work with your estate agent to get nearer to the asking price
- if you are getting a number of offers then you can use this competitive situation to your advantage in trying to get nearer to your asking price
- If you do receive an offer that you feel is acceptable then you will need to fully understand the buyer's position before accepting and if they have got a house to sell I would suggest leaving your house on the market until they have found a buyer for their property
Conclusion
If you use the tips above you will be more likely to sell your property for the full asking price. If in the end you do agree to sell below the asking price you will know that you have made the best effort to achieve the maximum price for your property. For more top tips read this article - 6 mistakes people make when trying to sell their property
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