The insider guide to selling a property

Property

18 The process of taking on a property for sale – there’s a lot more to this than you might think! Senior Property Consultant Philip Boyden reveals what goes on behind the scenes to achieve the best price for your home.

It is surprising how many people tell me that they would love to be an estate agent. The idea of spending your day looking at other people’s houses seems to hold widespread appeal. The job requires hard work and tenacity, but it is extremely enjoyable, and I couldn’t imagine doing anything else.

Over the next couple of pages, I detail the work and preparation it takes to bring a property to market and the lengths we at Boydens go to in order to present a property in its best possible light, and so obtain the best price for the seller.

An initial enquiry to value a home for sale can come in from a variety of avenues – an online enquiry, telephone call, or indeed a good old-fashioned visit to one of our branches. I like to establish the purpose of the valuation and the reason why the property is being sold, for example, as an upsize, downsize, or perhaps for probate or tax purposes. Property

The Research Stage

A lot of time is spent before the valuation researching the property; this is a crucial element when advising on value. It is prudent to establish the type of property (house, flat, bungalow, etc) including the physical aspects, such as the number of bedrooms, but I also like to know when the property was bought by the current owner and to understand whether any changes have been made to the property in the intervening period, as this helps me to be fully informed. I also take the time to view any previous details from the time that the property was previously sold (including pictures) in order to appreciate how it has changed over time. My research often also extends to viewing any planning applications pertaining to the property and often saving copies of granted plans to aid in the physical inspection of the property.

Previous sold prices of comparable homes in the area form the basis for much research into the value of a home. The Land Registry provides the best source of reliable information for this, and I tend to look back up to two years for the most accurate and relevant information.

The status of properties currently on the market forms the basis of the next stage of the research and we use a Best Price Guide tool provided by the property portals, Rightmove and Zoopla, to provide a snapshot of the homes available for sale in the area. It is crucial to know what has been on the market, for how long and what the property ultimately sold for – it is also important to note properties that have been on the market for a specific price and no sale was achieved.

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At the Appointment

When meeting a new client looking to potentially sell their home, I like to take a walk around the property with them. This helps me to get a feel for the home which already looks familiar due to the research carried out ahead of time, however, there is nothing quite like seeing it ‘in the fl esh’ – they can also point out areas in which they have improved the property in their ownership. It is also at this stage that I like to discuss any improvements to the property, which may assist the sale and in achieving the best return for the vendor, and measurements are also noted so that I can work out an internal square footage size if necessary.

Having looked around the property, I like to sit down with the vendors and provide a verbal assessment of the value of the property, providing the evidence from my research before the appointment. I think it is also important to seek an understanding of the value and their expectations as sellers and what they are looking to achieve. I would estimate that around 70% of clients I see have carried out some form of online research prior to the valuation of their home. This is usually when the fi rst meeting comes to an end, the next stage being to agree on an asking or guide price in accordance with those expectations and the up-to-date market and general condition of the home; this usually occurs over the phone and can be several days, weeks, months or even years after the initial visit.

Going Live

Following instruction to put the property on the market, it is time to get underway with the elements of the sales process which are most visible to the public. This includes the ‘write-up’ describing the property, fl oor plan, video tour (if applicable) and, of course, the photos which are edited and enhanced to showcase the property in the best way. Once the details are approved by the client, it is time to set the property live using our website and the property portals we use, which include Rightmove and Zoopla. This is also the time in which we market the property to clients who are already registered as looking for a property to buy with us.

As a close-knit Sales Team, we also brief the other members of the team about the property, which includes them viewing the property to become familiar with it and be able to talk meaningfully with prospective buyers. It is not uncommon for us to have a potential buyer in mind before the property comes to market and so we can be extremely proactive in informing those people in advance of a property launch.

I always recommend to clients that physical viewings are accompanied by a member of our team – that gives us the chance to impartially ‘sell’ the home to the prospective buyer. This role as an intermediary is crucial and enables us to obtain honest feedback, where viewers may be uneasy or unwilling to dispense themselves directly to the vendor. It can also help us to spot any misconceptions or issues with the property which may aff ect its desirability.

A recent example I experienced was when viewers struggled to park outside the property as the owner had several vehicles, and so viewers assumed that parking would be a problem if they bought the home. Simply requesting that the owners move the cars when viewings were taking place rectifi ed this.

Off ers and Negotiation

Negotiating off ers is perhaps the most important part of the sales process and one which I particularly enjoy. It is important to fully evaluate any chain involved when an off er is placed, in order to qualify who is in the best position to proceed.

Once off ers have been qualifi ed, we move into the negotiation phase in order to obtain the best price for our clients. Increasingly lately, where we have seen multiple parties involved in the bidding for properties, we have moved to best and fi nal bids as a way of concluding off ers with the sellers deciding which bid to accept.

At the off er acceptance stage, we then obtain solicitors who are instructed for the purchase, carry out Anti-Money Laundering checks and write up sales memorandums to send out to all parties involved. From here, our dedicated Sales Progressors take on the responsibility to get the property through to exchange and completion. In a future edition of ‘Life at Home’, we will examine how our experienced team will take your property sale forward and the extensive work involved in getting a property through to completion.

The handing over of the keys to the new buyer is the last step of the journey, and one which is always rewarding. Agreeing a sale to someone you know will love the home and make it their own, whilst also knowing that you have achieved the best possible outcome for your seller, never fails to satisfy.

For further information, contact philip.boyden@boydens.co.uk

Scan here to see Philip at work