Overvalue your house at your peril
Getting the price right is key to a successful sale, says Marlon Lloyd Malcolm head of sales at Lurot Brand
One of the main reasons ven- dors are left with a bad taste when selling their home stems from incorrect valuations. This often results in the home sitting on the market and ultimately selling for less than ini- tially promised by their agent. Too often agents’ valuations are over in- flated, either as a result of not want- ing to disagree with their clients’ unrealistic expectations, or from over- promising on price in order to win an instruction.
A good agent will provide an evidence-based valuation, using open register data as well as their own sales track record to justify their price.
When prospecting agents, it is important to consider their track record in selling like for like, or similar to your own home. With the wealth of re- sources available these days, agents should always be able to provide evi- dence to support their valuation, how- ever if they rarely sell the sort of property you own, or don’t operate at your level of the market, the chances of them having the correct profile of registered buyers is much lower than an agent that has a good track record in similar sales.
Choosing an agent with whom you have a rapport and feel confident is important, as is finding one who will pro-vide ongoing communication throughout the sale process. Likewise, finding an agent who is unlikely to shy away from having tough conversations if the agreed marketing doesn’t go ac- cording to plan can be invaluable.
Too often, if a property doesn’t sell or receive offers at the initial asking price, agents go MIA, resulting in your property stagnating on the market. Ideally, agents should provide contin- uous feedback from the sales process, allowing you to stay ahead of the curve and adapt to ever-changing market conditions.
Before marketing, always make your agent aware of the strengths and salient points your property has to offer as well as the negative aspects that even the best properties have. Buyers are not foolish, particularly when the sums of money needed to buy a property in London are in- volved. These days, with the many re- sources available to buyers, any attempt to conceal your property’s shortcomings will be unsuccessful, if not from the outset, then later down the line when there is likely to be an even greater chance of derailing the transaction.
Likewise, attaching an emotional value to the sales process is not recom- mended. What you ‘need’ to achieve or believe the property is worth is of no interest to the buyer, instead it is worth remembering that over-valuing your property will only result in the least effective strategy for marketing your home.
For more information go to lurotbrand.co.uk