If you’re selling a property, the last thing you want to hear is “it’s a buyers’ market”; even more so if you want to sell quickly.
But today, when looking at property for sale in Southend, buyers demand low prices and literally all fixtures and fittings, including the kitchen sink. So when you do receive an offer on your property, there are a number of things you can do to ensure a successful outcome.
First, it’s important not to rush into a decision. Always remember most initial offers will typically be 5 to 10 % below your asking price. The majority of buyers will be registered with numerous estate agents in Southend and have a feel for average ‘sold’ prices for similar properties. Buyers will assume you’ve built a bit of ‘room to manoeuvre’ into your asking price. Don’t be pressured into accepting an offer straight away – it’s quite acceptable to take a day or two to respond.
Second, work with your estate agent and find out if your buyer really is in a position to purchase your property. Are they in a chain? Have they put offers in on other properties? Have they sold their home or do they have an offer on it? Do they have a mortgage offer in principle from their lender? Remember, as the seller you are in the position of power – if someone wants your home it’s your job to make sure you get a fair price for it. Most successful negotiations involve a little bit of give and take on both sides so you eventually meet somewhere in the middle.
Third, try and avoid ‘gazundering’. This happens when your buyer tries to push you into accepting a lower offer at the last minute, just before contracts are exchanged. Typically buyers threaten to pull out unless you accept a lower price. To avoid falling foul of this tactic, avoid mentioning details about your future plans or reasons for selling your property.
Any professional Southend estate agents will ask which information they can disclose to buyers and know to keep certain facts confidential – for example, if you’re emigrating and are booked onto a particular flight at a particular time, keep those details quiet. An unscrupulous buyer could use this information to pressurise you into accepting a lower offer at the last moment.
And finally, make sure you know your property and its value inside out. This sounds obvious but it puts you in a much better position if any price negotiation is mentioned. Be prepared to get quotes for any work that may need doing on your home so that you know exactly what kind of reduction you may be asked to agree to and whether it is a reasonable request.
Marcus James is Lettings Manager at Pace, an independent Southend on Sea Letting Agent. He deals with every aspect of the property letting process, providing expert and candid advice together with tailor-made marketing plans for each property he lists for rental.
Marcus prides himself on ensuring our landlord clients get the best return in the right timeframe for their investments by conducting rental appraisals, letting viewings and oversees the running of the lettings department.
