When it comes to selling a property, every homeowner usually wants to sell a property quickly. In general, the longer a home or flat is on the market, the more inconvenient it is for the seller as they have to push back their move plans and life is left in limbo.
Some property owners need to sell more quickly than others, depending on their circumstances. In some cases, a fast sale is the most important requirement, and this requires a specific marketing strategy.
Reasons for a quick sale
Every individual circumstance is different, but there are a number of different reasons as to why you might be eager to sell your property as fast as possible. These include:
- Financial issues – e.g. to avoid repossession or pay off debts
- The property is empty – this could be due to an inheritance or as a result of a divorce
- The need to downsize due to age or health related concerns
- Relocation, perhaps for job or family reasons
- And more often than not, the dream home has been found and cannot be lost to another purchaser!
In these situations sellers need to release equity on their property quickly in order to be able to complete the onward purchase.
Marketing tactics
To sell your home quickly, you need to focus on two core components; effective marketing and effective pricing.
The most obvious way to achieve a fast sale is by lowering your asking price. There are many quick house sale companies that will take advantage of this, and potentially offer you far below what your property is worth.
Be wary of these; whilst you do need to be careful with your pricing, you shouldn’t need to drop it by more than 25% of the market value, if that. One common tactic is to use an ‘offers in excess of’ pricing strategy, which allows you to competitively price your property while still ensuring potential buyers are dissuaded (not always successfully) from offering below a figure you would find unacceptable.
When it comes down to the marketing, there are a few general things you should always do:
- Hold an open day, so that you can maximise the visibility of the interest you have. Buyers will see they have competition and this should encourage them to make their offer known swiftly rather than going away and ‘thinking about it’.
- De-clutter wherever possible, and complete any simple maintenance jobs. Don’t worry about large scale DIY projects.
- Don’t depersonalise, as buyers like to see a potential home as it could be used. At the same time, you need to ensure your property appeals to the widest possible audience with your presentation. For example, if your ideal buyer might be a young professional couple, you should still consider showcasing that spare room as a second bedroom, rather than a study, to appeal to potential buyers who might have a family.
- Ensure you get high quality, professional photographs taken, alongside an accurate property description.
Ultimately, you need to get the biggest and broadest exposure possible, whilst marketing to your target audience. For example a flat will generally appeal to first-time buyers and investors who are more IT savvy, however it could appeal to a downsizing retired person who may still rely on newspapers in searching for a property.
The more avenues you use, the more chance you have of hitting the buying public quicker. The most important will always be the estate agency team you employ to generate interest. Briefed properly, they will be able to use all their local contacts to ensure that your property is noticed by all applicants who are looking in the area at the time, and that, where the property fits their needs, these applicants are excited about the prospect of seeing your property.
Strategies for a fast completion
A quick sale is all about effective marketing and an attractive price, but a quick completion is dependent on choosing the right buyer and making sure your legal paperwork is processed swiftly and without delay.
Getting legally prepared is really important if you want a fast, completed sale; finding a buyer is one thing, exchanging is another.
This is why you should always instruct your solicitor when you first come on to the market. Ensure that you have given them all the documents they need in order to produce a draft contract within 48 hours of a sale being agreed. This will ensure the buyer’s solicitor has what they need to move swiftly and the momentum of the sale can be maintained by all parties. There is nothing worse than the excitement of a sale and then the silence of a few weeks delay before anything happens on the legal side.
Whenever possible, you’ll want to ensure that potential buyers have a mortgage agreed in principal or is a confirmed cash purchaser. Additionally, if there are other property sales in the chain you will always need to be cautious before assuming all things will run smoothly as so many variables will be out of your hands.
Quick sales are possible anywhere
As a vendor, you need to consider exactly whether you want to achieve a quick sale; the downside of this is that you’ll have to make swift decisions and push your solicitor, and those involved in the transaction, to move quickly on paperwork at all times. It doesn’t necessarily mean you will need to compromise on price, so don’t go in with that mindset, but of course if the perfect buyer comes along who can move in the timescale you need you will always be tempted to take a view on any offer that is a small margin below your perfect price.
With the right processes in place and effective marketing tactics agreed, properties in any location can benefit from a quick sale and we have many examples of securing over asking price sales that have rattled through to completion. All of Chancellors branches have experience with fast turnarounds and can help support any sale to the timeframe demanded by you.
In Headington, we were able to sell a property and exchange within a 24 hour period, thanks to a cash buyer and fast instruction from a solicitor. The purchasers were actually in America, but the smooth process was completed via contracts sent by emails and a constant stream of communication.
Get started on selling your property straight away with a free market appraisal from Chancellors.
Correct at time of publication. The views and opinions expressed herein are those of the individual contributor and do not necessarily reflect those of the Chancellors Group of Estate Agents Ltd or its subsidiaries. References to legislation, best practice and other matters with legal implications such as fees, rules and processes are included for information and editorial purposes only and are not authoritative, nor should they be interpreted as advice. When in doubt you should only take advice from an industry professional or solicitor where appropriate. E&OE.
