"Selling your home is an exciting but often stressful and expensive process, and while we all want to move home quickly, it can be an overwhelming experience"
Covering everything from preparing your home before placing it on the market, to negotiating agency fees, the estate agents explained every stage of the process and also addressed the impact the new stamp duty changes have had on the industry, as well as what attracts and puts off the all-important buyer post-Covid-19.
1. Make these changes before putting your home on the market
“It sounds obvious but general presentation of the home really is vital,” says one estate agency owner from Suffolk with over 10 years’ experience in the industry. “It can be overwhelming for viewers if homes are very cluttered so try to keep the home minimalist, although it still needs to be homely and welcoming. The ideal you’re looking for is clutter free and not too busy.”
Another estate agency owner from Dorset says: “Fix anything you can fix easily but that doesn’t mean replacing kitchens or bathrooms. If the ceiling paint is flaking, get it sorted because it can and does put people off. These are all things that viewers see and makes them believe they’ll have to spend money. It’s nice for buyers to go into a property that’s been well looked after and loved.”
“It’s important to not go over the top in terms of colours and wallpapers, keep things neutral and avoid bright yellow, green or orange walls,” says one Suffolk-based estate agent.
“I’ve sold a house for the full asking price after it had been on the market for a while because we changed the kitchen colour from blue to magnolia! And it only cost £40 in paint to make the transformation. It is worth investing small amounts to see a big difference and it can sometimes be all it takes to get the offer you’ve been looking for” says a senior director based in Essex with over 22 years’ experience in the industry.
2. Do your research before selecting an estate agent
“To help you choose which estate agent to go with, do your research and ask lots of questions before you make a decision” explains the estate agency owner from Dorset.
“If you’re looking for a quick sale you should be asking them how long it takes them to sell properties like yours, and if you’re worried about a sale falling through, ask them how often it happens to them.
“Although they could be a great agency, asking; ‘how many houses like mine have you sold before’ will show you whether they’ve had any experience selling houses exactly like yours, which should give you a good steer on whether they are a suitable choice for you.”
“Paying attention to the different agencies selling properties in your area will reveal what agencies are doing well. The number of sold boards is a giveaway,” says the estate agency owner from Suffolk.
3. When it comes to negotiating agency fees, avoid going into battle with a salesman
“You should pick an agent that is clear, open and honest about their fee from the offset,” says the estate agency owner from Suffolk. “If you can, find an agent who offers a percentage-based fee rather than a fixed fee. This is because with a fixed fee, if your property price comes down, the agent would still get a higher amount - although you’re not getting as much for your home.
“When it comes to negotiation, avoid going into battle over the agency fees because you’ll be going up against someone who is a trained salesman and negotiator.”
An Essex-based senior director, says: “Bigger corporate companies have a set table of fees that they charge so you’ll probably pay a lot higher than you would through a small independent agency where you’ll have a lot more flexibility. Smaller independents tend to give a better fee and a more personalised service.”
“VAT also plays a massive part in the whole process. Estate agents are taught not to quote ’plus VAT’ until the final bill so, always think – and ask - is there is going to be 20% on top of whatever he or she is going to offer me? Otherwise you could be in for a shock with the final bill” adds the senior director from Essex.
4. Get the price right
“Remember, more people equals more offers, which puts you in a better position as you have more to play with”, explains a senior director from Essex. “Put your property on the market for a really good price so that you can get more people through the door. That’s far better than having the property on the market overpriced and then having to reduce the costs because you don’t have enough people wanting to view it.”
A senior negotiator in Gloucester advises: “Always aim to get at least three quotations for your home and then do some research to see what the agents have sold in your area to give you confidence in the price. A lot of estate agents put properties on the market for £10k to £20k more to give room for negotiating.
“Estate agents will look to see what’s been on the market that is similar to your property and they’ll also check what else has been sold in the same postcode to get the property selling price right.”
“You can also look online yourself to see what else has sold that’s similar to your property, but the online prices are not always accurate so don’t take that as gospel,” says one estate agent from Gloucester.
“People need to be realistic and trust the experts!” says the senior negotiator in Gloucester.
5. Knowing when to accept an offer and when to wait
“If you have put your property on the market and have had your first open house, for example, and you get offers in, wait at least two weeks before you accept an offer,” says the senior director from Essex. “The agent should always be there to advise you on how strong the market is and how things are going in order to then determine whether the property is still getting a good response from buyers.”
“When it comes to offers, it depends on your motivations and the reasons you’re selling-up,” adds an estate agency owner from Suffolk. “Ultimately the offer needs to work for you in terms of your onward plans, but take advice from the estate agent because they should be used to selling properties in your local area.”
6. Communication is key to a successful relationship with your estate agent and a quicker sale
A current estate agency owner in Suffolk advises: “There is nothing worse than not being able to get hold of the seller when required. You need to be accessible, available and at the end of the phone if you want things to move quickly.”
But it works both ways as an Essex-based senior director explains: “You should be in regular contact with your estate agent and they should be in touch with you. As a minimum, you should hear from them at least 24 hours after they have done a viewing, and at least once a week so you have an update on what’s going on.”
7. Buyers are looking for more green space and home offices post-Covid
One senior negotiator from Gloucester says: “More buyers are looking for bigger gardens and country views, especially since lockdown. It seems like everyone is looking to move to get more space, and with the stamp duty changes it’s encouraged a lot of people to think about where they move to.”
An estate agency owner from Dorset adds: “With people being stuck indoors during lockdown, it’s made them think about the space that they have or don’t have, and increased the importance of garden space, so people are looking to update and increase their outdoor areas and access to the fresh air.
“In addition, an office space and study are now seen as essential where people are working from home. This feature is definitely high up on buyers’ agendas at the moment.”
A senior director from Essex agrees: “There has been an increase in people building out-houses in the garden where everybody who used to work in offices is changing the way they now work.
“A reasonably sized brick-built outhouse could cost between £15,000 to £50,000 and will add value to your house. There have been some instances where a £5,000 investment has added an additional £20,000 to £30,000, which is roughly 10% of the property value. So if you can invest, it’s worth considering to increase your property value.”
8. Aim to book viewings when the sun is shining, and school is in session
“The best time or day to book a viewing depends on the property,” explains one estate agency owner from Dorset. “If there’s a particular time where the sun is more prevalent in the garden, you should try and fix the slot for this time of day.
“Also, if the home is close to a school, avoid doing a viewing when there is likely to be heavy school traffic.”
An estate agency owner from Suffolk agrees, adding: “The middle of the day, during the week is always a good time to do viewings because the children are at school, that’ll mean less cars on the roads and driveways.
“There’ll also be less noise from children playing in gardens, there won’t be as much traffic on the roads which means the viewer will avoid being stuck in traffic which can sometimes put them in a bad mood.”
9. Top considerations for buyers
An estate agency owner from Suffolk advises: “If you’re a buyer, register with all the estate agents covering the area you’re looking to move to. It’s important to have a memorable conversation with the agency, explaining exactly what you’re looking for and the reason why. Keep in regular contact with them and make sure to answer the phone when they call to tell you about a property.”
He adds: “Be efficient with all your paperwork. Once you’ve found a property to buy you don’t want to slow down the process, so return emails, complete the paperwork and handling requests by solicitors and mortgage brokers. Don’t wait seven days to open a letter from the solicitor, be on top of things to shave weeks off the process.”
“Being organised and replying to solicitors as quickly as possible will really help to speed things up,” agrees estate agency owner from Dorset. “There’s a lot of paperwork involved so create checklists to help you stay on top of things. You could even write a criteria, listing your pros and cons, so you know exactly what you’re looking for in a property.”
10. Top tips for buying a home
When it comes to a bidding war a senior director from Essex says: “You mustn’t let your heart rule your pocket. You have to stick to your budget. An agent should be within £5,000 to £7,000 of a surveyor’s valuation.”
An owner of a Dorset estate agency suggests: “Think long and hard about why you’re buying the home, is it going to be a home that you are going to be in for the next ten years? If it is and you can afford to pay a bit more, increase your offer. But if you’re thinking the property will be a buy to let investment and you’ll need to achieve a certain rent to make it work, you can be more calculated about your offer.
“At the moment borrowing is so cheap and interest rates are low, most people can afford to pay an extra £5000 or £10,000 because, in reality, adding £5,000 more works out as only £1 a day on the mortgage. If you look at things from this perspective, it will help you to realise how much you want the property.”
Noel Summerfield, head of home at Admiral, said: “Selling your home is an exciting but often stressful and expensive process, and while we all want to move home quickly, it can be an overwhelming experience – regardless of whether it’s your first experience of selling a house or you’ve done it before.
“With stamp duty abolished on homes, in England and Northern Ireland, up to the value of £500,000 until the end of March next year, now could be a good time to consider moving home. Since the start of the coronavirus pandemic, many are reassessing what they want from a home and outside space or a home office are now more important to people.
“Using the advice from the experts give homeowners some useful tips to consider and help them understand the secrets that could help them get the best deal and ease some of the stress.”
