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what are we doing wrong?

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  • what are we doing wrong?

    Trying to sell our flat in SW London (zone 3). Bullet points;

    On market now since late summer 14
    Switched agents after 6 weeks due 1 viewing
    Now with other agent, we've had approx 70 viewings now
    1 second viewing
    We've dropped the price 3 times since late summer 14

    Starting to pull our hair out.....

    Anyone else struggling to sell in SW london? A few friends of ours are finding themselves in a similar frustrating position with selling property in london.

  • #2
    Re: what are we doing wrong?

    Hi Dozza,

    Clearly the first agent wasn't advertising it to the "right" people so the new agent having 70+ viewings is a good start. It would be worth finding out if these viewings are as a result of the agent contacting the prospective buyers or are these people seeing your property on Rightmove, Zoopla, etc and therefore that shows the photos are appealing and attracting people to want to view it.

    After every viewing, you should receive feedback from the agent regarding all comments from the people viewing, whether positive or not, so is there a repetitive theme? Limited parking, garden too small, bedrooms too small, is it need or major decoration / modernisation, etc.

    Also though, although the new agent is getting people to view, do you know what buyers they are targetting? For example, if you have your flat up for £250,000, are they marketing it at people who have that as their 'max' figure, in which case any minor issues or anything negative such as above, will result on them looking elsewhere because they wouldn't be able to afford to make too many changes.

    And on the flip side of that, are they marketing it at people who have a max of £300,000 and therefore your property is at the bottom of their budget and therefore if there isn't anything that really jumps out at them, again, they will look elsewhere?

    Finally, and as you've touched on in your opening post, you've reduced the price 3 times since last summer. For me, I always notice properties like that and wonder why its dropped so often and still on the market after so long, after all, it is supposedly a great time to sell as the number of buyers around are slowly increasing but if you property has been overpriced then it will stand out as still being available and people will look elsewhere.

    How does your property compare to other flats similar in the same area? This is in terms of price, size, location, etc.

    For now though, the feedback as to why people aren't coming back is the key so if you don't know, ask the agent. After all they are acting on your behalf so you should demand this because of the amount of time its been on the market and the no. of viewings you're getting.

    Comment


    • #3
      Re: what are we doing wrong?

      Hey Dozza,

      It’s either agent or price. If you reduced to £50,000 would it sell? Yes of course, now increase to a price just above where you can be sure of a sale. If that is what you are currently asking, your agent is at fault, change them.

      Good luck! :-)
      Jonathan Rolande
      Director of House Buy Fast.
      The UK's Quick House Buying Company
      01903 331 588.

      Comment


      • #4
        Re: what are we doing wrong?

        Thats what i was going to say if its not selling its overpriced or it could be that your home is too personalised with garish furnishings. Consider a small repaint in neautral colours so people can put their own style on the house or at least see the potential

        Ged
        http://www.premierexpatmortgages.com
        [email protected]

        Comment


        • #5
          Re: what are we doing wrong?

          Hi Dozza,

          As estate agents dealing in both sales and lettings i like to think we are pretty well placed to offer help.

          After 70 plus viewings i would be concerned that you have not yet achieved a sale, Have you had any offers?

          Hopefully your estate agents has given you feedback as to what viewers have thought about the property? - If they have not ask them what the feedback is.

          Maybe if you have a dark purple lounge the viewers have found the property too dark and maybe worth repainting a lighter colour.

          What is the length on the lease and maintenance? Do you need to look at extending the lease, do you have high maintenance that may include heating etc? - if this is the case are the agents selling this point?

          What is parking like? - can you rent a space if your property does not come with one?

          A simple answer would be drop the price, but if you look at the above and look at other options you may not have to. It maybe a case that you just don't have a very good agent advising you. There is more to estate agency then just listing it on Rightmove or Zoopla - Unfortunately far too many agents rely on this.

          Good luck and lets us know how you get on!
          Jacks and Jones Estate Agents
          http://www.jacksandjones.co.uk

          Comment


          • #6
            Re: what are we doing wrong?

            Be harsh with yourself. Look at what other people are selling and compare yours HONESTLY. Like other people have, have a look at the decor, de-clutter, and make the outside look as good as possible. All properties will sell quickly if the price is right.

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