At Marsh & Parsons, we are frequently asked to take over a sale from another agent because the property has not sold. As a result, we have accumulated a store of insight and understanding about why some properties sell, while others struggle.
We find a number of common reasons emerge when a property is slow to sell. Selling is a complex business, and it doesn’t just happen because the property is promoted on Rightmove or Zoopla. Here are the chief factors that influence whether a property attracts the right buyer and therefore, a quick transaction:
Price
It may seem an obvious statement to make, but if the price isn’t right, whether too high or too low, this will prove a barrier to a speedy sale. It’s important to recognise that different price brackets attract different categories of purchasers, and your property has to be carefully matched to the correct type of buyer.
An accurate market appraisal taking into consideration supply and demand, market trends, recent transactions and extensive knowledge of the local area will ensure you sell for the best possible price in the shortest amount of time.
Matching people and property
London buyers’ profiles are extremely diverse: they may be UK residents looking for their next home, an investor seeking to expand their portfolio of properties, someone from elsewhere in the world, or a corporate relocation. Working with an established and well-connected agent who has the reach, resources and expertise to work with different buyers and understand their needs, can be key to finding the one buyer for whom your property is ideal.
With properties in London also being so diverse, a number of factors have to come together for buyers to find their perfect property.Whatever a buyer’s profile, they will often start with a strict list of wants and needs from a property. However, it’s not unusual for them to modify their requirements in the course of a purchase. So, although your property may not fit their criteria when they initially search online, exposing it to them through alternative channels often leads to a successful sale.
At Marsh & Parsons, our 200 expert negotiators across 31 London offices, work very closely as a team. As a result, we often sell a property to someone in a different area to the one that initially interested them or sell a different property to a person in the same area. In fact, over 30% of our buyers purchase a property outside of their original search criteria.
Marketing that works 24/7
Poor or little marketing is another factor that regularly holds back a sale. Some people tend to think that it’s simply a matter of posting up a property with a few photos on a portal such as Rightmove, then sitting back and waiting for potential purchasers to clamour at the door. Unfortunately, that’s not the way the competitive London property market works.
These days, our world never seems to sleep, so round-the-clock marketing is necessary to make sure that when a potential purchaser is looking for a property, whether from within the UK or internationally, it’s there for them to see via whichever medium they prefer to use when searching.
A reputable estate agent will have an existing database of qualified buyers that they can first present your property to. Alongside listings on the major property portals, they can also increase your property’s online exposure via their own website and social media channels. Press advertising, PR and editorial placement, brochures and office window displays will also help raise awareness and interest amongst the right audience and should be part of a considered marketing plan.
Relationships that inspire
Understandably, people want to buy with confidence and therefore value having someone they can trust be there for them every step of the way. Working with a professional, knowledgeable and dedicated agent who delivers exceptional customer service and personalised communication, will ultimately generate great results.
London is a vibrant but competitive market, so once a prospective buyer has seen a property, it’s essential that an agent can meet them at the property for a viewing when it’s convenient for them. A missed viewing because of inflexible service or a lack of motivation can make the difference between a sale or not.
Interior design
It is important to know where to spend your money when sprucing up your property prior to selling. The interiors should match the budget and lifestyle of your potential buyer, as some purchasers look for gleaming modern interiors that reflect the latest trends, and showroom standards throughout, whereas others look for a property with character or in need of some renovation on which they can make their own stamp. So experienced advice about how to present your home to its best advantage is invaluable.
As one of London’s longest-established agents, we know a thing or two about how to market your property to the right audience. We exert every possible effort to ensure that from the first contact to completion of sale, the whole process is as relaxed and enjoyable for our clients as it can be, whilst achieving the best results.
If you are struggling to sell your home and would like some additional help and advice, do contact us via our website, or by telephone on 020 8115 5321. If more convenient, email or phone us via one of our 31 London offices, or call in for a chat with one of our experienced and energetic team of experts.
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