ELPG Unveils Top Tips to Sell a Problem Property
Wednesday, June 17th, 2009
on behalf of ELPG
Property sellers whose homes have been on the market for a number of months should consider radically changing their marketing strategies if they are to move along the property ladder during the summer months.
The ELPG group of leading property solicitors says that many sellers who have had properties on the market for up to a year are being disheartened by the lack of interest from buyers. It adds that these sellers should be thinking more creatively about how to market their home, in order to turn their fortunes around.
The group, which consists of Warners, Neilsons, the Lints Partnership, Leslie Deans & Co and Drummond Miller, has unveiled a list of the best tips for sellers to follow in order to improve their changes of securing a sale and taking their next step along the property chain.
Scott Brown, Estate Agency Partner at ELPG member firm Warners, said: “Although we’re seeing some good activity in the property market at the moment, there are still some sellers who are finding it difficult to attract potential buyers.
Changing your property selling strategy
“Some of them have had their properties on the market for up to a year, so they need to be thinking about changing their strategy in order to sell their home and move along the property ladder.
“Whether it’s lowering their price, re-decorating or renovating the property, or ensuring that their solicitor is harnessing the power of the internet to promote their home, there are plenty of options to consider that will improve your chances of making a sale.”
The ELPG has highlighted a number of strategies that sellers should be looking at to make their home more marketable. Among these is the need to be realistic about how much you will be able to sell your home for and, if necessary, lowering your price to attract buyers.
The group’s top ten tips to make your property more appealing to buyers are:
- 1) Lower your price. If there hasn’t been any interest in your home, it could be because your expectations are too high. Reduce your price and take advantage of lower house values when you trade up for your next home.
- 2) Get a Home Report for your property. 44% of homes which have a report are achieving their asking price, compared to just 19% for properties that do not have one.
- 3) Consider renovations on key rooms in the property, such as bathrooms and kitchens.
- 4) Carry out all minor DIY work to ensure that buyers do not see the property as a potential “fixer-upper”.
- 5) Improve your garden or any outdoor spaces such as balconies or patios, to attract buyers looking for a home to enjoy the summer in.
- 6) Redecorate your property. Fresh, neutral colours can open up your home and new curtains/lighting will help make the property more vibrant and interesting.
- 7) Allow your home to be shown out of block viewing times. If necessary, allow individual viewings to interested parties.
- 8) Offer help to would-be buyers by including white goods or furniture in the sale – particularly if you are selling to first-time buyers.
- 9) Offer your home to a developer as part of a part-exchange on a new-build home.
10) Ensure your solicitor has a good, user-friendly website and that they are fully promoting your home through the internet and local newspapers.
Angus Macpherson, managing partner with ELPG member firm Drummond Miller, added: “If you’ve had a property up for sale for a long time, you may be tempted to take it off the market and wait for the economic conditions to improve – but there are many options available that will improve your chances of selling.
Attracting property buyers
“You should consult your solicitor to discuss what options are available and ensure you are doing everything possible to attract and sustain interest from would-be buyers.
“There is a lot of activity in the property market at the moment and, if you pick your strategy carefully, you will be able to attract the right buyer for your home.”
The ELPG is made up of five of the leading property solicitors in Edinburgh and the Lothians. The member firms – Warners, Neilsons, Drummond Miller, the Lints Partnership and Leslie Deans & Co – account for 25% of all properties sold in the ESPC.
PR in Scotland for the ELPG is provided by Holyrood Partnership PR in Edinburgh.