House-selling mistakes
There’s no doubt that putting your home on the market is a stressful experience, but what about if selling property is your day job? Surprisingly, even then, it’s not all plain sailing.
Whether it’s trying to sell at the wrong time of year or choosing an estate agent who overvalued their home, MSN reported on an article where a journalist spoke to three estate agents with lots of experience in the field, and even they found that being on the other side of the fence isn’t that easy.
That said, their personal experiences have taught them some important lessons – which you can learn from, too. This is what they said:
‘I overlooked how much first impressions matter’
While Bola Ranson’s job is to market property via his commercial and residential agency Ranson Estate Agents, based in London’s Canary Wharf, he has run into issues when selling for himself.
He tried to sell a two-bedroom, two-bathroom flat he owned in a modern, purpose-built block in Westminster Bridge Road in London in 2023, but found there was little interest because of its décor.
“One of the biggest mistakes I made was underestimating the importance of staging and minor renovations. I had one property that was a little tired and, despite being a sound one, it needed a lick of paint,” he said. “The skirting was slightly damaged; the bathrooms needed a little grouting. I believed that the charm and inherent value of my property would speak for itself, but I overlooked how much first impressions mattered to potential buyers.”
As a result, the property stuck on the market, and he eventually had to withdraw it to do the renovations. “Simple updates like a fresh coat of paint, modern fixtures, and decluttering could have significantly increased the appeal and value of my home.”
When selling another flat Mr Ranson has found that timing the sale of your property is of utmost importance if you want to generate interest and get a good price.
“Listing my house during the summer holidays turned out to be another significant mistake. Many potential buyers travel during the summer months of July and August and return in September.”
The property in question was a two-bedroom, one-bathroom flat near City Airport in London’s Docklands, which Ranson tried to sell in 2022.
“I once listed my property in June. I thought the warm weather and long days would attract more potential buyers, envisioning my house filled with interested families. However, I overlooked a crucial aspect: many prospective buyers were on holiday. As a result, viewings were disappointingly low, and the interest in my property was minimal.”
‘I went with the agent who gave me the highest valuation’
Before setting up her own independent estate agency in Yorkshire, Claire Roberts, owner of Rutley Clark, ran into problems trying to sell her home by choosing the “wrong” agent. “I was trying to sell my first home, a two-bedroom terrace house in Barnsley, in 2007 – a few years prior to becoming an estate agent myself,” she says.
“My mistake was that I chose an estate agent based on who gave me the highest valuation, without questioning what the valuation was based on. In hindsight I suspect it was given deliberately high in order to entice me to instruct them – it worked.”
While Ms Roberts received three offers in the first few weeks of marketing, they were all significantly below the asking price.
“I rejected the first two as I felt I was losing out on a lot of money – in reality, I never had that money, and my house was never worth that higher figure. I reluctantly accepted the third offer in this region as it became clear no one was going to pay the asking price or even close to it,” she says.
“The sale was progressing rather slowly (another learning here was that you either choose an estate agent who works hard to get the sale to complete, or you do it yourself). Unfortunately, the buyer withdrew about six months in, and, by this time the credit crunch had hit, mortgage rates had rocketed and house prices had plummeted.”
In another bid to get her house sold, Ms Roberts drastically reduced the asking price – but to no avail. She had to eventually give up on selling the house altogether and rent it out, changing her own moving plans as a result.
“Had I gone with the agent who gave me the lowest, and probably most realistic valuation, I would most likely have sold at the height of the market for a price I could only dream of a year later.
“The learning from this was to think carefully when choosing an estate agent to work with, don’t be swayed by the highest valuation or the lowest fee.
“Choose an estate agent who is willing to give you the best advice (even if it isn’t quite what you want to hear), can back up the reasons why they have valued the house at the price they have with data, and will produce the best marketing to get you plenty of interest and give great service throughout the process right through to completion.”
‘We accepted the agent’s decision not to do professional photos’
Liam Gretton runs Liam Gretton Estate Agents in the Wirral, but thought he was making a sensible decision using someone else to sell his own home – a two-bedroom, semi-detached cottage with views of Liverpool’s Anglican Cathedral – in 2019.
“Despite my experience as a bespoke estate agent, I chose to step back from the direct handling of enquiries, viewings, feedback and the emotional aspects when selling our own home,” he says.
The property was slightly unusual. Built in 1810 and “a bit like a Tardis”, it appeared modest from the outside but was surprisingly spacious internally.
“While I had a clear understanding of our home’s market value, the agent suggested a slightly lower price to encourage competing offers. Trusting their expertise, we followed their advice,” he says.
“Our first misstep was accepting their decision to take photographs themselves. I firmly believe that professional photography is crucial for showcasing a home effectively, but we took on board their judgment, hoping to learn something new.”
After two weeks of no viewings and minimal marketing feedback, Mr Gretton received a call from the agent he’d instructed, suggesting a price reduction.
“To me, as an agent, this is a standard default setting. However, as a seller, it is disheartening because I’ve been advised one thing and told to do another.”
Mr Gretton decided to terminate the agent’s services and marketed the property himself. “We listed the property at £20,000 above the agent’s recommended price, confident in our assessment of its market value and target demographic. Within the first 14 days, we received nine enquiries and three formal offers.”
Taking the reins in this way proved to Mr Gretton that there is a very real value in choosing an estate agent with professional training, market knowledge and, in his case, the understanding of what buyers are looking for with unique homes.
Modified article taken in part from an article from: MSN
If you liked this article, you may enjoy this one: Tips for selling your home
Important Information
All property sales and the financial advice that surrounds them are as unique as the people engaging in the transaction. It is important to not decide without seeking professional advice. If you want to sell your home and are considering redecorating before marketing, speak to one of our Property Professionals to get the best advice for presenting your home for sale before making any investment. This article is for the purpose of information only and should not be seen as financial advice.