Another amazing month in April. I won't bore you too much with figures though as conversion rates were pretty much the same as March 2012. But suffice to say, we increased amount of houses on the market and therefore sales also increased, meaning we broke all of March's records! So that's 3 records in the last 3 months! And they are still telling us the market is not very good...
One thing we have been asked about is when we are selling so many houses, why are some properties still sticking on the market. So, I am going to try and address that now.
It's a difficult one to be honest. I suppose the best way to look at it, is that houses are products at the end of the day. It is always very difficult for owners to look at their property like this, as a house has many memories and emotional ties. But it is a product and MUST be viewed in this way to be able to start looking at why your property isn't selling.
So, let's look at some other products; a car, a TV and a Mars Bar...
What is needed to sell these items?
Well. Firstly, the most important thing is coverage. What I mean by that is making sure you have the product advertised to as big a market as you can. So, take Sony, Panasonic & Samsung - you will all have heard of these brands - and these are (probably) the most sold TV's out there. But have you ever heard of Teknika? Probably not. But there is a TV brand that goes by this name, but from what I can see, they only sell these TVs in Tesco. Therefore, the amount of these TV's sold is much lower because their coverage is not as great as Samsung, etc.
Secondly, let's take the car. If you were to sell your car, then you wouldn't allow someone to view your car with crisp wrappers or other such things lying around. You would make sure it was as presentable as possible. (You would also get the best coverage on a website like 'Autotrader' and therefore the best chance of selling it - if you put it in your local paper, you will either not be able to sell it, or get less than you would have done on Autotrader...)
And thirdly, the Mars Bar. Another product which needs coverage and good presentation to sell. However, what if a Mars Bar was priced at £3? How many do you think would sell when they are on the shelf alongside a Twix, a Galaxy bar or a Kit Kat? I would be surprised if any were to sell. This is simply because when people have a choice and they are going to get a similar result/outcome/product for a significant amount less, they will go for the lower priced option. If a Mars Bar was 60p and all the other above chocolate bars were 50p, then, me personally, I would go for the Mars Bar, because for me, a Mars Bar is worth the extra money.
The same goes for houses. You have to offer good value for money compared to your competition.
So, if you have the coverage and the presentation right, but you aren't getting interest in your product, then it must be the pricing that is wrong.
If you are happy with the presentation of your property, then that is the first hurdle jumped.
Secondly, you have to look at your coverage - if you are on Rightmove, then we would suggest that your coverage is sufficient. However, we are fully aware, and we must make customers and potential customers aware, that we do not advertise in the newspaper or have a window display, so there is an argument that, as online estate agents, we don't have full coverage. (Although, anyone who is serious about looking for properties would surely be looking on Rightmove!)
So, if you are happy with the above 2, then there is a strong possibility that the price of your property needs to change to start attracting interest and secure a sale.
As mentioned at the start, we are breaking all kinds of records with regards to selling properties over the last few months. So, with this in mind, if you are not getting interest in your property with all these buyers out there, then the price must be too high.
We would encourage all homeowners to look objectively at their property. And make sure your property offers the very best value for money compared to everything else on the market. If you feel it does offer the very best value, and it is still isn't selling, and none of the other properties are selling, then we would suggest that everything is overpriced in that area and you have to be the one to take the lead and bring the price down.
Remember, if the coverage and presentation boxes are ticked, then the only thing remaining is the price.
If you're thinking of selling, or trying to sell your property with us, or another agent, then get in touch and we would be happy to discuss the pricing with you.