It’s important to remember that when selling your property you are selling in competition, not in isolation. That means that buyers are also looking at other competing listings and will make a decision based on a number of factors. You will need to out-perform your competition of you want the best offers from the buyers.
Buyers are experts in property value. So there is no way you can try to fool a buyer into believing your property is good value if it isn’t. At the end of the day, it’s not the seller or the agent that places the market value on a property – it’s the buyers.
So what are the aspects that buyers consider when determining whether or not your property offers good value? Buyers will consider aspects such as location, size, views, condition, presentation, and price. A combination of these factors will determine the value that it has to any given buyer.
There are certain of these factors that you, as the seller, can alter, and others that you can. The location is pretty much “cast in stone”. The views will be pretty much unchangeable unless there are some trees that can be pruned to open up an existing view.
The size could be altered – but in most cases, a seller wouldn’t go to this expense unless a proper feasibility was done to confirm the return exceeds the cost but an acceptable profit margin.
The aspects that are in full control of a seller are the condition, the presentation, and the price. The condition is a significant factor that will impact a buyers’ perception of value. For example, if there is damp, paintwork, leaking taps and gutters, cracked tiles or worn carpets – the buyers will discount the value based on the costs they will need to incur to rectify these areas.
In many cases, the reduction in value in the eyes of the buyer far exceeds the actual costs of rectification. So it would make sense for a seller to address these issues properly and so enhance the value of their listing.
There is also much to be said for the way a house is presented. The presentation has a huge impact on the emotional impact a property will have on buyers. If the presentation appeals to the right emotions then a buyer “falls in love” with the listing – and that’s when they will see the additional value and make a strong offer.
Much can be done by a seller to ensure the presentation is perfect – from the cleanliness of the property to the state of the garden and pool, to the lighting, sounds, and smells that create a wow.
Finally, the pricing is completely in the control of the seller. Listen to the feedback form the market. If the price is too high then make the adjustment. When you’ve taken care of all the factors you can influence and price correctly then you sell for the most the market will pay.