Shamini: Ed is an investor from East London and runs the whole of the Canary Wharf Property Investors Network and specializes in creating high yields, working with growing venture partners and also mentors and teaches other investors on the rules and regulations of being an investor and landlord. Today Ed is going to give us some advice and tips on what to do when it comes to selling our properties fast. Hi Ed!
Ed: Hi there Shamini, how are you?
Shamini: I’m doing wonderful. First to tell our viewers, what are the top 5 tips for a property seller that you would give?
Ed: The top 5 tips for when you kind of decide that you want to sell your property. I guess the first one is to find out, get a realistic idea of how much your property’s worth. As a home owner, you know we may have lived in our house for anything from 6 months to 60 years and prices have obviously changed since we first bought our property and fallen in love with it. We think it’s the best thing since sliced bread, and it’s very difficult to disassociate ourselves and our emotions from the house that we’re living in.
But of course a buyer who is coming in, while they may fall in love with a property or a house, they will not have the same emotional attachment immediately as we do. They’re looking and they’re comparing it with all the other properties that they’ve seen on the market. So they’re going to have a very realistic idea of what our house is worth.
It’s important that we also have a realistic idea so that we’re in the same mindset as they are. So I would say it’s important to find out what else is on the market and what price it’s selling for, what condition it’s in. Find out the prices of ones that are relatively the same as ours but also speak to your local estate agents.
Ask things like – pretend that you’re a buy of a property so that you can ask how much you would have to pay for something. Because that’s going to give you a more realistic idea about what your house is actually worth then them trying to sell you the idea of selling your house because they want the business.
Often they will say that they will be able to get this much money for it when they know that actually it’s not going to be that much. So it’s a good idea to find out the difference of what they put it on the market for and what you’re likely to have to accept as an offer, and if you’ve got a realistic idea of what you’re going to sell it for, then you won’t be disappointed when it comes to accepting an offer when the offers start coming in.
Number two will be dressing your property. And this is information that is on lots of property TV programs, I’m sure you all have had it before but it’s very, very crucial when it comes to marketing the property. The estate agents are responsible for taking the photos and going to your place and using a wide angle camera, sticking it on all the major portals.
But it’s your responsibility really to take all your personal possessions out. Take all the photos of your dogs and pets and pictures of your children so they’re not left all over the place. I love my children, but I love them far more than other people do, so other people won’t want to walk around my house looking at my children. They want to walk around my place looking at the odd painting and being able to see the house so that they can imagine where the pictures of their children might go, which probably won’t be the same place as ours go. And also taking as many knickknacks that you can possibly bear to take out. You know, my taste in art and sculpture are not want people are going to want to see on the shelves, and down to my book collection might not be the same as a lot of peoples. So taking out and de-cluttering, taking out photos is a really important point.
The third is really about what you are going to be bound to have to do during the sales process. At some point somebody is going to ask you to provide records of the work that you’ve had done to the property. If you’ve built an extension, they’re going to want to see the planning application, the planning approval and also all the building control you have had as the works been going on.
Digging that stuff out in advance because you know that it is going to be required is a really important thing because it just saves time during the sales process and makes it that the sales process is far more likely to actually go ahead as planned. The worst thing is to get so far down the line of selling a property, found the new house that you’re going to move into, falling in love with it and then finding out that your house sale has fallen through and therefore you can’t move into the house of your dreams – so make sure you’ve got everything in advance.
You also need to know if you need to move fast and do you need to realize the cash that is in your property and is there any money locked in your property and what are you going to do with it. So get some idea of the speed of the process and this brings us around to point number five.
You really need to know the reason why you’re moving and if you’ve got any issues or any problems that you need to solve. The conditions of your move, knowing them in advance as well, so they don’t either make the sale fall through or cause problems for the sale.
Or in fact you may not be able to use a traditional sales method, a different sort of method of sale, understanding your fundamental reasons why is really important and when you come to – and I deal a lot direct to the people who are selling the properties and not necessarily real estate agents. The more information that the seller of the house can give me, allows me to solve any problem or situation that they may have. Without the truthful information, the solutions that I offer may not be able to solve their problem.
I may not be able to solve the situation, which I need to be able to tell them. I can only know that if I know what the situation is. So the more honest you are if you have a situation, the more honest you are with someone who perhaps has different ways of acquiring property, the more likely they are going to be able to help you.
Shamini – That’s a brilliant tip, and it’s very, very important the owners of the property – and if they are looking particularly for a quick sale – to actually tell the investor or the person who’s buying the property so that they can actually help. And they both have a sort of win, win situation.
Thank you Genuine Property Buyers for viewing this topic on the top 5 tips for property sellers. Thank you Ed for joining us in this interview. For more tips and more videos, click on our subscribe button. If you have any questions and like us if you like our videos. We’ll be doing another series of videos and if you have any questions, let us know if you’d like to ask any questions. Thank you very much, and we hope to see you soon, bye bye.
Find more about Ed on his website: EdFowkes.com