How to Speed up the Sale of your Home

Michael Kinsella's top ten tips for sellers:

1.  Commit to selling - Make decision, know your bottom price

    This might sound strange but often times people bring their home to the market, not really sure if they want to sell or whether now is, in fact, the right time.  This is always a recipe for disaster. Uncommitted sellers tend to value their own home disproportionately high, they are generally not accommodating when it comes to viewings and not flexible when negotiations start.  There can be no winners in this scenario so the best advice that I can give would-be sellers to to do their research, then make a decision and stick to that decision unless circumstances change.  The main challenge of being an uncommitted seller is that if when you finally make the decision to accept any offers, the buyers might be gone.  Second changes are rare in a recovering market.

2. Know your buyer

   Once the decision to sell has been made, it's important to figure out who your buyer is likely to be as this will help to determine pricing and targeted marketing.  In most areas outside of Dublin, there is very little overlap between the types of property that a home-buyer (first-time buyer or those trading up) or and investor will consider.  Budget plays a part in this but the other considerations are property type i.e. house or apartment, or location i.e. town, country or outskirts of town.  Knowing who your buyer is likely to be makes marketing the property more straightforward and increases relevant enquiries quickly.
   

3. Price it right

   Property valuation is actually quite different to pricing a property to bring to market.  There has to be some element of strategic thinking involved.  Depending upon the local supply and demand, it might make sense to start at a lower price to garner as much interest as possible from as many different buyers as possible.  The higher the number of bidders, the better chance of achieving a strong price.  On the flip side of that, it is important not to price too low so that prospect buyers are put off by some perceived 'flaw' or reason for the cheap price.  This is particularly true when it comes to home buyers, who often equate price with value i.e. a higher price means better quality, but this is not always true.   
   

4. Present it well

    I mentioned earlier that there are no second chances and this is always true for first impressions.  It can be tempting just to bring your home to the market as is just to 'test the marketplace', with the intention to carrying out any upgrading works if and when they are needed.  My best advice here is to resist this temptation. As a general rule, home buyers will not revisit a property they have already viewed and ruled out due to lack of appeal.  The one exception to this is a substantial price drop but this is a very costly mistake to make.  You really do only have one chance for your home to make a good first impression, don't blow it for lack of a coat of paint!
   

5. Carry out necessary work 

   Following on  from my point above, if a property needs clearing (most do) and a fresh lick of paint, do it prior to coming to the market.   Similarly, small fixes like cupboard doors with loose hinges or dripping taps should be rectified before starting viewings.  It is amazing the tiny details that house-hunters focus on when viewing a property.  Quality fittings, like new door handles and freshly varnished door/doorstops will generate a positive feeling with potential buyers.  I am not suggesting that you need to rip out your bathroom but a new set of mats might just help.
   

6. Neutralise the decor

   Too many home-owners are confused about the difference between a property with character and a property with the owns personality stamped all over it.  Character is good, excessive personality - usually demonstrated by shocking pink bedrooms or nude art painted in the bathroom - will rarely help home buyers imagine their own future lives in the home. There is a time and a place for tasteful minimalism and selling your home is both the time and the place.
   

7. Get the best photos

   Now that you have your home looking great and de-personalised, it's time to capture it in its best light.  Even great properties need great photographs to make them stand out on-line. The trick here is not to try photograph the entire room in one shot but rather showcase beautiful features that would be lost in a wide room shot.  Help potential buyers find the beauty in your home. 
   

8. Timing isn't everything, but it helps!

   In the past, property was relatively seasonal in that there were quiet times and busy times; however, since the property crash and as the market recovers, seasons have gone completely out of the window.  It is true that investors and ready buyers will buy at any time.  Having said that, home-buyers, particularly those with school-going children will generally start looking to the market in March/April time for a summer move.  This is a great time to launch a family home on the market to a captive audience.
   

9. Be flexible

   The most frustrating part of selling your home is that you can do everything right and still the right buyer hasn't come along.  If you find yourself in this position, it is worth re-evaluating the price, presentation and marketing of the property.  While it is a cliche to say that you only need one buyer (provided that it is the right buyer!) this is true.  Remaining flexible gives your property the best chance of sale.
   

10. Eliminate legal delays

    Finally, have title deeds taken up (if with your mortgage lender) and have them delivered to your conveyancing solicitor prior to sale agreeing your home so that contracts can be prepared and ready for when the right buyer (and the right offer) comes along. This will give your solicitor the opportunity to spot and resolve any legal issues, and essentially to pre-empt any queries that the purchaser's solicitor is likely to raise, before they become a cause for delay.

    

    Remember that all-important 'curb appeal' to tempt buyers in

     

The importance of local knowledge in property

With all the general election campaigning over the past few weeks, and  today as we are going through the final rounds of vote counting, it strikes me that politics - like property - is all local.  The strongest, most popular and (we have to believe) most  hard-working politicians in each constituency  wins.  What has changed in the last few decades is the party system; candidates locally win locally, not simply by being a member of any political party.  This is because as the world is getting smaller due to better information systems and technology, the reality is that people continue live in one area (at a time!) and that's where their priorities lie.    

 

I am not a politician but  I do know property and I know the south east region.  And because of this I know that when you are thinking of buying or selling your home, it pays to think local.

While the media talks about 'the' property market in Ireland, every frustrated seller or house-hunter knows that there are many different markets operating in every county in Ireland.  The marketplace locally is measured by supply and demand but it can be a bit more complicated than this.  For example, when we talk about supply, are we comparing like with like?  Rural versus urban, size versus location, houses versus apartments... All these distinctions make up genuine supply.  Similarly, when we try to gauge demand locally, we have to consider the  cash buyers versus mortgaged buyers, investors versus home-buyers, even experienced home-buyers versus first-time buyers.   

While it is true to say that every home for sale needs only one buyer, the financial reality is that several bidders are required to really test the value of a property and to ensure that that value is achieved.

This is where a local expert comes into their own.  Not all sellers are in the same position and not all buyers are equal.  To avoid time wasting, a clued-in local agent can attract genuine buyers to the right property and introduce enough competition to have the sale move along, in order to achieve the right price in a reasonable time frame.  As you might imagine, this is difficult to do with only one bidder!

The best way to make this happen is by maintaining a database of ready buyers and keeping this updated.  Here at Kinsella Estates, we dedicate time and attention to buyers, we stay in touch with them.  By doing this, we already have a good idea of who the likely buyers might be when we take on a new property for sale.  In any given area, there is a finite number of suitable, finance-ready buyers.  We make it our job to know them 

And this is particularly true for commercial property.  Whether you are buying or selling, looking to lease or rent out your commercial premises, knowing your local market of consumers is the main test of how well a commercial unit can be sustained in any given area.  On a given street in any large town, there will always be buildings that are more in demand than others just 100 yards away (similar to residential neighbourhoods!).  By not knowing the area well, valuations can be way off and that's never good news, for buyer or sellers.

With the relatively high level of vacant commercial property around at the moment, sellers need to know who is buying, and buyers need to have their own use for the property or be able to attract the right tenant in the right type of business.  There is no doubt that commercial property requires a bit more 'juggling' or keeping more balls in the air than most residential transactions, but this is where the local knowledge comes into play.  This probably explains why anecdotally, 30% of all commercial property is transacted off-market, which means that it never appears on property websites like Daft.ie and MyHome.ie but is available.

For specific queries or to speak with a local property expert about your buying and selling needs in Wexford, Wicklow and surrounding areas, contact Michael, Alan or Eileen Kinsella at www.KinsellaEstates.ie . 

Alternatively, you can email me directly on michael@kinsellaestates.ie or telephone : +353 53 94 21718

Commercial Property Managed by Kinsella Estates