How to make sure you get the best price for your home when you’re getting offers?
You’re on the market, getting plenty of viewings, lots of interest and the offers start to come in. How do you know that the offer on the table is the correct one to take?
In short, you never do, and as estate agates we can never say for definite that there won’t be a higher offer if you wait a couple more weeks. However, if you’re on the market, you want to move and if you want to move – it goes without saying that you will eventually have to accept an offer. As a seller you have to make an educated decision to understand whether everything has been done to get as many buyers through the front door and also whether they have seen enough value in your property. This includes a number of different advertising routes including online property portals like Rightmove and Zoopla, targeted social media adverts on Facebook and Instagram and more traditional tactics like For sale boards and buyer waiting lists.
The entire process begins with picking the right estate agents to not just market your home but one you would trust to negotiate for you on probably what is your biggest asset. If you are choosing an agent based on an overinflated price they have quoted to market your home at or their low fee/commission then you are doing it wrong. Neither of these aspects have any bearing on the final amount that ends up in your pocket as buyers will do their own research and offer in line with similar homes in the market. What does have an effect is the marketing strategy put in to play which should be tailored to your homes needs and the skill of the individual who is representing you to extract every last penny from a buyer. If both of these things are done correctly then you can comfortably ponder over the offer you have in the knowledge that everyone in the market has seen your property advertised, and the number in front of you is the most that this particular buyer will pay. It goes without saying that a cheap fee or pay upfront agent has no real incentive to push for the highest offer and in my experience can leave sellers losing thousands in the process.
One thing I will make very clear though is that an estate agents job is not just to get you the best price but overall the best possible deal. For me to make this point, I will give you a scenario. If we had two offers for your property, one at £395,000 from a first time buyer and another at £400,000 from someone looking to downsize, which offer would you take? Naturally you would be more inclined to go for the £400,000 but if I was to tell you that the person with this higher offer was not yet on the market and was selling a house over a million pounds in a slow area – you would need to reconsider your choice? The best deal is a combination of offer price, buying position, financial situation, timescales and special conditions. As a seller, your agent should be making you aware of all of this before you should be making a decision. You can’t know if an offer is the right one for you if you don’t know how quickly the buyer wants to move in or whether they actually have the funds to buy your home.
If you have any questions about this or are actually in the process of considering an offer, get in touch with us and we will be more than happy to guide you.