Buyers often waste an inordinate amount of time viewing property that is either too expensive or blatantly wrong in other critical ways. The thing is, they really shouldn’t have to.
Additionally, more than 30% of property sales fall through due to buyer or seller suddenly changing their minds. Both these annoyances could be attributed to the agent not having gained a good understanding of buyer/sellers requirements, and/or not having earned the trust required to secure this understanding.
One way of overcoming this is for buyers and sellers to address a few fundamental issues prior to agreeing terms, which will help avoid false starts, additional expense and wasted time on everybody’s part. Here are a few suggestions I’d like to share with you:
- As a buyer, ensure that you get your finances in order and know exactly how much you can borrow, with an “in principle” agreement from your lender. See a financial advisor if preferred, there are many on Island that will be able to help you.
- Before viewing properties understand the difference between your preferred “wants” and absolute “needs”. I find that writing these items down having first thought long and hard about them works very well.
- Locations can vary from one street to the next, and at different times of day. Consider school runs and pub times. Consider evening or overnight parking too. Is the street full of camper vans and cars parked on pavements?
- Do not make an offer on a property unless you are absolutely serious about making it your home. The seller’s expectations will be raised and you could damage your reputation as a genuine purchaser.
- Don’t lie about your home. Be upfront about any defects or the reason for moving if you are to speed up the sale and reduce stress.
- Don’t ignore the facts. If your home has been on the market for several months, it is likely to be overpriced. Promptly reposition it in the market before it goes stale.
- If you’re unhappy with your agent – say so! Don’t be afraid to change agents, being careful to note any onerous contract terms, and don’t change more than once, or people with think it’s the property – not the agent!
I’d like to draw your attention more specifically to point number 6. This is quite possibly the most important consideration for sellers. Hard to accept quite often too. But vitally important all the same. I have lost count of how many times sellers on both sides of this equation have either remained steadfast and not sold or, thankfully for them, been able to secure a buyer having taken advice and re-positioned their home on the market. After all, when you list a home, the aim is to sell isn’t it?
Please feel free to call us on (01624) 645555 if you would like further advice on how to prepare your home for an efficient, and enjoyable, sale.
Tim Groves
Black Grace Cowley
(01624) 645555
Return to all posts
Posted in Forecast & Review, Isle of Man | Tagged estate agents, for sale, Isle of Man, property
