Property Not Selling? What options are there?

July 15, 2019 / Local News

At Polecat Poprerties, we believe we provide the best opportunity for a vendor wanting to sell their property. We aim to achieve the best possible price in the shortest time. However even with the best marketing strategy in place sometimes a property refuses to sell. Its very easy to resort to a price reduction as the answer. If the property has had no interest at all and no enquiries, a price reduction is a good place to start, but we don’t like to keep reducing, especially when we know the property is worth the asking price. Price isn’t the only factor, especially when the property market is being so affected by macro economic and political factors. We believe it is our job to look at every option to maximise the chance of sale in a very difficult market.

The first thing we might suggest is some basic property improvement or maintenance. This can be something as small mowing the front lawn or giving the property a really good clean, to ensure that first impressions are as good as possible. Obviously this is not the easiest conversation to have with a vendor and it is very easy to cause offence, but we do it to try and encourage a sale. If a vendor decides on a larger scale improvement we would recommend removing the property for a couple of weeks and then remarketing with fresh photographs once the work has been finished.

We understand that any improvements cost money and are therefore no always viable so we would look at other options such as renting it out or equity release.

The rental market in Bexhill and Hastings is very buoyant, we don’t envisage this changing any time soon. Depending on your situation renting for 12 months can be a great option. Vendors whom are owners owner occupiers often immediately discount this idea as they want to buy somewhere knew and don’t want to go into rented themselves. The perception being that without a house sale they have no capital to put into a new home. However this isn’t always the case, if a vendor has enough equity in their home then they can look at procuring a ‘Let to Buy’ mortgage, giving them a greater mortgage on their current home but also freeing up capital to fund a deposit and allow a mortgage on their new home. Mortgage payments on their current home will be funded by a rental income Void periods and problem tenants can be a deterrent and potentially problematic, however our experienced letting team can alleviate any concerns and ensure that the rental goes as smoothly as possible.

If a vendor is looking to downsize with the aim of freeing up capital for their retirement, then they may want to consider equity release instead. This means staying put rather than selling and there are criteria that need to be met in terms of age and current borrowing, however if a vendor is eligible it is another option worth considering. we would recommend coming into the Polecat office to discuss further with our mortgage advisor.

Finally its always worth looking at a property’s potential and finding ways to make it more appealing to more people. Is there the potential to extend or convert the loft? Is the property on a large plot, could the garden be sold off separately for development? This work doesn’t need to be done, but it can make a property more appealing if planning permission has already been granted. Drawn up plans will allow a buyer the visualisation for what is possible. Acquiring planning permission can be a lengthy and sometimes costly process, but again its another option worth exploring.

If you are trying to sell your property but not getting result then please come in and discuss all your options in the Polecat Office.