MegaSack DRAW - This year's winner is user - rgwb
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Any ideas on how to self promote or increase the chances of selling a flat - dropping the price not an option.
I am not looking for Phil and Kirsty style "paint it beige" or "brew coffee during viewings" type advice more self promotion of the flat, direct marketing?
The flat (a friend's) is priced at the minimum that can be afforded to sell for and it is in reasonable decorative order. It has been on with three agents totalling a period of over a year, during that period it has had about six viewings.
There is no chain and no particular pressure to move but the friend is sick of the flat and keen to move on.
Are there any ways of pushing the sale and marketing better. I get the feeling it is not a priority for estate agents since it is at the lower end of the housing market at £80k and there are a wealth of new flats only a little more expensive than that in Cardiff that it is not a priority for the agents and overlooked due to the bling of new flats. It does have it's selling points though as it has a separate kitchen and lounge and an off-street parking space in a block of only five flats.
Any thoughts or experiences welcome.
People looking for a flat are going to see it, I'm not sure what else can be done bar the inevitable pricing it at what it's worth rather than what he/she needs for it.
If its not sold after a year it's priced too high, doesn't matter what titavation you do to it.
If its at the minimum he can afford to sell at then I guess he will have to get used to the idea of staying put until the market starts to pick up again in a few years.
1 - Is anything moving? Try setting a right move search to Sold/STC
2 - If agents are that bad swap to an internet one and do viewings etc yourself - how many people actually go through the door and speak to the blood suckers in an estate agent?
3 - If it wont sell at the price and you cant change the price, it wont sell. The value of a property is only what someone will pay you for it.
4 - First time buyer property requires first time buyers who will need £15-20k deposit for that house - hard to find them.
Sorry to sound negative - had a house for sale for 7 months in the UK and had 1 viewing, nothing wrong with house just people couldn't get mortgage.
to be very brutal,It is a flat, almost no one actually wants to buy a flat. 6 viewing in a year.
Is it one or two bed?
You may not be able to drop the price but i suspect no one is interested at the price it is on for.
Thing is do estate agents actually do anything these days apart from upload a few photos onto rightmove?
I could not believe the lengths we had to go to to sell our old flat.
Everything painted, all the wee jobs done, cat got sent away, tons of stuff put in storage. We were lucky that it was only a few years old and all tiled or laminate otherwise would prob have got new carpets! And this was about 5 years ago when things were still going ok.
My wife's an IFA and it was her that drove it onwards/nagged me to keep it clean and tidy..
In the current climate itll have to be pristine to compete- is it a decent area? How old?
Second the point about checking others prices, should tell you if your friend's price is realistic.
If it's had 6 viewings in a year then the only way it'll sell is with a lower price. Probably a much lower price.
Rent it out?
Clearly the price is a factor and a significant drop would be likely to generate more interest. But having looked at the competition a few times over the last year on Rightmove the pricing is in the right place in comparison to other properties and this can't change, as geoffj suggests it will be rented out if it doesn't shift at the minimum price that can be afforded as there is no immediate need to sell as the next place will be rented.
The area is just 10 minutes walk from the city centre, admittedly on the fringe of an area that is not that great.
I think mike's point is a good one, I suspect volume of sales is very low. Another friend had a flat on the market for three years but has just sold a price they were happy with and without significantly dropping it.
The point about little jobs is a good one, though it is very clean and clutter free there are perhaps a few bits like sealant in the bathroom and window frames that would benefit from some attention. It is a 1980's flat and in comparison to new flats the service charge is very reasonable.
to be very brutal,It is a flat, almost no one actually wants to buy a flat.
Perhaps you live in the country? A flat may not be the ultimate aspiration for housing but people do buy and live in flats, lots of people - flats are the first home many people buy due to affordability. And there are benefits that come with living in a flat in a central location. There is a bus stop outside the flat with a bus to the city every 2 minutes or you can walk in 10, nearby jobs, shopping etc.
Internet selling is an option, I was just wondering if anyone had some thinking outside the box ideas.
Also being brutal, if six people viewed it and none of them wanted it, its either over priced or not presented well enough. Improving the marketing, and hence getting more viewings, is unlikely to improve either of those two problems.
Sorry to sound harsh but it's not rocket science. The majority of people viewing flats will know the area is acceptable, already accept the ballpark price, know how many bedrooms etc. The viewing is just to seal the deal, or not. With plenty to choose from (the nature of flats) yours has to be the nicest and not in any way put them off. Or be the cheapest!
An estate agent is a pro, and is only interested in places that are likely to sell. That's where they make their money. It's worth asking them why they think it's not sold.
But having looked at the competition a few times over the last year on Rightmove the pricing is in the right place in comparison to other properties
In comparison to asking prices for other properties on Rightmove, or in comparison to sold prices?
The entire market is wrecked and no one has any idea of what the correct price is.
Guy downstairs from me is selling his place.
Surveyors home report valued it at 6% less than he paid for it 5 years ago.
He has it listed at a fixed price which is 10% less than valuation and 15% less than he paid for it, yet prices are supposed to have returned to 2007 levels 🙄
Perhaps you live in the country? A flat may not be the ultimate aspiration for housing but people do buy and live in flats, lots of people - flats are the first home many people buy due to affordability.
I think you are misunderstanding me, people live in flats because it is what they can afford, very few people choose to live in flats. This has been compounded by the over supply, which suited builders, planners and councils, but not people in general, of the last twenty years.
Particularly at the lower end of the market,take a house and take a flat in a poor housing market and the flat will take more of a hammering compared to a house, location etc being the same.
If no one is looking to sell a flat you have to look at the price, or just wait. Rightmove only shows what people are asking, it does not show what the selling prices are.