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  • Property-a-holics

    The only 3 reasons a property will not sell



    There's only one really imho ... and that is PRICE!

    However, inspired by a blog by Open Property Group, I thought I would share their three reasons here and add my own twist:

    1.  Price

    2.  Promotion

    3.  Product

    Price

    There will ALWAYS be a buyer, provided that your property is priced correctly in the market place.

    If you are not getting offers, its because its too expensive compared to comparables in the local area.  It really is that simple!

    In volatile times, property prices might have adjusted since the property was first listed.  Check with at least three local agents who are making sales as to where the market is at.

    Always ask for viewer feedback to find out why they won't be making an offer.

    2.  Promotion

    Your property HAS to be featured on the main portals - Rightmove and Zoopla.

    If its not, then you are not reaching the widest possible viewership for your listing.

    Do the marketing photos do the property justice?

    If you are doing all of the above, revert to No. 1!

    Product

    Is your property the right product for the demographic you are appealing to and the price you are asking?

    Is it maintained, cleaned, and presented to a high standard?

    It could yield results if you enhance the presentation. This could be done by improvements such as:

    • Cutting the grass and tidying the gardens
    • Replace the kitchen
    • Replace the bathroom
    • Change the flooring
    • Redecorate
    • Can you get any planning to add value ie an extension or loft conversion?
    • You could add furniture to an empty home to ‘dress it’ and enhance the presentation to give that homely feel.
    • Add a velux window or skytube to bring in more natural light.
    • Spruce up the front of the property with a new door and outside light.

    If none of the above is applicable, revert to No. 1!

    The blog that inspired this post. 

    Remember, if you are selling a rental property, it may not show well due to tenants living there.  You can choose to sell the property with tenants in situ, via a platform such as Vesta, or you can financially incentivise the tenants to keep the property clean and tidy for viewings if you believe that you can sell to an owner-occupier.

    Viewer feedback might alert you to an issue which can be corrected such as "there's not enough storage" or "the hall smells", or "it feels cold and damp", or "it's not bright and airy enough".

    These reasons are similar to why a property won't let - the things that turn off tenants also turn off buyers:

    10 turn off's for tenants!

    Anything else needed to cover this topic?

    SEE ALSO  -         Winners and losers in the property market

    UP NEXT -             Can't Sell Flat!!

    DON'T MISS -        8 costs associated with selling a BTL property

    NOW WATCH:​

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    Its the classic 4Ps of Marketing - the 4th being packaging, some of what you list under Product would fall under that category.

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    I actually meant to say Place - but packaging is also relevant Wink

    Worth thinking about the 4Ps when dealing with anything, including property.

    https://www.purelybranded.com/insights/t...marketing/

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    The 4th P is 'Place'!

    Location is another big reason your property won't sell!

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    I find this subject fascinating and its a regular topic of conversation in our office. Close-by to my house is a lovely little cottage requiring refurb with 4acres of land, refurbished it should be worth £800k but there is a major issue, theres no vehicle access.

    It's on the market for £150k, which is really cheap for the location withy land so it may sell, not to us though, refurbishment would be horrendous. Here it is :-

    https://www.rightmove.co.uk/property-for...70549.html

    I honestly believe anything will sell, its just down to price and if something is a real dud the price perhaps isn't one the vendor is willing to accept.

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    Phil Stewardson.

    Stewardson Properties.

    Stewardson Developments Ltd.

    Burson Land Ltd. & Jennings & Gilchreaste Ltd.

    http://www.stewardson.co.uk

    Follow me on twitter - @philstewardson


    The access thing is always something to bear in mind when you are considering an investment.

    For instance, I would not purchase a flat above the second floor if there was not lift in the building.

    People do not want to carry kids, shopping, suitcases etc. up more than two flights of stairs imho.  This is also true when seeking a property for holiday lets or serviced accommodation - people require easy access to the property as standard imho.

    Walking up numerous flights of stairs also potentially rules out older tenants, who are a growing demographic wishing to rent.

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    Its all down to price

    Everything else is just a side issue

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    Jonathan Clarke. http://www.buytoletmk.com

    For the majority yes, but i'd argue there are some edge cases where location would trump price... an example

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