Achieving your selling price requires careful consideration and tactics. It can take a long time to sell a buy-to-let property if you don’t get your asking price right. Even then, you need to make sure the space has appeal to get buyers interested. We know it isn’t easy to go it alone. So, here is some sound advice to make sure you get the price you deserve:
- 1. Set a realistic asking price
You need to consider the asking price of your buy-to-let property carefully. You may want to seek out the advice of a local agent when setting your asking price. If you set your price too high, potential buyers will likely be put off. If you set the price too low, then you’re doing yourself a disservice. One way of getting the price right is to look at the prices of similar properties in the area. If your property is a Victorian terraced house, then check out other Victorian terraces, if it’s an ex-council authority flat then look at other ex-council authority flats, and so on.
- 2. Be prepared to be flexible
What is your end goal here? Do you want to achieve the best price possible for your property or do you want to sell as quickly as possible? If you want to sell quickly, you need to be prepared to be flexible with your asking price. If you want to achieve the best price, you may want to stick it out a little longer. Realistically, the most interest in your property will come in the first month of it being on the market. Thereafter, you may need to be flexible even if your end goal is achieving the best sale price.
- 3. Enhance the appeal of the property
Certain enhancements won’t take too much time or cost too much to achieve. For instance, tidying and decluttering the property will boost the appeal instantly. Larger home improvement projects such as renovating the kitchen or bathroom can pay off. However, you should only carry out such improvements if they are likely to increase the market value of a property. Therefore, give improvements some careful thought before jumping in.
- 4. Refurbish with your target buyer in mind
Decide who your target buyer is. Are they another buy-to-let investor or a family or a young professional? Once you have a target buyer in mind you can refurbish the property strategically. A family, for instance, might be looking for lots of storage and open plan spaces so they can keep an eye on their children. A buy-to-let investor, on the other hand, will want a well-maintained property that needs little to no further work.
- 5. Choose a reputable local agent to negotiate on your behalf
If your buy-to-let property is in, say, Barons Court, West Kensington or the W14 area then you need a local agent who knows those areas well. They sell properties in those areas daily, so they know exactly what the buyer is looking for and how to sell to them on your behalf. A reputable local agent will have exceptional negotiation skills that you may not have, which they have acquired through experience. Therefore, they will be able to sell your property for the right price.
If you’re looking for the advice of a local agent or want an accurate property valuation, get in touch.