Home >> Home & Property >> UK Property >> Selling Property in the UK

In this article I will share with you ten really useful tips for selling a residential property in the UK. You will discover how to increase your chances of securing a buyer and moving quickly. In addition, by following the advice here, you can save £'thousands in agency fees (let's face it, right now, no-one should be giving away £'thousands unnecessarily).

Some say that the three "Ps" of selling a property are PRICE, PRESENTATION, and PROMOTION. So, why don't we tackle those first:

Get your asking price right at the outset.The most important period is the "launch period" - when a new property first comes fresh to market. You want to avoid languishing on the market too long at the wrong asking price. Get the opinion of at least three local agents (they generally provide this service for free) and browse the property websites. In this "buyers' market" do not be tempted to go for the highest valuation (it could be pitched to win the instruction rather than reflect market conditions), but, set our asking price in the middle of the valuation range. This will help your property to attract attention during the critical launch period.

Presentation is important. Ensure that the property, both inside and out, is presented well. De-clutter and try to de-personalise the living space by removing family photos and eccentric items of furniture. This will help the viewer to "see" themselves living in your property more readily. Also, for the costs involved, it can be worth re-decorating in neutral colours before marketing. New mid-range carpets may be a good buy too. It all depends on your property, but, do avoid presenting a "quirky" interior design as buyers will struggle to envision themselves at home.

The promotion of your property is crucial. There is no doubt about it - the Internet plays the critically important role here in attracting interest to your property. More than 90% of buyers locate their property online. Ensure that your property is on the major property websites including, in particular, Rightmove (the UK's No.1 by a long way). Your property wont get on the major property websites except through an agent - so you should consider using one - even if for this reason alone.

Consider using an online agent to save £'thousands in fees. Estate agency is changing, and the biggest change by far over the last few years has been the use of the Internet to search for property. This change has lead to the appearance of online only agents who operate without expensive high street offices or newspaper advertising. This means they can market your property very effectively online using the major "agent only" websites (like Rightmove - the UK's No.1) and sell your property at a fraction of traditional agents' huge fees - £'hundreds instead of £'thousands! My advice is that the private-sale option is unattractive compared to the new online agents as you can spend as much, if not more, on obscure private-sale websites when the real essential listing, Rightmove, is only available through an agent.

Provide an incentive to your agent. Insist on what's called a "split fee" agreement. For example, you are advised that £230k is the right asking price for your property, but, you would settle for £200k. Offer to pay the agent, say, 1.0% to that £200k level, but, for anything the agent achieves over that you will pay 10% commission. This is really going to get them working hard for you (much much harder than for properties on a simple flat rate %), as if they achieve, say £220k, they earn £4,000 in fees instead of just £2,000 (if they only achieve £200k). This is worth it to you too - as - all considered - you are £18k better off. Quite possibly, you have sold more quickly too. N.B. This arrangement works best with small independent agents and when you deal direct with the owner/operator.

Consider an agent that innovates. You need an edge in a difficult property market. This can be achieved by using an agent that promotes your property in different ways in order to help your property stand apart - and ahead - of the rest. Watch out for things like custom Google AdWords Campaigns (these ensure your property is seen on page one of Google as house-hunters begin their search) and at the higher end, even a search-engine friendly individual website for your property.

Sell before you buy. This is so important. You really should secure your buyer before making any offer on another property yourself. This approach will potentially save you a lot of money - and heartache too. Once your buyer is secured you are in a much stronger bargaining position on the house you wish to purchase and this strength will mean £'thousands in terms of the offer they may accept from you. It will also mean you are less likely to loose a property you have set your heart on too as it is less likely to go to someone else in a better position to move than you.

Show the property yourself if possible. It's tempting to make your agent work hard for their huge fee. But, it is often the case that a prospective buyer feels happier meeting the person on the other side of such a large and important transaction. For you too, there is the advantage of forming an opinion about the person you may be embarking on a potentially fraught journey with. Also, there really is no substitute for the knowledge you have about the property and the area. The rules are easy: show best room on each floor first; let the viewer enter each room first and keep as quiet as possible - just answering questions honestly when asked.

Have a "price reduction" strategy. Your property is worth what someone is willing to pay for it - no more. That is the true market value at any one time. It is not worth what you want it to be worth, or what your neighbour sold for last year, or what the agent wanting to win your business told you it is worth. Sorry - but it's just not. As long as you are confident your property is promoted widely then you must plan to reduce the price to the "price discovery" point. Remember in a tough market, if you are scaling-up you can always negotiate hard on your purchase and more than offset any shortfall in your sale price.

Be pro-active after the sale is agreed. Securing a buyer is great, but, in reality, you are only part-way to securing your ultimate objective - moving. The typical sale can drag on and even abort simply because pieces of paper are left sitting on desks or coffee tables and not being actioned. Keep in touch with your solicitor, your agent and your buyer on a regular basis - even once a week if necessary. Check that milestones in the conveyancing process (the legals) are being reached and question delays. This is the best way to help ensure the transaction proceeds to a happy completion.

Good luck and happy selling.