Guide to selling a property in North London

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	Peter Barry & Co 946 Green Lanes Winchmore Hill London N21 2AD

	Tel: 020 8360 4777 Fax: 020 8245 4580

	info@peter-barry.co.uk

Guide to selling a property in North London

If you are thinking of selling a property in the North London area Peter Barry Estate Agents are here to help. Whether your property is a studio flat or a large house our aim is not only to secure the best possible price but to make the process as pain free as possible.

The two most important decisions that you will need to make concern the correct marketing price and selecting the best estate agent to handle the sale. Printed below are some of the questions that we are most frequently asked.

How do I know what the best asking price is?

Having had three or more valuations you may find that there is a considerable spread between the top and bottom figures. It is entirely natural that you should want the best possible price for your house and an estate agent working in your interests should strive to achieve this. Having said that, it can be counterproductive to automatically choose the agent that gives you the highest valuation.

Unfortunately some unscrupulous agents use this natural desire to further their own commercial interests. This is achieved by deliberately quoting an inflated valuation in the hope that it will encourage you to give them your business. Once you are bound by a lengthy sole agency agreement, the agent has plenty of time to persuade you to lower the price to a more "realistic" level.

By their nature overpriced properties do not sell. What happens is that they go stale while sitting on the market for several months. Even after the price has been reduced potential buyers will wonder why the property hasn't sold after so long. The sting in the tail is that the property will probably end up selling for less than it would have if it had been priced correctly in the first place.

There are a couple of precautions that you can take to ensure that the valuations you have requested are genuine. Every sales valuation should be based upon recently sold comparable properties. Ask which properties your estate agent has used, a professional estate agent should be able to provide you with details. Don't be influenced by similar properties that you have seen advertised as you will have only seen the asking price. Try looking at one of the many free internet sites which provide details of the actual sold prices of local properties.

Your agent should ideally give you two figures; a suggested marketing price and what he/she actually expects the property to sell for. This will warn you in advance how much they are building in for negotiation.

Finally, if you suspect that an agent has overvalued your property ask them if they would be prepared to market it for a short period only, say 4 weeks'. This should reveal if they were banking on a long term strategy to get the price reduced.

How will my property be presented?

Floor Plans

A high quality floor plan showing the layout and dimensions of your property will be very beneficial to prospective buyers. As well as helping them to see potential and to plan for future adjustments it will help them to be more selective in the properties that they view therefore saving you the time and stress wasted on unnecessary viewings.

Photographs

A set of high quality digital photographs should be taken of your property for inclusion on the sales brochure and on the internet. Ideally your agent should take several versions of the main photograph from varying angles to ensure that it always looks fresh when advertised.

Maps

It is surprising how many buyers set out to view a property in a relatively unfamiliar area without directions or their A-Z. The result is that they turn up late and flustered for the appointment, not an ideal state of mind for viewing a property. By including a map of the area on the property details with the position of your property marked these problems are overcome.

How will my property be marketed?

Internet

With approximately 80% of potential buyers starting their search online it is essential that your property appears in those searches. Most estate agents will have their own website which ideally should be updated everyday. There are also several national property portals which list properties from several agents in any particular area. www.findaproperty.co.uk is the main portal covering this area with www.rightmove.co.uk in second place.

Local Advertising

Despite the growth of the internet, local newspapers and magazines still have an important part to play in marketing your property. Many people, especially those more advanced in years, may not have access to the internet. Also, lots of people just enjoy sitting back in an armchair at the end of the day and flicking through the property pages. Peter Barry will ensure that your house or flat is advertised in the local newspapers with the widest circulation in Palmers Green, Winchmore Hill, Southgate, and Enfield Town.

Text Messaging

Text messaging provides instant communication with the maximum amount of buyers. A text message sent to everybody on the agency's applicant list that is looking for a property like yours is a quick way to ensure some good early interest. The message provides a brief description of the property and instructions on how to book a viewing. The text messages will need to be followed up with more comprehensive details and discussions about the benefits of your property but they are an ideal initial marketing tool.

How will I be kept informed of progress?

Accompanied Viewings

Some estate agents will offer to accompany potential buyers around the property, pointing out important selling points and features of the property. As well as the obvious security benefits it takes the pressure off you and allows the agent to promptly answer any specific queries as they occur. Another benefit of accompanied viewings is that feedback can be obtained from the potential buyer when it is still fresh in their mind rather than the next day when they are trying to remember which one of the several properties that they viewed was yours.

Feedback

Regular reviews of the feedback received from prospective purchasers is an important aspect of your relationship with your estate agent. Ideally this should cover comments received from everybody who has been made aware of the property, even if they have declined to view. This will help you and your agent to form an overview of how your property is perceived by you prospective buyers. With this information at hand your agent should regularly discuss with you how the marketing of the property can be improved.

Progressing the Sale

Once the sale of your property is agreed it is the job of your estate agent to monitor it through to completion. This will be done either in the branch by the manager or the file will be transferred to a central office. If the file is kept in your local office it is likely to be the person that originally valued your property that will progress the sale and give you regular updates. If the sale is progressed by a central office you will probably have to leave a message when you want an update and expect a call the next day.

Estate agents have a rather tarnished reputation. How can I protect myself?

What happens if things go wrong? It may surprise you to hear that estate agents in this country are not regulated so you need to choose your agent carefully so that if things do go wrong you have some form of redress:

RICS Qualified

The Royal Institution of Chartered Surveyors is the largest organisation for professionals in property. It is the only professional body covering estate agents that requires members to have a relevant degree and undertake a minimum of two years rigorous work based experience to qualify. All members firms must follow the strict RICS codes of conduct, which state that they must act with honesty and integrity, be open and transparent in their dealings and be accountable for all their actions.

The Ombudsman for estate Agents

The Ombudsman for Estate Agents (OEA) Scheme provides a free, fair and independent service for dealing with unresolved disputes between Member Agents and people who are buying or selling residential property in the UK.

How else do Estate Agents differ from one another?

Experience

This is vital in two areas. Only an estate agent with years of experience in your local market will have the knowledge to provide you with an accurate valuation. Once the property is on the market would you be happy if your agent just handed out sales particulars without creating a desire. Your property may be in the catchment area of a good school, it may have potential to be extended or it may have a larger than average garden. An experienced agent will be aware of these features and will target the potential buyers that will particularly value them.

Independent estate agent or a corporate chain?

An independent estate agency is run by its owner, bringing a dedication to customer service, a deep rooted commitment to the local community and a detailed insight into the market that drives local house sales and purchases where as a corporate chain is run for the benefit of its shareholders. If you are using an independent estate agent you have the comfort of being able to speak directly to the director at any time. Independent estate agents' livelihood depends upon their success in selling houses - so you can be sure of their dedication and commitment.

Opening hours

Buyers lead busy lives, most working at least five days a week with evening commitments on top. In many cases the only time that they are available to view properties is at the week-end. By being open on Sundays an agent can take enquiries and arrange viewings for the best buyers when other agents are closed. As most local estate agents still close on a Sunday your property will be one of the few that is available to view, vastly increasing its level of interest.

Check list

Feature	Benefit	Peter Barry	Other Agent	Other Agent
Independence	A direct line of communication with the company's director
Open seven days a week	Catching the best buyers while other agents are closed
Floor plans	Helping buyers see the potential in your property and reducing stress by filtering out wasted viewings
Maps for applicants	Limiting Vendor's stress by reducing late and missed appointments
Extensive internet coverage	Gaining interest in your property and increasing the chances of an early sale
Extensive local advertising	Gaining interest in your property and increasing the chances of an early sale
Members of the Ombudsman for Estate Agents Scheme	Ensures that any dispute will be dealt with in a fair and independent fashion.
Member of the RICS	Guarantees you an honest and professional service
In-house sales progression	Reducing the chances of your sale falling through
Long established	The experience to accurately value your property and make buyers aware of its selling points
Accompanied viewings	Looking after your security and gaining immediate feedback
Regular feedback	Ensures that your property is being marketed appropriately
Text messaging to potential buyers	Instant communication with the maximum number of buyers