Latest News

View All Categories...

Top Tips on Negotiating the Sale of Your Home




 

Property Negotiations: How to Get the Best Deal for Your Property

 

When it comes to preparing for a property sale, most sellers focus on the early stage of the process: sprucing up their home and choosing an agent to manage the marketing.

 

But there’s another element to nailing a successful property deal that gets less attention but is just as critical: negotiating the sale.

 

How do you know when to accept an offer and when to hold out for more? And what should your strategy be if you have more than one offer on the table?

 

With such large sums of money at stake, making decisions in the heat of the moment can be stressful, so it’s helpful to work with an experienced estate agent. 

 

A top agent will have negotiated countless deals throughout their career and be able to advise you on the best steps to take.

 

Here’s an explainer of what it takes to negotiate a good deal to help you choose the right agent to manage your sale.

 

  • Get the asking price right. If your property is overvalued, you’ll be starting negotiations on the back foot. Savvy buyers won’t be fooled, meaning you’ll either have to backtrack on price or leave the property stuck on the market. An overvalued property is also less likely to attract multiple offers (that generate a bidding war).
  • Understand the local market. It’s crucial to know what similar properties in your area are currently selling for so you can gauge the competition.
  • Learn as much as you can about the buyer. Understanding a buyer’s motivation for moving and the timescale they’re working to is important. That way, you can judge the seriousness of their offer and if they have room to move on price.
  • Stay calm. Don’t let your emotions rule your decision-making. Stay cool-headed and don’t take the negotiation process personally.
  • Don’t focus solely on the numbers. Yes, you want to secure a good price, but if you have multiple offers, going with the buyer who can move according to your timeframe could save you in the long run. If you’ve already paid for a survey and legal fees for your next property, having your chain collapse could leave you out of pocket.
  • Stay positive. You may experience ups and downs on your property journey but keep the faith. You’ll get there.

 

For a free property valuation, contact us here at Carver Residential today.

 



 

 

The Golden Rules of Setting Your Monthly Rent

 

If you’re a first-time landlord about to rent out a property, or an established landlord looking to purchase a new investment, one of the main questions you’ll have is how much rent you can charge per month.

 

Of course, you can (and should) take the advice of your agent, but it’s also worth understanding exactly what factors impact the amount of rent you can sensibly charge.

 

In this quick read, we explore the factors you need to consider before pricing your rental property.

 

Compare

 

The first thing to look for is properties that are similar to yours. What rents are they achieving? It’s important to look at the number of bedrooms and bathrooms, accessibility and outside space to make a proper comparison. Once you’ve got a basic idea, you can think about why you might be able to charge more (or less).

 

What’s your USP?

 

Think about what makes your property different. Is there a driveway or gated parking? How big is the garden? Is it newly renovated? Do you have a functional space such as a home office or gym area? If it’s a flat, is there a lift or balcony? Picking out the features that add value to a property will often reflect the amount of rent you can charge.

 

Surrounding area

 

An important factor for most tenants is how close a property is to amenities such as shops, supermarkets, transport connections and schools. You may be able to charge a higher monthly rent if a property is well-connected and close to places people may need daily.

 

Monthly costs

 

Keep your costs in mind. How much are your monthly expenses? There’s your mortgage, service charge and/or ground rent (for flats), insurance and potential maintenance costs to consider.

 

Most landlords take a long-term approach to investing. If your rent covers your costs and you still make a small profit, then you’ve got yourself a good investment.

 

Don’t get greedy – charging over and above the average local rental prices won’t get you very far, and you may be stuck with a vacant property.

 

Agents’ expertise

 

It’s always a good idea to take the advice of your letting agent. Not only do they know the area, but they know what tenants want, expect and – more importantly – what they’d be willing to pay for a property like yours.

 

There are multiple factors that impact the amount of rent you can charge. Speak to our team at NAME if you’ve got a rental property and need new tenants.