Why being ready is key to success in the property market
October 9, 2024
Potential buyers and sellers navigating the ever-changing UK housing market can look to advice from property experts on how to prepare for success.
From seeking the right mortgage broker to searching within financial parameters and preparing legal documentation – the residential experts at Beresfords property group have shared their top tips for being buyer and seller ready in the current housing climate.
Mark, Lawrinson, Operations Director, Residential Sales at Beresfords Group, said: “Being market and sale ready will undoubtedly set you apart from multiple other sellers. Not only will it ensure you are more appealing to buyers who will see the property presented in its best possible light but also, the agent is then able to provide key information in addition to what is known as “material information”, which is a legal requirement from Trading Standards at the very early stages.
“This means that buyers are in a better position to make an informed decision that can support offers more quickly, alongside higher ones – as they not only have confidence in the property that they are potentially purchasing, but also the seller that they are going to be engaging with.
“We’ve compiled a list of the most salient considerations for market preparation, to help the process run as smoothly as possible, and give buyers and sellers the best chance of progress.”
Buyer considerations:
- Know your exact purchasing budget before you begin your search – buyers set out searching for properties based on an assumption of what they can afford, when in many instances, they can actually afford more than they realise, which changes the dynamic of their search half-way through and prolongs this period.
- Speak to a reputable, independent mortgage broker and receiving an ‘agreement in principle’ – is the best way to know that you are going to be searching for properties at a cost that you can afford. Obtaining this from a trusted independent mortgage broker – at Beresfords we use Flagstone Financial Management – that offer free, no-obligation advice and can ensure that you have an agreement in principle that you can provide to an agent, when you successfully find a property.
- Ensure that you have had your property valued to sell when you are looking, and that it is on the market when you begin your search. We hear of multiple buyers with properties to sell wanting to find a property before they put theirs on the market, however this can put everyone in the chain in a tricky position where they cannot move forward and means that any offers made cannot proceed. All agents must adhere to the Estate Agents Act and Code of Practice from
- The Property Ombudsman and whilst any offer has to be legally submitted to a seller it also has to be done so by advising a buyers situation and without your property on the market and SSTC then you would be classed a non-proceedable buyer and any offer very unlikely to be accepted.
Prepare for proceedings – from our own statistics, which show 12 buyers for every property, if you are not proceedable you could run the risk of losing out on your dream property. We find in many cases, people will rush to sell and accept a lower offer than they could have achieved, if they had just allowed sufficient marketing time. - Clarify your own requirements – in our experience over the years, we have had multiple people tell us they want without a clear understanding of their key motivation behind the property for example, first time buyers can often ask for a 2-bed property and when further discussions have been had, it turns out that the second bedroom is purely for storage. This may not be the best use of budget and a large 1-bed with adequate storage may prove to be better value for money. This change in the physical property requirements has enabled people to change their location and move to better areas. Ultimately, property is all about the location and this will be the biggest driver and cost factor with anything that you purchase.
Seller considerations:
- Prepare your property for marketing by focusing on decluttering, as a sense of space is key to anyone when they are searching for properties. Also, where possible, touch up the decorating and be sure to put neutral colours within the property. Buyers make decisions based on personal preferences and if the property has been decorated to a specific taste, then you may find it only appeals to specific buyers.
- Obtain a valuation of the property from a reputable estate agent and ensure that they are able to provide you with comparable evidence for the price of your property and in addition, a sales history of having been active themselves within the area. For example, at Beresfords, we are able to do this in all the locations we operate within, across Essex, and as a result of selling property within the area for over 55 years, have in some cases, sold the same property multiple times.
- We use this wealth of data available to help potential sellers make informed decisions. Supply what is known as ‘material information; by Trading Standards and includes three sections of key information which are named parts A, B and C. This information about a property must now be published with any listing and made available to any interested buyers during the marketing process. It contains details such as council tax bands, the tenure information, ie, freehold or leasehold, the property type, material type and utility suppliers, alongside key aspects now such as flood risk, restrictive covenants, planning permissions, rights of way and environmental issues. Beresfords has access to multiple pieces of software that can help you in obtaining this information and ensure that your property is not only listed in the best way with professional photography, video and marketing material but is also engaging buyers on the aspects that form their financial decision.
- Ensure you have in place a solicitor that you have already given authority to act on your behalf at the point of marketing. Start to collate the necessary information and documents that your solicitor will need, in order to send out what is known as a ‘draft contract pack’ to a successful purchaser’s solicitor. In many cases when a sale is finally agreed, an average of 2-3 weeks is lost on the conveyancing process because sellers are still deciding on which solicitor to choose and or still competing the necessary paperwork required.
- Seek advice and help for preparation with the right agent – at Beresfords, we have smart software to assist all potential sellers, to ensure they are sale ready at the point of marketing. We can assist in completing the necessary legal documentation that a solicitor will require at the point of an agreed sale, known as the ‘TA’ forms, which can often be a minefield to prepare without expert help.
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