Nowadays, data is everything. From trying to game the algorithm on Instagram to get more likes, to calculating every step and movement we make on our Apple Watch - we’re all pretty obsessed with numbers, helping us to quantify our lives and understand the world around us.
The same is true in the property world. Your asking price is not the only number that will help you sell your house faster. There are lots of ways to increase the appeal of your home and get more potential buyers through the door and increase the likelihood of a quick completion.
Below, we’ve rounded up just some of the ways to use data to sell your home faster…
If you’re not sure which estate agent to choose, or you’re considering listing your property for sale online, it can be tough to make your final decision. We’re witnessing a huge spike in homeowners shunning traditional estate agents to save money by selling on the internet, but the truth is that going it on your own is incredibly tough, and will likely result in a slower sale.
And let’s face it: whether you like them or not, estate agents are talented and know how to get the best out of your property, and convince potential buyers to make a decision fast.
As well as asking for recommendations from friends and family, and checking out reviews on Google, consider using GetAgent to find your perfect estate agent. Our technology has been used by thousands of successful property sellers, as we recommend the best estate agents in your area based on their past performance. You can compare their performance and fees, see how many properties they’ve sold in your area, how long it takes them to sell, and what percentage of the asking price they typically achieve when negotiating with buyers. Choose the right agent, and your home will be sold in no time - saving you months of uncertainty…
Even in today’s uncertain economic times, property remains a sensible investment. A house that was worth £223,610 in March 2018, for example, should have climbed to £231,556 in value by September of the same year, according to the UK House Price Index. Use online calculators to work out your property’s likely appreciation over time, and use the trajectory to give figures for five, ten, and twenty years’ time. When dealing with buyers who try to knock money off your asking price, you can present this data to them, encouraging them to rethink their offer and put more money on the table. Let the numbers speak for themselves…
Understanding what homes go for in your neighbourhood will help ensure your property is for sale at the right price, and give you a ballpark figure to make the right decision when dealing with offers. Use sites like Rightmove and Zoopla to collate data from nearby property sales, and remember to take into consideration your property’s size, location and condition. Unless you’re selling on your own, your estate agent will provide a property valuation, but there’s no harm in getting an estimate of how much your home will be worth before you list it for sale.
Supermarkets don’t add 99p to the end of prices to annoy you when you get to the till - they use psychological pricing to encourage you to purchase more. It makes sense - £9.99 seems like a better deal than £10, even though there’s only a penny between the prices. The same can be said for the property market - a £499,999 price tag somehow seems more reasonable than a £500,000 price tag, even though there’s only a pound difference. Use this strategy to when deciding on a price for your home, as you’ll gain an advantage on potential buyers who are considering putting in an offer. In some cases, pricing ending in 99 can be beneficial for stamp duty, too (the Stamp Duty Land Tax threshold is £125,000 for residential properties, though this rises to up to £500,000 for first time buyers - selling at £499,999 makes sense.)
The rumours are true - the time of year you put your property on the market can have a real impact on viewings and offers. Naturally, spring and autumn are the two best times of the year to sell your home, although increasingly, buyers are listing at the start of the year to appeal to a “new year, new home” buyer psyche. Keep an eye on the property market in your local area and use calendar data to decide when to list - if you list your home in January but you’re not ready to move until October, you could hamper your efforts and increase the likelihood of your home being overlooked. Be strategic and time-sensitive in order to sell fast.
The UK rental market is growing at an unprecedented rate. England's national rental market is more profitable than 159 world nations, according to new data, with the rental market in England alone worth £66.7 billion - £21.8 billion of that comes from the capital. Whether your property would be suitable for the private rental market or not isn’t important - what is useful is getting an agent to calculate the potential rental income you could expect from your home. Potential buyers may not be in the market for a buy-to-let property, but arming them with the data on how much they could expect to achieve per month will offer some food for thought and indeed reassurance that, if they needed to, they could rent out their property and profit.
If you live in a high-traffic area with a strong tourism sector, calculating income from sites like Airbnb could be useful. A house-hunter looking to purchase a property in Blackpool might be more likely to do so if they know they can achieve £250 per night on a holiday rental website.
If you’re trying to sell your family home, then it’s always a good idea to find data on schools and catchment areas to arm potential buyers with the details. Sites like Rightmove now list such information online, but tools such as Admissions Day go one step further and help you find and compare schools by Ofsted rating and admissions procedures, whilst a premium add-on allows you to find out how much competition there is for places. This data is more of a nice-to-have than a necessity, but it could make or break a viewing if you know your stuff.
Nobody is saying you need to know every little thing about your property, its area, and its potential, but the more data you have to hand, the easier it’ll be to persuade potential buyers to make your home a contender and persuade interested parties to offer the full asking price.
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