Know your market to maximise property returns

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When looking to sell a property it is very easy to put your stamp on the style, colouring and layout of your property to attract local property buyers. We all have our preferences, and there is nothing wrong with this, but if you are looking to sell your property then you need to give potential buyers what they want not what you think they want. There is a big difference and it is imperative that you know your market if you want to maximise your property returns.

Style of property

While there is little you can do with the outside of your property you can make significant changes to the inside with regards to the interior design and the style of the property. If a certain style of interior property sells in your area and you are looking to dispose of your property then give buyers what they want. Give them the open plan kitchen, the extended living room and whatever elements will attract potential buyers obviously bearing in mind any potential costs.

You only need to flick through one of the many showbiz magazines to see how the “other half live” with footballers especially renowned for putting their own “unique” stamp on their property. Little do they know that this unique stamp may be something of a millstone around their neck when they look to sell the property in the future because it is so distinctive and will only appeal to a niche market. However, when you are rich and famous and money is no object then it may not be a big issue.

Research your local market

There are many small tweaks you could apply to your property which would make it more appealing to local investors and hopefully get you the best price in the shortest possible time. To do this you need to research your local market, check the selling prices, the styles of property and perhaps just as importantly which estate agent is more successful. Chances are that you will pay a little more for a successful estate agent to look after your sale but if they can get the best price in the quickest possible time there are potential benefits.

The Internet has opened up a whole array of information portals about local property markets, the trends and the demands of potential buyers. Make full use of as much information available as possible to showcase your property in the best light possible.

Should you be flexible on price?

Let’s face it everybody wants a bargain and there will no doubt be potential buyers looking to test the water with a rock bottom offer. It depends on what you have planned for your sales proceeds as to whether you should be flexible on price but many inflexible sellers may struggle to dispose of their property if they are not even open to negotiating. Nobody is suggesting you give away thousands upon thousands of pounds but adding some inventory to the deal, splitting legal fees or perhaps shaving off a couple of thousand pounds might seal a quick sale for you.

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