You decide to give your estate agent the green light, photographs are taken, epc and floor plan completed and you clean the house top to bottom but just as your property hits rightmove you notice a for sale board go up outside your neighbour's property – what do you do? Paul Long (Director of Drewery Property Consultants) discusses your best options with this common scenario:
There are a number of issues when your house is in competition with a neighbour's property, but if you get your timing and marketing right, they can actually help yours to sell. Below are three things that you can do to help the situation:
Don't wait until your neighbour sells before putting yours on the market –
Competition in property is often very positive as it can generate more interest and viewings for each homeowner. To start with a buyer will always want to view all properties for sale in a particular road before deciding on which one to purchase so often you can benefit from more viewings. It can also create a buzz around the area with viewers rushing to view properties before they are snapped up and another sold board appears.
Do your homework – I would recommend that you find out as much as you can about any other properties for sale in your road so that you know exactly how it compares to yours. What size is the kitchen? Is the garden bigger or smaller than yours? Has it been decorated more recently than yours? Is it generally more modern or dated? Have a look at all the photographs you can find online and try and look at them through a buyers eyes, how does your does compare?
Is there anything that wouldn't cost a lot that you could do to your own property to compete with your neighbours? Compare the floor plans to see if your property is smaller or bigger as this could help when people make offers on your property and they mention others they have viewed.
Talk to them – if you don't already know your neighbour then go and talk to them about your properties and how you could both benefit from the situation. If you can both see it as a joint marketing opportunity, you have a much better chance of both getting a sale and price you want. Be as honest and open with your neighbour as you can, and discuss your reason for moving, timescales, even the price they need. You are much stronger as a united front and if you open up with them, there's every chance they will do likewise. I would try and get your neighbour to agree not to drop the asking price without speaking to each other first and perhaps even keep each other informed on how the number of viewings are going.
Keep a constant eye on the market – whilst up for sale it is vital that you keep a constant eye on the market – check the asking prices of any nearby properties, have any reduced? Because if they do you will need to make a quick decision on your price to ensure that you are still positioned correctly in the market.
Selling when you have competition can be a real opportunity to sell your house more effectively and you should look to turn this common scenario in to a positive situation rather than just ignore it. Are you considering selling your property soon and would like some advice to how best market it? Then why not get in touch and see how we can help – 020 8300 6761, email@example.com or visit us at 128 Station Road, Sidcup, Kent DA15 7AFWant to know the potential Sales or Rental value of your property? – use our FREE instant Online Valuation tool to give you a guide in less than 60 seconds:Read more articles: Why not read more of our articles on the Sidcup Property Blog click here
Speak to me: If you'd like to have a chat about anything in this article or property related, drop me an email at firstname.lastname@example.org – I'd love to hear from you.
Paul Long (Director & Author of The Sidcup Property Blog)