What are the common mistakes sellers make in selling London homes, and how can they avoid them?

Given its popularity and soaring demand, selling a home in London can be an opportunity to make real profits on an appreciating asset. However, sellers need to get two things right – the timing of the sale and an accurate valuation of their property. Here is where the real challenges arise, as many sellers make mistakes that either delay the sale or get it sold for a lesser value.

So, what are these mistakes, and how can sellers avoid them? Let’s find out as we read ahead.

Mistake 1: Overpricing your property

While there’s always good reason to be optimistic when selling a London property, you must also be realistic. Asking for a price way higher than the area or postcode average can deter serious buyers looking for fair deals. This is one of the most common mistakes sellers make, leading to a property going unsold for very long.

How do you fix this pricing conundrum? Research the average local prices in the area. An easier way is to find a reliable estate agent who offers a fair, accurate, and unbiased property valuation based on data-driven insights and recent market trends.

Mistake 2: Poor home presentation

First impressions play a crucial role in property viewings. Buyers must either envision themselves living in your property or consider it a profitable asset. Cluttered floor space, outdated furniture, or dark and poorly ventilated spaces can be off-putting. Leaks and chipped tiles are other blemishes you can avoid.

Buyers appreciate properties that don’t need excessive repairs or interior spending. While tidying up the space and keeping it clutter-free helps, investing in professional property staging or furnishing can be a game changer when looking for the best buyers.

Mistake 3: Listing at the wrong time

Listing for sale during uncertain times, like when interest rates are high or inflation is peaking, can be a mistake for no fault of the property. Buyer behaviour changes with shifting market momentum, a key aspect of achieving a good deal.

Stay updated about movements in the London property market to know when it’s a seller’s market with high buyer demand. As a general tip, listing during the spring and summer can be beneficial as the weather is friendly for property viewings.

Mistake 4: Incomplete or delayed paperwork

Selling a property anywhere in the UK is subject to strict conveyancing and legal processes, which require extensive paperwork, including title deeds, EPC, property information documents, etc. Proceeding for sale without any of these documents can lead to delays that hamper the sale.

Having your estate agent and solicitor work together to get all the documents in order in advance can ensure a smooth sale without any hitches. Here’s a read on all the documents you’ll need when selling your London property.

Mistake 5: Choosing the wrong estate agent

Estate agents need to do more than just list your property. They should be able to market it well and negotiate the best price for you. Choosing an inexperienced or cheaper estate agent may seem cost-effective, but it only limits your chances of getting the best deal.

Research and compare the selling services provided by different agents, checking their backgrounds and track records. Only work with local experts who understand the dynamics and nuances of the London property market and have a reputation for selling properties fairly.

Mistake 6: Rejecting good offers too soon

Many sellers are rigid about their asking price and reject reasonable offers even if it is a little shy of what they want. Sometimes, the market may not be favourable for a sale, and declining decent offers without considering the buyer’s profile can be a mistake.

Let your estate agent guide you and advise you about interested parties willing to discuss and negotiate a deal. If your property is already listed and not gaining much buyer interest, consider lowering the prices to attract more buyers.

Selling smart, not just fast

Patience pays when it comes to selling properties in London and taking time to get your property in shape or all the necessary paperwork in order is a step towards success. Working with a local expert can help you avoid these mistakes and ensure a positive outcome.

At Benham and Reeves, we have over 65 years of experience helping clients buy, sell and manage their London properties. Our 21 branches across the UK capital will help you find the right buyer and assist you with a range of dedicated property services. So, contact us today if you are looking to sell a property in London.