"Sorry, you're too expensive" - nothing is more expensive than under selling your Welling property

Recently our office had an enquiry from someone wanting to sell their property in Bexleyheath. They seemed keen for us to visit and value their home and the appointment was booked for later the same week, but within 36 hours they cancelled without reason. It happens, nothing new there. 

Later that week the property popped up on the internet with an online agency. 

Nothing wrong with that either - we recognise there is a place for online agents. What is right for one client, is not right for all, and the choice is that of the customer, but to not even consider all viable options before making a decision does continue to frustrate. 

Given we have the full contact information and address of this vendor we wished them all the best, and have naturally kept an eye on progress from afar, occasionally getting in touch by phone or email to enquire about general progress. 

After a month, just three viewings, no offers. 

Maybe something needed to change?

Which two are the most important to you?

But what is "expensive" ??

So after four weeks, what was the response to our latest attempted call - "Sorry, you're just too expensive". 

Now it wouldn't be the first, and most certainly won't be the last, time someone complained about estate agency fees, and we understand that people don't want to pay more than they have to for any product or service, estate agency or otherwise.

But just what is expensive?

To the best of my knowledge, as the office manager and company owner, the gentleman in question had no idea what we charged. How did we know we were "too expensive"?

And perhaps more importantly, when considering value as opposed to price - what you actually get for your money - how could this be fairly assessed? especially as the current approach didn't appears to be working.

The assumption was that because we were a traditional agent, on a High Street, with a shop, and not an online only company, that we were therefore more money, and more money automatically means too expensive right?

Wrong!

More money is more money. More money is not "too expensive".

Remember, the cheapest agent is the agent who gets you the highest NET price for your property sale, not the one charging you the lowest amount.

And that is before we even consider what you actually get for your money. 

As I have quoted my staff, a posh Valentines meal at The Ritz is going to cost a bit more than an evening at the Wetherspoons, and its more expensive, but I think it fair to assume all would recognise you're paying for something better. Try taking the other half out for a slap up Wetherspoons meal and see the reaction. 

And the same applies to estate agents. We are not all the same. What one does, the other might not, and if you don't ask, you don't get. 

So we left the conversation there, acknowledging a lost cause (for now), and moved on with our work. 

Two days later, price reduction time - 25k off of the advertised price by the online agency. Wow. That's some price drop. 

I'd argue maybe too much. 

My perception of expensive? perhaps now underselling your home by 10/15/20/25k. 

Food for thought perhaps - and a reason to talk to a High Street agent and discuss all options, before making any decisions about such a big and potentially expensive decision. 

Agent A gets you 490k and charges 1%

Agent B gets you 500k and charges 2%

Which agent would you want to work with?

Don’t forget to visit the links below to view back dated deals and Welling Property News.

Follow The Buy-To-Let Property Investment Market in Welling

Welling Property Market LinkedIn Page

Danson Property Services Welling Facebook Page

Danson Property Services Welling Twitter Page

Welling Investment Property Specialist Danson Property Services Website

Find out how much is your Welling home worth. Click here for your FREE Instant Online Valuation

Why its better to advertise your Welling property for sale NOW rather than wait until January

Yep, it's that time of year again where the housing market grinds to a halt for three weeks in the build up to, and throughout, the Christmas period. 

But ironically, if you are thinking of moving in 2018, NOW is the best time to have your property prepped and launched on to the market. Do NOT wait until January.

Here's why written this time last year, and the same still applies ....

There is always a reduction in the number of people out viewing property in December as attention inevitably turns to Christmas. Shopping, social and work nights out, and the freezing weather, as well as homeowners not waiting people visiting, all mean that viewing activity is very low. 

BUT, viewing properties online that are available for sale peaks during the festive period and we're told by Rightmove is at its highest between December 24th and New Years Day. If I were selling, I would want my property online having all those eyes gazing at it, wouldn't you?

January brings New Year Resolutions, as well as the festive period meaning time off work, and family time, to discuss and plan a house move, an investment purchase, a re-mortgage, and its a time traditionally when a lot of people get together. 

Supply and demand is a massive factor when selling too. So when your property goes online for sale in January, it is going online alongside all the other January sellers, and you've more competition. Go online before the rush and you'll be raking in the viewing requests as one of only a few properties on the market, so come January you'll already have people pencilled in ready to visit the moment the decorations are down. 

You'll be one step ahead of the rest. And you'll be under offer and planning a move whilst they are still waiting for the photos to be taken. 

So, if you are thinking of moving in the New Year, don't wait until January, get in touch now and allow us to discuss your requirements and prepare you for a pre-Christmas launch. 

And if that weren't enough of an incentive, get a valuation and instruct us to market pre-Christmas and we'll give you 10% off our standard rates.

Or if its merely curiosity for now, then try our online estimate tool which can be found on the links below.

Merry Christmas. 

Don’t forget to visit the links below to view back dated deals and Welling Property News.

Follow The Buy-To-Let Property Investment Market in Welling

Welling Property Market LinkedIn Page

Danson Property Services Welling Facebook Page

Danson Property Services Welling Twitter Page

Welling Investment Property Specialist Danson Property Services Website

Find out how much is your Welling home worth. Click here for your FREE Instant Online Valuation

How is the property market in Welling? - September 2017

It never ceases to amaze me how the housing market can fluctuate up and down over time without any real explanation as to why to your average Welling resident, or even estate agent like me. 

Earlier this year, prior to the announcement of the General Election, our most popular type of property for sale was a three bedroom semi-detached house in the centre of Welling. Ideal for any family you'd think. We had a variety of modern and dated, large and small, with most near the station, ranging from £400,000 to £440,000. 

Without exception, every one of these houses, about six in total, when marketed led to numerous phone calls same day, an Open House that coming weekend, and in the majority of cases offers followed almost immediately. Four of the six sold at asking price, one at over asking price, and one fell through, only to be re-marketed and sold for a higher amount within days. 

So what's changed? Good question!

There is often a summer lull with people going on holiday, the kids are off school, wedding season, and just people wanting to enjoy the weather and relax rather than look at houses. Thankfully, with September arriving, a traditionally busy month as routine goes back to normal, and people look to buy in order to move prior to Christmas, you'd hope that is all behind us. 

So I thought I would do some quick research in to the current state of the market and what is available to purchase in Welling, DA16. 

There are currently 303 properties in DA16 on Rightmove, with 177 sold and 126 available. This is freehold houses only, ranging from 300k to 650k. That means 58% of houses are under offer. 

Bearing in mind most houses don't sell on the first day I thought I would look into the number of houses sold in the first 14 days of marketing. 

There are currently 53 houses on the market which have been listed in the last 14 days. And how many are under offer according to Rightmove? just two. Yep, TWO! With 51 available. 

This would have been unheard of in the opening quarter of the year. 

The fact is that people are still buying, but there are less of them, and if you want someone to purchase your property and not the one down the street, you best make sure when marketing you are pricing correctly, and presenting the house to the best of your ability. 

With 51 new properties available for a buyer to choose from, and as many as 20 in the core 375k-425k range, you best make your one stand out!

87 of the 303 properties in the DA16 area have been reduced ... 29%! So again, get it right and price and present correctly. 

But don't be concerned.

Finding a buyer is still perfectly achievable, it is just taking longer.

If you are upsizing, the chances are you may get a little less for your home than six months ago, but you'll probably get a discount off of what you are buying. Indeed, one of our clients moving out into Kent has recently negotiated an offer more than 50k below the asking price for a property on the market for over 12months, making the 10-20k potential "loss" on his one relatively speaking nothing to worry over. 

Things are tough at present, but if you are committed to moving you still will, but testing the market without the desire to see it through, is perhaps best left for 2018. 

For any advise of residential property, please do not hesitate to get in touch directly on kevin@dansonpropertyservices.com 

Statistics taken from Rightmove on 5th September 2017 and correct at the time of writing. 

Don’t forget to visit the links below to view back dated deals and Welling Property News.

Follow The Buy-To-Let Property Investment Market in Welling

Welling Property Market LinkedIn Page

Danson Property Services Welling Facebook Page

Danson Property Services Welling Twitter Page

Welling Investment Property Specialist Danson Property Services Website

Find out how much is your Welling home worth. Click here for your FREE Instant Online Valuation

Welling Property Market Update - August 2017

Do you know what is happening with the Property Market in Welling?

You can find out the latest with this downloadable Welling Property update, or by visiting the Danson website here ... 

https://www.dansonpropertyservices.com/news/welling-property-news-august-2017.html

Don’t forget to visit the links below to view back dated deals and Welling Property News.

Follow The Buy-To-Let Property Investment Market in Welling

Welling Property Market LinkedIn Page

Danson Property Services Welling Facebook Page

Danson Property Services Welling Twitter Page

Welling Investment Property Specialist Danson Property Services Website

Find out how much is your Welling home worth. Click here for your FREE Instant Online Valuation

Welling Property Market Update - July 2017

It's been two months since the last Rightmove update on this blog, and what a difference those two months can make. 

The first quarter of the year our portfolio of property for sale and under offer consisted mainly of houses, with a few two beds but pre-dominantly three bedrooms, being the most common purchases. Almost all went on the market and created immediate interest, with viewing numbers high, Saturday Open Day's and offers within a very short period of time. 

The last few months have been different. The portfolio remains largely three bedroom houses, but the prices, viewing numbers and offers are all in lesser supply than before. 

And the message is the same across the whole of Welling, DA16 based on my conversations with other local agents, surveyors, and the volume of reduced properties on a daily basis on Rightmove. 

So to the Rightmove stats ...

Average Property Prices in Welling, DA16 in July 2017

Referring back to the comparable figures from May 2017 from the same Source (Rightmove) prices for 2/3/4 bedrooms houses are all lower. Not massively so, but all the same there has been a small reduction. Five bedroom house prices are, ironically, up by over 15k, but given there were only half a dozen transactions of five beds in that time its a small sample to judge on. 

The same applies with flats, with 1/2 beds down in price, and three beds up slightly. 

If you are looking to move now, especially over school holiday season, you still will, but pricing is clearly more crucial than ever. Get it wrong, and you will have to lower the price, and the initial impact of hitting the market will be lost. 

As always, if you need advice on anything relating to residential property please do not hesitate to getting touch directly on kevin@dansonpropertyservices.com

Don’t forget to visit the links below to view back dated deals and Welling Property News.

Follow The Buy-To-Let Property Investment Market in Welling

Welling Property Market LinkedIn Page

Danson Property Services Welling Facebook Page

Danson Property Services Welling Twitter Page

Welling Investment Property Specialist Danson Property Services Website

Find out how much is your Welling home worth. Click here for your FREE Instant Online Valuation

Welling House Prices - July 2017 - Are prices dropping?

I have written many times before about house prices in Welling and the general trend has been a positive upward one, but at the moment, things are perhaps not so simple. 

Last week Zoopla sent out their usual report on house prices in the DA16 area, and the figures can be seen below ...

Figures from Zoopla, June 2017

Referring back to my article in late March 2017, I note that the equivalent data was ... 

Figures from Zoopla, March 2017

What does this tell us about house prices in Welling?

On first glance at the most recent figures lots of green arrows pointing upwards indicating price rises in the Welling area in recent times would be seen by most vendors to be a positive. I wouldn't necessarily disagree. 

But you will note that the amount of the increase over the last 3-6 months is not as significant as it has been in the past, and also that transaction numbers are down. 

But statistics can be used to prove anything, what is really happening in Welling?

From a personal perspective, running a local agency, and speaking to other local agents, vendors and landlords, the message seems to be the same from all - it is quieter than expected at present.

101%

For example, in the first quarter of the year, our main property type listed was a three bedroom semi-detached house in central Welling, in the £400,000-£425,000 range. We had 5-6. All sold, and the average achieved price was a fantastic 101% of asking price meaning more people were achieving over their expectations than under. Average sale time from first listing on the market to under offer was 2-3 weeks, some being a few days and some being a month or so. We had one sale collapse, and when re-marketing, the price achieved was HIGHER than the original sale agreed, not bad. 

In the last three months, co-incidentally since an Election was called and then conducted, the market has slowed. Our main property type is still a family three bedroom house, and the prices being commanded are still in the £400,000-$425,000 bracket with the occasional one over and above if particularly modern or extended, but the prices achieved and sale time now? Average offers of £10,000-£15,000 below asking price, and sale times from marketing until offer accepted nearer to 4-6 weeks. 

Reductions

And what is really interesting, is that across DA16 as a whole, there are more properties being reduced online than there are new properties becoming available. In fact, a quick search on Zoopla this morning shows that 39 of 88 properties currently available in Welling, DA16 have been reduced in the last month. Nearly 50%!

But don't be concerned, many of these properties are being reduced from what I would argue were ambitious figures in the first place. 

In conclusion, it is my opinion that the market is a little slow at the moment, but that decent properties will still sell. However, for the time being at least, gone are the days of aiming high and hoping to get lucky, you must price your property sensibly in order to get the interest needed to achieve a sale.

And remember it is all relative, if you are taking an offer on your house for £5,000-£15,000 less than you had hoped, chances are the one you are buying elsewhere is in the same position and you can negotiate on that one to the same degree. 

And ultimately, if you are serious about moving, you still will.

If you are looking for an agent that is well established, professional and communicative, then contact us to find out how we can get the best out of your investment property.

Email me on kevin@dansonpropertyservices.com or call on 020 3397 4499. If you are in the area, feel free to pop into the office – we are based on 116 High Street, Welling, Kent, DA16 1TJ.

Don’t forget to visit the links below to view back dated deals and Welling Property News.

Follow The Buy-To-Let Property Investment Market in Welling

Welling Property Market LinkedIn Page

Danson Property Services Welling Facebook Page

Danson Property Services Welling Twitter Page

Welling Investment Property Specialist Danson Property Services Website

Find out how much is your Welling home worth. Click here for your FREE Instant Online Valuation

What is the latest on Welling property prices?

I am still amazed on a weekly basis to be told by vendor after vendor that the housing market isn't very good. 

"Where are you getting that impression from?" I ask... the answers are wide ranging. 

And is it any wonder when Rightmove and Zoopla, the nations two biggest property portals, are both issuing reports to prospective buyers and sellers that all is doom and gloom?

Zoopla have issued figures this week showing property prices in Welling, DA16 are down over the last six months (see graphic below). Working in the area on a daily basis I don't agree, but maybe its just us!

If you delve deeper, do bear in mind that those prices are transacted properties. Those coming to market in the last month or so will not have concluded and been reported back to the Land Registry. As we are averaging this calendar year over 100% of asking price achieved across our sales pipeline I would assume that things are on the up for anyone looking to sell in Welling, and as they say, you shouldn't be reliant on stats, but should speak to a local agent. 

Then come Rightmove with their report on average prices for sales and rentals, but most alarmingly of all, the average rental yield for DA postcodes being just 4.71%. That, frankly, annoys me, because anyone renting out their property for a low yield is effectively losing money, and if that is the average, there are some almost giving their properties away. See below. 

So for those of you insistent on being sceptical, including the big portals, what about some factual evidence. 

Take Coleman Road, DA17 for example, a nice residential street in Belvedere, what would a house there sell for? Circa £300,000 we decided in conjunction with the owner. And the result?

And of those ten offers, nine were asking price or over, and all achieved within one week. And the one under asking price? "Zoopla says the average price in the area is £285,000 so I'm offering that and think it's fair". Sadly for that buyer, nine other parties, one vendor and his wife, and three estate agents didn't agree. 

The market is strong, in Welling and surrounds at least, so if you are considering a move, don't believe what generic websites and stats tell you, or historical data, ask the people in the know, the agents, looking at property and speaking to buyers and sellers on a daily basis. Gauge their opinion, and as mentioned before, you might be pleasantly surprised as to what your property is really worth, and how quickly it will sell. 

If you are looking for an agent that is well established, professional and communicative, then contact us to find out how we can get the best out of your investment property.

Email me on kevin@dansonpropertyservices.com or call on 020 3397 4499. If you are in the area, feel free to pop into the office – we are based on 116 High Street, Welling, Kent, DA16 1TJ. There is plenty of parking and the kettle is always on.

Don’t forget to visit the links below to view back dated deals and Welling Property News.

Follow The Buy-To-Let Property Investment Market in Welling

Welling Property Market LinkedIn Page

Danson Property Services Welling Facebook Page

Danson Property Services Welling Twitter Page

Welling Investment Property Specialist Danson Property Services Website

Find out how much is your Welling home worth. Click here for your FREE Instant Online Valuation

How should I price my Welling sales property to attract maximum interest?

When valuing property I always make it clear to every vendor I meet that what you market your property for and what you achieve are not necessarily the same thing.

In the shops it is very obvious that items are marked £9.99 and not £10 to give the impression that things are cheaper (is anyone really that daft nowadays?). 

But when looking for a property to buy, especially online, marketing at a cheaper figure can, believe it or not, sometimes work against you.

How so?

When searching for property online most sites will use price bands and you will be required to do a search between a pre-determined X and Y. These figures are often set at certain ceilings, like 300k, 400k and 500k for example. Similarly, almost every property site will default the results of your search in list order from highest price to lowest price. 

Therefore a property listed at £500,000 will more often than not appear at the top of a search and one at £499,950 will appear at the bottom.

Where do you want your property to appear?

If you are looking to maximise the amount of online interest you get, which ultimately will influence viewing numbers and time taken to sell, pricing correctly is crucial. 

Discuss this with your estate agent BEFORE you go on the market, as its a little too late to rectify once that initial rush of interest on day one has passed you by. 

If you are looking for an agent that is well established, professional and communicative, then contact us to find out how we can get the best out of your investment property.

Email me on kevin@dansonpropertyservices.com or call on 020 3397 4499. If you are in the area, feel free to pop into the office – we are based on 116 High Street, Welling, Kent, DA16 1TJ. There is plenty of parking and the kettle is always on.

Don’t forget to visit the links below to view back dated deals and Welling Property News.

Follow The Buy-To-Let Property Investment Market in Welling

Welling Property Market LinkedIn Page

Danson Property Services Welling Facebook Page

Danson Property Services Welling Twitter Page

Welling Investment Property Specialist Danson Property Services Website
Find out how much is your Welling home worth. Click here for your FREE Instant Online Valuation

What are you going to charge my Welling tenant?

I am sure I'm not the only estate agent in the land that is regularly asked by landlords and vendors what I charge.

Fortunately I am one of the cheapest agents in town so I always get a positive response when I give my answer, but to me the more important issue should be VALUE.

What are you getting for your money? Do you want the cheapest agent or the best value agent? But that is a conversion for another day.

With the changes in legislation in late 2016 regarding tenant "admin" fees and the ban in the near future after Government consultation, I did some research in to local companies and what they charge their clients, and by clients I mean landlords, vendors, and tenants!

And it got me thinking. Do you know how many times I have been asked by a landlord what I charge a tenant? .... Never. Not once, in 11 years.

But why is that important? Well, if you were a landlord, you would want to know your prospective tenant was getting good value too wouldn't you? You would like to think that every tenant interested in your property was going to want to take it and not be put off by sky high agency fees left, right and centre. If your prospective tenant was considering either your place or another, you would want them to pick yours right? and you wouldn't want a £50 charge here and a £100 charge there a barrier.

I've rented myself in recent years, and the staggering difference in charges made by agents in the local area, some justified, some trivial, is nothing short of a scandal, and the very reason why the tenant fee ban is likely to come in. My partner and I rented a three bedroom house a few years ago, and the charges on the way in, all inclusive, were near £600, and another £100 or so on the way out. It's enough to make you not want to move. 

I'm pleased to say that we are very transparent with our fees, and they are low because whilst we are a business, ripping people off is not sensible for me as a business owner. 

And if you are a homeowner or a landlord, look at things from both sides of the fence. Place yourself in the shoes of your potential buyer or tenant, and ask those questions too....

What do you charge? Is a big question.

If you are looking for an agent that is well established, professional and communicative, then contact us to find out how we can get the best out of your investment property.

Email me on kevin@dansonpropertyservices.com or call on 020 3397 4499. If you are in the area, feel free to pop into the office – we are based on 116 High Street, Welling, Kent, DA16 1TJ. There is plenty of parking and the kettle is always on.

Don’t forget to visit the links below to view back dated deals and Welling Property News.

Follow The Buy-To-Let Property Investment Market in Welling

Welling Property Market LinkedIn Page

Danson Property Services Welling Facebook Page

Danson Property Services Welling Twitter Page

Welling Investment Property Specialist Danson Property Services Website

Find out how much is your Welling home worth. Click here for your FREE Instant Online Valuation

Why marketing your Welling property for sale NOW is better than January

If you are thinking of selling in 2017, do NOT wait until January. 

There is always a reduction in the number of people out viewing property in December as attention inevitably turns to Christmas. Shopping, social and work nights out, and the freezing weather, as well as homeowners not waiting people visiting, all mean that viewing activity is very low. 

BUT, viewing properties online that are available for sale peaks during the festive period and we're told by Rightmove is at its highest between December 24th and New Years Day. If I were selling, I would want my property online having all those eyes gazing at it, wouldn't you?

January brings New Year Resolutions, as well as the festive period meaning time off work, and family time, to discuss and plan a house move, an investment purchase, a re-mortgage, and its a time traditionally when a lot of people get together. 

Supply and demand is a massive factor when selling too. So when your property goes online for sale in January, it is going online alongside all the other January sellers, and you've more competition. Go online before the rush and you'll be raking in the viewing requests as one of only a few properties on the market, so come January you'll already have people pencilled in ready to visit the moment the decorations are down. 

You'll be one step ahead of the rest. And you'll be under offer and planning a move whilst they are still waiting for the photos to be taken. 

So, if you are thinking of moving in the New Year, don't wait until January, get in touch now and allow us to discuss your requirements and prepare you for a pre-Christmas launch. 

And if that weren't enough of an incentive, get a valuation and instruct us to market pre-Christmas and we'll give you 10% off our standard rates.

If you are looking for an agent that is well established, professional and communicative, then contact us to find out how we can get the best out of your investment property.

Email me on kevin@dansonpropertyservices.com or call on 020 3397 4499. If you are in the area, feel free to pop into the office – we are based on 116 High Street, Welling, Kent, DA16 1TJ. There is plenty of parking and the kettle is always on.

Don’t forget to visit the links below to view back dated deals and Welling Property News.

Follow The Buy-To-Let Property Investment Market in Welling

Welling Property Market LinkedIn Page

Danson Property Services Welling Facebook Page

Danson Property Services Welling Twitter Page

Welling Investment Property Specialist Danson Property Services Website

Find out how much is your Welling home worth. Click here for your FREE Instant Online Valuation