Selling a big house (8 bedrooms)

Pricivius

Can anyone offer any tips or advice?

I appreciate it will be a difficult sell as the market for something so large will be small. At the moment it is marketed with a local agency and despite several viewings, we have had no offers.

Would anyone recommend a national agency instead, or alongside, the local agency?

Any suggestions gratefully received.

Thanks.

pmlindyloo

Is your local agency advertising on Rightmove?

If not, then I would suggest it is a 'must'.

Difficult to comment otherwise without any details. If you could post a reference I am sure people will be happy to comment.

How long has it been on the market?

Pricivius

Thanks pmlindyloo.

The house is on Right Move.

It has been on the market since approximately August 2011.

It's in South Manchester, 200 yards from the metrolink so good for transport links.

(Apologies but I am reluctant to post a link as it's my mum's house not mine :silenced:)

pmlindyloo

I understand.

Usually when houses don't sell it is to do with price. however, I would agree that you are looking for a particular kind of buyer.

You say that you have had some viewings but no offers. What did your estate agent say as regards feedback from your viewers?

On the website does it suggest 'suitable for investment' or something similar?

It could be the price, the presentation, the list is endless!

How many valuations have you had? When was it built? How much was paid for it? Have you looked to see current valuation suggested on various websites?

Sorry, I can't be much help!

Perhaps others will suggest websites where you can get a predicted valuation.

theGrinch

you need to consider who is your target buyer and write the advert and present the house with that buyer in mind. as said, price is the biggest factor.

Pricivius

The feedback has so far been ridiculous - it's too big, there are too many rooms, I didn't realise it had a cellar as well, there's another floor?

There is a complete floorplan and descriptions and sizes of every room in the marekting info so why people are amazed at the size when they view is beyond me.

I think we are getting a lot of tourists which is very frustrating.

It doesn't say "suitable for investment" - in fact, I'm not impressed with the blurb at all.

We had three valuations from estate agents who all gave the same figure. It was built in 1894 and was derelict when we bought it, having been squatted through the 70s. I find that the valuation sites give very low figures based on what we paid for it because we paid so little due to the state it was in.

All I can think is that we lower the price, amend the blurb and bring in a national agency alongside the local agents... Any other suggestions?

richardw

You could market it to a local council for one of those multiple families that are on benefits that appear in the compassionate daily mail.

pmlindyloo

It might be worth putting an advert in one of the local papers.

Or maybe go the auction route.

Pricivius

I don't really know much about the auction option but maybe it would be a good plan in these circumstances...

I will look into it.

Thanks again for everyone's suggestions.

pmlindyloo

Another thought!

Is it near to the university? (sorry, don't know the area) If it is it might be worthwhile looking at letting agents who specialise in student lettings and seeing if they have any current landlords who might be looking for another property to rent out.

Is it worth telephoning other estate agents and asking if they have any prospective buyers looking to invest in such a property. Don't know if you're tied in to your current EA. If not, this might be an avenue to explore. Be wary though cos the EAs might say they have someone just to get you on their books!

GAH

OP, you firstly of course need an agent on board that is experienced or has sold these types of homes before to know so they know there market.

I would say 90-95% of the time the reason somewhere is not moving is because of price.

To a family 8 bedrooms isn't always attractive as the average family have between 2-3 kids, so probably won't want that many rooms.

Again if an investor looks at it, it will be all about the numbers stacking up, and they will want a deal.