Flat up for sale, no interest, when do I drop the price?

Red-Squirrel_2

The perfect Rightmove listing for a flat would have a floorplan with full dimensions, details of service charge, ground rent, length of lease and at least one picture of the communal areas as well as your own flat if they're well maintained. It might not be absolutely vital, but it'll give you a big boost compared to others.

Also, the sold prices of repossessed flats don't appear on zoopla and other sites, so don't worry about those two dragging the average value down, they won't affect it.

How good are your photos?

lincroft1710

Can you give us the Rightmove link pl.

PurplePow

Red-Squirrel wrote: »

The perfect Rightmove listing for a flat would have a floorplan with full dimensions, details of service charge, ground rent, length of lease and at least one picture of the communal areas as well as your own flat if they're well maintained. It might not be absolutely vital, but it'll give you a big boost compared to others.

Also, the sold prices of repossessed flats don't appear on zoopla and other sites, so don't worry about those two dragging the average value down, they won't affect it.

How good are your photos?

I have a floorplan, virtual tour and the photos are good, wayyyy better than the photos on the other flats which are horrendous, I would have gone mad if my estate agent tried to use such photos! The only thing I want to do is retake the outside photos when it's sunny as it was a grey miserable day when they were taken by the EA. It's a huge complex of flats divided into two courts. My listing includes a picture of the building and some of the communal gardens, would including a picture of the hallway be needed?

Red-Squirrel_2

PurplePow wrote: »

I have a floorplan, virtual tour and the photos are good, wayyyy better than the photos on the other flats which are horrendous, I would have gone mad if my estate agent tried to use such photos! The only thing I want to do is retake the outside photos when it's sunny as it was a grey miserable day when they were taken by the EA. It's a huge complex
of flats divided into two courts. My listing includes a picture of the building and some of the communal gardens, would including a picture of the hallway be needed?

A hallway picture isn't absolutely needed, but if its clean and tidy and not full of junk and graffiti its worth including. Some blocks of flats, even ones that seem nice from the internal pictures, have grotty entrance areas when you actually go to view. Including a picture will tick that box.

Do you have a photo of the view to outside? If the others for sale in the building are ground floor that's an advantage yours has over theirs.

Don't panic though, its only been up 10 days, its February, and you know that things take a bit of time to sell in your area.

Can you generate any word of mouth interest? Announce on Facebook, put a notice on the intranet/noticeboard at work, let all your friends/colleagues/acquaintances know you'll take a lower offer if they know somebody looking? Sometimes people don't even know they want to buy until the right property appears under their nose.

Hoploz

If you went on the market with a EA who also does rentals he might even have an investor buyer waiting. That's what happened to a flat I just sold to an investor. I noticed a few days after completion (last week) it was already on rightmove with the same agent as Let Agreed, with the same photos as we sold it with!

PurplePow

Red-Squirrel wrote: »

Do you have a photo of the view to outside? If the others for sale in the building are ground floor that's an advantage yours has over theirs.

I have a photo from the living room window showing the view out over the car park/garden. I also mention on the advert it's top floor so has the loft space for storage which I think is a major plus for these smaller newer flats.

Fingers crossed we get some interest soon! I will probably drop the price a little if we have no viewings after a month, and then just see how it goes.

PurplePow

Hoploz wrote: »

If you went on the market with a EA who also does rentals he might even have an investor buyer waiting. That's what happened to a flat I just sold to an investor. I noticed a few days after completion (last week) it was already on rightmove with the same agent as Let Agreed, with the same photos as we sold it with!

I did contact a local estate agent who seems to list quite a few of these flats, and whilst they said the flats were 'popular', they didn't mention they had 'buyers on their books' or any other similar statement which made me wonder.

japmis

If it was listed under market value then I would automatically think something was wrong with it, otherwise why sell it for less than what you can get? Have you/can you specify you are looking for a quick sale?

PurplePow

japmis wrote: »

If it was listed under market value then I would automatically think something was wrong with it, otherwise why sell it for less than what you can get? Have you/can you specify you are looking for a quick sale?

I paid £97.5k for it in 2010, I am hoping for at least 90k. The flats which are listed at 100k+ have either been on the market since 2012/3 or are slightly bigger (which I can't compete with). There's a 3 bedroom flat in my 'house' which is asking for 150k! Definitely something bizarre with that one though as it sold for £87,500 in 2013, which is alot cheaper than what the 2 bed's sell for.

Drsjak

In answer to your question, I would probably wait a bit longer. Sold my flat through house network in September and thought they were brilliant (though their conveyancing department was a complete nightmare and I would recommend steering clear of them)
I thought the photos they produced were really great compared with local agents. I initially put mine on the market for offers in region of £100000, and reduced it after about six weeks when the number of viewings and the weekly statistics started to drop off a bit. I accepted an offer £82000 when it had been on the market for just under 3 months. I think in the current market, particularly if in an area where there are lots of flats being sold cutting the price is probably the way forward if you want a quick sale try not to be too hasty.