How do I sell my flat?!

[cloudjumper]

We bought a 3-bed flat about 10 years ago, as an investment. Never lived there, always rented it out. It's lovely, great condition, wooden floors etc, right in the centre of a small town, 10min walk from the station with excellent connections into London, so perfect for commuting.
Put it on the market nearly 3 months ago, the estate agent was raving how quick it would sell. Well, it hasn't. Had quite a few viewings in the first 2 weeks, feedback was that it was too expensive. Fine, we did try to 'play the market' (against the advice of the estate agent, I should add). We lowered the price, its now in line with similar properties in the area.
But-it's just sitting there. We don't get ANY viewings at all anymore, it's been weeks. I realise it's the summer holidays, but nothing at all?
I've never sold a property before, so don't know what to expect from the estate agent. They are, tbh, doing f**k all. Nothing. Squirm a bit when I call for updates, admitting they don't understand the lack of activity, but they don't do anything. Am I wrong to expect a more aggressive marketing strategy? What actually can they do? I'm starting to think I need a different estate agent, but don't know what to ask for... Any ideas?!

You took the words right out of my mouth fuck, but it looks like a lot of folks still think the threshold jumps up at £250k. I knew it didn't anymore on residential purchases, but I just had to re-google to check that it wasn't different for BTL.

That being said OP, it does look like price is your issue. And getting dimensions on your floor plan may not be that easy - it's likely the company your EA use just doesn't do them, we came up with the same issue with ours, it wasn't a question we'd thought to ask when shopping round for agents.

I'd say if you can escape from current EA, then pull it off the market, and relaunch with a new agent at £20k less. If BTL is the key market, then it would be helpful for the description to list the rental yield you have been getting on the flat, and obviously make sure the floor plan has dimensions!

Thanks for all the advice, very helpful. I'm tempted to get a new estate agent and re-launch... especially as my contract with the current one is just coming to its end. But then again, if I make the suggested changes, would it make a difference which agent I'm with. As you can probably tell, I want the least hassle/effort trying to sell, I had naively thought that the estate agent would do all the work for me

If your flat is not selling, it's either the agent, or the price.

I think the flat looks nice, but a little dated and above a shop. I think this means that you can't ask the premium amount for it that someone might pay for a top end move in ready flat.

There's one advertised round the corner for £240k, it's 3 bedroom and a study and set over 3 floors.

I'm sorry Op, I think you are overpriced.
Personally I'd very cheaply tart it up (paint that bath panel magnolia!), get a new agent, relaunch with an open day and advertise it at £235k.

handsoff I agree, it's very high. Unfortunately, there isn't anything I can do about that, as this is for the property management company that services the whole block of flats. They hiked up their prices massively last year, and although there has been talk between the flat owners to switch companies, nothing has happened
The company looks after the whole block, cleaning, servicing, repairs, general maintenance etc.

I notice you've taken some of the advice on the thread (changing the order of the photos) but are completely ignoring the many many people saying that the price is the issue!!

If you were looking for a three bed family home you wouldn't buy a flat above a shop; you'd buy a house. If you are an investor you want to buy at a price that gives you the yield you are looking for on the rent. To maximise that yield you might look to let to multiple occupiers and that might take it into HMO territory and mean incurring additional costs to get the flat correctly legally set up for that. Letting as an HMO might be precluded by the lease conditions or the council might not give permission for an HMO in that development.

You really have to think who your target market is and price accordingly. Having bought it in 2007 at the top of the market I think you might find selling it at the price EAs have told you it's worth a challenge.

Do the maths - if you were buying again, what would you've prepared to pay?

orechietti Need to start somewhere... We've taken the 'offers in excess off' to start with. I'm watching this closely and have been talking with the estate agent about next steps. We've already reduced the price from what it was when we originally advertised, but if it will keep stagnating, this will obviously be the next thing to do...

Definitely get another agent in. You've given the current ones a shot and they've failed so why not try a different one?

The exterior shot is misleading. It seems to favour the left-hand gable, above the tanning shop whereas yours seems to be the right-hand gable furthest away from the Indian restaurant.
They have called it Lower King Street but have then gone with a picture of busy Baldock Street. A corner shot accentuating trees and pretty lamp-posts might look better.

Your sales are not hampered by you being located over one of their competitors, are they? Why didn't you use Archers in the first place.

I'm not keen on how the kitchen comes off the main living room. Could you put a folding door in, to shut it off.

I'm not familiar with southern house prices so won't comment on whether it's priced right but when my DP and I were buying my OH wouldn't consider any property without a new boiler so might be worth adding that. Other comments I have are

• why are the pipes below the boiler showing, could a cover for these be installed to look better?
• could you change bathroom floor? It's not modern looking. Even if it's just for a light coloured Lino
• could you paint rooms white for cleaner modern look?
• how many allocated parking spaces? If one can a second be purchased/leased?
• state it's above an estate agent

Meant to add, could you add a red line around external photo to indicate which section of the block is the flat. Is it end flat or middle positioned flat?

I agreed - it's a flat above commercial premises on a main road. I know there are no majors works required and the boiler is new but its dated and a lot of potential buyers would feel the kitchen and bathrooms need replacing.

As it's likely to appeal to BTL investors, it could be worth mentioning rental prices.

The price might be ok to investors that if the yields are good. After all there are 3 bedrooms and two bathrooms so excellent for sharers. Owners occupiers are unlikely go for this. FTB are likely to prefer a swanky 2 bed in a nicer road for less money. Families, would spend a little more on a house. Or get a fixer upper with a garden for the same price.

I notice that it's sold stc. I would ask to have this thread closed now

Threads don't get closed on MN. It's only gone sstc today then. Will be interesting to see what it sold for in due course.