A bad first impression can cost sellers thousands
What will prospective buyers see when they view your property online or step through your front door on a viewing? It’s no secret that first impressions count, especially as research by the Independent Network powered by VEKA found people will make a judgement about your home within the first 38 seconds.
Now, a new study has revealed how a poor first impression actually affects the value of an offer a purchaser will make. More than 1,000 UK residents who had bought a property in the last year were questioned by eXp, with the participants asked how a bad first impression would affect their decision making.
Worryingly, 78% said they wouldn’t return for a second viewing if what they discovered in the initial few minutes was sub-standard. For those that were open minded about pursuing a purchase where the first impression wasn’t that good, 86% would offer less than the asking price as a result of what they’d seen. If you need to sell property fast, you’ll want as many buyers to be happy with your home as possible.
The research also illustrated just how a potential buyer would drop their asking price based on a bad first impression. The majority – 35% - said they would offer as much as 10% below the asking price, although 23% said they would offer up to 20% less. In monetary terms, 20% below the asking price £74,381, using Rightmove’s latest data, which puts the average price of property coming to market during July 2023 at £371,907. Additionally, 14% stated they would offer up to 5% less, while 13% felt so strongly about first impressions that they would offer more than 20% below asking price.
Sellers who want to make the best first impression should pay attention to these key areas, which were identified in the research as vital during the opinion-forming stages:
The exterior
The exterior of a property is the top influential aspect, coming as no surprise as it is the first thing potential buyers will see. If your brickwork or render is in poor condition, or if it has large cracks, seek structural advice and undertake remedial work. Also take action if your window frames are rotten and don’t overlook your front door – it should be clean or freshly painted.
The front garden
Although small, a front garden and/or drive can be a trap for unsightly items. Overflowing recycling boxes and bins, litter that’s blown in from the street, skips, broken down cars and scrap metal will not create a good impression. Additionally, any grass should be mowed, dead plants and weeds removed, and overgrown shrubs cut back. We offer gardening and house clearance services as option extras – just ask if you need help.
The smell
How your home smells inside will have a bigger impact than you think, as the olfactory sense is one of our strongest. Pets smells, cooking odours, whiffs of sweaty shoes and pongy sports kits can all emanate from porches and hallways, so pay particular attention here. Remove any offending objects, air your home by opening windows and use a reed diffuser or a candle to perfume the air.
The interior
Clean, neutral and fresh is the way forward when it comes to walls, ceilings and floor coverings. Although it is a cliche, bold wallpaper, bright paint choices and dated carpets will leave a lasting impression – and prompt the prospective buyer to price up how much it will cost to remove and replace to their own tastes.
If you need further motivation to improve the above, the eXp research also found 93% of buyers would be willing to overlook other minor property imperfections if they had a good first impression of a property.
The Move Places team is ready to offer practical property presentation advice ahead of a sale. Contact us and we can help you improve that first impression. Looking for a new home? Why not browse our properties for sale.