Using price to get people through the front door
Posted on 23rd October 2019 at 12:22
Pricing your property is a science, not an art. If we take it right from what the end goal is then pricing a property actually becomes very simple. Generally speaking, in 99% of situations, people put their property on the market because they want to sell it. So if that is what people want to achieve then let's work it back from there.
So we now the end goal is to sell the property, and most of the time for the best possible price we can. What needs to happen to get us to this stage?
Firstly we need offers on the property, and ideally lots of offers! The more offers we have, the more chance we have of not just getting the best price, but also getting the best buyer on board, which is absolutely 100% as important as getting the best price. It's no good having a great price if the buyer you have is bad!
To get lots of offers you need lots of viewings. If you were to market your property with The Property Fox then you would expect to receive one offer for every 4-5 viewings that take place. This is based on stats that have been put together over the last 12 months and are roughly in line with what the property industry has been delivering over the last decade.
Now, to generate lots of viewings there are several things that need to be right but the only thing that you can use to make a quick impact is your pricing. Price overrides everything, including condition of property, location of property, size of property, price eats them all for breakfast!
What you can do, is simply look at your local area with your agent, work out what true market value is, and be honest with yourself. How does your house genuinely compare overall to what is happening RIGHT NOW in the local market place. Once you have an indication of what the current market value is then you can devise the pricing strategy to get people in the door. Remember, pricing is not there to be "knocked down" all the time like many people think, it is there to generate interest. If it means pricing slightly below market value to get 15 people interested instead of just 5, then that's great! 15 viewings is highly likely to generate at least 3 times as many offers as 5 viewings, and that then gives you more choice as the seller, a high chance of a better buyer, and a much better chance of a higher price!
To wrap it up, the price is just a tool to get people through the front door, nothing more and nothing less!
For more information on this and anything else relating to the housing market just give us a call on 0116 3409989 or to find out a guide on your property's current value go to http://valuation.thepropertyfox.co.uk/
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