How Do You Decide What Price To Put Your Property On The Market?
Having your property valued is not always as straight forward as it seems. Providing that you have had a professional agent out (sometimes more than one) then you should know roughly what your property is worth. However, this price can sometimes be a different figure to what you actually put your property on the market for.
Unless you are in an area where the market is busy and properties are selling fast, then you will most likely get a different figure from each agent, but they should not be too far away from each other.
Different agents also have different techniques on selling a property and getting you the best price, so don’t always go with the agent that gives you the highest price because that doesn’t mean it will sell for that. Sometimes it is worth putting it on for less to grab more attention and then leave it to your agent to negotiate up – food for thought.
In a rush? Here is the summary:
When Thinking of A Marketing Price...
- Don’t forget to factor in Selling fees, Tax and Stamp duty.
- Choose a local agent or agents to value your property, rather than National Companies.
- Don’t forget to do your own research.
- Have a Sales and Marketing strategy agreed with your agent before you go live.
- Decide whether you want a quick sale or the best price possible (sometimes it’s hard to get both).
- Remember there are different types of terminology you can use.
- Starting at a more realistic marketing price can be just as effective as starting at a higher one.
This is one of the biggest financial decisions you will make in your life so, it’s important for you to do your research.
Don’t forget, as agents, we work for YOU, therefore we can only guide you and advise you on what the best price you should put your property on the market at – but ultimately it is your decision.
You need to decide what price you want to put your property on the market at and there can be many factors that affect this; the current market, your current position, your future plans etc. The speed in which you want to sell your property can dramatically affect your price for example.
If you want to sell your property quickly because you have found the property of your dreams, then you will be more inclined to put your property on for less to attract more attention to get it sold quicker.
However, if you want to move but haven’t found your next property yet, then you might decide to test the market and put your property on for a higher price to see what happens?
A local agent will be the best person to tell you about this, as it is in their best interest to get the best price for you too!
You must make sure that you use a local agent though. Before you even consider your own situation, you do need to decide on a value and the only professionals that will be able to give you a realistic and honest value are your local property experts.
Out of area agents will just rely on statistics so will not necessarily give you the best price, but sometimes it is worth asking for a comparable.
Try and give yourself a rough idea of what you want to achieve before you get your local agents out.
Pop into their office and check out their websites, find out what properties they have been selling and how much they are coming onto the market for. Rightmove can also be a great way to collect research.
This means you won’t be going into your valuation completely blind and will know roughly what your property is worth.
Once you have decided what price you would like to achieve for your property, then you need to come up with a selling strategy and your local property expert can help you with this.
Each agent will have a different strategy and ‘marketing spin’ on selling a property. The best agents will be the ones that come up with a bespoke marketing approach for your property – you don’t want an agent that has a generic marketing strategy, whereby they just put you on Rightmove – there is so much more we can do than that.
In order for you to get the best price for your property, we need to expose it to as many people as possible and there are lots of other ways of doing this other than property portal sites.
At this point you need to decide if you need to sell quickly or if you can afford to take things slowly. Be prepared, you could have a buyer in a matter of hours or it could take a couple of days or weeks, but you can control this by changing the price, the more realistic the price you put on the property, the faster it will sell, but this is only if you NEED to.
