Paul Long (Director of Drewery Property Consultants) discusses the important things you should consider when considering the marketing price of your property:
The final decision to make before you are ready to launch your home to the market, is the asking price. There are several factors to consider when setting your price:
Does your agent support it?
If you set your asking price way above that which the agent recommends, their lack of support could well be evident in the way they talk about your property to their team and also to buyers. If they are strongly against your preferred asking price, it may be time to rethink your choice of agent, or your price.
Is there precedent?
If your home is unique, there may well be a lack of comparable properties, and therefore you have much more flexibility in the price you choose to market your home at. However, if you are in a row of similar properties, chances are that there will be plenty of historical evidence to guide you into choosing an asking price that fits in with those of your neighbouring properties.
Does it fit in with an online search?
Nowadays more than 90% of property searches are done online, so you need to select an asking price that will ensure your home is found by the maximum number of buyers searching the property portals. To maximise the number of buyers who will see your property, stay away from the 9s, such as £199,999, and instead choose a rounded figure that fits in with the price bandings the online portals use, such as £200,000.
Also consider what properties will sit either side of your property listing on rightmove.co.uk or Zoopla.co.uk at the price you are considering to market at. Do a property search and consider if your property will be competing with the correct properties? If you have a two bedroom terraced house you do not want it competing with a 3 bed or a semi-detached house in the same area.
At Drewery, this is a strategy that we embrace fully. All our properties, wherever possible, are priced to show in the maximum number of online property searches. All the better to sell houses!
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