The importance of pricing right
When a property sits on the market and fails to sell, where does the fault rest? Is it with the agent for failing to fulfill their obligation to make the sale? Or, does the blame rest with the seller or even with the potential buyers?
Determining the right price at which to list a property will bring about a number of challenges. Managing the expectations of the seller is crucial and being able to separate emotion from pragmatic financial decision making will be crucial in setting the right price and achieving it.
The Emotions And Judgement Of The Seller
When it comes to putting their homes on the market, the seller may very well have their own biases when it comes to pricing. They will determine their own perceived value of the property which will be coloured by their own emotional attachment as well as a desire for their home to achieve their high expectations.
A good agent will be able to evidence the reasoning behind the pricing that they recommend to their clients. Using examples from market reports to back valuations provides a solid basis
For that reason, we listen to the seller with regards to what they expect to achieve and the associated timescales and then set in place a customised strategy backed up with 48 years of experience to achieve this.
Provide Case In Point Examples
This year, through an ability to show the customer, rather than tell them, we have been very successful in selling the last five properties this year for their asking price, or more. Many of these homes had previously been marketed by other agents and had failed to sell.
By demonstrating solid research and showing the sold prices of similar properties that would be their direct competition, as provided by the land registry, and letting sellers know how long those sales took means we offer concrete evidence in support of our suggestions. This means that by managing expectations and setting strategies, we will, therefore, stand a much greater chance of achieving success.
The Buyer Sets The Value And Demand
The real value of a property is set by the situation of the buyer and their perceived ‘need’ to purchase it. What we are witnessing currently in the market is that there are few buyers who have a valid ‘need’ for the properties, and there is a growing number who aim to take advantage of uncertainty, while bulk buyers are laying in wait for others to step up to lead the way first.
If you employ an agent who offers tangible evidence and integrity, this will naturally allow you to trust their instincts. By placing your home in their hands, their credibility will become even more apparent as they achieve success. To learn more about how the current market position and the effects this may have on the price of your property, we would be more than happy to bring our experience and knowledge in assisting you.
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