• Privacy policy
  • T&C’s
  • About Us
    • FAQ
    • Meet the Team
  • Contact us
TLE ONLINE SHOP!
  • TLE
  • News
  • Politics
  • Business
  • Sport
  • Opinion
  • Elevenses
  • Entertainment
    • All Entertainment
    • Film
    • Lifestyle
      • Horoscopes
    • Lottery Results
      • Lotto
      • Thunderball
      • Set For Life
      • EuroMillions
  • Food
    • All Food
    • Recipes
  • Property
  • Travel
  • Tech/Auto
No Result
View All Result
The London Economic
SUPPORT THE LONDON ECONOMIC
NEWSLETTER
  • TLE
  • News
  • Politics
  • Business
  • Sport
  • Opinion
  • Elevenses
  • Entertainment
    • All Entertainment
    • Film
    • Lifestyle
      • Horoscopes
    • Lottery Results
      • Lotto
      • Thunderball
      • Set For Life
      • EuroMillions
  • Food
    • All Food
    • Recipes
  • Property
  • Travel
  • Tech/Auto
No Result
View All Result
The London Economic
No Result
View All Result
Home Property

Why setting the right marketing price for your property is vital

By Perry Power, property sales specialist at Perry Power Have you ever stopped to ask your estate agent exactly why they’ve decided to market your property at a particular price? Not the value itself necessarily (which should be based on the current market and sales prices for similar properties in your area), but the way […]

Bea Patel by Bea Patel
2015-06-17 13:23
in Property
The London Economic

The London Economic

FacebookTwitterLinkedinEmailWhatsapp

By Perry Power, property sales specialist at Perry Power

Have you ever stopped to ask your estate agent exactly why they’ve decided to market your property at a particular price? Not the value itself necessarily (which should be based on the current market and sales prices for similar properties in your area), but the way they’ve presented the price. After all, when it comes to selling a property, setting the right price is crucial.

There’s a fine line between listing a house at the right and wrong price. One will help your property attract lots of attention, which will normally result in a large number of viewings. The other is likely to lead to deafening silence, so it’s important to get the price right from the start.

You’ll know very quickly if your estate agent has it wrong by lack of enquiries. If it has been set at the wrong price and your house begins to stagnate on the market, it’s likely the estate agent will ask you to reduce the price to attract more viewings. Make no mistake; this can have a devastating effect on the property’s saleability – and your profit.

It’s common, but not always advisable for an asking price to be based simply on the figure you hope to achieve, and a few thousand pounds added on for good measure in the expectation that a potential buyer will haggle. Unfortunately, it usually results in the buyer offering a lower price than that stated.

The most common pricing strategies used are:

  • an asking price
  • a guide price
  • an ‘Offers in Excess Of’ price, and
  • no price at all – ‘Price on Application’.
Perry Power, property sales specialist at Perry Power

The approach you take depends on your individual property at the time it goes onto the market. Don’t always assume that listing the house with a straightforward asking price is the best way to market your property.

RelatedPosts

Nine-foot wide house goes on sale in London for £1.3 million

‘David vs Goliath:’ Griff Rhys Jones joins fight against council to save ‘Britain’s oldest beach huts’

Heatmap reveals worst places in London for Japanese knotweed

Help! Dad wants to give me two flats, will he get taxed?

If you choose to use an asking price, make sure it’s set very close to the actual value of your property. Buyers aren’t fools, and if you set an asking price 10-15 per cent above the value, you’ll struggle to secure viewings. Buyers will think from the outset that your property is above their price range.

A guide price presents more opportunity, offering the buyer a little more hope that they can afford the house. This style of pricing can take two forms:

  • A figure that is close to the value of the property, for example ‘guide price £500,000’.
  • A price bracket, for example ‘£480,000 – £520,000’.

Be aware that a price range tends to encourage potential buyers to offer the lowest figure. And by adding the words ‘guide price’ instead of price bracket gives the impression that sellers will accept offers either above or below this range.

Where the price of the property needs to compete visually with other properties in order to attract viewings and encourage potential buyers to appreciate what the property has to offer, the ‘Offers in Excess Of’ phrase can prove very effective – particularly if your home is validly priced higher than other neighbouring houses.

The ‘Offers in Excess Of’ phrase is also useful in discouraging low offers. It ensures the house shows up in online property search engine result pages up to, and including the given figure, while making it clear from the start that you won’t consider offers any lower than this.

‘Price on Application’ tends to be used for properties at the higher end of the market This can be a good approach for properties where the level of demand is expected to be less than usual, perhaps due to a very high price. Its main purpose is to entice interested parties into contacting the estate agent to ask the price. This allows the agent to begin a conversation with them and encourage them to view the property.

On the other hand, if you have a house with a value of £500,000 and market it at £600,000 you’ll receive little interest. Viewers will quickly decide that it doesn’t appear to offer good value compared to other £600,000 houses on the market.

Image credit to Perry Power

Subscribe to our Newsletter

View our  Privacy Policy and Terms & Conditions

Trending on TLE

  • All
  • trending
Abdollah

‘Rescue us’: Afghan teacher begs UK to help him escape Taliban

CHOMSKY: “If Corbyn had been elected, Britain would be pursuing a much more sane course”

What If We Got Rid Of Prisons?

More from TLE

TLE drives: The Ferrari Roma

Boris Johnson will not isolate despite staffer’s positive Covid test

Right wingers in meltdown after Eminem takes the knee during his halftime Super Bowl show

Ofcom says its wont pursue complaints about Susanna Reid’s interview with PM

British Gas took this Boris Johnson joke seriously and it’s brilliant

Hancock admits test and trace is “not quite there” after system misses target for ninth week in a row

In praise of Namibia

Moderate cannabis use ‘can BOOST sperm count and testosterone levels’

Trump says the key to Republican success is more Trumpism

Why Firstline workers should be first in line for enterprise technology

About Us

TheLondonEconomic.com – Open, accessible and accountable news, sport, culture and lifestyle.

Read more

© 2019 thelondoneconomic.com - TLE, International House, 24 Holborn Viaduct, London EC1A 2BN. All Rights Reserved.




No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Entertainment
  • Lifestyle
  • Food
  • Travel
  • More…
    • Elevenses
    • Opinion
    • Property
    • Tech & Auto
  • About Us
    • Meet the Team
    • Privacy policy
  • Contact us

© 2019 thelondoneconomic.com - TLE, International House, 24 Holborn Viaduct, London EC1A 2BN. All Rights Reserved.