THE IMPORTANCE OF GETTING YOUR PRICE RIGHT

When it comes to selling a property, the most important factors to consider are the price you ask and your agent’s strategy to sell. Getting either of these wrong could have a significant impact on the time taken, and success of a property sale. Pricing a property correctly is crucial for attracting potential buyers, minimising time on the market, and avoiding issues with mortgage valuations once a sale is agreed. As part of the Property Ombudsman code of conduct for residential estate agents, any opinion on value given by an estate agent must be supported by evidence. Our professional advice is always to dismiss any valuation given unless the agent can demonstrate with comparable evidence how they arrived at their suggested marketing figure.

Marketing price: The price you are advised or agree to market at will have a direct impact on how long the property could take to sell. The longer a property sits on the market, the more likely it is potential buyers will start to wonder why it hasn’t sold and may assume there is something wrong with it. This can lead to it becoming stigmatised, making it harder to sell. Buyers usually spend weeks if not months researching your area and understanding values. If the property is priced too high, buyers may vote with their feet and not bother to view it.

Marketing strategy: Most properties get their maximum amount of interest in the first four weeks of marketing. With 98% of buyers starting their property search on portals, their searches will be governed by the key price points the portals use. The agent you choose should understand how these work and advise as part of their strategy to sell which price point will encourage the most buyers in a timescale that suits you.