Is Reducing Your Price Your Only Option? š”
Quite often, after several weeks of having a home on the market without receiving a suitable offer, homeowners believe (or are led to believe) that reducing their asking price is their only hope of selling. Well, we are here to tell you that this is not true.
Before you make that change, consider these strategic steps that could potentially make all the difference in your home-selling journey. šš”
Allow us to introduce; The Four Pās Of Selling A Property
Promotion š£
Where and how is your home being promoted?
The property websites attract buyers that are actively searching but, what happens after the first 2-4 weeks?
How do you get your home in front of the passive audience that may move if they see the perfect home, but arenāt actively searching online?
Do you have what we call an Anti-Stagnation Plan in place with your estate agent?
Personnel š„
By personnel, we mean the estate agent and the major part that they play on your behalf.
From the viewings to the feedback through to marketing advice, tweaks, and changes, the agent can and should have a huge influence over your ability to sell.
How are they performing? Does the agent that you first met with contact you on a weekly basis to review progress and introduce new ways to move things forward?
Presentationš
This is a joint effort between you and the agent.
First up, how do your marketing photos (and video if you have one) look online? Has your house been styled to accentuate key spaces? Is drone photography being used to highlight a large plot or fabulous views? When it comes to viewing day, have you been given preparation tips by the agent?
Price šø
Now, before you go thinking that this becomes about reducing the price alone, it isnāt. There are multiple areas to consider when reviewing pricing.
Firstly, is your property on whatās called a price point online?
The property websites are set up with the following price points; Ā£400k, Ā£425k, Ā£450k, Ā£475k, Ā£500k, Ā£550k, Ā£600k, Ā£650k, Ā£700k, Ā£800k, Ā£900k, Ā£1m, Ā£1.25m, Ā£1.5m, Ā£1.75m, Ā£2m.
For example, Ā£500,000 is a price point.
So, if a property were marketed at Ā£499,995 it is not on a price point.
What this means is that anyone starting their search at Ā£500,000 will not see a property listed at Ā£499,995.
This is a very common mistake, and such a minor tweak could result in an uplift in the number of buyers that see a property and, in turn, an uplift in the number of people that may wish to view.
There is more detail within the full version of the Four Pās but hopefully, the overview that we have shared with you has given you some ideas that you can take away, review, and implement. š”š¤āØ
