One of the first things that sellers need to do is set the right price for their properties. Go too high and you will put potential buyers off. Too low and you may end up selling for less than the value of the property.
It’s a bit of a balancing act and you need to put a little work in to figure out how to price your property. There are some useful strategies to keep in mind.
Appeal to the Majority
Setting a price that excludes a large portion of potential buyers limits you in several ways. Firstly, you lose an entire pool of people who could have bought the property. This slows the entire process down and may cause problems elsewhere in the chain. There’s also a less expected effect. If potential buyers see that nobody else is bidding on the home they are going to start asking questions. They may get wary even if there is nothing wrong with the property. The idea is to get a few buyers interested, after which you can hopefully attain a higher price than you advertised as they bid against each other.
Avoid Odd House Pricing
You may get several people on the job when valuing your property. This could lead to a range of potential valuations. Let’s say your property has been valued between £450,000 and £500,000. Generally, you want to set the price at £5,000 or £10,000 increments. Asking for something strange, like £479,333, will just lead to more questions. It’s an oddly specific figure and buyers will want to know about it. Keep things simple to ensure the transaction process runs smoothly.
Sort Contract Exchanges Quickly
The exchange of contracts marks the point of no return in a property transaction. As a seller, it is in your best interests to get this process sorted as quickly as possible. Every delay gives buyers the opportunity to think harder about their offers and could potentially lead them to find another property. As a seller, you should know exactly what information you need to provide for the contract exchange and get your hands on it as quickly as possible. Speed this process up and you’re more likely to achieve a price that suits you.
Choose a Good Estate Agent
The benefits of having a good estate agent must not be underestimated. They can leverage their experience alongside a bunch of professional contacts to ensure your house is priced as it should be. Listen to your estate agent’s advice and keep an eye out for any who may not be able to help you as much as they claim. As a general rule, it is a good idea to get a valuation from a local agent who understands what local buyers are actually looking for. If you go solely with a national agent, you will find valuations get based more on statistics than actual experience.
The team at Hills Estate, for example, have unparalleled knowledge of the property market in London and the surrounding boroughs. That makes them ideal for pricing properties in those areas.
