Don't Do This When Pricing Your House For Sale
It still amazes (and worries) me that in 2022, houses are still being marketed like this… 🙈
(or rather I’m amazed that agents are still advising people to market like this! 😡)
The 99p pricing strategy. It worked 22 years ago (before property portals) but really doesn't work anymore, old habits die hard I guess 🤷♂️
Let me explain…
If your house is marketed at £699,950, you won’t be seen by people searching from £700,000, to say £750,000. Period. (and they’re the ones who potentially have the budget to offer £710,000/£720,000 if the house is suitable for them)
22 years ago before the internet, there were only really 3 ways to know if a property was for sale:
- Look in estate agents windows
- Look in the newspaper
- Call estate agents offices and talk (and be added to their mailing list)
Meaning, you HAD to speak to an agent, tell them your budget is around £700,000. They say, “ah brilliant, I have the perfect house at £699,950, let’s get a viewing booked”. You’ll go and view it, hopefully love it, offer £680,000 and you might get a deal done at £690,000.
You HAD to have a conversation with an estate agent to get FULL details on a house and during that conversation, your estate agent could do what they do, and convert enquiries into viewings.
Nowadays, you don’t.
Fewer buyers actually speak to agents before requesting to view a property, or not (which is exactly why your property pricing, presentation and promotion needs to be 11/10)
It's more important these days, that your agent is an expert in marketing and negotiation vs local knowledge (in my view). Local knowledge is googleable, marketing & negotiation expertise isn't!
Buyers have sooooo much information in front of them to either rule in, or rule out, a property. They can even walk down the street on their computer.
Round number pricing (or trigger point pricing as I like to call it) is really important if you’re wanting to achieve the optimum sale price for your property.
In the example above, if it was marketed at £700,000 exactly, it would appear AT THE TOP (on rightmove anyway) of property searches from say £650,000 to £700,000 and it would ALSO appear in searches from £700,000 to £750,000 (albeit towards the bottom of the search results but your agent can solve that by making your listing a ‘Featured Property’).
Hence hugely increasing the eye-balls on your house.
Remember… here’s the formula for selling for the highest price
More Eye-Balls = More Enquiries = More Viewings = More Offers = A Higher Sale Price
So… even IF your estate agent suggests marketing at £699,950, thank them, but tell them you want it marketed at £700,000 (or just get in touch with our team at Power Bespoke and we’ll do it properly for you 👍)
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