Has your agent asked you to reduce your sales price?
Did you know that in the UK over 60% of properties do not sell with the first estate agent Instructed? We believe that’s an extraordinarily high figure! Why? There are many reasons, but the most common theme is asking price. The fact is “there are no bad properties, just bad prices.”
The first couple of weeks of marketing are the most effective when bringing a property to market, it really is key that you come on at the correct price to get the most traction and viewings. Sometimes an owner may feel the correct price is too low, this might be due to emotional attachment, looking at other asking prices as opposed to achieved selling prices or that the agent valuing has overvalued in order to win the instruction.
If you are being pushed by your current agent to reduce the price, ask yourself will the price reduction be as effective as a full relaunch with enthusiasm from another company?
All portals now tell the user how long a property has been on market if the price has been reduced and an increasing number by how much in percentage, pounds, shillings and pence.
When a buyer sees a property that has been on the market for too long they often automatically assume there must be something wrong with the property /price, when they see a price reduction often they feel the vendor must be getting desperate, ask yourself are either of these the messages you want to convey?
If you are being asked to reduce the price think about what message that sends to potential buyers. You really should speak to other local agents to get their input on the revised price and the marketing of your property thus far, nothing that you may have signed prevents you from doing this.
If you feel compelled to change agents or perhaps add a second agent to help sell the property its essential you double check the small print in the contract you have signed, some might mean you are left paying considerable sums more if you do so.
A relaunch under a new brand, exposure in different areas and to new investors. At Greater London Properties, as well as our traditional marketing methods across the Central London branches, we are also very focused on social media and online marketing. This ensures we cover a huge radius reaching people that traditional agents simply can’t.
If you want some advice on your property, the contract you are tied into (or not as the case may be) or just want to talk it through we are here to help simply give us a call. We are very much in the business of selling property.
We look forward to hearing from you!
Kate Hill, Greater London Properties
Director