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One thing you shouldn’t do when the price isn’t right

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A friend of mine told me a story recently about a story they read which happened in the north of England.

Basically a couple had instructed an agent who valued their property for £30,000 more than the other agencies which were invited round.

After very little interest over six weeks the agent advised them to drop the price by £15,000 to create ‘more interest’.

Then when they agreed the agent said ‘we’ll advertise this change to let people know we’ve reduced the price. It’ll create a buzz’.

There was a tiny bit more interest but not much and a ‘silly’ offer came in for £40,000 less than the new asking price.

Fast forward a month later the agent advised another drop, this time slashing off a further £15,000. A bit more interest but again only silly offers which were way under the current (correct) market value for this property.

The couple moved agents when their agreement ended and the newly instructed agency priced the property correctly and had it under offer within a month.

Two alarm bells were going off when I heard this story. Firstly, it sounds obvious to me the original agent overvalued just to get the instruction and that’s why the property ‘stuck’ on the market.

Secondly the advertising of the ‘reduced price’ or ‘new price’ call it what you will, smacked of desperation and sent out a message that there was a problem with the property. (There wasn’t – it was the initial valuation which was problematic).

Sometimes a property genuinely valued does need a price reduction for whatever reason. But you don’t need to advertise the price cut because that doesn’t do the property’s owners any favours.

There are always new buyers coming to the market who wouldn’t know the property’s price history.

Our advice at Cooper Adams is if you have to drop the price do so but don’t advertise it.

Thanks for reading,

Shaun Adams,

Want to get a SOLD or LET sign outside your property quicker? Call Cooper Adams and our team on 01903 770055 or email: property@cooper-adams.com for honest, expert and friendly advice.

 

BN16 Success

Have you seen the latest stats?

Why do some agents do better than others?

What’s the chance your agent will sell your home?

Some agents take on lots of properties and have lots of boards up. If they can’t sell them whose time are they wasting?

Think very carefully before you decide which agent to use to sell or let your home. Don’t be taken in by overvaluing – this will lead to under-achieving and no sale.

At Cooper Adams our job is to do our absolute best for our clients. We never stand still!

 

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From large gardens through to substantial plots we provide free confidential pricing and consultancy advice. 

If you think that your garden or land may have development potential then we’d love to hear from you.

Our dedicated Cooper Adams land & new homes department provides impartial guidance and insight to maximise your land’s potential.

Contact us today to find out how we can help you.

 

Kitchen- The most important room in the home

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A recipe for success: smarten up your kitchen

It’s not just the likes of Gordon Ramsay, Nigella Lawson and Jamie Oliver who love spending time in the kitchen.

During the (ADD) years I’ve been an estate agent I’ve seen plenty of prospective buyers fall head over heels with a home after laying eyes on a well-designed, stylish kitchen.

If a kitchen has the wow factor buyers often develop the ‘we want it now factor’.

Think about it though for a minute. We spend a lot of time in our kitchens, especially if it is spacious enough to include a breakfast /dining area.

It’s often where we start the day, where families socialise and of course it’s a great spot to hang out at a party. It’s been said that life is often created in bedrooms but lived out in kitchens.

We’re often asked by vendors what’s the most important room from a buyer’s perspective. In my experience I’d have to say it’s usually the kitchen.

If you are going to spend money getting your home ready to market think carefully about how your kitchen looks, feels and if it needs upgrading.

Whatever property questions you might have please don’t hesitate to ask for our expert and always honest opinion.

Thanks for reading.

Shaun Adams,

Want to get a SOLD or LET sign outside your property quicker? Call Cooper Adams and our team on 01903 770055 or email: property@cooper-adams.com for honest, expert and friendly advice.

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