Setting a property asking...

Setting a property asking price

Property pricing is of paramount important these days.  I don't mean the question of 'value' – but instead the art of setting the right price so that the portal searches are optimised.  For example: you have a house to sell worth approximately £1 million. An agent may suggest an asking price of £999,999.  ”It's a psychological price point” they tell you.  I don't agree.  At all.  I say – market at £1,000,000, and here's why:

  • £999,999 is a cheap ploy – an 'Asda' price.  Your buyers aren't daft, so don't treat them as if they are!  Give them some respect and a 'Harrods' price.  Make it £1 million straight;
  • £1 million is actually an aspirational price point – your buyers WANT to spend one million pounds on a house, and tell their friends and family that they have done;
  • £1 million is a very confident price – it says “my house is worth a million pounds”  £999,999 is apologetic, humble: it says “make me an offer”;
  • £1 million gets your property shown in more searches.  At £999,999 on Rightmove or OnTheMarket.com, your property will only appear in searches up to £1 million.  At £1,000,000 straight, it appears not only in searches up to £1 million, but also those over: potentially doubling traffic to your property advert.

This is the same on all prices – Don't set the price at £349,000 set it at £350,000, it will always show at the top of internet searches.

Also bare in mind portal price choices, buyers do not key in a price to look at they choose from a drop down list. If yours matches one on the drop down list, superb you will be top of the list again.

The lists are as follows:

£200,000 – £300,000 in £10,000 steps

£300,000 – £500,000 in £25,000 steps

£500,000 – £700,000 in £50,000 steps

£700,000 – £1,000,000 in £100,000 steps

£1,000,000 – £2,000,000 in £250,000 steps

If you need an accurate marketing appraisal and valuation on your property please contact the team at Cooper Adams without delay.

Information courtesy of Sam Ashdown

 

Popular posts like this