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, 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


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