Estate agents all over the UK use various marketing methods to generate the interest in any properties they have for sale. Some methods work better than others. One in Particular that is working very well for ourselves and the majority of other agents in our local area are ‘GUIDE PRICES’.

Let us explain why! 

Firstly, Its fair to say, anyone who has bought or sold a property has usually asked what does a ‘Guide Price’ actually mean?

To put it simply. It is a very clever way of encouraging potential buyers to come through the door. Allowing them to make their own decision on how much they feel a property is worth. Ultimately, they can make an offer, allowing the vendor/s to make a decision on if they agree with the figure submitted. It should also be known that in order to generate maximum interest in a property, it is advised you utilize the online search ‘brackets‘ set out on all property portal search engines. After all, they have the brackets for a specific reason. Guaranteeing more exposure if priced correctly.

  Did You Know…

The average consumer only searches the first two pages of a property portal before moving onto something else. 

This gives you a very small window of opportunity to be spotted and sought after by any potential buyer/s.

What is the difference between: ‘Guide Prices’ and ‘Asking Prices’ 

An ‘Asking Price’ usually suggests that there is little to no movement from the vendors side, whereas a ‘Guide Price’ indicates that the vendors are aiming to achieve a figure between A-B.

For Example:

If a property was priced at £220,000-£230,000 It would usually indicate that they are keen to achieve a minimum figure halfway between the two prices.

However, as the age old saying goes:

This could mean one of two things. The buying public may feel the value lies more towards the lower end of the

(£220,000-£230,000) ‘Guide Price’.

OR

There may be multiple levels of interest in the property. With the ‘Guide’ in place, it allows a higher sale price to be achieved, based on the demand for the local area, from the buying public at the time of marketing.

Statistically the average property is generating over 15 viewings with more than one interested party keen to offer. Now is certainly a good time to look at maximizing the value of your property, all within reason, of course! as most purchases will be subject to a valuation, requiring comparable evidence to support a purchase price. By using today’s modern marketing methods, it could prove worthwhile in achieving a higher price than initially expected, should the demand be strong enough within the local area!

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Market conditions aside, if a house has been on the market a long time (more than three months) it’s wise to ask the agent why the think it hasn’t yet sold. Are there problems that other people have realised and you haven’t? Or is it just overpriced?

A good estate agent will provide you with their justifications for their asking price, which you can judge. You should still compare the asking price to other similar properties in the local area.

An agent will most likely tell you if there have been any other offers,but will not divulge how much they were. If you can find out about previous Interest, it obviously makes it easier to know what you should offer.

It’s important to have a timeline of a potential purchase. If you’re in no rush to move, then this may not concern you. However, it’s useful to know if the sellers have already found another property and if so, how far down the chain they are. The sellers may also be selling their home and buying a new one, or they may be completing two transactions at once.

If so, you should take a look at any relevant planning permission and building control consents (If applicable). In most cases you can search online for the planning applications, both granted and refused, on the local planning authority website.