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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PRICE

A small 5 letter word that has a MASSIVE impact on a property’s performance on the market. It’s always easier to deliver a higher valuation, that doesn’t always mean its the best way to go. Its important and agent can justify their valuation through SOLD comparable evidence. If their figures are pie in the sky, its likely they want to win your business through any means possible. If your property is above a potential buyer’s budget, they’re unlikely to view it – or even know it’s on the market. Even if you do secure an offer, if it’s for more than the property is really worth things may fall through when the mortgage lender values the property – they won’t lend if they think the buyer is paying too much.

Making The Most Out Of The Tools At Hand

Rightmove & Zoopla are by far the two biggest property portals available to estate agents. Social Media also plays a big part in the modern-day methods of sharing a property to a large audience. If an agent isn’t using all of these methods they are holding your property back!

Is Your Marketing Doing The Property Justice?

With more and mote potential buyers starting their search online, its vital your marketing is on point. What are the key features of your property? Words such as ‘garden’, ‘garage’, ‘parking’, ‘freehold’ and ‘detached’ are all popular search terms, so make sure they’re included in the description if applicable. Make sure your agent has eye-catching and informative photographs for the particulars too. Its easy for buyers to bypass a property if they don’t read the full details. A picture tells a thousand words! 

You’re Getting The Wrong Buyers Through Your Door

Is your agent qualifying any potential purchasers? Or, are they just picking up the phone and booking an appointment to try and keep you happy? Its important to qualify any buyer before they view, property requirements, location, number of bedrooms, parking preferences. Its also vital to know if a buyer has a property to sell or if their mortgage is agreed, that way you’ll have a better idea of how serious they are, before they step through your front door.

Lack Of Communication

So many problems in life are caused by a lack of communication, this is even more apparent when you’re trying to sell your most valuable asset. Its vital your agent keeps in touch throughout the week, even if its with no news at all, it still nice to know they are their and you’re property is being though of the way it should be!

If you’re struggling to sell your home several of these factors could be the reason why. From lazy estate agents to overly punchy asking prices, make sure you do your homework before you commit. Always use an agent you feel you can trust.