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. 

It’s vital you know the best questions to ask your estate agent when selling. By doing this you’ll help to ensure you choose the right estate agent for you.

               How Much Is My Property Worth?

It’s wise to ensure an estate agent is using comparable evidence to give you an accurate guide on the price you should market your property for. There are several factors that will influence the price of your home, such as its size, condition and location, as well as the current market conditions.

Is Now A Good Time To Sell?

The most important thing to consider when deciding if the time is right to market your property is your own motivations. A typically busier time of year will mean lots of sellers come to the market at the same time and as such, your competition for the best buyer will be greater.

How Best Can We Stage Our Home For Viewings?

This could mean adopting a more neutral colour scheme, removing clutter, or even getting those tedious odd jobs done that you’ve been putting off for months. Ask your potential estate agent what you can do to make your home look more appealing to buyers. The ones who give the most informative responses are more likely to put extra effort into selling your home for the best possible price.

How Will You Provide Feedback?

After an estate agent has listed your property for sale, they often disappear, giving you no clue as to what’s happening or what they are trying to do to sell your property. It’s  important to find out how often they will update you and whether they will provide viewing feedback. After all, there’s nothing worse than not knowing!

              When Are Your Fees Due?

If you choose an agent who charges upfront it may seem a little cheaper than paying upon completion, but remember, paying upfront means you’ll pay regardless of if your property sells or not. Will the agent still be as motivated to sell your home with no financial incentive?   

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.