Should I drop my asking price?
Moving seems so far away if your home has been on the market for a while. When you first ventured on to the market you probably had a flitter of interest, but unfortunately, viewings may have waned.
You’re frustrated and wondering what your Estate Agent is doing about the lack of interest? Your agent maybe pushing you to drop your asking price but is this the right thing to do? Do you have any other option?
You’ll be pleased to know that yes, you do. Dropping the asking price should always be a last resort and there are a number of ways you can help your sale without going down this route.
What you need is a plan, a plan to turn your sale around and get interest kick started once again. Sound good? Here’s our advice on getting a plan together.
Property performance
The first place we would recommend you start is to ask your Estate Agent for information about how your property is performing. Your agent may already be sending you a Rightmove property performance report. Many send it out but very few explain what the figures show and how to use the data to better your chance of a sale.
The report will show you show you how much interest your home is getting through your Rightmove listing by showing how many ‘views’ you have, it will also show how other agents in your area compare and how your property compares to similar in the area.
Request the report from your agent and ask them to walk you through the data and what it means. Pick your agents brain about how you can increase your viewings. We know that there is a direct correlation between the number of views an online listing achieves and how many viewings you get. The higher the online views the more viewings! This is why it is important to look, analyse and put a plan in place to increase these figures.
Review your marketing
How your agent markets and promotes your home is key to achieving a sale. Your property marketing will consist of the property photography, write up, brochure, online listing and any other means of promoting your home.
To get a buyer to book a viewing, they have to first be drawn to your home through the property marketing. To draw them in, your marketing needs to be first class. The photographs should wow and entice them into wanting to see more, the write up should sell the lifestyle that a buyer aspires to and the brochure should be professionally designed and printed to reflect the high value item that your home is. At Sure Sales and Lettings, we are extremely passionate about property marketing. We offer all our customers the highest quality marketing available. We commission a specialist photographer to take the images, a professional copy writer creates our beautiful, poetic write ups and we employ a graphic designer to design each one of our bespoke brochures. All of which wrap around each home and are unique to each house we take on. Spending this time and effort on the marketing, guarantees that your home will stand out from the crowd and lure the most allusive of buyers in.
Take some time to review your agents marketing. How do your images compare to other agents in the area? Do you think the marketing is attractive and compelling? It has to stand out for all the right reasons to attract a buyer. The job of the marketing is to entice a potential buyer into finding out more and booking a viewing. Better marketing will mean more viewings and a greater chance of an offer or even multiple offers.
Scrutinise your presentation
Look at your home through the eyes of your buyer. How do you think they will view it? Are there areas where you can improve your home? A well-presented home will sell quicker than one that is not. By perfecting your presentation, you will make your home more attractive to buyers. Make sure your home is well maintained and presented as well as it possibly can be. There are a number of quick ways you can do this:
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Finish off any DIY jobs
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Declutter – show your buyers what space your home has
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Ensure your décor is neutral, fresh and up to date
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Clean your home from top to bottom. Especially kitchens and bathrooms
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Tidy your garden and ensure your kerb appeal is its best
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Accessorise your home with finishing touches like cushions and throws to add interest
Do this and your home will appear fresh, clean and tidy. It will help a buyer imagine themselves living in your home. This is one of the best ways to appeal to them and help them fall in love with your home, just like you did.
Price
Try to avoid reducing your asking price. Look at the suggestions above first before doing this. There is usually some area of improvement in how a home is presented and the marketing before a price reduction is needed. Reducing the price should be a last resort, only when all other avenues have been exhausted.
The danger with reducing, especially when there are multiple reductions, is that it can make buyers wary and put them off. The opposite effect to what you actually want! They begin to wonder if there is something wrong with your home, they question why it isn’t selling and often come the wrong conclusion.
Take a look at what else is currently up for sale and what has recently sold in your area. You can find this information through Rightmove. Check your price against others around, perhaps the market has changed since you first put your home up for sale or maybe it was a little on the top side to start. If you feel it genuinely is too high then bring the price into line. If not, focus on the other areas above to generate interest.
Plan
Talk to your agent and put a plan in place to address the lack of interest. Discuss your findings after looking at your statistics, your presentation and their marketing. If your agent is being uncooperative and telling you to reduce the price then seriously consider changing your agent to a more proactive one, one that is willing to work at completing the sale and puts time and effort into marketing their homes.
If you want an honest opinion on your price, your presentation and your agents marketing, get in touch with us Call us on 01332 775 322 or email derby@surepropertygroup.com
We will be happy to give you no obligation, honest, helpful advice.
Need some more advice on this? Take a look at our other blogs:
Property presentation:
Price:
Property marketing:
Andrew Sharpe
Sales & Lettings Director
01283 248841