Marketing Property A Fine Art
Guide price & bid initiative sets property sales alight in West Berkshire
Marketing a property for sale at the right price is a fine art that only the best estate agents master. Overprice a property and it can hang around on the market for months and invite ‘cheeky’ low offers from buyers. Undervalue a home and the property’s real value might not be realised, leaving the vendor out of pocket for the sake of a quick sale.
Here at Jones Robinson we’re always perfecting the art of appraisals, reacting to local market conditions and the wider property industry. Our tried and tested ‘guide price and bid’ initiative is addressing these concerns, and the approach has been generating plenty of serious offers and extraordinary sales. For example, of the 52 recorded property sales in February we achieved, on average, 99.99% of our asking price and many of those sales were achieved using ‘guide price and bid’.
‘Guide price and bid’ makes a clear and public statement that a property for sale will be available for at least two weeks before any decisions are made and offers accepted. This paves the way for a level playing field: vendors aren’t tempted to take the first offer made, which can sometimes lead to a property being sold too cheaply, and buyers know they won’t be closed out by a snap decision a vendor may make in the first hours of their property coming on to the market.
As an estate agent in a fast-paced market – where offers are frequently made within 24 hours of a property going live – trying to emphasise that the highest offer isn’t always best is a large part of our job. Our ‘guide price and bid’ initiative means we can sit down with the vendor at the end of the first two week period and evaluate all the offers and, crucially, the buyers’ circumstances. There could be a cash buyer, a first-time buyer, a purchaser with no mortgage offer and someone in a complicated chain all vying for the property. Jones Robinson will help identify the buyer with the most favourable status and offer. Of course, if there’s no sign of interest tailing off, Jones Robinson will leave the bidding process open until all final and best offers are received. Recently we sold a home for over 15% of the asking price, with multiple offers submitted during a frenzied four week marketing period.
We don’t want vendors left thinking ‘did we accept too early?’ or ‘could we have sold our home for more?’. On the flipside, we appreciate over pricing can be an issue in a confident property market. An unrealistic value can lead to a property stagnating on the market for weeks or even months. Potential buyers will be monitoring the property portals closely, as they now show when a property was first advertised and any price reductions that may have been made. This gives power to the buyer to negotiate a low selling price, using the vendor’s desperation and knocked confidence, having watched their asking price decrease over time.
Our ‘guide price and bid’ approach gives everyone involved breathing space and time to make informed decisions. The natural result is a sale price and smooth transaction that benefits both the seller and buyer. If you’d like to know more about our sales approachand find out the value of your property, please contact the Jones Robinson Sales team today.
Selling | 27/03/14 10:21AM