Dangle the bauble of attractive pricing
Miles Shipside, director and housing market analyst at Rightmove has recently said, ‘… many sellers are trying to tempt distracted buyers to look at their property by ‘dangling the bauble’ of more attractive pricing.’
He has said this because Rightmove has just announced that one in three properties listed online is now at a lower price than when it first came to market - the highest proportion at this time of year since 2012.
Now I know it’s never easy in the run up to the festive season, as buyers are distracted and sellers need to get their attention, but I am also a firm believer in the damage one can cause by not using a good estate agent in the first place. Some sellers are also over valuing their homes.
The main reasons an apartment doesn’t sell is because either the price is wrong, the marketing is poor, or it’s a mixture of both. As a result, you risk not selling and going stale as a result – which it can do so very quickly. Buyers then start to question what’s wrong with your apartment as a result. The value starts to devalue in their minds and interest dwindles. Price cuts are the only way to add appeal.
A good agent will therefore ensure a coherent strategy is implemented to avoid this scenario. Here’s how…
Firstly, they should set a realistic price range strategy for you, because buyers are still so price conscious, reaching the limits of what they can afford. This will result in the best possible outcome for you, avoiding the risk of multiple price reductions.
Their marketing strategy should also be more than placing an advert in the local paper and listing online. Today’s market requires a more modern approach in order to reach apartment buyers. For example, we offer a variety of marketing tools which include; PR in national newspapers, professional photography to ensure sophisticated presentation, 360 degree virtual tours and online auctions to name a few. We also sell a lot of our apartments via ‘quiet marketing’ (offline) due to our unique and extensive database. This has proved an effective method and approximately 18% of our stock is being sold this way at the moment.
For more information about how to sell your apartment successfully, please do get in touch. I often provide Top Tips on our company blog too. As apartment specialists, 100% of our buyers are looking for apartments, just like yours.