How do you achieve the best price when selling a property?
When it comes to selling a property, one of the most important goals is how to attract the best price for your home!
In this article, I will detail what I believe are the three key points to attracting the best possible price, and the best possible buyer; marketing, exposure, and buyer competition.
Marketing is a crucial aspect of selling a home, as it plays a major role in reaching potential buyers and generating interest in a property. By effectively marketing a property, a seller can increase the chances of selling the home quickly and at the highest possible price.
The best estate agents market homes by utilising a combination of strategies that are tailored to the specific property and target audience. Here are a few strategies that a good estate agent will use to effectively market homes:
Professional photography: It is vital to invest in professional photography to showcase a property in the best possible light. This can include high-resolution photographs, virtual tours, and drone footage.
Property staging/styling: Depending on the style of the property, staging a property may help to showcase its best features and make it more appealing to potential buyers. This can include decluttering, rearranging furniture, and adding decorative touches.
Pricing strategy: Top estate agents use a pricing strategy that maximises the sale price of a property. This can include conducting a market analysis, researching comparable sales, and pricing the property competitively. If an estate agent suggests a marketing price, it’s important that they are able to justify the price by using evidence and analysis, as a higher marketing price without evidence may leave your property on the market for longer, and is not the correct strategy to achieve the best price.
Customer service: Exceptional customer service is also a form of marketing, and if a purchaser is undecided between two properties, customer service can ultimately be the difference in deciding on which home they are going to purchase. An estate agent that is always available to answer questions, provide updates, and address any concerns their clients may have provides a client with more confidence and peace of mind.
Ok, so you have the best marketing material for your property which showcases your home looking its best. The agent has sent you the photographs, drone photography, floorplan, and the description. You’re happy to proceed, but now what?
It may sound obvious, however the next step is to show your marketing material to the widest audience possible to attract prospective buyers to look at your home. Here are a few strategies that the best estate agents use to effectively expose a seller’s home:
Online marketing: Advertising on the property portals is common amongst modern estate agencies, however, it’s important that your chosen estate agent advertises their client’s home on ALL of the major property portals (Rightmove, Zoopla, Prime Location, On The Market). By advertising on all of the property portals, you can take comfort in knowing that your property is being viewed by everybody searching for a home online.
Social Media: Social media platforms such as Facebook, Instagram & LinkedIn allow estate agents to reach wider audiences and expose properties to potential buyers who may not have been reached through traditional marketing methods. This can help increase the number of ‘passive’ buyers who are aware of a property and have the opportunity to see it, which can increase the chances of it selling quickly and for a higher price. The people that see a property on social media may not necessarily be looking for a home to purchase on the property portals i.e Rightmove & Zoopla. Social media platforms also provide tools that allow estate agents to target specific demographics, such as age, location, and interests. This can help estate agents reach potential buyers that are more likely to be interested in a specific property.
Open houses: Top estate agents hold open houses and property showings to allow potential buyers to see the property in person and get a feel for the layout and condition. This can be a great opportunity to showcase the property to multiple buyers at once and create a sense of competition among them.
Traditional marketing: Although it is becoming harder to find an estate agent that will use ALL marketing methods, the best estate agents will still use traditional methods such as newspaper and magazine advertisements, brochures, and flyers, as well as digital marketing methods, to reach potential buyers who may not be actively searching for a home online.
- Networking: Experienced estate agents have a wide network of contacts, including other agents, potential buyers, and investors. They use these contacts to generate interest in a property and find potential buyers.
In summary, exposure is crucial when marketing a property for sale. The more people who are aware of the property, the more likely it is to sell quickly and at a higher price (if it’s marketed correctly).
Once you have the best marketing for your home, and you know your agent is going to give your property the maximum possible exposure, the best estate agents will then aim to create buyer competition. Here are a few strategies that top agents use to create buyer competition:
Pricing strategy: As mentioned in the marketing section above, the highest marketing price is not typically the best strategy to achieve the highest sales price. It’s imperative not to undervalue a property, however, in order to create the most competitive environment, it’s important to attract as many potential buyers through the door of a property as possible. Imagine that you are viewing a property, and you can see that other people are either viewing the property or making offers on the property, naturally, if you also like the home, it will create a sense of urgency. Good estate agents will use this type of environment to then negotiate the best price for their clients.
Open houses: Open houses are an ideal environment to create a competitive atmosphere, as everybody that views the property can see how many other prospective buyers there are for this home. It also gives the vendor of the property an opportunity to make the home look its best for one occasion instead of having one or two viewings every day, which could cause inconvenience or difficulties in keeping the house tidy, especially for those with younger children.
Strategic timing: Good estate agents time the sale of the property strategically, for example, they tend to avoid listing during holidays or peak vacation times when potential buyers are less likely to be looking.
Creating urgency: Top agents use a variety of techniques to create a sense of urgency among potential buyers, such as setting a deadline for offers, highlighting the property’s desirable features, and emphasising that it is a limited opportunity.
As with any profession, although estate agents are there to help you move home, there are different levels of skillsets and services.
If you are a homeowner who is either considering marketing your home, or you are on the market already but are not seeing your desired results, reach out to us today to schedule your consultation.