Property Price Tracking.
Get the highest price for my property!!
When you come to sell what is most likely your largest asset, you want to make certain that you get the absolute highest price. So, it would make sense to put it on for the highest price? Wrong.
If we put a property on the market with an asking price of £1, it would end up selling for the same amount as if we had put it on for £1,000,000…
Due to the amount of online information available from sites like Rightmove, Land Registry and Hoopla, buyers have now become ‘mini estate agents’ and can easily find a comparable. When you put a property on for too much, your potential buyers are going to go to your competitors. This means your property stagnates, the instructed agent has to really push to get viewings and will eventually advise to reduce the price when it fails to sell. Often agents will make it clear that there are lots of viewings, but no one is offering, or offering well below, in order to reduce the price.
When your property is in competition and not in isolation (the vast majority of property in London!) you need to ensure you are getting the most amount of interest and viewings from the right applicants. Therefore put it on at market value, even below, in order to get applicants in and then bidding between themselves. This is what will generate the maximum price, not asking for it immediately!
Property Price Tracker
Having been tracking properties in W10 (London) for the last 2 months, it is clear that certain agents are using this technique and persuading the owner to instruct them, promising a high sold price, with the knowledge that they won’t achieve it.
To date, three properties have been reduced on Ladbroke Grove after 1 month by between 5 & 10%. Sold prices will be available three months after completion and I expect to see these selling for even less. Meanwhile, a number of agents have brought properties to market below market value achieved substantial interest, receiving multiple offers and creating a bidding war. These then achieved over market value.
With more data, I intend to prove to owners that if they believe in a higher valuation, their property will sell for less than if they put it on for the real money.
Twitter; @mypropertyeye
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