Property Price Tracking.

how to present your property for sale

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

Alex Evans

You May Also Enjoy

Breaking News

Freehold and Leasehold Reform Act-lessees can control their own destiny

Matthew Pennycock, Minister of State for Housing and Planning, has made a Parliamentary Statement regarding the future progress of the Freehold and Leasehold Reform Act 2024. The Government have formally recognised the “significant complexity of the task” and that the legislation was rushed in at the end of the last parliament and as a result…
Read More
Rightmove logo
Breaking News

Rightmove’s weekly mortgage tracker 22/11/24

The current average asking price of a typical first-time buyer property is £225,340. For someone taking out an average five-year fixed, 85% LTV mortgage, the average monthly mortgage repayment on this type of home is now £1,104 per month if repaying over 25 years, compared with £1,138 per month a year ago (when the average first-time buyer property asking price was…
Read More
Estate Agent Talk

The Architecture Of Attention Behind Social Media Addiction

In the digital age, social media platforms have revolutionized how we connect, share, and consume information. Behind their sleek interfaces lies a sophisticated architecture of persuasive technology.  These platforms employ intricate design patterns and technical elements to capture and hold user attention. From subtle visual cues to complex algorithmic systems, every feature serves a calculated…
Read More
Breaking News

2025 Predictions for the Private Rental Sector

Allison Thompson, National Lettings Managing Director, Leaders Romans Group (LRG) “As we approach 2025, the lettings industry is entering a phase marked by stabilisation and opportunity. Rental inflation has slowed to an average of 3-4% for new lets, reflecting the effects of affordability constraints; renters’ budgets are beginning to limit how much rents can rise.…
Read More
Breaking News

Response to Matthew Pennycook’s Statement on Leasehold Reform

Yesterday, Secretary of State Matthew Pennycook made a Ministerial Statement on the future of leasehold reform. Responding, Mark Chick, director of ALEP and a Partner at Bishop & Sewell LLP said: ALEP welcomes the ministerial statement which puts in place a timeframe and some objectives for the implementation of the Leasehold & Freehold Reform Act.…
Read More
Estate Agent Talk

Essential Garage Storage Solutions for Small Spaces

Maximize your garage space with practical storage ideas that keep your items organized and accessible. If you’re dealing with a smaller garage, smart solutions can make a big difference in keeping your space neat and usable. 1.  Wall-Mounted Storage Wall-mounted storage is an excellent way to save space and keep your garage organized, especially in…
Read More