20
3
12.6%
We then took it on, on 22nd March 2021, priced more aggressively than the previous agent as well as focusing our usual energy on the presentation and exposure of the property.
We did 20 viewings between 22nd March & Tuesday 13th April, agreeing the sale on 15th April.
So, why did this generate much more interest, and how can we aim to guarantee backup plans should a fall-through happen (because they do rear their heads every once and a while through no fault of the property or the agent) …
1/ An intelligent Pricing Strategy
More often than not, the agent that gives you a price you like the look of or ‘that they can achieve – is giving you a price to win your business; not necessarily to get you the best market price. We come up with a bespoke strategy to generate interest and that’s geared to getting you the best price.
2/ Quality Presentation
By exposing it to the market with everything laid bare, you start to not only attract the right people, but you also put the people off from the start that would normally turn up and realise they don’t like it. You’re almost streamlining the process – so you can be doubly sure that the ones that turn up have a real potential to like the property for what it actually is.
Add 1 & 2 together what do you get?
3… yes… but you also get the ability to create competitive micro-markets for your property – which lead to you getting the best market price at any given time (i.e. when you choose to sell)
The flat market is different gravy. When you compare it to the residential house market, it usually sees much less interest, so the strategy becomes even more important.
So, here's how we did
We listed this at £175k, did a total of 20 viewings and received a total of 3 offers.
Lowest offer: £167k
Highest & Accepted offer: £197k
That’s £23k above the guide price aka 12.6%.
Our goal (or the goal of the agent you choose to go with) SHOULD be to create micro-markets for your property. In layman’s terms - whether it’s an up-market 8-bed house, or a 1-bed studio flat the strategy doesn’t change. Cleverly apply the same marketing strategy (good presentation, an intelligent pricing strategy and a fairly run process) and you attract people who are a match.
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