32
18
+10.4%
We listed this on 22nd February 2023 at a guide price of £430k and within a few hours had an offer submitted and around 17 viewing requests booked. So, the next day, we decided to raise the guide price to £450k to taper off the demand slightly. We do this to control activity (we hadn’t even started viewings) and although we’re happy to do 100 viewings (which we were heading towards), it’s not necessary.
So, by raising the guide price we reduce the level of viewing requests and are left with a cohort of buyers who are all clued up as to our pricing strategy and can act accordingly.
Our last viewing here was on 1st March, and the Best & Final offers were collated with an offer finalised and accepted on 2nd March.
Side note:
The sellers (pre-market) were aware of cracks intermittently throughout the house and so got a structural survey – it concluded that there wasn’t subsidence, and the cracks were merely cosmetic. Nonetheless, buyers see cracks and sometimes panic so within this property’s ‘Buyers Information Folder’ (which we produce for every property we sell) we included this report along with all our usual relevant documents pre-offer so all the potential purchasers can make an informed decision BEFORE offering. We actively pointed out the cracks on every viewing and discussed the report’s findings on the viewing.
The point here is that, by confronting potential negatives proactively with full disclosure and supporting information we are not only following the theme of full information, but we are dealing with objections ethically before they are being raised with us.
We’ve found that by showing that there is some work that needed doing in the video and photos, you filter out the wrong people and, down the line, increase your conversion rate (viewing to offer ratio) as well as reduce your fall through rate because people are clued up from day one.
Here’s the full breakdown:
32 viewings, 18 offers
Lowest offer: £420k
Highest offer: £476k
Accepted offer: £475k
Wrapping it up:
They ended up choosing the second-highest offer due to the strength of their position. We supply all the information that our vendors need to be able to make a decision on whom to run with, and it’s not just about the highest number. The position of the buyer (finance/chain situation/motivation/timescale) i.e. Risk Vs The offer they have made i.e. Reward.
By intelligently pricing the property and exposing the property in its entirety (warts and all) through a comprehensive video tour and photography alongside a buyer’s information folder detailing all relevant information (access to reports), we attract the right people and put them in an ethically curated competitive environment so they go on to offer their maximum price rather than simply meeting your minimum price. And often there can be a big positive disparity.
Our strategy is simple but so effective. Price intelligently, Show EVERYTHING, attract the right people, and go on to achieve maximum market value.
We’ve stopped being surprised at what prices we achieve as we’ve lost the arrogance that we dictate market value.
As agents, what we DO dictate, is the chances of our vendors achieving the best market value from the market (whatever that happens to be) through the implementation of an actual proven marketing strategy.
