20
6
£10k
We listed at £380,000 (our vendor’s pinch point) on the 15th of January 2024, and we were immediately inundated with requests to view. Starting viewings on the 15th of January, right through to the 25th Jan, carrying out 20 in total.
Our first offer came in on the 23rd Jan, and we then went to Best & Final offers with the closing date being 29thJan.
We avidly avoid any ‘bidding war’ situation… instead asking for Best & Final offers (within a set timescale – normally around 1 week).
By doing this, it’s not only a much calmer and allows more thought, but it also reduces the risk of someone over-bidding in the heat of that intense competition and regretting it in a few weeks once the dust settles
Let’s talk Figures:
Listing at a Guide Price of £380k, we had 20 viewings and 6 Best & Final offers, giving us a 30% viewing to offer ratio. This tells us we represented the property in full and accurately, i.e. we got the right people through the door.
Our highest offer was £390,250
Lowest Offer: £370k
Accepted Offer: £390,000
In these instances, when it’s quite close or even the top few offers are quite close, the due diligence into each offeror’s position really comes into play. Ultimately, when choosing between offers, the advice we give vendors is to weigh it up on a Risk VS Reward basis.
By this, we mean the Reward (being the level of the offer) must be weighed up against the Risk (i.e. how likely is this to be plain sailing and go through… aka the buyer’s position, motivation for moving, size of their deposit, or any number of variables).
Our job is to do some digging, figure out the exact situations, affordability, etc and present that to our clients for them to make the decision. Every offer will carry risk, but it’s our job to present each offer along with the full story to allow our clients to make a fully informed decision.
So, summing it all up –
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 (whatever that happens to be)
We’ve lost the arrogance that we, as agents, dictate market value.
As agents, what we DO dictate, is the chances of our vendors achieving the best market value from the market (again, whatever that happens to be) through implementing an actual proven marketing strategy.
