21
6
1.6%
Background:
The property was let out for several years, and some redecoration was required – the only things done recently were the bathroom (which was nicely done and modern) and some landscaping in the garden.
As usual, we put this front and centre in the marketing material, so we are putting the wrong people off, and attracting people that are more likely to offer DESPITE the “flaws.” We’ve found that by showing that some work 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.
Offers:
We listed on Monday 28th September 2023, with our first viewing on the 4th of October. The first offer in on 5thOctober, with an offer accepted on 11th October.
A good example of how you can’t dictate market value, only the market's opinion matters.
Listed at: £315k
Our lowest Offer: £290k
Highest Offer: £335k
Accepted offer: £320k
Wrapping up...
They didn’t just go for the highest offer - they went for a lower offer due to the strength of their position. We supply all the information that our vendors need to be able to decide 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.
