When it comes to selling property, “How much is my house worth?” is on par with the “How long is a piece of string?” question.
There are dozens of factors that determine the price of a property, but are you considering them all?
Pricing a property incorrectly could see little buyer interest from the beginning of the selling campaign. This often leads to the property sitting on the market for months at a time, making people wonder if the property is overpriced or there is something wrong with it.
Here’s 4 ways to help you pitch a property’s current market value in preparation for sale.
1. Don’t let your sellers move too fast Sellers can often make an offer or buy another property before their current property is sold. This can lead them to demanding a higher price than what their property is worth simply because they cannot accept any less. With no science behind their desired figure, you will have trouble finding a buyer willing to meet the asking price.
2. Keep emotion out of it Emotional attachment to the property is a common reason for overpricing. Seller’s commonly attach a dollar value to the moments and memories they have shared in their home. However, buyers with no attachment will have trouble paying forward more than they should. Remind the sellers they have to take a logical approach to the process in order to get the best results.
3. Be the knowledgeable expert Facts and information are your biggest asset when listing a property for sale. Stay ahead of the game by attending auctions in the area and knowing what similar properties have recently sold for. Let the sellers know what they’re up against, show them the competition (other listed properties on the market) and agree on a desirable price for the property together.
4. Be aware Don’t limit your education to listed properties in the area. Ensure you’re aware of what hasn’t sold. It’s a great way to find out what “overvalued” or “incorrectly priced” looks like. Are they similar properties to yours? If so, adjust your selling campaign accordingly.