Selling a property project or a piece of land can be as straightforward or as difficult as you make it.
An inaccurate market-related price is one of the biggest mistakes a seller can make when trying to achieve the best price.
All Estate Agents will have different ways and advice on how to promote your property, some will be great recommendations and unfortunately some not so good.
However, if the property is an investment opportunity, then the entire income and expenditure should be declared, as well as if it is a development opportunity or home with planning, then all of the planning requirements should be disclosed, this will give complete transparency to any potential buyer.
But just as importantly, the starting price or marketing price is of the utmost importance as well.
Why is this?
If marketed incorrectly when your property goes live, you can miss out of some great buyers that may think that they ‘could be interested’, but ‘it’s too expensive’.
These are essential potential buyers, because at this point they will be inclined to pay you good money for a property that they really want, consequently accurately valuing your offering is how you achieve a quick buyer and at the best price.
Get the right price
Researching your local marketplace through the internet is relatively straight forward. By utilising the support of local agents and online valuation tools, calculating an accurate and fair market value for your property can be quite simple.
It is important to remember that not being greedy can help you have a more fruitful and speedier sale!
It is incredibly common for sellers to state, “I’m not bothered if it doesn’t sell today at that price; I’ll just reduce it.”
While, in theory, this may be true, this mindset could also mean the final sale price may be a considerable amount less than if you were realistic in the first place.
It is essential to be mindful of crucial potential buyers that would have seen the property beforehand when it was priced differently. They may no longer be looking, but have noticed the price drop and may start asking the question, is there a problem with the property? Why has the price been dropped?
What else is important?
Generating enough enquiries to create competition on your sale could also increase the price, no buyer wants to lose out and is always prepared to pay a little more, just like at the auctions. Many properties sold through auctions sell for up to 30% more than what they would on the open market!
Why is that?
Humans are emotional. In many cases the buyer has already decided that they want your property, they will have researched their potential purchase, carried out the groundwork and mentally they have already bought the property before they even arrive at the auction or call in a telephone phone bid.
How do you create lots of enquiries on your offerings?
By benchmarking the price and making the minimum acceptable price transparent to the buyers market, you will create so much interest that could secure you a higher price than you initially thought. You may even have a pipeline of buyers in the case that a sale falls through.
At Developing Spaces, you can market your property directly to the public and deal with your inquiries, retaining complete control over the advertising and pricing of your advert, also, and importantly so, there is no date on your property when it is listed, therefore the age-old analogy of its been on the market a long time, can never be true. Register and upload property for free today.