Valuation & Marketing Plan
A typical 360 virtual tour
2 Philip Close
- How I get to a valuation for your home
- My marketing plan to achieve that price
- My fee structure
Type of home
Council tax band
Around 1000 sq.ft
C (£1,608 p/yr)
Using the office of National statistics, I can usually project a first "base" valuation of what your property should be worth based on the price you paid for it, the date your purchased it and the improvements you have made.
However your property was purchased a long time ago in 2006 for £160,000 and the price projection might not be accurate. According to the ONS prices have increased by 84% since and this would project a price of £295,000 now. You will see below that this would be too high.
I usually look at comparable properties sold recently in the area rather than the ones currently on the market as they tend to be overpriced. However there is nothing to compare your house with in Clacton/Holland-on-sea so I must use other angles...
Another similar 2 bed semi-detached bungalow in your area. Well presented and sold for £238,000 in December 2020. The property prices have gone up by around 10% since so that would project a price of £261,000 now.
Currently on the market
What are the properties that you would be competing against?
Minimum price: £240,000
Max valuation: £260,000
As you will see below, the key parts are the price strategies and the marketing to sell the lifestyle and to get the best outcome from all the many great points offered by your property.
Marketing Plan = the right price + the right price strategy+ the best presentation + best promotion = better outcome
The marketing must be the absolute best and use every possible tools to attract the maximum amount of interested parties.
In the 21st century, estate agents are also "advertisers" or "marketeers" using the number one portal which is Rightmove. The more people see an "advert" on Rightmove, the more potential buyers are "reached", the more viewing appointments are booked in the same short amount of time, the more competing offers are received within that same time frame and the higher the probability is to sell over the original asking price.
If you click on the picture below you will see the average "reach" for our home sellers over the last month, the last 6 months and the last 12 months.
This is for the CO13 and CO14 postcodes where we mostly operate:
It is not actually about us, Home Domus 360 being at the top of the "leaderboard" but for our home sellers to receive the top exposure. That means nearly 3 times the exposure from the average agent and twice as much as most agents. More importantly this just makes a difference in your capacity to get the best possible price.
You are not in the same area but I do know that our marketing will deliver a greater exposure than the local agents.
The valuation is one thing but the price strategy is how to reach the best possible outcome.
Within the strategy you will find variations in order to keep the listing more dynamic as the passing of time is correlated to a decrease in exposure and a lower probability of achieving competing offers over the last asking price.
You can see the profile of a typical listing by clicking on the picture below:
Price strategy one
We launch with a price tag of "in excess of £240,000" for 3 weeks and if no "proceedable" offer is received, we actually move the price up to £250,000 for another two weeks before price reducing to "in excess of £245,000". We can keep rotating every two weeks. This has the effect of:
- Boosting exposure on price reductions
- Painting a picture that the price is between the 2
- Makes the listing less stagnant and less likely to attract a lower offer
A 2% price reduction boosts the exposure on Rightmove.
From £245,000 if we have not sold, we may price reduce to "in excess of £240,000" and repeat the strategy.
Price strategy two
We launch with a price tag of "in excess of £250,000 for 3 weeks and if no "proceedable" offer is received, we price reduce to "in excess of £245,000" for two weeks before rotating back up or price reduce further to " in excess of £240,000" and follow the first strategy. The price reduction needs to be at least 2% for maximum effect.
Price strategy three
We launch with a price tag of "£260,000" for 3 weeks and if no "proceedable" offer is received, we price reduce to "in excess of £250,000" for another two weeks rotate between the two prices or follow the second strategy.
I have a very high % of success as you may transparently check out on my performance page. These strategies allow 60% of my vendors to sell at or above the original asking price. Another 30% of my vendors will at least achieve a selling price within 3% of the original asking price.
Presentation and promotion
As you would have noticed from my website and/or all the listings on Rightmove, I pride myself for delivering a "high-end" marketing to all the properties I sell but I would go all out with yours:
- Twilight photography
- Lifestyle photography
- Unique 360 photography and virtual tour
- Pro photos
- Proper floor plan
- lifestyle description
There is nothing to pay upfront! No sale no fee!
I spend a long time capturing the right pictures and process them, I strongly believe that the best possible presentation will only help to sell better. It is what I call " the slow-in, fast out" strategy or preparation to succeed.
The buyer must fall in love with it so selling the lifestyle goes well beyond selling bricks and mortar.
Once everything is ready, I typically launch a listing between Tuesdays to Thursdays and between midnight and 6am because I have calculated that this gives the absolute best exposure on Rightmove.
All my listings get a "premium listing" for ever and a "featured listing" for at least the first 3 weeks and anytime we price reduce. People cannot buy what they can't see and my philosophy is to provide the highest possible exposure for all my listings, something that I achieve anywhere I list properties and can be measured in Rightmove as you saw above.
"The longer it takes to sell, the harder it gets to sell" and the best exposure and the optimum probability to sell higher is achieved in the first 3 weeks of marketing ( what I call "plan A").
My philosophy is to give you the best possible marketing that is normally seen with more expensive properties! Your home deserves the best!
This last bungalow in Frinton-on-sea, we marketed from £500,000 and accepted an offer at £500,000 within 12 days...
This one is Clacton, we listed at £350,000 and accepted an offer at £358,000 within 2 weeks of marketing...
This one in Great Bromley
We launched it for "in excess of £950,000 and accepted an offer for £1,000,000 5 days later!
Over 4000 Rightmove views, 17 viewings, 7 offers with 3 at £1,000,000 which is 5.26% higher.
The key is also to conduct all the viewings which allows me to help conduct the negotiations towards the price going up as soon as I see the opportunity.
Plan B is to have a dynamic price rotation to keep the interest coming.
Or this one in Beaumont:
We launched at £2,000,000, 19 viewings and 4 offers later we accepted £2,040,000 4 weeks later. We received 13,000 views on Rightmove
Again the key was to find what to portray best about the property. It was not just the property itself but the magnificent grounds. All viewings were conducted in a relaxed manner without putting pressure on the potential buyers. The offers came naturally and gently together so the right pressure could be applied to push the price up and choose the best possible buyer.
So regardless of the property price, we aim to give the very same high quality service to deliver the best possible price.
Timing and timetable
My suggestion would be for me to capture the marketing of your property and launch in the Spring when probate may be granted.
Once on the market I conduct all viewings because viewers are more likely to enjoy the experience with the estate agent rather than the home owner. It also allows me to gauge an immediate feedback so important for future negotiations.
Plan A* is to attract competing offers on the first Saturday after the launch.
Plan A is to attract competing offers on the second Saturday 10 days or so after the launch
Plan B is the price variation up and then down
Solely conducting the viewings helps me understanding the real intentions of the buyers and gives me the tool to maximise negotiation.