76 Gratian Close, Colchester
- My marketing plan
- My fee structure
Type of home
Council tax band
D (£1,822 p/yr)
Currently on the market
What are the properties that you would be competing against?
Back in February or March, I think I sent you a valuation but this is not the purpose here, although we also discussed the valuation last we met.
Lastly I would say that the main reason a property does not sell is the price. At £435,000 your property did not sell and the market dictated that outcome. You had an offer at £425,000 and following the current market conditions, the objective would be to achieve anything over £425,000
Minimum price: £425,000
Maximum price: £435,000
Marketing Plan = the right price + the right price strategy+ the best presentation + best promotion = better sale ( higher and faster)
How to make your house more visible on Rightmove is key to what I call price strategy: the correct marketing implies the right price strategy.
For example starting at anything less or more than the exact Rigthmove price level will decrease the "reach" on that portal, even with the use of premium and Featured listings
The price and valuation is one thing but the price strategy is planning on how to achieve the best possible outcome.
Once again most estate agents start "high", see "how it goes" and then push their vendors to drop the price several times to attract interest.
I always try to present different price strategies for you to discuss and choose from but I believe that in your case, there is only one but with possible variations within it as I prefer a strategy to be "dynamic", meaning that if buyers are not found within the first 2 weeks of marketing, the price must change! It does not mean "price reduced" and you will see what I mean:
We launch with a price tag of "in excess of £425,000" for 3 weeks and if not "proceedable" offer is received, we move the price to a plain £435,000 for a duration of two weeks before price reducing back to the original price of "in excess of £425,000" ( it has to be over 2% to get the price reduction boost) This "reduction" boosts the exposure on Rightmove as you may see below:
With a more aggressive price launch, we are more likely to attract a higher number of potential numbers competing to pay more that £4250,000. By rotating the price between £425k and £4355k we trigger a boost every time we price reduce to the starting price but we also paint a picture for the potential buyers that the final price will be strictly over £425,000. The downside of that strategy is that the final selling price will not likely reach over £435,000. This price rotation can be repeated but not inside a two weeks period.
We can rotate the price every two weeks between £425,000 and £435,000 but if no satisfying result is achieved, we can move down to £415,000 from £425,000 and then rotate. This time using "in excess of £415,000" and a plain £425k
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:
- Twilight photography
- Lifestyle photography
- Unique 360 photography and virtual tour
- Proper floor plan
- lifestyle description
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.
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:
Below you will find the table for all CO postcodes over one full year. Most of my properties are in the Tendring peninsula where I get the maximum exposure.
"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").
Plan A in this example below was to capture the marketing before lockdown and only launch in the middle of the second week as I witnessed a drop in exposure during the first week. The virtual tour helped and offer accepted at the asking price after two weeks on the market.
It fell through but it is another story...
Plan B is to have a dynamic price rotation to keep the interest coming.
Timing and timetable
The weather is currently very kind and we are starting with the outdoor pictures.
By Friday 22nd of May inside pictures will be captured.
I will be ready to launch early morning on Tuesday 26th of May.
I will advertise for a first viewing day on Saturday 6th of June
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. Fixing a first viewing day 10 days or so after the launch maximises the probability of receiving competing offers, that is Plan A : offers after the first viewing day. If someone in a strong proceedable position insists to view it before, of course I would oblige and it also tends to work for what I call Plan A*,i.e. a good offer received by someone who wants to guarantee the property for himself and stop the first publicised viewing day.
If we have no acceptable offers in the week following June 6th, we move to the next publicised viewing day for June 13th.
If no acceptable offers are received, we move the price up to £435,000 after June 16th and back down on June 30th.
Up on July 14th, down on July 28th. At this point we need to have a discussion on dropping to "in excess of £415,000" as timing wise, the bad numbers on the economy will be coming out around mid August.
I have strong negative views regarding the housing market in general but I believe that we have 3 months from now before the real bad economical news do get published and influence the behaviour of buyers.
Like the price strategy, I will give you different fee structures for you to choose from as I believe in being better paid to deliver a greater outcome.
Fee structure one
My marketing fee is a fixed £4,000 inc VAT and a 10% performance fee of anything I achieve over £430,000 as a target price.
So let's say we achieve £435,000 my agency fee will be £4,000+£500= £4,500 inc VAT
If we only achieve £425,000, the fee will be £4,000.
Fee structure two
Marketing fee of £3,500 inc VAT and a 15% performance fee of anything I achieve over £425,000
So let's say we achieve £435,000 my agency fee will be £3,500+£1,500= £5,000 inc VAT
If we only achieve £425,000, the fee will be £3,500.
We can discuss the level of "target price" and even imagine a different fee structure which you may prefer.
It is really about expectation and delivering the right selling price. This will strongly depend on how the property market reacts in the next coming few weeks.
I am also flexible on the contract length but would appreciate at least 8 weeks to deliver the expected outcome for a property in the CO4 postcode.
My terms and conditions are available for you at the bottom of this page.