Valuation & Marketing Plan
8 Gatward Close, Frinton-on-Sea
- 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
26/08/2016 - £285,000
1,206 Sq.Ft. (112 Sq.M.)
0.06 Acres (223.09 Sq.M.)
D (£1,808 p/yr)
Where your home sits on the market
Your property is one of the 5,609 houses that make up Frinton-On-Sea, CO13
Using the office of National statistics, I can project a first "base" valuation of what your property should be worth, assuming that no major improvement was made.
Your purchased the property in August 2016 for £285,000, according to the South East stats, it should be now worth £305,000 which is a 7% increase. However Frinton has witnessed a greater increase over the last 4 years closer to 17% which would put your property at £333,000
Values in Frinton-On-Sea, CO13 have changed by -3.83% in the last 12 months and 25.43% over the last 5 years respectively.
To put this into perspective, the change in average values across the UK were -1.99% for the last 12 months and 15.18% for the last 5 years.
The current average value for the area is £314,568.
First of all, I always look at comparable properties sold recently in the area rather than the ones currently on the market as they tend to be overpriced. However no property on your estate has yet to be sold so direct comparable is not available
Currently on the market
What are the properties that you would be competing against?
109 Old Road, FRINTON-ON-SEA
It is a 3 bedroom semi-detached property at £325,000 but it is arguably in a more sought after location. All other similar 3 bed detached properties are outside the gate.
My first price analysis points to a valuation of £333,000 based on average variations for the area. However there is no history of re-sale value for your property as a 3 bedroom detached should be not far from the average price of £315,000 for the area and £325,000 as a guide price.
With 1,206 sq.ft of internal space, it is reasonable to expect around £270/280 per sq.ft, meaning a price of £325,000 to £338,000
However we have to be mindful that the property market may be under pressure in the next coming months.
Minimum price: £320,000-£325,000
Target price: £330,000
Marketing Plan = the right price + the right price strategy+ the best presentation + best promotion = better sale ( higher and faster)
The correct marketing implies the right price strategy. I will "over-market" any of our properties by providing the utmost exquisite marketing but I would strongly advise against over pricing as it causes damage to the final achievable price. I believe that a 3-5%- overpricing may result in a 5-8% negative swing to trigger a transaction. Most estate agents only sell after typical price reductions of around 5 to 7% often attracting lower offers. Any overpricing by 10% or more will greatly affect the ability to sell.
On the contrary a property correctly priced and even underpriced by 2% could trigger a positive swing of 3% or more in the first 4 weeks on the market.
This is to show you that starting high to "test the market" and see "how it goes" does not efficiently sell properties.
Frinton-on-sea is a seasonal property market and it takes longer to sell properties! It must be made easier by starting at the right price!
This pricing philosophy allows my home sellers to achieve just over the original asking price, In Frinton or elsewhere, this is factually and transparently reported by getagent.co.uk
However all around Colchester I am the only estate agent actually delivering a final price just over the original asking price as you may check here
This is despite the fact my average property price is currently over £600,000 where it is more difficult to sell than the average property price of £315,000
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 approach :
We launch with a price tag of "in excess of £325,000" for 4 weeks and if not "proceedable" offer is received, we move the price to a plain £330,000 for a duration of two weeks before price reducing back to the original price of "in excess of £320,000". 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 £325,000. By rotating the price between £330k and £320k we trigger a boost every time we price reduce the starting price. The downside of that strategy is that the final selling price will not likely reach over £330,000. This price rotation can be repeated but not inside a two weeks period.
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 the CO13 and CO14 postcodes since May and you can see how much more exposure we do get.
"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.
Plan B is to have a dynamic price rotation to keep the interest coming.
Timing and timetable
The weather is currently very kind and any outdoor shots will portray your property in the best light of Summer.
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.
I have strong negative views regarding the housing market in general but I believe that we have maybe 2 months from now before the real bad economical news do get published and influence the behaviour of buyers.
I also believe that Frinton-on-Sea will be sheltered as it will attract a number of buyers wishing to change positively their lifestyles compared to a commuting life or busy urban living.
First of all I only wish to act as your sole agent for two simple reasons:
- I believe that multi listings only make you look more "desperate" and less "exclusive".
- I don't want to spend money on your listing and witness a buyer calling the other agent because they feel more capable of achieving a discount with the lesser agent
Marketing a property is also acting in your best interest by helping you negotiate the best possible price when a buyer makes an offer. As a vendor you will also benefit from me advising on your next purchase and I know that this is where you may gain a bigger saving. ( obviously I cannot do that if you buy one of my existing listings, however I like my buyers to know and feel they are paying the "right" price, the fact that I achieve just over 100% of the original asking price on average helps my buyers understand that)
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.
My marketing fee is a fixed £3,000 incl VAT and a 10% performance fee of anything I achieve over £325,000 as a target price.
So let's say we achieve £330,000 my agency fee will be £3,000+£500= £3,500 inc VAT
If we only achieve £325,000, the fee will be £3,000.
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 CO13 postcode.
My terms and conditions are available for you at the bottom of this page.