Valuation & Marketing Plan
A typical 360 virtual tour
1 Columbine Gardens
- How I get to a valuation for your home
- My marketing plan to achieve that price
- My fee structure
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. In your case there is no more recent sale than your own property so I won't look beyond what I did put on the original report.
First floor Maisonette selling from and around £165,000 as it is only "sold stc". Clearly the marketing is not very good and your ground floor maisonette is more valuable.
It will very probably complete below the price of £165,000 but still a good result.
Currently on the market
What are the properties that you would be competing against?
Quite simply, there is nothing similar on at the moment!
Minimum price: £165,000
First target: £170,000
Top target : £175,000
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 Righmove. 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 what I call the "Tendring peninsula" where we mostly sell properties ( CO13, CO14, CO15, CO16)
The valuation is one thing but the price strategy is how to reach the best possible outcome.
Within each 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 £165,000" for 3 weeks and if no "proceedable" offer is received, we actually move the price up to £175,000 for another two weeks before price reducing to "in excess of £170,000" and then later to "in excess of £165,000". We can keep rotating every two weeks between two prices. 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.
This strategy is the most aggressive and probably the most logical for your property to achieve between £165,000 and £170,000
Price strategy two
We launch with a price tag of a "of £175,000 for 3 weeks and if no "proceedable" offer is received, we first price reduce to "in excess of £170,000" for two weeks and then "in excess of £165,000". From there we can follow the first strategy
If launching at that price results in no viewings, it would be required to act quicker than 3 weeks to price drop.
In normal times I tend to prefer the more aggressive approach if the price target can be valued within a 3% variation up or down. However we do not live in normal times and the high ground strategy may work with a fantastic marketing reaching out to many buyers.
I have a very high % of success as you may transparently check out on my performance page.
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.
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").
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.
You will see on my website that we apply the same quality to all our properties regardless of the asking price. What works for a £2million property gives excellent results to a £200,000 listing!
Plan B is to have a dynamic price rotation to keep the interest coming.
Timing and timetable
With the probate situation, it is important to exercise a little patience as there is little point rushing to find a buyer if delays interferes with the right final outcome.
With more certainty regarding the probate, we are likely to attract more buyers and therefore a higher price.
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.
Launching between Tuesday and Thursday, I would have advertised a first viewing day the second Saturday after but will accommodate any potential buyers in a position to proceed.
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.
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.
Like the price strategy, I will give you different fee structures for you to choose from.
My philosophy is to offer a fee structure based on true achievement and performance level.
Fee structure one
My marketing fee is 0.3% including VAT and a 10% performance fee of anything I achieve over £160,000 as a minimum target price.
Fee structure two (standard)
Marketing fee of 1.1% inc VAT
Fee structure three
No marketing fee and 20% of what is achieved over £160,000
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/CO14 postcode.
There is no cancellation fee!
You are our priority and you will receive our undivided attention in order to help you sell your home and move onto your next home. It is not another cheesy marketing approach to entice your business but we genuinely care to deliver on your expectations. You would see above that our home sellers do achieve a quantifiable higher price outcome, you may also transparently visit our very transparent performance page but you may check out below that our customers are very happy with our services. ESTAS is arguably the most reliable source for verified reviews, only real customers are allowed to send their valued opinions.