Valuation & Marketing Plan
A typical 360 virtual tour
41 Elthorne Park
- 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
Last sold in June 2003 for £140,000
C (£1608 per year)
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.
The property was purchased in 2003 for £140,000 and prices should have doubled since then and therefore projecting a price of £280,000.
More recently number 39 sold for £175,000 in late 2015 and number 43 sold for £180,000 in April 2016. Prices have increased by around 40% since 2016 and this would project a price of £252,000 now.
Even more recently number 20 sold for £232,000 in 2018 and prices have gone up by at least 20% since then and this would project a price of £280,000 now.
However we are witnessing that the property prices keep on going up and the stats are always behind the curve. I would also suggest that our marketing may well add a few % points with competing offers
Let's see how similar properties may have recently sold for...
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...
It looks identical to yours and last sold in 2018 for £232,000 ( originally purchased in early 2004 for £141,500). This one has a conservatory. "Mathematically" it would be worth about £280,000 now.
Currently on the market
What are the properties that you would be competing against?
Minimum price: £275,000
Valuation: £280,000 - £290,000
Max valuation: £300,000
"Mathematically" I think it is worth just over £285,000 but the market is indeed a bit mad with more buyers than sellers. With the right marketing, it is imaginable to think that £290,000 is a reachable target and we can do so from different strategies.
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 whole Tendring peninsula CO13,CO14, CO15 and CO16 where the property is:
It is not actually about "bragging" 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.
The valuation is one thing but the price strategy is how to reach the best possible outcome.
A price to entice could well trigger competing offers and a higher accepted offer. We deliver this for about 60% of our sales. Over the last 2 years, going overpriced can yield some results but it can also be counter productive.
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 1
We launch with a price tag of "in excess of £280,000" for 3 weeks and if no "proceedable" offer is received, we actually move the price up to £290,000 for another two weeks before price reducing to "in excess of £284,000". and then back to "£290,000" and then reduce to the original price of "in excess of £280,000" two weeks later. 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.
Price strategy 2
We launch with a price tag of "in excess of £290,000" for 3 weeks and if no "proceedable" offer is received, we actually move the price up to £300,000 for another two weeks before price reducing to "in excess of £294,000". and then back to "£300,000" and then reduce to "in excess of £288,000" two weeks later and down to "in excess of £280,000" to follow the first strategy.
Price strategy 3
We launch with a price tag of "£300,000" for 3 weeks and if no "proceedable" offer is received, we price reduce to "in excess of £294,000" two weeks later and down to "in excess of £288,000" and then "in excess of £280,000" to follow the first 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 and I would deliver the same 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 (with competing offers) 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!
For the last property marketed, I conducted all viewings 8 days after the launch and set the rules in order to extract more from the potential buyers while showing transparency and respect, i.e. I did not want to upset buyers with a less subtle bidding war. Over the weekend we received one offer at £505,000 and one at £525,000, they moved up to £510,000 and £530,000 by Monday evening. Offer accepted 11 days after the launch.
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