Valuation & Marketing Plan
A typical 360 virtual tour
The Old Mill Cottage
- (How I get to a valuation for your home)
- My marketing plan to achieve that price
- My fee structure
I won't dive into the valuation as you have been on the market long enough and starting from a higher price. I think the price may come down a bit but your marketing really needs to rise up which will help the price. So I will cover more the marketing plan and why it is more likely to work.
Currently on the market
What are the properties that you would be competing against?
Minimum price: £360,000
Valuation: £365,000 to £375,000
Maximum price: £380,000
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. This is what has happened to you.
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 was yet again verified in a recent case
This pricing philosophy allows my home sellers to achieve just over the original asking price, In CO16 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 £340,000 around colchester
However the market has been buoyant and "overpricing" a little has delivered more results than before, people are coming from different areas and pick up the more attractive properties.
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 when possible for you to discuss and choose from but I believe that the price strategy must be "dynamic", meaning that if buyers are not found within the first 3 weeks of marketing, the price must change! It does not mean "price reduced" and you will see what I mean:
Price strategy one
We launch with a price tag of "in excess of £365,000" for 3 weeks and if no "proceedable" offer is received, we actually move the price up to £375,000 for another two weeks before price reducing back to "in excess of £365,000". We can keep rotating every two weeks between the 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 more likely to attract competing offers from £365,000
Price strategy two
We launch with a price tag of "in excess of £375,000" for 3 weeks and if no "proceedable" offer is received, we price reduce to "in excess of £365,000" for two weeks. We can keep rotating every two weeks between the two prices like in the first strategy.
This has the effect of:
- giving an opportunity to reach a price closer to £375,000 on the launch
- The price reductions and movements keep the listing buoyant with greater exposure
- Flexibility of reaching to the first strategy
The risk is to appear too high with very little enquiries as a consequence. Pretty much what you have experienced already. However the better marketing is likely to provide more attraction so it may work.
Price strategy three
We launch with a price tag of "in excess of £370,000" for 3 weeks and if no "proceedable" offer is received, we move the price up to £380,000 for two weeks before price reducing to " in excess of £370,000" , up to £375,000 and down to "in excess of £365,000". We can keep rotating every two weeks between the two prices like in the first strategy.
This is the "middle ground" strategy which would tell us the level of interest from £370,000. Better price from your current price strategy and the better marketing will give a better probability of attracting offers over £370,000. If not we can then revert to the first strategy.
I like that strategy because it is still aggressive but gives us different options to play with in term of price variations.
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:
- 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.
I do advertise for the first viewing day to take place on the second Saturday following the launch, however if any potential buyers in a position to proceed want to see the property before, I set up a viewing day on the first Saturday. What I call the plan A* is to get competing offers after the first "proceed able" viewings. Plan A is to get competing offers on the second Saturday. around 60% of my home sellers accept offers at or over the original asking price.
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 "daily average exposure" table for the Tendring peninsula ( which is CO7, CO13, CO14, CO15 and CO16) for all properties over the last 6 month or the last 12 months, lastly the table showing the last 12 months for the CO16 alone:
"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 is what I delivered for a property in St-Osyth as after launching at "in excess of £500,000" we got an offer at £510,000. It has now completed.
Or like this property we marketed a few months months ago
We launched it for "in excess of £350,000" and accepted an offer for £365,000 4 days later!
Or this one in Great Bromley
We launched it for "in excess of £900,000 and accepted an offer for £905,000 10 days later!
Plan B is to have a dynamic price rotation to keep the interest coming.
Timing and timetable
The idea is to capture the marketing in the best possible conditions and re-launch as soon as possible.
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.
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 as I believe in being better paid to deliver a greater outcome.
Fee structure one
My marketing fee is a fixed £3,500 inc VAT and a 10% performance fee of anything I achieve over £365,000 as a target price.
Let's say we sell at £375,000 the total fee including vat would be £3500 + £1,000 = £4,500
Let's say we sell at £365,000 the total fee including vat would be £3,500
Fee structure two
Marketing fee of 1.1% inc VAT
Fee structure three
Marketing fee of £0 and a 35% performance fee of what I achieve over £360,000
Let's say we sell at £375,000 the total fee including vat would be £5,250
Let's say we sell at £365,000 the total fee including vat would be £1,750
Let's say we only sell at £360,000, my fee will be £0
The different fee outcomes are represented in the table below:
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 CO16 postcode.
My terms and conditions are available for you at the bottom of this page.
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.