Valuation & Marketing Plan
5 Oxford Mews, Weeley Heath CO16 9FS
- 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
D (£1,808 p/yr)
Where your home sits on the market
Values in Clacton-On-Sea, CO16 have changed by 2.17% in the last 12 months and 34.29% 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 £241,295.
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.
However having bought your home last year for £299,000 the market has not changed much since. Housing prices were moving up gently until March but will be now under pressure after Covid19
The key questions are: Have you bought at a competitive price which would allow you to sell now higher? Sometimes new developments do offer a great purchase price opportunity, other times and for various reasons the prices for new builds do not follow the historical trend. Purely on historical variations, this would give a first estimate range +/- 2% around £299,000
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.
All similar 2 bedroom detached bungalows sold for £299,000
Currently on the market
What are the properties that you would be competing against?
As a 2 bedroom detached bungalow bought for £299,000 so recently, the valuation is an easy one.
Similar properties have been on the market around £325,000 without selling and it would be a mistake to launch at any other price but a round figure of £300,000
However we have to be mindful that the property market will be under pressure in the next coming months.
Minimum price: £295,000
Target price: £300,00-£305,000
Marketing Plan = the right price + the right price strategy+ the best presentation + best promotion = better sale every time ( 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.
On the contrary a property correctly priced and even underpriced by 2% should trigger a positive swing of 3% or more in the first 4 weeks on the market.
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 the price strategy must 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. In your case there is only for launch strategy which is to start exactly at £300,000
We launch with a price tag of "in excess of £300,000" for 3 weeks and if not "proceedable" offer is received, we move the price to a plain £307,000 for a duration of two weeks before price reducing back to the original price of "in excess of £300,000". This boosts the exposure on Rightmove as you may see below:
By rotating the price between £300k and £307k we trigger a boost overtime we price reduce the starting price but we also paint a picture for the potential buyers that the final price will be strictly over £300,000.
Launch price of £300k for 3 weeks, 2 weeks at £307k and 2 weeks back at £300k. If no proceed able and acceptable offer is received, we can rotate up and down again, which will take another 5 weeks or drop from £300 to £294 (in excess of) to benefit from a 2% drop and the boost of exposure. From there, we can rotate back up to £300k and then down to £294.
Presentation and promotion
As you would have noticed from my website and/or all the listings on Rightmove, I pride myself from 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 what I call the "tendring peninsula" comprising CO7, CO13,14,15, 16 postcodes
"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 case 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.
Timing and timetable
If you wish to sell, it is now vital to be on the market sooner rather than later for two main reasons: It is usually the best time of the year to sell and lastly it will take around 3 months before society really wakes up to an economy in trouble. Come September, there will be a high probability of the housing market witnessing a downward price pressure.
As soon as possible the idea is to capture daylight photography and the twilight photography without going inside and putting yourself at risk.
While you remain outside or go shopping for a couple of hours, I would photograph inside.
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. 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.
Fee structure one
My marketing fee is a fixed £1,800 inc VAT and a 20% performance fee of anything I achieve over £299,000 as a target price.
So let's say we achieve £305,000 my agency fee will be £1,800+£1,200= £3,000 inc VAT
If we only achieve £299,000, the fee will be £1,800.
Fee structure two
Marketing fee of £2,500 inc VAT and a 20% performance fee of anything I achieve over £305,000
So let's say we achieve £305,000 my agency fee will be £2,500
If we only achieve £300,000, the fee will also be £2,500.
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 4 weeks to deliver the expected outcome.
My terms and conditions are available for you at the bottom of this page.