Valuation & Marketing Plan
A typical 360 virtual tour
- 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
Leasehold - Privately owned flat
Last sold in November 2014 for £333,000
D (£1808 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.
However flats and apartments have not followed the trend of other type of properties. Flats similar to yours sold between £300,000 and £320,000 in 2020. Prices have gone up by 15 to 20% since then and this would project a price between £345,000 and £375,000 now but I cannot see evidence that flats have increased as much unless they have a sea front view.
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 like a larger ground floor flat having sold for £355,000 at the end of 2020. From other listings I can estimate that this is 996 sq.ft and therefore £356 per sq.ft. This would project a 2020 price of £310,000 for yours. They also do come with a garage.
Currently on the market
What are the properties that you would be competing against?
Similar size to yours although the exact square footage is not on the floor plan. This 2 bed flat is on the market at £345,000 since early March, is correctly priced or within the expected value and it is one to follow closely as the market will pick up...
Minimum price: £325,000
Max valuation: £355,000
Have the prices recovered for flats and apartments over the last two years? Not a great deal of evidence to show that it has matched the expected 20% price increase. From £310,000 2 years ago a two bed may yield around £350,000 now give or take 3%.
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 and CO14 where you live:
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 £350,000" for 3 weeks and if no "proceedable" offer is received, we actually move the price up to £360,000 for another two weeks before price reducing to "in excess of £350,000". and then back to "in excess of £360,000" We can keep rotating every two weeks. 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.
If no acceptable offer is received we may price reduce to £342,500 for 2 weeks and rotate between the two prices of price drop further to £335,000
Price strategy 2
We launch with a price tag of "in excess of £340,000" for 3 weeks and if no "proceedable" offer is received, we actually move the price up to £350,000 for another two weeks before price reducing to "in excess of £342,500". and then back to "in excess of £350,000" We can keep rotating every two weeks or price reduce back to £342,500 and then £335,000
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!
We launched this property in excess of £500,000 and received competing offers following the first viewing day 9 days later. 12 days later we accepted an offer at £530,000.
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