Valuation & Marketing Plan
- 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
£233,250 in October 2013
C (£1,608 p/yr)
Where your home sits on the market
Your property is one of the 2,965 houses that make up Walton On The Naze, CO14.
Our latest research tells us that, on average, 3 bedroom houses are worth £231,992.
In total, there are currently 14 3-bedroom houses for sale in Walton On The Naze, CO14 and in the last year, there were 107 houses sold in Walton On The Naze, CO14. The average sale price of these properties was £266,784.
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. Having purchased the property in 2013 for £233,250 it should be worth £326,293 according to the historical price variation for the area
Values in Walton On The Naze, CO14 have changed by 3.48% in the last 12 months and 36.19% 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 £220,327.
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.
Currently on the market
What are the properties that you would be competing against?
To be honest, there is very little comparative evidence for your house within your area. It is going to sound very vague but I believe your property is around £350,000
On paper the historical analysis points towards £325,000 to £330,000 but the close location to the best beach in Walton, the large garden and nice interior should bring a premium with the right marketing.
Beyond the value in "Bricks and mortars", I think it is about marketing it as a unique object of desire. I hate to over-value properties because it just does not succeed in selling but in your case even if I might be overpricing at £350,000 I believe there is a good chance of achieving that price with the right marketing
Minimum price: £325,000
Maximum price: £350,000
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.
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.
The Tendring peninsula is a seasonal property market and it takes longer to sell properties! It must be made easier by starting at the right price!
This pricing philosophy allows my home sellers to achieve just over the original asking price, this is factually and transparently reported by getagent.co.uk
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
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 overall 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:
Price strategy one
We launch with a price tag of "In excess of £340,000" for 3 weeks and if not "proceedable" offer is received, we move the price to "£350,000" for a duration of two weeks before price reducing back to the original price of "£340,000". This "reduction" boosts the exposure on Rightmove as you may see below:
We rotate the price every two weeks to generate maximum exposure.
The downside of that strategy is that the probability of achieving more than £350,000 is very low.
Price Strategy two
We launch with a price tag of " £350,000" for 2 weeks and if no proceed able offer is received, we move the price down to £340,000 for 1 week and rotating between £340,000 and £350,000.
The advantage of this strategy is a greater probability of achieving between £340,000 and £350,000.
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 pro photography
- Unique 360 photography and virtual tour
- Proper floor plan
- A site plan
- Lifestyle description
- Magazine advertising
- As a guild member, links to London buyers
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 the "Tendring peninsula" CO7+CO13+CO14+CO15+CO16 postcodes, one table showing the data over 12 months and the second one over the last month
"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 was to launch with every possible advantage on our side and get competing interests in order to achieve over the asking price
Offers accepted after 7 days!
Plan B is to have a dynamic price rotation to keep the interest coming.
For your property, as I explained above, this is about building a marketing showcasing all the positives of buying this property. On paper it might be worth less but it has a lot to offer which needs to be promoted positively:
- Seaside location
- Arguably the best beach in the area
- Finished product in term of the house
- Large garden
Since the market "re-opened" I have actually accepted 6 offers for properties over the price tag of £500,000 but 3 had to go back on the market. This is the table since the beginning of May for CO7,CO13,CO14,CO15 and CO16.
Buyers are currently looking for a lifestyle change, yours offer exactly that.
Timing and timetable
The weather is currently very kind and any outdoor shots will portray your property in the best light.
It would be typically a 3 hours photo session starting around 10.30am. I will then come back in the evening around 9pm to capture the twilight photography.
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.
I have strong negative views regarding the housing market in general but I believe that we have 2 months from now before the real bad economical news do get published and influence the behaviour of buyers.
I also believe that the whole Tendring peninsula will be sheltered as it will attract a number of buyers wishing to change positively their lifestyles compared to a commuting life or busy urban living.
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. 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 £3,500 inc VAT and a 10% performance fee of anything I achieve over £350,000 as a target price.
So let's say we achieve £355,000 my agency fee will be £3,500+£500= £4,000 inc VAT
If we only achieve £340,000, the fee will be £3,500.
Fee structure two
Marketing fee of £3,000 inc VAT and a 10% performance fee of anything I achieve over £340,000
So let's say we achieve £350,000 my agency fee will be £3,000+£1,000= £4,000 inc VAT
If we only achieve £340,000, the fee will be £3,000.
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 CO14 postcode.
My terms and conditions are available for you at the bottom of this page.