The Power of an Effective Price Amendment
At The Personal Agent we pride ourselves on the low percentage of property prices we have to amend. However we are also not too proud to say when we need to re-address our advice. An effective and considered price amendment based on the market at the time and the needs of the client can reinvigorate the interest in a property ten-fold.
We were recently marketing a property at &330,000. Although interest on the property was at an acceptable level the owner had found a property and wanted to secure a buyer ASAP. She informed us that her minimum sales price would be &315,000. We advised her that we should market at that level with the full weight of the sales team knowing this was her bottom line, and with the message to buyers that if they wanted the property they needed to make a strong competitive offer. Within 48 hours of the amendment we had conducted 8 fresh viewings, 3 of which resulted in offers. The property was sold the next day for &317,000 with the vendor rejecting an offer of &325,000. A great result and an example of a small tweak on the advice of our team making a huge difference.
Local v Online – No sale No fee v Upfront fee – In our experience an online agent can cost you thousands of pounds!!!
We are seeing a slight increase in the number of properties being marketed by online agents charging an upfront fee for the marketing of a property, but are these agents really saving you money????
We were recently instructed alongside an online agent to market a vacant property for an owner who lived out of the town. Viewing levels were consistent and, having recently sold another apartment in the block and knowing the quality of buyers we were speaking to, we knew it was only a matter of time before the right buyer came along. The online agent however, whom she had already paid, were very persuasive to our client that the property was now overpriced and she should reduce significantly. We managed to convince our client to wait a further fortnight as we knew the recommended reduced price would be an absolute bargain for someone and we felt we could achieve more. Within a week we had secured a sale for &10,000 more than the online agent’s recommendation. The cost of selling through the online agent could have been &10,000!! Not a saving at all