Property pricing tips

Property pricing – how to avoid getting it wrong

When it comes to avoiding the The 14 Fatal Real Estate Traps that we detail in our free booklet, one of the most common sources of problems for home owners when selling your property is being sure that you are getting your property pricing right from Day One.

Don’t get your property pricing wrong

As a property seller, you are quite rightfully concerned about selling your home for too little. So, how do we avoid this? Well, some vendors make the mistake of setting a price that is higher than they actually expect to get, assuming that they will “negotiate” down from there. But what often happens is that the buyers who do come soon realise that the home is overpriced, and doesn’t offer the same benefits that other homes in the same quoted price range offer, then move on.

The wrong property pricing can cost you buyers

Here at Ian Reid’s Vendor Advocacy, we’ve lost count of the number of times we’ve seen situations where incorrect property pricing can actually discourage the right buyers from even inspecting the property. Just imagine if your ideal buyers, the one who might fall madly in love with your property and who can afford it, doesn’t come to look because the asking price is way too high.

The end result of a situation like this is that the property sits on the market for far too long while the price slowly but surely comes down, and the home ends up selling for less than it might have because they are aware of how long it has been on the market.

Don’t get your property pricing too low either

Just as setting your price too high is a problem, setting it too low is a danger too, as you may end up underselling your most valuable asset. Our experience has shown that, on average, the best price is usually obtained somewhere after between 2 and 4 weeks on the market.

It might end up being the first buyer through your door that pays the highest price, but it is important that you allow some time to attract other buyers to your property to create some competition.

The importance of listening to the property market

As we point out in our booklet, neither the Agent, the Valuer nor the vendor know exactly what a home will sell for. It is not until your home is on the market and you have an opportunity to gauge the level of interest among the buyers that you should make a final decision on the price.

If you sell your home after one inspection, even if you’re thrilled with the price you achieve, you’ll still be wondering whether you might have achieved even more if you’d waited a bit more…And yes, you may well have.

The importance of pricing your property correctly is just one of the topics we cover in our booklet. If you’re keen to know more, why not get your free copy of “Fatal Real Estate Traps Exposed”. While you’re here? Alternatively, you can get a copy sent out to you in the mail at any time by giving our helpful Customer Service team a call on 1300 400 400.

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