The Economics Of Selling A Property
When discussing selling a property the first thing discussed is how much is the property worth and rightly so, the amount the vendor is going to receive is hugely important. Furthermore the price the property is advertised for will determine the levels of interest generated, I get it. Obviously there would be no advantage to marketing a 3 Bedroom Terrace property in Huddersfield for £1,000,000 because it is not going to grab the attention of anyone. When marketing anything you are trying to sell the key is to grab attention and the more attention you can attract the more chance you have of selling the item you are marketing.
However, as well as the price there is another huge factor that vendors need to think about when selling their property and that is how quickly they want to sell their property. What I am saying is selling a property is the basic formula of time/money, it’s not complicated and don’t let anyone tell you otherwise.
When I am carrying out a marketing appraisal in someone’s home one of the main areas I focus on is the vendor’s circumstances and work from there. On delivering a value to a customer I will offer them three different prices against 3 different time-frames. The longer the customer is willing or able to wait generally the more they are likely to achieve for their property as they will have exposed the property to more people. However, a property will also have a ceiling price, this been the most it will achieve irrespective of the time allowed to sell.
I am astounded how many customers and potential customers advise me that no other agents have explained this theory. Surely its common sense if someone needs to sell any commodity tomorrow they need to price it attractively to generate the level of audience needed, whereas if they have 6 weeks for example they have 6 weeks to generate the audience.
So remember when deciding on selecting which estate agent you should employ to sell your property, if they don’t ask (which they should) make sure they are aware of you selling circumstances as this SHOULD help them manage your expectations. Also feel confident that you believe they will be working hard enough to generate the audience your property needs.