How Important is the Right Asking Price?Posted on 12th March 2021 in News
The conversation about asking prices is one that we have with every client who comes to the market with us, and it’s one of the most important discussions we can have with you as your estate agent. The offers over system in Scotland can be confusing, so today we have taken a look at why it’s so important to set the right asking price.
Why is getting the price right so crucial?
As agents, we normally find that your first flush of viewers is often the most interested – this means the first few weeks of marketing are crucial. Along with ensuring you have the highest quality of marketing material, it’s important to set the offers over price just right to attract interest.
The offers over system has been around for a long time, and most viewers are aware that the figure is set lower than the home report value. More often than not, they account for this when setting their searches on portals such as Rightmove and Zoopla. Setting the offers over figure lower than the true value of the property is a marketing tool that allows us to attract you as much interest as possible. Generally, the more interest you get, the higher your sale price will be.
Why not just market at offers over the home report value?
With offers over, we’re working with a tried and tested system that the public are familiar with, so it’s important we use that to our advantage. By setting a lower marketing price, in no way does it mean we want you take a lower offer for your property! As mentioned above, viewers factor in the difference between asking price and home report value in their online searches (usually around 5-10%). We send everyone the home report ahead of viewing, and most are aware that properties in the Glasgow and Greater Glasgow area are selling for above home report value.
Ultimately, setting the figure a bit lower allows us to attract you, the seller, as much interest as possible and aim for a closing date scenario where most sellers find they will achieve their best price.
Isn’t it easier to market at a fixed price?
A fixed price may find you a buyer slightly faster, but it likely won’t achieve the best sale price for your property – you’ll get the fixed price and likely nothing more. An offers over figure allows us to negotiate with potential purchasers on your behalf and get the best possible sale price.
We know that when you’re not familiar with the market it can feel like a leap of faith to trust us with ensuring you have set the right asking price, but we always ensure it’s in your best interest. Selling properties day in and day out allows us knowledge and insight into the market – so please trust us! Ultimately, we all have the same goal.
Is there an aspect of buying or selling that you’re unsure of? Get in touch with us today for any advice you may need, or any topics you’d like future blog posts to cover!