You may think you own the greatest house on earth – and that it’s worth a million. But, sorry to tell you, not everyone may agree with you on that personal pricing. Calling for realistic prices is one of the most important issues to successfully sell a property.
Here are five pricing strategies for sellers:
1 Use the “herd mentality”
A buyer doesn’t want to be the only one interested in a house. By pricing your property on the lower end of the value range, you could stimulate interest among more than one buyer and create a herd mentality. We will help you to fix the right price.
2 Price automated-search friendly
Most buyers tell their agent they want a property of this or that size in this or that area for under e.g. 250.000 € (or some other Euro amount). Thus, their real estate agent will set up an automated buyer search in their database for properties under 250.000 €. If your property is listed at 275.000 €, you may miss a segment of buyers. We know the typical price ranges and will be happy to help you here.
3 Don’t get ‘creative’
Sometimes, sellers want to get creative with their asking price. Let’s say, 235.555 €. Such an oddly specific figure calls attention for no good reason. Buyers will often wonder why the seller chose that figure – and who he is.
In our experience, it’s best to keep the seller far in the background.
The goal is to showcase the property, not the seller – to appeal to as wide an audience as possible.
4 Prepare for scale down
Before the “For Sale” sign goes up – work out a price plan in case your property doesn’t go for the desired price. By having everything on the table from the start, you have a plan B should the first plan fail. This saves time and helps to set the appropriate expectations in your mind, so there are no unpleasant surprises down the road.
5 Trust us
Ultimately, trust us as your property agent when it comes to pricing strategy. It’s our job to know what works and what doesn’t.
Anyway, pricing a home isn’t a “do-and-done” procedure. A lot of factors can come into play and not all of them can be anticipated. If you can be flexible and react quickly to changing market conditions or new information, you’re more likely to get the best price.