Asking Price, Guide Price, No Price… How Should You Market Your Property?

 

Just like most things, there is more than one way the market your home when it comes to price. I’m going to discuss a few of them with you so you have a better of the pros and cons.

Asking Price

A common strategy is to use an “asking price” to sell your home. With this method potential buyers know what you want and they will either agree to that or sometimes offer more or less. Having multiple interested parties is usually the way to achieve more so the marketing is crucial to find yourself in that position.

Guide Price

The guide price gives people and idea of the region they should be considering if they are interested in placing an offer.

Offers Over

Sometimes shown as “Offers In Excess Of” lets people know that they should be offering more than the price listed. This one works best in conjunction with a comprehensive marketing strategy designed to generate maximum exposure. The more people reached, the greater the potential interest and the more likely you are to receive multiple offers which should all be “over” the listed figure. The exposure has to be right with this one and there’s a way to do it correctly. Contact me if you would like some more information on this.

No Price (POA)

Price On Application is a way to keep the price a secret for one reason or another. Maybe the seller doesn’t want neighbours or family to know or maybe there’s some other reason. It can requested by the vendor or it could be the agents idea. If an agent has no idea how to value a property, they may use this strategy and once offers come in, they’ll use that as a guide.

Either way here’s why I think it’s a bad idea.

All properties these days are marketed on the internet so POA doesn’t really work. When listing on the property portals like Rightmove POA is just a description, You would still need to input an actual price. This means that a property will still show up in order in the relevant search.

Lets say you are searching for a home between £900,000 and £1,000,000. Your agent has input a figure of 980,000 but used POA as the descriptor. Rightmove auto sorts in order of most expensive first and when people search for homes in that price band the property will show up below homes on for £1,000,000 but above homes on for say £960,000 and £970,000.

Even though you will just see POA, it’s pretty obvious what the agent and the vendor have agreed to list at as you can tell from the values of the homes around it.

This is just a few of the different ways you can market your home and the one you use will depend on your property.

The important things to remember are not to assume asking price is the only way and also consider how buyers search for homes online.

If you’d like more information on how your property should be marketed, please contact me as I’d be happy to take a look and tell you what I think.

Feel free to call me on 07825 164 163 or contact me here.

Joe

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