How do I price my property?

This week I want to focus on the topic of setting the price when you decide to bring your property to the market and this applies equally to both sales and rentals properties. Naturally we all think we have the best property, the specification is better, the floor level is superior, the location is ace, the list goes on. And yes, honestly all those will factor in when deciding a marketing price. But the one deciding aspect of the whole process is – how is the current climate, and how is the property market fairing at this point in time? Not where it was six months ago or where it will be in another few months but where it is right now. Any professional agent will be able to guide you on this, but please watch out for those that specialise in tickling your ears and inflate the marketing price just to win your valuable instruction. Do remember its competitive out there and agents are all wanting your business, and some will do whatever it takes to secure the instruction. Therefore, it’s worth spending a little time researching agents prior to inviting them in for the valuation. One of the safest ways to chose an agent is to ensure that they are regulated by PROPERTYMARK  this encompasses both ARLA for rentals and the NAEA for sales. Member agents adhere to a strict code of practice and are not only qualified but are committed to ongoing training as the government continues to issue changes and updates. Secondly try asking for a referral, if a peer has had a good experience with a particular firm then that’s a good start rather than choosing the agent that offers you the most competitive fees, remember you get what you pay for. Seeking out the right professional for the job will ensure that the price you first pitch the property at is a realistic one, which in turn will produce enough footfall through the door to secure an offer. Do remember that the market is ever changing, and should the price need to be adjusted to reflect that do work with your agent rather than against them. Ultimately, we are all here for the same thing to get you under offer. When the market is a difficult one such as we are experiencing right now you may not like the numbers you are hearing but your property will only ever be worth what someone is prepared to pay for it despite that magic number in your head. Sometimes a little adjustment is required to get you to where you need to be. Don’t be stubborn and lose your momentum, once it goes to the market commit and work with your agent to get the job done.

www.propertymark.co.uk

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