Saleable Pricing
Introduction
In a tough and competitive property market, our home needs to present a strong value proposition in order to attract and encourage buyer interest and engagement, and ultimately the best offers. Here I discuss saleable pricing, including the critical importance of saleability, and how we can make our home more saleable than the competition.
Buyers buy by comparison
Properties that are available on the market are choices that are available to the buyers. Each and every one of those properties are competing against one another for the buyers’ attention and interest.
Buyers naturally buy by comparison and pick what they believe is the best choice for them out of all of the properties available on the market. Every buyer will have their own set of criteria in terms of what they believe is the best fit for them, and no two buyers are the same. While our home cannot cater for every criteria of every buyer, one thing is for certain - every buyer wants the most property for their money!
This is where saleable pricing comes in! The saleability of our home plays a key role in our efforts to attract buyer interest, engagement and offers, and ultimately securing a sale at the best possible price!
If we want the buyers to pick our home, then it needs to be the best choice out of all of the properties (or more specifically, against its comparables) available on the market! And in order to be the best choice, our home needs to be the most saleable property in the area!
BUYERS NATURALLY BUY BY COMPARISON
What is meant by ’saleable’?
Essentially, ‘saleable’ means offering a strong value proposition, i.e. offering more property for the money, or more value for the money.
For example, if Property A offers a stronger value proposition than Property B, then Property A is more saleable than Property B. And assuming that both properties are the same, the buyer will naturally pick Property A, as it is the more saleable property of the two.
And if there are five of the same properties in the area, Properties A-E, with Property A offering the strongest value proposition, then Property A will be more saleable than those other properties. The buyer will naturally pick Property A once again, as this time, it is the most saleable property in the area!
Simply put, by ‘saleable’, we mean offering a stronger value proposition or better value than the competition!
But make no mistake, saleable is certainly not about underpricing one’s home or pricing it for ‘cheap’, nor is it about racing one’s price to the bottom, simply to secure a quick and easy sale! Rest assured, the purpose of this guide is not to sell our home for less than the market value!
Saleable pricing, i.e. pricing our home to be more saleable, is a strategy aimed at achieving the best price. The pricing strategy is for encouraging strong buyer engagement for our home and attracting the strong level of interest, competition and demand we’d need to achieve the best price!
Why should our home be more saleable than the competition?
As mentioned at the beginning, buyers buy by comparison and pick what they believe is the best choice for them - more specifically, the best choice and/or value for their money!
Also as mentioned in the beginning, properties that are available on the market are choices that are available to the buyers. Each and every one of those properties are competing against one another for the buyers’ attention and interest.
Properties comparable to our home that are available on the market are the competition. Each and every one of those available comparable properties are competing against our home for the buyers’ attention and interest!
If we want the buyers to pick our home, then it needs to be the best choice over the competition. And in order to be the best choice, our home needs to be more saleable than the competition!
Our home needs to offer a strong value proposition, compelling enough for the buyers to want to pick it over the competition, or at least give it their highest priority and consideration over the competition. If our home does indeed offer a stronger value proposition over the competition, i.e. it offers more property for the money, or more value for the money, than what the buyers can get elsewhere; then naturally they will pick our home, as it presents itself as the best choice for the buyers!
Otherwise, if we choose not to make our home more saleable than the competition, i.e. not offering a particularly strong value proposition, then it will likely be regarded as not offering the best value for the money - leaving the buyers to give our home less priority and consideration in favour of competing properties that offer better value, or worse, leaving them to ignoring it altogether!
Making our home more saleable is key to achieving the best price!
How is making our home more saleable key to achieving the best price?
Making one’s home more saleable generally tends to encourage strong buyer engagement for the property. Offering a strong value proposition generally tends to be compelling and exciting for buyers, stimulating their interest to want to engage and pursue the property further. If the value proposition of our home is indeed tremendously compelling and exciting, then many buyers will flock to see it!
In essence, attracting strong interest, competition and demand for our home is what we need to achieve the best price. Strong buyer engagement is what brings the strong level of interest, competition and demand. Making our home more saleable is what stimulates the strong buyer engagement. And offering buyers a more accessible price point to engage with is what makes our home more saleable!
Helping buyers to pick our home as their highest priority and consideration
Even if making our home more saleable does not make the buyer go as far as picking it as the property that they want to buy (at least not yet during the earlier stages of their property search), we should aim to at least compel the buyer to pick it as their highest priority and consideration over the competition.
From the buyers’ perspective, seeing a more saleable property makes their job easier in deciding which property from the choices available on the market that they should pick to give their highest priority and consideration to. This is especially important for buyers who do not have ample time to find a suitable property. If our home is a more saleable property, then we are in fact making the buyers’ job easier in helping them to decide to pick it as their highest priority and consideration over the competition!
From the sellers’ perspective, not only does one’s home being a more saleable property help them to achieve the best price, but it is also more likely to sell swiftly or in a timely manner. Otherwise, if the property is not any more saleable than the competition, then the buyers will have a more difficult job in deciding which property to pick to give their priority and consideration to; which means that the property is likely to be lost in the shuffle among its competition and likely to sit on the market for longer, with its time value diminishing the longer it sits!
But don’t buyers generally tend to pick and view more than one property before deciding which one to buy?
One does certainly acknowledge that buyers generally tend to pick and view more than one property before deciding which one to buy, but not all buyers get around to viewing all of the properties that they intend to view for one reason or another. It’s quite possible, for example, that the buyer may decide to buy the third property that they’ve viewed without needing to view the rest of the properties on their list - consequently, those remaining properties on the list that have not yet been viewed have lost out on a chance of a potential sale, simply because they were not higher up on the list and/or not given enough priority or consideration! The buyer’s decision could be due to a number of reasons, but here I highlight a couple of possible reasons as examples:
The buyer may have decided that the third property fits their needs and sees no reason to expend further time and effort in viewing the rest on their list.
The buyer may have decided that the third property fits their needs and is unable to view the rest on their list due to time constraints or pressure.
In either of these two scenarios, it may well be the case that our home equally fits or is even a better fit for the buyer’s needs. But if our home was one of those remaining properties on the list that the buyer did not get around to viewing before abandoning them and deciding to buy the third property, then we’ve lost out on the chance of a potential sale!
But not only have we lost out on the chance of a potential sale, we’ve also lost out on a buyer that could have contributed to and strengthened the buyer engagement for our home. Each and every buyer we capture only serves to strengthen the buyer engagement, as well as strengthen the interest, competition and demand for our home! But if we lose out on a buyer that we could have captured, then the buyer engagement, as well as the interest, competition and demand for our home won’t be as strong as it could have been!
In this scenario, the reason why we’ve lost out on the chance of a potential sale and/or the buyer contribution can be partly attributed to the fact that our home isn’t more saleable than the top competition on the list that were seen by the buyer before deciding to buy the third property.
If our home was indeed more saleable, offering a much stronger value proposition, then there is a likely chance that the buyer will be more compelled to want to put it higher on their list and/or give it higher priority and consideration, where it’s likely to be viewed much earlier before the other properties on the list. Our home will therefore be more likely to be seen and considered by the buyer when deciding which property to buy, rather than potentially become unviewed and abandoned along with the rest of the properties that are lower down on the list, or are of lower priority and consideration!
And if more buyers are compelled to want to put our home higher on their list and/or give it higher priority and consideration, then this only serves to strengthen the buyer engagement, as well as strengthen the interest, competition and demand for our home!
We shouldn’t take the chance of buyers not giving our home their highest priority and consideration
For some buyers, where one’s property sits on their list may not necessarily reflect the buyers’ priority, consideration or preference relative to the other properties on the list. Although some buyers may sort their list in the order of priority, consideration or preference; other buyers may simply list their properties of interest more randomly, perhaps in the order that they were added or noticed (or some other order).
If the buyer does in fact list their properties of interest in a more random order and our home is one of the properties on the list, then there’s no telling where it sits on the list. The further down our home is on the list, the less likely the buyer will get around to viewing it for the possible reasons discussed above.
In this scenario, the reason why our home sits in a random position on the list can be partly attributed to the fact that our home isn’t more saleable than the competition on the list. This means we have not offered a strong enough value proposition, nor given the buyer any compelling reason to want to put it at the top (or at least near the top) of their list, and/or give it higher priority and consideration.
Even if the buyer does list their properties of interest in a more random order, if our home was indeed more saleable, offering a much stronger value proposition, then there is a likely chance that the buyer will be more compelled to want to put it higher on their list and/or give it higher priority and consideration, where it’s likely to be viewed much earlier before the other properties on the list. Our home will therefore be more likely to be seen and considered by the buyer when deciding which property to buy, rather than potentially become unviewed and abandoned along with the rest of the properties if they’ve decided that they’ve viewed enough!
Simply put, we shouldn’t take the chance of buyers not giving our home their highest priority and consideration. Regardless of how buyers sort their list, we should aim to make our home more saleable to ensure that buyers give it their highest priority and consideration over the competition!
How do we make our home more saleable?
Offering the strongest value proposition
For our home to be more saleable, especially the most saleable over the competition, it needs offer the strongest value proposition, or more specifically, it needs to be the most attractively priced property of its type.
Saleability is ultimately determined by price.
To better understand this, let’s consider the following scenario in the image below.
Let’s assume that there are seven properties in the same area, with each and every one of those properties competing against one another for the buyers’ attention and interest.
Properties 1-3 are the same size, and Properties 4-7 are the size same - but Properties 4-7 are bigger than Properties 1-3.
Properties 1-4 are the same price, say £1,000,000 each, and Properties 5-7 are the same price, say £1,200,000 each.
When only looking at Properties 1-4 - Property 4 is clearly bigger than Properties 1-3, making Property 4 the most saleable of the four properties, since it’s a bigger property for the same price as the other three in the area.
When only looking at Properties 4-7 - Property 4 is clearly less expensive than Properties 5-7, making Property 4 once again the most saleable of the four properties, since it’s a lower price for the same size property as the other three in the area.
In fact, Property 4 is the most saleable property over the entire competition in the area!
We can see that in both of these scenarios, Property 4 offers the strongest value proposition in the area, offering more property for the money, or more value for the money, than the competition.
So if buyers were looking to buy in that particular area, then they are bound to flock to see Property 4, allowing its seller to have the pick of the bunch! And since Property 4 is bound to encourage the strongest buyer engagement, and therefore attract the strongest level of interest, competition and demand in the area, it’s most likely to achieve the best price compared to the competition!
In contrast, since Properties 1-3 and Properties 5-7 do not offer as strong of a value proposition, those properties are bound to attract fewer buyers or less buyer interest (or even no buyers or interest), leading them to receiving weaker levels of interest, competition and demand, resulting in fewer or no offers!
What if we are not offering a strong value proposition?
If we are not offering a strong value proposition, then our home will not be any more saleable than the competition. Our home will fail to stand out and fail to excite buyers and stimulate their interest, and in all likelihood end up stagnant and stale on the market!
As an example, let’s consider another scenario following on from the previous scenario above.
If Property 4 fell in line with the competition, specifically Properties 5-7, meaning that Property 4 is priced the same as those three properties, then it is no longer offering a strong value proposition, and therefore is no more saleable than the competition! Property 4 is no more saleable, as it simply now offers the same property for the same price as the other three in the area.
If Properties 5-7 have become stagnant and stale on the market, then there is no reason to believe that Property 4 will perform any better and attract any more buyer interest than those properties, and not simply end up equally stagnant and stale on the market!
The saleability of presentation
For the purposes of providing a simple example, I’ve only so far discussed saleability relative to the property size. Saleability can also be relative to the presentation of the property, as the value proposition can also be found in the level of presentation on offer.
For clarification, I refer to ‘presentation’ to include the structure, layout, design, aesthetics, condition, and facilities of the property.
To better understand this, let’s consider a similar scenario as before.
Let’s assume once again that there are seven properties in the same area, with each and every one of those properties competing against one another for the buyers’ attention and interest - only this time, all of the properties are the same size but offer different levels of presentation.
Properties 1-3 offer adequate presentation, whereas Properties 4-7 offer superb presentation.
Properties 1-4 are the same price, say £1,000,000 each, and Properties 5-7 are the same price, say £1,200,000 each.
When only looking at Properties 1-4 - Property 4 clearly offers better presentation than Properties 1-3, making Property 4 the most saleable of the four properties, since it offers better presentation for the same price as the other three in the area.
When only looking at Properties 4-7 - Property 4 is clearly less expensive than Properties 5-7, making Property 4 once again the most saleable of the four properties, since it’s a lower price for the same presentation as the other three in the area.
Once again, Property 4 is the most saleable property over the entire competition in the area!
We can see that in both of these scenarios, Property 4, through its price relative to its presentation, offers the strongest value proposition in the area.
Overpricing will make our home less saleable, or even not saleable at all
If pricing our home attractively makes it more saleable than the competition; then conversely, over ambitiously pricing or overpricing our home can make it less saleable than the competition, or even not saleable at all!
If we choose to over ambitiously price or overprice our home, then we effectively give the buyers no reason to pick it over the competition. Buyers are not likely to pick our home nor even afford it their consideration or attention if they can get a bigger property for the same price, or the same size property for a lower price, elsewhere in the area. Similarly, buyers are not likely to pick our home nor afford it their consideration or attention if they can get a property offering better presentation for the same price, or the same presentation for a lower price, elsewhere in the area.
We should therefore avoid over ambitiously pricing or overpricing our home altogether.
How do we position/price our home to be the most saleable?
If we want the buyers to pick our home, then it needs to truly be the most saleable in the area over the competition from the buyers’ perspective. In order for us to know how to position/price our home correctly on the market to be the most saleable, we need to be seeing what the buyers see and understand how they would interpret the value of our home. This means looking at both:
Sold comparable properties - buyers want to know what they can reasonably expect to pay for a property of the same or closely similar type as our home.
Available comparable properties - buyers want to know what other choices are available on the market that are close alternatives to our home.
While there is no doubt that purchasing a home can be an emotional decision for buyers, the foundation of their decision on what they’re prepared to pay is fundamentally based on clear and attainable evidence. And so, we need to look at the evidence that the buyers are likely to consider when they’re looking at our home.
We need to know where our home sits among the competition in the market
Before knowing where to position or how to price our home to be the most saleable, we first need to know where it sits among the competition in the market.
The following are the steps we need to undertake, first find out where our home sits among the competition, and second, where to position or how to price it to be the most saleable over the competition. By undertaking this exercise, we are essentially carrying out a valuation of our home. I would highly recommend that you, as the seller, to undertake your own valuation and follow the steps below, as this would allow you to see first-hand, the value of your own home, where it sits among the competition in the market, and the evidence that supports the value.
Steps for sold comparables
First, we turn our attention to the sold comparables:
We need to compile a list of sold comparables. We can compile this list from the property portals (such as Rightmove or Zoopla).
These comparables ought to be as close or similar to our home as possible, i.e. property type (e.g. detached, semi-detached or terraced etc), price range, size, number of bedrooms and bathrooms, and presentation etc).
Location of comparables - I prefer looking at a 0.25 (¼) mile radius, but no more than 0.5 (½), to get the most accurate view of the market in our immediate area.
History of comparables - I prefer looking at the last 6-12 months, but no more than two years, to get the most accurate view of the most recent history of the market in our immediate area.
Once compiled and looking at all of the comparables on the list, we need to decide where our home sits among those comparables. I would first sort the order of the comparables from the most valuable to the least valuable. As a general rule, what makes one property better and/or more valuable than another property usually comes down to location, first and foremost, being the biggest contributor of the value, then size, then presentation. From there, we then decide where among those comparables does our home sit. If we look at the example from the image below - let’s say we decide that our home is bigger and in better condition than Property 3 but doesn’t quite match up to Property 4 - in this case, our home should sit in between these two properties.
Based on where we’ve positioned our home, if Properties 3 and 4 were previously sold for £1,400,000 and £1,600,000 respectively, then we can reasonably assume that the price of our home falls somewhere in between.
Therefore, by looking at the sold comparables only, we can reasonably assume that our home can be priced at around £1,500,000.
But should we only consider sold comparables?
Certainly not.
Sold comparables are only one piece of the puzzle, as they are relative evidence, i.e. relative to the time and market in which they were sold; but not absolute evidence, i.e. an absolute indication of the value at any time in the market. Therefore, sold comparables should be looked at together with other evidence, particularly available comparables, in order to get the best picture of our home’s value and asking price!
It’s helpful to consider comparables from more than one angle. Sold and available comparables are opposite sides of the same coin: sold comparables are historical evidence of achievable price; whereas available comparables are current evidence of unachievable price.
I cover comparable properties in more detail elsewhere in this guide - click here to jump to that section.
Steps for available comparables
And so, we next turn our attention to the available comparables:
We need to compile a list of available comparables. Once again, we can compile this list from the property portals.
Once again, these comparables ought to be as close or similar to our home as possible, i.e. property type (e.g. detached, semi-detached or terraced etc), price range, size, number of bedrooms and bathrooms, and presentation etc).
Location of comparables - once again, I prefer looking at a 0.25 (¼) mile radius, but no more than 0.5 (½), to get the most accurate view of the market in our immediate area.
And much like what we did before with the list of sold comparables, once compiled and looking at all of the comparables on the list, we need to decide where our home sits among those comparables. Once again, I would first sort the order of the comparables from the most valuable to the least valuable, before deciding where among those comparables does our home sit. If we look at a similar example from the image below - let’s say we decide that our home is once again bigger and in better condition than Property 3 but doesn’t quite match up to Property 4 - in this case, our home should once again sit in between these two properties.
One may assume at this point that our home can be priced at around £1,500,000, since it sits in between Properties 3 and 4, priced at £1,400,000 and £1,600,000 respectively. However, such a price point isn’t perhaps accurate to the true market value of our home. Why is this?
In a previous section, I explained that available also means unsold - meaning that available comparables are properties that are on the market because they remain unsold, or more specifically, remain on the market unsold at the asking prices that they’re listed for. For this reason, we should not be looking to align our asking price with those of Properties 1-6, i.e. the competition, as those properties have failed to sell, showing us that their asking prices do not reflect the true market value of those properties. If we were to price our home at £1,500,000 in alignment with the competition, then it wouldn’t be any more saleable than the competition! In fact, our home would be equally unsaleable as the competition and most likely follow suit in remaining unsold, and growing stagnant and stale on the market! So if Properties 3 and 4 remain unsold and therefore unable justify their asking prices of £1,400,000 and £1,600,000 respectively - then to price our home at £1,500,000 to be in alignment with their asking prices cannot be justified as a saleable price!
So rather than aligning our asking price with those of the competition, we should instead price our home in such a way where it shifts to a more appropriate position in the market, so that our home becomes more saleable than the competition. If we look at the example from the image below, we can see that by pricing our home at £1,400,000, it has been shifted to be on par with Property 3. Since Property 3 remains unsold and therefore unable justify its asking price of £1,400,000, it may be the case that the next property up, which is our home, is more worthy of the £1,400,000 asking price. At £1,400,000, our home would be more saleable than Property 3, since it's a better property for the same price as Property 3. In fact, at this price, our home would be the most saleable property over the entire competition (i.e. Properties 1-6) in the area! The competition being overpriced will only serve to make our home appear far more attractive to the buyers! If we want to make our home even more saleable, we can shift it slightly further in the market to £1,300,000!
Therefore, by looking at the available comparables only, we can reasonably assume that our home can be priced at around £1,300,000-£1,400,000.
Looking at both the sold and available comparables together
Now that we have arrived at the value and asking price of our home from looking at the sold and available comparables separately, we have essentially looked at the properties that we can reasonably assume that the buyers will consider and compare alongside our home.
Referring back to the example, when looking at both the sold and available comparables together to get the best picture of our home’s value and asking price, it would seem that pricing our home at around £1,300,000-£1,400,000 would make it the most saleable property over the competition!
At that attractive, and therefore saleable price, our home will clearly present the strongest value proposition, offering the most property for the money, or more value for the money, compared to the competition in the area!
If buyers were looking to buy in that particular area, then they are bound to flock to see our home, allowing us to have the pick of the bunch! And since our home is bound to encourage the strongest buyer engagement, and therefore attract the strongest level of interest, competition and demand in the area, it’s most likely to achieve the best price compared to the competition!
Does pricing at the saleable price mean that we are looking to sell for that price?
No, that is certainly not the purpose of saleable pricing. The pricing strategy is not about selling our home for less than its true market value.
Saleable pricing is a form of accessible pricing and is about encouraging strong buyer engagement.
In our scenario, although we are pricing our home at around £1,300,000-£1,400,000, our intent and purpose is not to sell for that price. Our ultimate objective is very much to achieve the best price, particularly if the market value of our home is in fact above the saleable price.
Strong buyer engagement is what brings the strong level of interest, competition and demand we’d need to achieve the best price. And to receive strong buyer engagement, we have to give the buyers something to be excited about!
Rather than listing our home at a fixed price, if we want to make it clear to the buyers that we are expecting to sell for a higher price, then we can certainly list it at, for example, ‘Offers Over £1,400,000’ or ‘Offers in Excess of £1,400,000’.
Extra factors to consider of comparables
In Step 5 of the exercise above (for both sold and available comparables), I advised that we should sort the order of the comparables from the most valuable to the least valuable.
How can we work out the value of each comparable?
As mentioned earlier, as a general rule of thumb, what makes one property better and/or more valuable than another property usually comes down to location, first and foremost, being the biggest contributor of the value, then size, then presentation.
It’s worth also considering the following extra factors.
Extra factors of sold comparables
Factor A - Location
We should consider the location of our home relative to the comparables. Generally speaking, a property referred to as being in a more desirable location usually means that compared to its comparables, it is:
Located in or closer to a quiet, peaceful, well-maintained and safe area, and/or a strong community; or a prime or in demand area.
Closer to local amenities, schools, transportation links, and/or a city centre or hub etc.
Generally speaking, if our home is in or closer to a desirable location compared to the comparables, then it will be more valuable than those comparables. Conversely, if our home is further away from a desirable location compared to the comparables, then it will be less valuable than those comparables.
Factor B - Market and History
How long have the comparables been on the market before they were sold?
Were the comparables sold at the initial asking price, or at a reduced price?
If the comparables had a price reduction, were they reduced once or had successive reductions before they were sold?
And how much were they reduced each time?
The price and market activity history of sold comparables presents to us a story of what has and hasn’t worked historically. Most importantly, it tells us how the market in our area reacts to particular activities and/or changes, especially to pricing.
For example, if a number of sold comparables in our area had to reduce their prices after a period of stagnation on the market before they were eventually sold, this is an obvious tell that we ought to be careful with our own pricing, otherwise we can expect to make the same mistakes if we are to follow the same marketing path!
The general rule of thumb is that, the shorter the timeframe between the point in which the comparable property came onto the market to the point in which it was sold, the more valuable it is perceived to be. Conversely, the longer the timeframe, the less valuable it is perceived to be.
Also, a comparable property that was sold for its initial asking price is generally perceived as more valuable than a comparable property that was sold only after a price reduction, but especially after successive price reductions!
By observing the history, we can follow what has worked, but more importantly, learn from others’ mistakes to help us to position our home on the market more appropriately, or specifically, more saleable!
Extra factors of available comparables
Factor A - Location
The same point discussed above regarding sold comparables also applies to available comparables.
Factor B - Market and History
How long have the comparables been on the market for?
Have the comparables been reduced?
If the comparables had a price reduction, were they reduced once or had successive reductions?
And how much were they reduced each time?
Much like with sold comparables, the price and market activity history of available comparables presents to us a story of what has and hasn’t worked historically. Most importantly, it tells us how the market in our area reacts to particular activities and/or changes, especially to pricing.
For example, if a number of available comparables in our area remain on the market despite having reduced its prices, then this is an obvious tell that we ought to be careful with our own pricing, otherwise we can expect to make the same mistakes if we are to follow the same marketing path!
The general rule of thumb is that, an older comparable property on the market is perceived to be less valuable than one that is more recent on the market (especially if the older property has had a price reduction or successive reductions), partly due to diminishing buyer confidence from social proof affirmation.
Again, by observing the history, we can follow what has worked, but more importantly, learn from others’ mistakes to help us to position our home on the market more appropriately, or specifically, more saleable!
Undertaking your own valuation
From the sellers’ perspective, it is certainly understandable to want to achieve the best possible price for our home, and it can be difficult to not be influenced by our own sentiment and bias when trying to determine the value and asking price. However, it is this very sentiment and bias that can hinder ourselves from selling for the best price, or from selling at all!
A good agent can carry out a valuation of a property that’s reasonably accurate within the range of its true market value. However, as the homeowner and seller, you are the best person to know your own home. For this reason, I would highly recommend, as an extremely useful exercise, for you to undertake your own valuation based on the steps that I have detailed above, so that you can see first-hand, the value of your own home, where it sits among the competition in the market, and the evidence that supports the value.
Why should I undertake my own valuation if an agent can do it for me?
Even if an agent carries out a reasonably accurate valuation, it may still be disputed by the seller, especially if one is strongly influenced by their own sentiment and bias and/or has not seen all of the evidence that the agent has seen to arrive at the valuation.
If the seller undertakes their own valuation and arrives at their own value of their home that’s supported by clear and attainable evidence, then they cannot dispute their own valuation. Any seller will find a valuation more compelling and acceptable if it is first-hand information, rather than second-hand information presented by the agent.
As the agent, will you still carry out the valuation for me?
Of course!
Our job is to make sure that we arrive at the most accurate valuation and this can be better achieved looking at the value of our home from more than one perspective.
We will carry out the valuation on our end as well, so that you, the seller, can understand the value of your own home from both perspectives, i.e. yours and ours! By looking at both sets of valuations, each carried out by the seller and the agent, we can look to identify where the similarities and/or discrepancies lie between the valuations, to help us arrive at the most accurate valuation!
So rather than you, the seller, simply being presented with second-hand information prepared by the agent - valuations work best as a team effort between the seller and the agent!
In Step 1 of the exercise above (for both sold and available comparables), I advised that we needed to compile lists of sold comparables and available comparables from the property portals (such as Rightmove or Zoopla). You may choose to compile these comparable lists yourself, or to make your job easier for you, I can provide you with these comparable lists with our Best Price Guide or Comparables Report.
Click here to get in touch with me to request for a Best Price Guide or a Comparables Report!
Getting in touch with me
If you would like to discuss any of the above points with me further, or if you need help or have any questions in general, click here to get in touch with me.
In order to determine where our home sits among the competition, i.e. the comparables, in the market, we need to understand its value and how valuable it is compared to those comparables. This means that we need to consider the contributing factors that make up the value of our home.
So if you want to understand the value of our home, particularly the contributing factors that make up its value, come join me in the next section.