Sale or No Sale

What needs to change to sell a slow property, the price or the marketing? Simon Bradbury Partner at Fine & Country Cambridgeshire suggests that it may be a combination of both, along with the professional presentation of a property that really makes the sale.

Naturally, homeowners want to believe their house can command a top price, but the value of a property depends on a number of factors that sellers need to take into account. Realistically, a property is only worth what someone is willing to pay for it, so if your property is not moving, it may be time to consider a price reduction.

According to Estate Agent Today, in 2011 over 40% of all UK properties on the market experienced at least one price reduction.  A major contributing factor is changes in the market place. Property prices are relative to market forces, as well as local changes in the neighbourhood, so a price adjustment may be necessary to reflect current circumstances.  Even more pertinent are personal circumstances - the more quickly you need to sell, the more necessary it may be to reconsider pricing.

On the other hand, if your house is valued correctly for the prevailing market conditions, and you have the luxury of time, dropping the price may not be your best strategy. A price decrease takes money directly out of your pocket, whereas choosing to market a property more aggressively can increase the chances of selling at the price you want.

Let’s assume that your property is correctly pitched relative to local market conditions and that you have done those last minute touch-ups that give a property added face appeal. The lawns are trimmed, carpets are clean, and the house smells of freshly baked bread. Now how can you get people through the door? This is where a strong marketing strategy kicks in. Selling a home quickly at a top price isn't something that just happens, it requires skill and planning.

There is more than one way to reach a potential buyer and there is not one right way. The best marketing effort will include a number of channels customised for the property and the potential buyer. Combining traditional marketing avenues with innovative online and social media solutions can help overcome a slow response. 

Buyers are visual so using professional photography that really highlights the character of a property could be a starting point. Brochures are another way of increasing awareness, and are most effective if they are produced in both physical and electronic format.  A hard copy brochure can grab attention in more traditional markets, while an electronic version can easily be emailed to friends and family to gage opinion.

Canvassing cards can also increase visibility, particularly within a carefully selected demographic. According to the National Association of Estate Agents 50% of buyers move within a five-mile radius and 70% keep it under 15 miles. Getting to this audience increases your chances of a sale. Add a Quick Response code to that card and you have a quick and effective way of increasing the information available to a potential buyer.

Property is not simply about four walls. Buyers are also looking for a lifestyle. Short film ‘videoettes’ of each home are an interesting way to provide a life-like glimpse into what it might be like to live in a property, while highlighting exceptional features. This is where your property becomes a home, instead of just a house. Personal interviews with vendors that convey the personal elements of a home can be included, or distributed through both traditional and social media, such as YouTube and Facebook.

Combined, these ideas ensure the maximum possible exposure for a property, encouraging high levels of viewings, and helping to secure a quick and successful sale at an attractive price. Sophisticated, intelligent and creative marketing ensures your property is presented properly and along with the price, that is what really does sell.

Fine & Country Cambridgeshire, 0845 6032825, www.fineandcountry.com