Sometimes it is easy to look at the property market and assume that the maximum price you can obtain for your property is based upon factors out of your control. After all, surely the selling price of your property and the potential to actually close the deal has a very close correlation to the local property market conditions?
While this is obviously true there are other factors which come into play which will allow you to squeeze the selling price as high as possible and close the deal. We will now take a look at some of these factors which you should bear in mind when looking to sell a property in the future.
Local property market conditions
As we touched on above, one of the major factors which will dictate the potential selling price of your property is local property market conditions. If the market is buoyant then you may well get above the “market rate” but if the market is subdued then you may need to take a lower price. It is fairly easy to gauge the mood of the local property market by speaking to real estate agents, checking the local press and researching on the Internet.
Knowledge is valuable
We looked at the role of agents in one of our earlier articles and we have to say it is imperative that they know what they are talking about, both locally and nationally, in order for you to obtain the best price. Agents receive a significant slice of your sales income for closing the deal so you do really need somebody who knows what they are talking about. There’s nothing worse than a potential buyer asking questions and the seller’s representative does not have the answers!
Basic dimensions
While many of the issues which will impact upon the potential selling price of your property are open to interpretation, the basic facts regarding the style of your property, the square footage and the general condition of the building(s) are cold hard facts. In many ways these facts offer the basis from which sellers and buyers can negotiate. Obviously they will be looking at the situation from very different angles therefore trying to find some middle ground is probably the end goal.
Location, location, location
We say this time and time again; the location of your property will have a massive influence on its potential value. This is how many astute investors are able to acquire property in areas which are soon to be developed with the potential introduction of a better infrastructure. If you have “inside knowledge” of employment opportunities set to emerge in the future, for example, this could bump up the price of your property. Know what the situation is today and, as much as is feasible, try to gain an angle for developments in the future.
Comparable pricing
If you are pricing your property over and above the general cost of real estate in the area then you need to be able to justify your stance. People will instantly compare like for like properties, even if below the surface they may not be like-for-like, therefore if you are asking slightly more than the norm you will come under intense scrutiny. On the flipside of the coin, if you are looking for a quick sale and asking for slightly less than the market rate you will also attract a whole flurry of questions from sceptical buyers.
Marketing plan
It is easy to assume that selling a property is a simple as approaching an estate agent, agreeing a deal and a price and then simply place it “in the window”. The Internet has opened up a whole array of new opportunities for those looking to buy and sell property therefore you need to be up with current events, trends and strategies. A focused and professional marketing plan will likely help you to obtain your target price although there may be some interesting hurdles to negotiate before you get there.