Why Getting The Pricing Strategy Correct From The Start is Vital When Selling Your Property

If you’re looking to sell a property in Scotland setting the right pricing strategy from the moment your property goes live on the market is crucial if you want to get the best result from your sale. Unfortunately, one of the most common mistakes we see sellers make is wanting to set their asking price as high as possible, thinking that this will help them to achieve the highest selling price.

In practice though, when it comes to pricing, the best way to achieve a good sale is to generate competition for your property. If there is competition then interested parties will be more motivated to come forward with their best offer to secure your property, especially if you are able to get to a closing date scenario. If you set your asking price too high this will be off-putting to potential buyers resulting in fewer viewings, less competition and ultimately a worse result from your sale.

Properties will always be most visible during the first week on the market when they appear at the top of search results and are sent out to relevant buyers who are registered with major property websites like ESPC and Rightmove. So if you get the pricing wrong during this period and deter buyers when visibility is highest, you will face an uphill battle to get a good result from the sale.

So how do you make sure that the price is right from day 1? In the current market in Edinburgh and the Lothians, the best strategy for the vast majority of sellers will be to market your property using the Offers Over approach. This means setting the asking price below the Home Report valuation and inviting offers over that level.

When deciding on the level of your asking price, it’s important to factor in the price bands used on the major property website. On ESPC, for example, buyers can choose to set the maximum price for their search at £250,000, with the next price band above that being £275,000. Because of this, it tends to make little sense to set your asking price at Offers Over £255,000 when you could set it a little lower at £250,000 and be seen within a much higher number of search results.

And because buyers are familiar with the Offers Over system in Scotland, when searching online they will set their maximum asking price below their actual maximum budget, so you will still be seen by buyers who have the potential to purchase your home.

A good estate agent will be able to guide you on the best pricing strategy for you. At Warners, our expert team will be able to advise you based on a combination of market conditions, your property’s valuation, and your own circumstances.

If you are thinking of selling a property, the first step is to book a free, no obligation market appraisal. One of our expert team will visit your property to offer you an assessment of your property’s value, explain the marketing strategy that we would recommend for you, and answer any questions that you have about the selling process, our service, and the market in general.

You can book an appraisal online here, or call Warners today on 0131 662 4747 and one of our team will be delighted to help.