How to price a real estate property correctly

Offering PropertyImage Credit: Supplied

Best locations in hand, luxurious properties to showcase, a strong database but still no sales? Perfection is what the real estate market desires when it comes to closing deals. Perfection is attained when you adorn your selling proposition with the correct price.

In this article, we will discuss how to avoid transforming lucrative deals into just another over-priced property entry.

Pricing: Keep the price of your property consistent. Do not initially announce a high price with the intention of lowering if the investors do not show up. The fullest exposure of a page is received in the initial weeks of advertizing. It is advisable that you quote a competitive yet reasonable price for the property from the day your advertisement goes out to the investors. The correct pricing can make or break a transaction. It is important that you price your property at a reasonable rate and release it to the market.

Location: This is one price-determining factor that you cannot overlook. You, as a seller may sell a palatial complex at a remote location that has no access to modern amenities of the city; rest assured no one will pay you a dime. A decent apartment complex at the heart of the city will bring you buyers who will without a thought, give you more than what you ask for.

The market trend: If the market says your price is high – it is! It is advisable that you believe what the market says. It is probable that you may, in fact, break convention and prove the market wrong, but such an attitude will only leave you stranded while others make a profit out of the customers you turned away. Make friends with the market and plan your strategy in a way that it keeps pace with the pricing trend.

Layout: It is one thing that buyers look at while buying their property. Asking a high price for a claustrophobic apartment will have your investors running the in opposite direction. Buyers do not mind shelling out on spacious apartments. Here too, it is important that you stick to pricing ethics and do not go overboard.

Handy Hints
• Leave some room for negotiations but be consistent with the asking price
• Spacious apartments have higher market value and will generate multiple offers
• Set a competitive but realistic price by offering a fair figure based on location

Source: Priyanka Kotoky, Special to Properties
The writer is Social Media Content Writer, Silver Heights Real Estate


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