How to reduce the price of your property and relaunch it to create maximum impact
Has your home been on the market for a few months without a sale? Are you starting to lose faith that a buyer will ever be found? It might be time to consider a reduction in the price of your property, but read this article first to ensure that you do it right and make the maximum impact.
Unless you are one of those lucky property sellers who receive a fantastic offer within the first month or two of putting your home up for sale, you may have to consider that a price reduction is inevitable.
Adjusting your price to ensure that your property sits within the correct bracket when trying to sell is certainly not harmful, other than the obvious loss of potential equity. It won't affect your ability to sell in the future, and it will not mean that you are destined to receive meagre or cheeky offers from buyers. Many houses, in fact, do not sell within the 4-6 week window of initial marketing, where the chances of a sale at the highest price are more likely. So, it is pretty common practice to adjust the marketing price so that your property attracts those buyers.
In fact, according to Zoopla (as of Oct 2023), 25% of properties are reduced within the first 90 days of being listed for sale. According to The Guardian, in September 2023, more than 36% of properties on the market had reduced the asking price.
So, you're amongst good company if you have to reduce your property price, and there is certainly no stigma attached to the process as there perhaps was many years ago.
But, there is more to reigniting the marketing of your property to attract a buyer than simply discounting the price and hoping that someone sees your home as a bargain now. So, what should you do for maximum impact?
- Reduce by enough - A newly priced property will be promoted online, but only if your reduction is substantial enough to meet the criteria. Rightmove will include your property in the email updates to potential buyers if the price is reduced by at least 2% of the home's original asking price. If you reduce your overall price by less than 2%, you will not get the additional promotion, and fewer people will be aware of your price adjustment.
- Price brackets - does your new price put your property into a new price bracket? Or is it almost in a new bracket? If this is the case, perhaps reducing by a little more to place your property squarely in a new price bracket will open up your listing to a whole new selection of potential buyers.
- Rejig the images - when altering the price of a property, it is a great time to rejig the marketing as well. Consider adding or changing the imagery, perhaps including some lifestyle shots to entice the viewers to arrange a viewing.
- Re-word the copy - does the wording on your property listing entice a buyer, compelling them to come and view it? Consider the wording and whether improvements or changes could be made to appeal to your ideal buyer.
- Twilight imagery - this can be very impactful and really make your home stand out. If you've not tried this marketing method for your property, now would be a great time to give it a go. Particularly when twilight is early in the evening during winter, it is relatively simple to achieve, rather than the long summer days.
- Switch things up? - if the time has come to reduce your property, it could be a great time to switch to a new agent. If your current agent has tried everything to get you a buyer, perhaps a refreshed approach and a completely new database of potential buyers could be the key to achieving your sale?
There is no exact science to pricing a property and no guarantee that a buyer can be found at any price. It is essentially trial and error, but the marketing materials and methods used to showcase your property can significantly impact the level of success you see in your sale.
At By Design, we ensure that all properties are presented to the highest of standards so that prospective buyers delight in searching and finding their dream home. Your home could be the next sale - get in touch with our property experts for more information on how we can help you sell your home.
