How to win second hand stock in the premium market.
Winning second-hand stock in the premium property market is a highly competitive endeavour for estate agents. Unlike the broader property market, the premium market is reserved for high-end, luxury properties that command substantial price tags. These properties often come with unique challenges and demands, but the rewards can be significant.
When speaking to agents recently, it seems that many sellers are coming up to the 4 week or 6 week review stage of a property that was launched to market in early September at the end of the summer holidays, traditionally a good time to launch. Sellers are feeling frustrated that they don't yet have a buyer, hoping to sell before that critical Christmas deadline! Agents who are being invited to pitch for the 'stuck' properties only seem to have one tool in their toolbox - a price drop.
A price drop may well be the answer. We all know agents who over value, and promise a low fee even in the premium market, in order to win business. What if the price has already been dropped? Or if no-one has been through the door to even begin a conversation about value to a buyer? Is the price drop always the solution? How much does the price need to drop to fall into the next Rightmove bracket and attract more buyers? The higher value of the property, the bigger the price drop needs to be to make a difference.
But price is only one of the 3 pillars of great property marketing. Has the first agent paid attention to the other 2 pillars already and so price is the only change to be made? If not, then what a fabulous opportunity for the second agent.
My advice, from building Lemon and Lime Interiors in the very rocky post-referendum market, would be to look at all 3 pillars before making a recommendation to the seller to take £50K or £100K off the price. Has the promotion of the property been done really well? Are there short form and long form videos? Drone photography? Lots of social media posts about the lifestyle the property offers as well as the Rightmove listing? If not, then win the business by doing these things brilliantly (don't promise and not deliver).
And, of course, pointless to be doing great videography or new photos unless the presentation is right. Buyers are looking for a home, not a pile of bricks and mortar. They have choice at the moment. They want to fall in love with their new home from the first photo they see. They want to share the reels of it on Instagram to impress their friends and convince their family, before they walk through the door for the first viewing.
Don't drop the price UNLESS price is the only thing the first agent got wrong. (And that would be very unusual in our experience.) If you're looking to sharpen the tools you have in your toolbox that another agent won't use, then please get in touch 07967 636718. We can usually give you a ball park quote for changing the presentation that you can take to a market appraisal. You can look prepared and forward-thinking - just imagine the response from the seller when you say something no-one has said before......
Elaine Penhaul, Lemon + Lime.
Website – www.lemonandlimeinteriors.co.uk
Photography Credit - Dean Ariel Photography
