The importance of setting the right asking price

asking price

There is no doubt about the importance of setting the right Asking Price when you decide to sell your home. In a buyer’s market which is where we find ourselves now, it’s more important than ever.

What do the experts say?

That the Asking Price is the most important thing to consider when you sell your home!  It’s human nature to want to make as much as you can from the sale. But, you don’t want your home sitting on the market for months before you eventually drop your asking price.  The asking price must be right, it must be competitive and it should be in line with the pricing in your suburb.  After all, buyers have the final say on pricing.

Inflating the asking price?

Planning on inflating the Asking Price, hoping this will give you more wiggle room for negotiation – DON’T!  This could backfire.  There is so much research that shows that your home will sit on the market for a long time and that this will eventually result in you selling well below your inflated Asking Price.

Inflated asking prices work against you because new buyers look at other properties in your area and they will spot a poorly priced home quickly. So, do your homework.  At Keller Williams, we provide our Sellers with an opportunity to work with a myriad of information that helps us arrive at the right asking price.  And this means the valuation we prepare using a wide range of tools is presented in a written CMA and also an accurate property valuation.  When your home is priced right it will sell and it will sell quickly.

Do your homework

Honestly, it is not about selling your home in under a week, it’s about selling your home for the right price.  It’s about reaping a fair reward and understanding what market you are selling in.  As a rule, we always recommend a sole mandate which allows you to work with 1 agent.  Read our article on the Mandate and its Merits. And when you bet on Red with Keller Williams 1 agent means that almost 1,500 agents get involved to leverage their pre-approved buyers to your property.  It’s a win-win situation for us all.  Also getting 2 or 3 valuations will pretty much give you the same result.  And, this time it’s about hearing what you need to hear and not what you want to hear.  This is a competitive business and listing your property for a higher price may mean an agent can and will get your mandate, but it also means your enquiries will be limited at best.  Also, remember that enquiries lead to viewings and viewings lead to offers and an offer leads to a successful property sale and transaction.  Your home is your biggest investment, so it is the right call.

Don’t hold the Asking Price ransom

  • If your home needs work then consider fixing it.  Improve the marketability of your home in your area and remember you are competing with other properties in your suburb.  But don’t spend too much.  Let us give you some advice before you start spending money.
  • Ask your Keller Williams estate agent to itemize the costs you should expect when you sell.  There are costs and we cover them in detail in another article.
  • Over-capitalised or overspent?  Your Keller Williams estate agent will give you a solid indication of what your property will sell for.
  • What you paid for your home has nothing to do with its present value.  Ask how much suburb property values have grown year on year.
  • Remember the current property market determines your property’s value, today.

Two sides to the story

  • Sellers want to make as much as possible.  You want to benefit from the growth in the value of your property over time.  You want to cover costs if you can.
  • Keller Williams estate agents want to work with Sellers who are open to receiving expert advice on pricing. Our estate agents will demonstrate to you with a property valuation, what Asking Price you should consider.  Your KW sales associate will work hard to get you the best price for your home because they earn commission on the sale and they will want a mandate so be prepared.

Why you should bet on Red with Keller Williams

Keller Williams uses the culture of the brand to generate success.  Keller Williams is also the largest franchised real estate brand in the world.  With almost 1,500 estate agents across SA, what makes Keller Williams different is our value system.  You see the Keller Williams business model is built on sharing.  Meaning that 1,500 agents across SA all have access to you your listing.  Every single one of these agents has buyers for properties that have either been on the market or are currently on the market.  We leverage these buyers across areas and the entire model is driven by a win-win solution for all, or the deal is off.  So, you don’t have 1 agent working on the sale of your property, you have almost 1,500 agents involved.  But you only deal with 1 agent.  And you only have 1 board on your pavement.

Estate Agents – want to know more about KW?

Keller Williams (USA) is a top real estate brand to work for.  If you are an estate agent and want to know a little more drop me an e-mail.   If you would like to leverage world-class technology to the benefit of all our stakeholders across the value chain and end up with a win-win every time, then let’s touch base.  Also, read what makes Keller Williams the best!

Get in touch and set the right asking price when you sell

So, if you need a valuation done on a property anywhere in Randburg or elsewhere in Jhb, we can help.  Give us a call on telephone number (064) 549-3123.  Alternatively, drop us an e-mail at kwselect@kwsa.co.za.  We have a vast network of almost 1,500 top Keller Williams agents at our fingertips who are all just dying for the opportunity to partner with you to sell and conclude your property transaction in record time.

If you want to view all the Keller Williams properties across the country, click on our website to start the search for your dream home.  Need help getting a pre-approved homeloan, it’s free and our strategic partners will find you the best rate over 20 years!  And finally, if you are thinking of putting your property on the market and need a free property valuation, click here!

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