Selecting a Price
When selecting the price to list your property there are many factors to bear in mind. If you select a price which is too high this will limit the number of people looking in the bracket the property should be in, and cause them to miss the property, or otherwise dismiss it as overpriced. If the property is priced too low, it will limit the amount you can achieve from the sale, this is why it is important to get the price correct.
When selecting a price look at other properties in the area which have recently sold and what they have sold for, this information is available on land registry, however recently sold properties can also be seen on Rightmove and Zoopla, and you can look at the photographs to see if they are in a comparable condition to yours, and if they have the same number of rooms.
It is important when selecting your price to see what hasn't sold as well as what has, as this is an indicator of properties which have priced themselves too tightly and therefore failed to achieve a sale.
There are a number of options for which 'Price Type' you would like to use when marketing your property. The different options and a description for each are below.
This should be used to describe the price you are hoping to achieve for the property and is the most commonly used on the property portals. Often buyers see this and make an offer for the property below the asking price. You aren't obliged to accept any offer for your property regardless of what you advertise it for.
This is what you should use if you don't wish to disclose the price you are marketing the property for, however we would discourage this use unless specifically recommended by our Customer Support team. You will still need to provide a guide to the price so that the Portals know in which price bracket searches the property should appear. This tends to be used for higher priced properties.
This is used to indicate there is a level of flexibility with regards to the price, this can be either below or above the stated price, but that this price is open to negotiation.
This tends to be used to indicate that there is no movement in the price of the property. Use this if you are looking to achieve the asking price with no movement. The drawback to this pricing structure is that if people are unable to reach the asking price it may discourage them from viewing the property at all.
Offers In Excess Of
This is to be used when you have a minimum price in mind for you property but are expecting to achieve over this asking price. This can be useful if you would like to encourage a lot of viewings, and have go to a potential best and final offers situation. It can also be used if yo are selling in a much sought after area where you expect to have a number of viewers and offers for the property.
OIRO (Offers In Region Of)
This is very similar to the guide price, to indicate there is a level of flexibility with regards to the price.
Sale By Tender
Sale by Tender is for when you are inviting tender bids for your property, this is where people are asked to put in their best bid for the property by a certain date, and you then go with your preferred offer after that date. Again you are under no obligation to accept one of the offers if you aren't happy with one.
From indicates a price higher than the asking price, and invites people to offer in excess of the asking price.
This is to show potential buyers that the property is shared ownership, and the price you are looking for is for your share of the property. Please note you should put in your property description the % of the property that is being sold at this price fairly prominently.
Offers over is to be used in the same circumstances as Offers In Excess Of, when you have a minimum price you are looking to invite offers over this price for.
Part Buy is for properties which tend to be on a housing association scheme where you buy a percentage of the property and rent the remaining percentage of the property. Please not in the description the percentage you are selling, as well as the rent which is payable on the remaining percentage.
This is for properties which are being sold as part of the Governments Help to Buy scheme, where a share of the property is paid for by either the government or in some cases a developer, and this would then be paid back at a later stage in accordance with their scheme.
Changing the Price in HERO
In the summary section of the property dashboard you have the ability to change your price and the price wording, as well as see an overview of the number of room types (these can't be edited from here however and would have to be done in the property details section).
Editing your price can be done by clicking on the change price link on the summary box.
Once you have clicked this link it will open up the box below, which will enable you to change the price. You can change the price type wording, using the drop down box on the right hand side, otherwise you can change the amount by typing a new price in the box on the left.
Click confirm once you have done this and it will change the price for you. You can find a guide to the price type options here.
Once you have mad all the changes you want to make, you need to click the submit changes button (top right), which will send all of your changes to our team to check over for you, and publish to the portals from there.
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