Marketing is all about converting the buyer lead, into a physical inspection of the property, the more physical inspections the greater chance of buyer competition leading to multiple offers which generally results in a higher sales price.
Therefore it is vitally important to monitor the online performance of your property as compared to similar local properties. Monitoring the number of ‘hits or views’ your property is receiving compared to the market place can indicate how buyers are perceiving your property.
Your marketing needs to convert online visits to actual in-person visits. This where Price Point V’s Perceived Value comes into play.
If a buyer sees a perceived value for them at a particular price point they will want to know more about that property and will therefore engage with the property by means of a physical inspection. If the buyer does not see a perceived value they will discount the property and remove it from their further enquiry list.
So in short, your property when compared to other similar local properties must present the buyer with a feeling of perceived value at that particular price point to encourage further enquiry and a physical inspection which can then lead to an offer to purchase the property.
- Low to below average visits equals no to minimal inspections and minimal chance of an offer. This result simply means the pricing strategy needs revising.
- Below average to average visits equals more inspections and a limited chance of an offer. This result means you should monitor closely your price point compared to the competing local properties.
- Average to above average visits equals even more inspections, potential for competing buyers and multiple offers. This indicates that price point is offering perceived value to the buyers.
- Creating greater competition and multiple offers will result in a higher buyer demand which is critical to your sales result.
Perceived value can be created by means of a property that has been well maintained, professionally photographed and marketed, also the pricing strategy needs to be at a price point that is in-line with current market values.
More Enquiry > More Inspections > More Offers > Higher Price