Property prices – it’s always a hot topic. Is rounded pricing really the only way to price? Yes, it is and this blog post is going to tell you why using nines instead of zero’s in your asking price can potentially lose you an opportunity at selling your property.
The .99 is no longer as potent as it once was. It’s what I call outdated pricing. Sadly, I still see it all the time out there on the property market; many untrustworthy estate agents tricking their clients into believing that their property will sell much faster priced at £99,950 despite the fact it’s worth is £100,000. Putting a property up like this is in my eyes is a total disservice to their clients. Here’s why:
Main property portals go up in ten, yes there are exceptions e.g £75,000 and £125,000 but the rest go up in nominal 10’s or 100, 110, 120 and so on. When it comes to potential buyers searching for your property, you have to ask yourself this vital question – are people going to realistically search in the £99,950 categories or are they going to search in the £100,000 to £120,000 categories? Are they going to sit at their computers and really type in ‘£99,950’?
I think it’s fair to say that most search bars these days and ‘drop-down menus’ don’t even allow a search with a 999 increment option. The internet has changed the way in how people select their favourable pricing categories.
Another reason why you should avoid using numbers that are not rounded is that you’re discounting potentially 50% of your buyers. £99,950 will not even match in search results, and sadly your property will not even have a chance at being visible. You want that maximum exposure.
On a psychological note, sometimes, rounded numbers are also much easier to process in the brain and therefore they may just feel ‘right’. However, rounded numbers have less to do with psychology and more to do with that all-important searchability.
My advice to you is this: if you’ve got a property out there that’s currently on the market with an agent pricing it with nine’s instead of zero’s, I would seriously consider leaving this agent. This is your property. This is a matter of losing up to 50% of potential buyers. You may think ‘Ok, I don’t think I would lose up to 50%, I’m probably losing only a small handful of buyers’, I see your point but let’s remember here that all it takes is sometimes just 1 or 2 buyers to be interested and decide to buy and suddenly you’ve sold your property.
We are also happy to offer a free property valuation so please do get in touch with our Rossendale office if this is of interest to you.
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