Estate Agents: Property Marketing and Pricing

We've been analysing the local property market to feed back to a local, independent estate agent. 

Starting with Rightmove, we noticed that their website favours areas with more properties (understandably but unfair); it highlights 'popular' towns and postcodes. Properties and estate agents in 'other areas' are listed in 'other areas', which is where village and rural properties will be found. For example, Welwyn village, Oaklands, Tewin Wood, Digswell, etc. are some of the most desirable areas, but these are in postcode AL6, which is not in the 'popular' list - perhaps they should extend the page information to include 'desireable'. Residents and past residents in this postcode include Lewis Hamilton, Kim Wilde, Marty Wilde, Alan Brazil, Keith Burkinshaw, Frank Warren, H.G. Wells and Vincent van Gogh's sister Anna, to name but a few.

Searching on Rightmove for Flats/Apartments in Hertfordshire, there are 25 properties at £500,000 (at the time of writing).

We have selected some 'exclusive' properties for a comparison, as shown below:

Four of these properties are in the same price range. Some offer more than others in terms of internal space and layout and their annual charges vary accordingly; some may be shared freehold or leasehold. External facilites, such as the size of shared grounds, amenities (e.g. tennis courts), landscaping and ponds maintenance, parking, etc. also vary; annual fees may include insurance, gas, water, sewage, cleaning, building repairs and maintenance, etc..

The fifth property will appeal to someone who can afford over well over £1m for an opulent set of rooms with an unusual layout. If it's right for someone, there is very little competition.

The key to successfully Marketing a Property is to cast as wide a net as possible. Opportunities for listing them on the four major property search engines plus social media (YouTube, Facebook, Instagram and more) are supplemented by paid advertising in local newspapers and, of course, a good agent keep in contact with people who have contacted them regarding buying a property. The problem that many agents have with social media is that they pay little attention to it, claiming that very few enquiries arise from that area, which is a chicken-and-egg scenario.

Pricing for a unique property also poses difficulties as there are no 'markers' other than historical sales. It's almost a moot point because, as with everything, it's value is determined by potential buyers making offers. The government of the day has some influence, too. 

If you're looking for a different kind of home, check out some of those shown above. Feel free to comment with your opinions on the ones you'd like to live in.