How should you price your property

Agree on a ‘marketing price’ (NOTE: marketing price, not asking price or valuation figure). This should be based on factual market evidence and not simply be the price you’d prefer.

It’s important to remember that the purpose of a marketing price is only to attract maximum interest. It has no relevance to the true value of a property. In fact, the wrong marketing price can seriously effect your chances of achieving a premium

price. Too high and your house may not attract enough interest and stagnate on the market, too low and you will attract people who are unable to pay the premium price even if they wanted to.

It could be that you and your agent feel your property should be worth €530,000, but it’s agreed that the best marketing approach to adopt in this particular instance is to ask for “offers in excess of €500,000”, for example.

It’s best to market at a round figure i.e. €400,000 as opposed to €399,950. This will mean you appear in searches up to €400,000 ‘and also’ from €400,000. At €399,950, you would only appear in searches up to €400,000. Also agree on a pricing strategy - i.e. guide price, asking price, offers in excess of, offers invited etc. This will vary from client to client and property to property.

Author: Christos Nikolaou

BEng Mechanical Engineering, MSc Real Estate, ETEK Property Valuer, Register and Licensed Real Estate Agent.

Christos Nikolaou is the founder and Managing Director of Property Canvas, he holds a license as an Estate Agent from the Association of Real Estate Agents of Cyprus and he is a registered Property Valuer in the Technical and Scientific Chamber of Cyprus (ETEK). He is the author of our “How should you price your property” and is a certified advance negotiator.