How to price your property correctly

The first step is to find how much your property is worth.

This should be based on factual market evidence and not simply be the price you’d prefer.

Then agree on a ‘marketing price’. The marketing price is not the actual selling price, but a price you will use on all the marketing materials.

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 affect your chances of achieving the best possible 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’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.

This way you can almost double your exposure.

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 to price your property correctly” and is a certified advance negotiator.

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