The cottage was bought at Auction, our client then obtained planning to develop the property in a 5 bedroom detached home with double garage. The client was in two minds as to whether to do the project himself, do a scaled down version or just sell as is with the planning.
We priced up the 3 scenarios and the client decided that the ‘sale as is’ route suited him best at this point in time. We suggested an Open House marketing strategy for the house sale, with 4 open house slots (2 on Wednesdays and 2 on Saturdays) and Best & Final Offers to be invited within 4 weeks of marketing. This gave the property a good window of opportunity to attract buyers before the market could quieten for Christmas, and focused the buyers to get their skates on.
By taking Best & Final Offers the client could look collectively at the end result and unless the figure is at a pleasing level there was no commitment on his part to make a sale, prospective buyers could also be assessed in terms of who is most proceed-able as the best price might not necessarily come from the best buyer.
During the open house slots in October and November we conducted viewings for approx 70 applicants, this resulted in 5 offers from proceed-able parties, one of which one was accepted.
The nature of the Best & Final Offers marketing is that we are asking a buyer to do exactly that, put their best and final offer in, this ensures that they lay there cards on the table, everyone has an equal chance of buying it at the point of offer.
Properties of this nature are always going to stir the water with a volume of interest, some of this is speculative and some is from seasoned buyers who will target this type of opportunity but the sums will need to add to get them interested. Projects are a rare commodity in any market place, where stocks levels are low and demand is on the up this is magnified and it is not difficult to see why this property has got the phones ringing.
We had interest from a whole range of buyers; people looking to move to the area, investors, developers and local buyers. The buyer who’s offer was accepted will be moving into the property as his home and is looking to carry out the work over a period of years to sell on in the long run.
Having an extensive number of viewings and several offers confirmed the correct market price for the property, which was at a satisfactory level for our client.
This case shows how an effective marketing strategy can help you sell your home to your timescales and expectations. If you would like to discuss the marketing of your property please contact us.