November 28, 2015
Back in 2005 when I was the manager of a successful Coventry estate agent, I decided to do a study in why some houses sold, and some houses did not. I took a selection of 100 houses over a 3 month period and analysed why some sold quicker and for a better price, but some houses either took a lot longer to sell or in some cases did not sell at all. I also did research in the sales practices of other commodities such as the new car market and also second hand cars on websites like Autotrader.
My findings were surprisingly simple but effective. Houses, new or used cars- In fact any commodity for sale, sell better when I discovered the secret to selling. The secret is that when marketing the product, an agent has to do 3 interdependent things perfectly. I worked out that if 1 out of 3, or 2 out of 3 items were done, then the chances of selling would be drastically reduced. THE KEY WAS TO DO ALL THREE 100% PERFECTLY. If you did, you would be guaranteed to sell any product.
Suddenly it all made sense. If a house was presented brilliantly and priced correctly, but wasn’t advertised correctly it would struggle to sell. Similarly, if a house was presented correctly, advertised in the right place, but was £20,000 overpriced, it again would struggle to sell. THE HOUSES THAT WERE SELLING WERE ALL PRESENTED CORRECTLY, ADVERTISED IN THE RIGHT LOCATIONS, AND WERE PRICED CORRECTLY TO REFLECT THE PROPERTIES THEY WERE COMPETING AGAINST.
When I set up Merrick Binch estate agents in 2009, the housing market was in the middle of the biggest downturn in history. However, I was so confident that my PRICE, PRESENTATION & EXPOSURE strategy was the secret to getting the homeowners of Coventry moving. I concentrated on what buyers wanted when a house was presented. Things like the quality of photography, floorplans, and lifestyle descriptions were added to our property brochures. I looked at where buyers were looking to find houses and introduced PREMIUM LISTINGS to the Rightmove website. I also looked at what was really happening in the housing market to ensure houses were priced correctly. It was so simple but effective. It still surprises me now how other Coventry estate agents still don’t understand this simple concept.
The introduction of these simple procedures has propelled Merrick Binch to the title of Coventry’s most EFFECTIVE estate agent by a country mile. The latest stats from Rightmove confirm that Merrick Binch sell a much higher ratio of our properties than any other Coventry estate agent. We also have a much higher CLICK THROUGH RATE (more buyers look more in depth at our properties), and our average sale time is the best in Coventry.
If you are struggling to sell your home in Coventry, call the sales office on 02476 578888 or book a valuation via our website www.merrickbinch.co.uk We would love to meet up and explain the secret to selling your home in more detail.