The Role of an Asking Price

After signing off on your Home Report and therefore knowing your property’s Home Report value, the next step is setting an initial asking price. This price plays a crucial role in attracting interest and generating footfall, with the overall level of buyer engagement directly influencing the final sale price.

A well-placed asking price can mean the difference between a lacklustre response and a competitive bidding environment.

Creating Competition

One of the fundamental goals of setting an asking price is to create competition among potential buyers. Encouraging multiple parties to express interest and submit bids increases the chances of achieving a premium sale price.

By pricing your property strategically, you can help drive demand and position your property as a sought-after listing.

Strategic Pricing: Finding the Right Figure

The asking price should be set at a level that entices rather than deters buyers. If the price is too high, you may struggle to generate initial interest; too low, and you might not maximise your sale potential.

A well-balanced approach ensures the property attracts a broad audience while maintaining a competitive edge.

The Power of "Offers Over"

The most commonly used pricing prefix in Scotland is "Offers Over", and for good reason. This method signals to buyers that the property is likely to achieve more than the listed amount, encouraging them to submit strong offers.

It also aligns with buyer expectations, making it the most effective approach in today’s market.

Industry Standards in Asking Prices

In recent years, asking prices have typically been set at around 5% below the Home Report value.

This strategy serves multiple purposes:

  • It ensures the property is perceived as good value, generating maximum interest

  • It creates an opportunity for competitive bidding, ideally driving the final sale price beyond the Home Report value

  • It helps position the property effectively against similar listings in the area

Leveraging Property Portal Search Bands

An often-overlooked aspect of pricing strategy is property portal search bands. Buyers are asked to set search parameters on all major portals, which are simply "up to" and "from" certain price points. Setting an asking price considers these bandings is important, most effective if you could position this on the most popular figures at any particular level.

For example, a property with a Home Report value of £525,000 might be best listed at Offers Over £500,000. This allows it to appear in both “up to £500,000” and “from £500,000” search results, maximising exposure.

The Seller’s Final Decision

While an agent can provide expert guidance on setting an asking price, the final decision rests with the sellers. Your Agent is there to offer insight and market expertise, ensuring you make an informed choice that aligns with your objectives.

Ready to Go Live

Once the initial asking price is set, the Home Report is published, and marketing materials have been approved, your property is ready to be launched on the market.

At this stage, the For Sale board can be erected, and your property will be showcased to prospective buyers, setting the stage for a successful sale.