What determines whether you get a high price for your property

Everyone selling their property keeps asking themselves one very important question: what is the maximum price I can ask for my property? Valuing a property is a key matter – and it determines how quickly you sell your house, flat or plot. Or whether it will come to a sale at all. That is why today we will take a closer look at the factors that have the greatest influence on the price of your property.

The first group consists of factors we have no influence over, but which must be taken into account when setting the price of a property.

The first of these is the global situation on the property market.

Whether we like it or not, the economies of all countries in the world are inextricably intertwined. Countries trade with one another and exchange goods and services. That is why property prices in Poland can be affected by such seemingly exotic factors as the situation on the New York stock exchange or the condition of banking systems in Western Europe. They are, after all, a barometer of global moods – which also rub off on us Poles.

For example – the economic crisis in the USA in 2008 caused property prices in other countries (e.g. in Spain) to fall significantly. There are known cases where entire office buildings were sold off for a few hundred euros. The consequences of those events were felt here too – although fortunately to a much lesser extent.

Another factor that affects the price of a property is the national market situation. More precisely – the relationship between demand and supply. This picture is made up of many variables: how easily banks grant loans, the number of flats available on the market, and whether developers keep up with building new ones.

The prices of properties across the country differ depending on whether the market is in a rising or a falling phase, and whether we are talking about the market in large or small towns.

The third independent factor that has a great influence on property valuation is the local situation. When examining this factor, we need to answer the following questions:

• What reputation does the district where the property is located enjoy?
• How much interest is there in nearby properties of a similar standard?
• Are there important facilities near the property, such as bus stops, parking, shops, recreational areas, access roads, etc.?
• Do traffic jams form in the area?
• What kind of neighbours live there?

And many, many others.

All of this will significantly affect the price of the property.

Fortunately, however, there are factors over which we have more influence and which we can modify so as to raise the price of the property as much as possible.

The first of them is the general condition of the property. The simplest and most obvious measure is renovation – which will improve not only its appearance, but also its price tag. After all, the cost of renovation is not only the cost of materials, but also labour, time, effort and nerves that we devote to bringing the property into better condition. These costs can safely be converted into money and the price of the property raised by that amount.

Another factor is marketing. A property can be described in a laconic, vague way, and accompanied by poor-quality photographs. But that way we will not win the best clients.

That is why how we present our property to the world becomes very important. As we know from numerous psychological studies – people make decisions (even important ones) on the basis of their impressions and feelings. That is why we should make sure that the property, for example, smells nice and looks aesthetically pleasing – in a word: evokes positive associations from the doorstep.

On the property market, the winning listings are those that include, for example, an attached map showing the property's location, detailed descriptions and attractive photographs taken by a professional – suitably lit and framed. All of this adds up to the overall effect, the final reception and also an important psychological factor – expectations of the property. It is the listing that raises these expectations. And it is on their basis that the client decides whether to arrange a viewing of the house or flat.

So when valuing a property – we should both take into account the factors over which we have little influence and suitably modify those over which we do have influence. And do everything – in efficient cooperation with specialists – to maximise the chances of selling the house or flat at a higher price.

If you are looking for someone to help you value your property skilfully and correctly – please contact me.

And if you know other ways to increase the value of a property – share them in a comment.