When you’re browsing properties or preparing to sell your own, you’ll often come across pricing terms like OIRO, OIEO, or Guide Price. While these might sound like estate agent jargon, they each have a clear meaning, and understanding them can help you approach a sale or purchase with more confidence. Here’s our quick guide to what these terms actually mean.
OIRO (Offers in the Region Of)
OIRO stands for “Offers in the Region Of”. It’s essentially a ballpark figure, the seller is signalling that they’re open to offers close to that amount. It could mean slightly under, bang on, or slightly over, depending on interest. For buyers, it invites you to make a reasonable offer without being too rigid. For sellers, it gives some flexibility to negotiate while still setting a clear price expectation.
OIEO (Offers in Excess Of)
OIEO means “Offers in Excess Of” a certain figure. Unlike OIRO, this sets a clear minimum the seller expects, and they’re unlikely to consider offers below that number. It’s often used when there’s high demand or strong confidence in the property’s value. Buyers should approach this knowing they’ll likely need to bid over the guide price to be successful. For sellers, OIEO is a strong pricing strategy when you don’t want to entertain lower offers.
Guide Price
A Guide Price is just that, a guide. It reflects what the seller hopes to achieve, but leaves room for negotiation. It’s often used when there’s uncertainty about the exact value or when gauging market interest. Buyers can offer under, over, or at the guide price depending on demand. For sellers, it’s a useful way to test the waters, though pricing too low or too high can affect the response.
Fixed Price
A Fixed Price means the seller has set an amount they’re happy to accept without negotiation. Think of it like a “buy it now” price, the first buyer to offer that amount in suitable circumstances is likely to secure the property. For buyers, it offers clarity and can help avoid bidding situations. For sellers, it can speed up the sale process, but may limit your chances of achieving a higher offer.
POA (Price on Application)
POA, or “Price on Application”, means the price isn’t listed publicly, and you’ll need to contact the agent to find out. This is sometimes used for privacy or in higher-end sales, but it can deter casual buyers who prefer transparency. From a seller’s perspective, it can limit interest unless the property has a unique appeal. Generally, a visible price helps generate more enquiries and keeps things straightforward.
Sources:
Rightmove Selling Guides, Zoopla Glossary, Propertymark Advice Centre, HomeOwners Alliance, The Advisory (UK Property Guidance)
