Over the past few weeks I have been asked to speak with sellers who find themselves in this position with their current choice of agent. Here are the tips I've given them to get their property moving and have a buyer finally sign on the dotted line.
Shake up your Advertising
What most buyers do is search for properties well in ahead of the purchase. Some spend years looking into properties. If you haven’t changed your listing and promotional details since your property went on the market, your potential buyers will be aware of it – and ignore you as a result.
What you can do is refresh your advertising.
One of the most effective ways to connect to buyers and draw their attention is through photos. Changed up your photos a bit and put a different view of your house for people to come across first. If you’ve initially put a view of the interiors, try a shot of the front from the street. Switch photos several times and gauge the effect on different people, including some you can trust to be truthful.
You can take new photos if you feel the ones you already have are ineffective. If you’d uploaded an evening shot, this time try a daytime shot. Ask help from people who are experts at accentuating the positive.
Revise your property description and use new methods to sell your house to the uninitiated. Collaborate with your agent to come up with creative content and approach.
Put your target market in mind. If still haven’t got one, your first assignment is to zero in on who you want to sell to.
Also, you can switch to a featured or premier listing, or send out digital brochures.
Adjust your Price
Refusing to budge on your original price could cost you.
Price is one of the three most important factors in selling a property – the other two being location and presentation which includes all forms of marketing.
Price points are psychological triggers. Slicing one or five thousand dollars can get your house noticed and can leave a buyer feeling a purchase is on the horizon.
In a down market, price is very delicate, and can sway an interested buyer not to click on your listing or lodge an enquiry.
If your house has been listed for months, the market has changed around it. You may have started on a ballpark price, but now it’s not acceptable. Re-evaluate based on similar properties on the current market and re-list it at a price that buyers can get on board with. It's important to note that your property is on the market in competition with other properties and not on the market in isolation!
Leave the Market for the Moment
There are three things that can happen if your property remains on the market for months without a break:
- Buyers will avoid it, believing that nobody’s grabbing it because something is wrong with it.
- Buyers will try to leverage the time it’s been on the market to force you to sell at any price you can get.
- Buyers will take no notice of your property at all, ignoring it in listings as if it’s not even there.
Three months is normally all the time you have to sell and is an industry standard when signing an agreement with your agent. Beyond this, buyers begin to fall into one of the above scenarios, and you begin to feel concerned.
If there is no urgency, pull out your property for a few months. You’ll have a new crop of buyers searching for their perfect abode, ones who have not seen your listing – which means a fresh start for you.
Make Over your Property
Get the opinion of your agent and buyers who’ve seen your property, if they will accommodate you, about the things that turned them off. Think seriously if you need to make improvements.
If you didn’t home stage your property, consider investing in it. You can make your home appeal to your target market with the help of a professional eye of a home stager or stylist.
Consider cheap, fast makeovers, such as new colour scheme, more cleaning inside, or some lovely flowers in the front yard.
If the place will need a more costly renovation, consider if it will increase your odds of a sale and a good price. Consult your agent, if it will, then go ahead. This is better than letting your property sit for another several months.
Scope out the Competition
You may have put a significant amount of effort in selling your house, but you forgot to learn about your competition.
Work with your agent to get the tally of the tape, so to speak, between you and similar properties in the area, in terms of architecture and style, size, price, and other parameters. Another way to get a handle on the competition is by going to open houses and auctions. Find out what the buyers in those events have to say.
Aside from comparing properties, check out the homes and learn how they are being presented, how the open houses are being held, whether they are being sold at auction or by private treaty, and anything that catches your notice.
Comparing doesn’t mean you have to conform to everyone else’s properties. In fact, I often suggest the opposite. It’s about learning about the present market situations in your area and the price bracket. It’s being informed about trends or situation that may affect your sale.
Listen to Advice
If your home has not moved for several months, you’ve probably sought the help and opinion of your agent, friends and family. However, you may not be actually hearing what they are saying, especially if they are things that you’d rather not hear.
Seek advice - from your agent, real estate professionals, prospective buyers and people you trust - and be open to it. Accept the reality of the situation and commit to listening to construction suggestions.
Don’t Put the Blame on Anybody
It’s easy to lay the blame on yourself or others if you are unable to sell your property despite your efforts. Selling can be a major hassle, and if you are in a precarious financial situation (you’ve already bought a new house and feeling pressured to sell now), the strain can put you under.
Getting distraught or angry doesn't help in any given stressful situation.
Change Your Agent
Even if you make a decision to change agent, part ways amicably or you won’t be able to fully focus on selling your home. An agent-vendor relationship requires reciprocity and you and your agent may have failed to work as partners. Ask yourself, has my agent been telling me what I want to hear or what I need to hear?
Putting pause on the sale helps you re-focus and stop the blaming game.
Remain optimistic and make a change. Failing to make a change will only result in getting more of what you have already got!
And finally, call the Newcastle Real Estate Agent who enables you to turn the key to where you want to be! Call Annette Pinkerton directly on 0418 447 856 to list and sell your home.