Wednesday, September 28, 2016 / by Nicole Solari
Why Your Listing Expired and Didn’t Sell
Seeing that your listing produced no desired results, you’re now wondering what went wrong. Chances are there were various factors of influence. If you want to sell successfully, don’t give up. Keep reading this book to learn why things failed, and how to avoid failure for future listings.
To achieve that, we’re going to take a look at the most commonly encountered reasons for unsuccessful listings:
Presentation (showings but no offers)
No Showings (not enough)
It seems obvious, but price is one of the key points. Listing at the right price works like a magnet— it attracts customers.
The first step is to call a real estate expert to understand the market prices and that also means understanding how other properties sell in your area. Then, if you’re not convinced, you can contact other real estate experts to confirm the initial prices, second opinions never hurt. In any case, you should contact more experts at the same time and not believe in one expert blindly.
If you learn that prices are higher than you thought and you are in a hurry to sell, don’t set a price too low either.
In fact, many sellers think that a lower price means quick sales. That’s not always true and it can be dangerous.
A lower price can have many negative consequences, such as:
Incorrect evaluation of your house. A low-end price is considered suspicious, and people may think you want to hide some serious problems. This results in potential buyers paying more attention and becoming very suspicious too.
Then, of course, people will try to negotiate the final price. This means your asking price could be greatly reduced and you will lose more money than expected.
In addition, as soon as your listing is really out there, changing it for a higher price later might lead to no sales. So, then you either remain with the low price or never get a buyer—which is not the goal.
Knowing how important prices are, let’s look at some data found by research. This will give some insight on how to set the right price for your house.
You can either guide yourself based on the above table, or if you don’t know, it’s best to call the expert. Don’t risk something as big as a house sale by doing it on your own!
Condition mainly has to do with appearances. It’s the first thing that captures the eye of any potential buyer. Don’t leave a mess in your house or on the lawn, and don’t have too many objects lying around here and there.
Make sure the air stays fresh, and the lighting reveals the best features and unique qualities that make your house special. Even outside, in the garden, you need to have everything in order and arranged accordingly. Any modification, repairs, etc. are to be done before putting the house on sale.
You don’t have to make any repairs or modifications on your own. Always call the experts and make sure everything looks as good as possible. It is worth it and prospective buyers will take you more seriously.
Often, you need to consider major changes in the bathroom. An old bathroom, or old tiles in the bathroom or any other unpleasant detail might drive buyers away. So, make sure it’s in perfect shape.
While there are people to believe that everything can be put on sale as is, they are wrong. Make sure you read through and invest a bit of money before trying to sell.
Think of updates to the bathroom as investment. You want people to picture themselves in your houses gorgeous bathroom. Consider that without making some investment into the appearance of your house your offers will be below your asking price or worse… you will have no buyer at all.
Make sure the presentation is of high quality. First impressions are critical moments and can make or break a sale. You want to attract buyers and the biggest attraction is well presented property.
After all, your house isn’t the only one for sale at this time, so you can’t act like you are the only one to offer. You will be competing with numerous properties all with different advantages and challenges.
You must make sure the house appears in a very good light, and produces an impression of “I want to have it now.” Presentation does make a huge difference!
#4. Not Enough Showings
If you find yourself in a situation where you see other homes and properties that are similar to yours being snapped up after a short time on the market or receiving the asking price or greater, well you have some questions to ask yourself.
Why don’t people look for your house? How come nobody seems to be interested?
The reason most times is very simple. The people who sold successfully contacted agencies, while you have not. It’s not a good idea to assume agencies are good for nothing. A professional might be just what you need. And if they can get you a higher price you won’t even bother giving them their commission.
People today make purchases based on what they see online. They check ads, pictures, prices, do a lot of comparisons and only later they decide to call for a few items. Obviously, to get there, your offer must be amazing. Professional realtors have an established internet presence and access to networks and information that you alone may not have knowledge of.
Online sales sometimes come with small loan calculators. Then, you can imagine potential buyers: they check the price, use the loan calculator, and think about the offer.
Many times sales are all about advertising correctly, and through the best means. It all comes down to marketing and strategies.
To better understand these parts, try to pretend you’re a buyer now. You’ll then clearly understand what people are looking for and how they are looking for it,
#5. The Market
Every house is an object, so this means your home is subject to the market prices. So, naturally, we have both supply and demand, and your supply will only sell in case there’s demand for it.
The market can change anytime. It is influenced by several factors such as:
The national economy: if people are concerned about what the future may bring, they don’t spend money and the real estate prices drop lower and lower.
The local economy: if the town/city, where your house is on sale, is in a good economic season, it has important universities, having several job opportunities, good schools and a sound infrastructure, then it’s the perfect opportunity for a higher selling price.
If the market is offering lots of houses, it means the buyers have many choices and yours must appear to be a higher quality property at a better price.
In that case, it’s hard to sell for a good price in a short time.
However, if you call an agent to sell your property, your house will be advertised in the best possible locations, including many real estate websites.
If you are selling an expensive house, you can advertise in niche publications that target doctors, lawyers and other well-paid professionals.
Then, if you are selling a single-story ranch house, you can market it in publications servicing senior citizens appreciating the style.
Bonus tip: To improve the presentation of a property update rooms like kitchens and bathrooms then create some “highlights,” such as an LCD TV and some furnishings. Buyers are attracted to properties by seeing themselves living in the space. So features like big flat screens and new comfortable furniture are worthwhile investments. And you get to take those new items with you when you move.
Another tip is to have open doors as much as possible—open to any potential buyers. Then you can arrange details with your agent.
It’s best to be near the city or at least near public transportation—location really matters. Since you want to sell your house, highlight all the positive aspects of the current location.
Here are some examples:
If you’re near a cute downtown area, then you can say how during the Holiday season there are small shops, music and a lot of people creating a perfect Christmas atmosphere.
If the buyers have kids, they will consider it a great experience. And family oriented activities foster a sense of community and happiness.
Is your house close to the ocean or sea? That’s perfect during the summer. You can present how swimming, surfing, running and sports are favorable in the hot season.
Does your view include mountains and forests nearby? Talk about it!
Is your house close to a number of schools? Many parents will be interested.
Is it close to supermarkets, biking trails, stadiums, or downtown?
These are very important and they add value to your estate because it will be interesting for different kinds of people.
You have to discover and highlight the positive parts of your estate and use them to give value to your sale.
Many people of scared of marketing and find it overwhelming, but it doesn’t have to be.
If you are an expert marketer, you already know the tips and tricks to find buyers, to communicate with them, to use the right words, to advertise properly and so on.
If you’re not an expert yourself, don’t pretend to be one. Just call the real experts!
#8. Your Agent
The agent is a real estate sales professional who can help you sell your house without your involvement. In fact, you pay them because they operate only for your interest.
The agent is, first of all, an expert professional marketer who knows and uses marketing tips and tricks. They will do many things, including:
Hire a photographer to get some professional pictures of your estate
Look for potential buyers and keep them engaged
Network with many brokers and agents to increase the number of potential buyers
Use the web and other tools to create a virtual tour for the purchasers
Provide answers to buyers’ questions immediately and manage the visits of your house
The agent will also become an expert of your property and ask you many questions to know the best features of your estate and to increase the probability of selling at a higher price.
In addition, the agent or expert marketer is able to understand the character/nature of people only after a few phrases, and then they can use the best words to communicate with buyers.
This is a key point, because many times if you use the wrong words you lose the potential buyers. Communication is very important.
The agent also knows how to setup the visual aspect and the presentation of the property. They know what to look for in prospective sales and they can approach buyers professionally.