WHY YOUR LISTING IS STILL FOR SALE
The nation’s housing market may not be in the hands of as real estate professionals but Realtors can can take a step back and assess why a listing might not be selling. Even though existing-home sales increased in October and November, there was a decrease of 6.4 percent in December of 2018.
Now, experts across the country are predicting a continued shift towards a buyer’s market in the months ahead. But that doesn’t your listed properties shouldn’t be getting attention from the right potential buyers. If several of your company’s listings are sitting idle, it might be time to reconsider some sales strategies.
Unrealistically High Expectations
A home that is priced too high is bound to deter potential buyers, and it’s one of the top reasons a home won’t sell. Of course, the seller wants to make a profit, but be sure that the listing price is in line with the comparative market analysis. Maybe the seller is expecting too much holding onto the price for sentimental reasons, hung up on the amount of money they spent on renovations, or frustrated that the neighbors’ house sold for more money years ago. The key is to not let sellers set themselves up for disappointment.
If the property has had a lot of interest from potential buyers but no offers, the culprit is likely the price of the home. Buyers are ultimately the ones who determine the sale price of a home. Maybe the price is in line with other comparable homes, but the buyers just don’t agree with it. If an agent has decided price is an issue and has recommended that the seller lower their asking price, the next step is to determine how low to go.
A noticeable price drop will likely draw in new interested buyers or even bring back previously interested buyers.
Your Marketing isn't Working.
Writing a great listing is only half the battle. An agent has to be sure that potential buyers can easily find the listing. Maybe you said all the right things, included all the property’s details, and clearly communicated the home’s value—it won’t make an impact if the promotional efforts aren’t working. A For Sale sign in the front yard just won’t cut it in today’s competitive market. Your agents should have a combination of efforts and outlets in their marketing strategy.
Online: Be sure listings are advertised in a variety of online locations. Search for tools or software that will increase the exposure of your company’s listings with advertisement syndication on top listing sites. Be sure you are renewing your ads regularly to avoid falling to the bottom of the list. Share your company’s listings on your social media channels and target ideal demographics as much as possible.
Offline: Open houses and broker opens are important offline marketing avenues. Depending on the market, sometimes local classified ads are effective, or you might try posting flyers in local hot spots. Take advantage of networking opportunities to garner interest as well.
The House isn't Presenting Well.
If a listing isn’t selling and you think it’s priced competitively compared with similar homes in the area, then it’s time to go back to the research phase. What do these other homes have that this listing may not? Maybe they have freshly installed carpet while your property’s carpet is a little dated. Maybe they have brand-new appliances while yours are nothing special. Hopefully the client has already taken steps to prepare their home for sale prior to listing, but strongly encourage them to make efforts that will be worth their time and money in the end.
Sometimes small investments that beautify a space, such as adding molding or updated light fixtures can make a big difference. Consider asking your seller to remove any pets from the home during the selling process since fur and smell can be a major deterrent to buyers who aren’t necessarily animal lovers.
If a listing just won’t sell, take the time to honestly assess things to try to point out areas where improvements can be made. Your critical thinking will give clients valuable reasons to continue working with you, and your brand.
Then again, we understand that Realtors can be too busy to handle all the workload. And we can help! Summit VA Solutions provides real estate trained virtual assistants who can handle tasks that are taking too much of your time.
For more information you can give us a call at (877) 561-2778 or email us via firstname.lastname@example.org
About the writer: Shaura Cuyan writes about all the hottest Real Estate trends and predictions for Summit VA Solutions! She has previously written for a number of freelancing gigs and writes her own blog on lifestyle and current issues. She is a Graduate of Bachelor of Arts in Communication, taking up her Masters in Development Communication.