If your property has not been sold after being on the market for a long time, here are seven things you can do to finally move your property and put that sold sticker on it.
1. Shake up your advertising – photos, wording and placement
If you have not changed your marketing for weeks, your prospective buyers will notice and, as a result, will overlook your property. Making even the slightest changes can help your property to stand out again and bring new buyers to enquire and inspect.
2. Adjust your price
Don’t get stubbornly attached to your price, as you will lose in the end.
Location, presentation and price are the three factors buyers are interested in and will value your home based on how well or not so well they rank in comparison to your competition.
Simply put, if buyers see better value elsewhere, that’s where they will go!
3. Update your property or make improvements
Review the feedback from your agent. By updating or improving the buyers concerns you’ll not only be overcoming the objections of future buyers but also adding value back into your home.
If the property is empty, consider investing in home staging. There are literally dozens of thing you can do to make improvements but remember not to over capitalise. At the end of the day there is no guarantee that you’ll get a price that would cover the money you spent on the improvements.
4. Look at comparable properties
Aside from doing your homework on how to sell your property, it is also important to investigate your competition.
- Ask your agent for an updated appraisal to research recent sales and your new competition.
- Go to auctions and open inspections. Gather insights by talking to other buyers in those places.
- Don’t stop at comparing the property itself. Find out how the properties are being presented, how the open inspections are being carried out, how they are being sold (by auction, by private treaty, etc.), and other things that come to your mind. Check out what’s trending and what people are talking about.
5. Be receptive to advice
If you ask for help from people you trust, be really receptive to their advice, suggestion or recommendation. Especially your agent! Expect a reality check and be open to constructive criticisms.
6. Don’t put blame on anyone (particularly on you)
It is common to start blaming yourself or others when your property has been languishing for months in the market. It is stressful trying to sell a house, especially if you’re a financial bind or already committed to purchasing a new home.
If you’re feeling stressed, avoid feeling upset or angry. Even if you decide to change agents, don’t end the relationship with bitter feelings on your part, because you will find it difficult to concentrate on your second chance to sell your home. An agent and seller relationship is a two-way street, and it just so happened that your partnership did not work out. Besides, if your second agent doesn’t work out you might want to go back to your original agent.
7. Take your property off the market for a while
There are three things that can happen if a property is kept on the market for a long time with no break.
Buyers will avoid it, thinking that something is wrong with it.
Buyers will try to exploit it’s time on the market to negotiate a lower price.
Buyers will ignore your property all together because it has been pushed back several pages on the internet and they won’t even see the ad.
Taking your property off the market for a while will help you get back on track and end the blame game. Don’t let your optimism dim. Perhaps, it wasn’t the right time for you to sell. Perhaps you will have to wait until the market meets your price.
Recharge, take a break, and equip yourself with new techniques or support to get back to the market. Often its a minor, inexpensive improvement that gets your home sold so whatever you choose to do, do it NOW!
If you are thinking of selling or would just like an appraisal, call Annette directly on 0418447856.