This “FREE” report outlines 10 reasons why I believe you may have had trouble selling your home, while it was listed with another real estate company. These suggestions reflect what I see as to why many homes listed do not sell during the listing period. Please note that these reasons are only one REALTOR®’s conclusions and do not direct any accusations or suggest purposeful wrongdoing by any other real estate company and/or their agents.
- Your Property Was Priced Too High! Like it or not, price is generally the main culprit when it comes to why homes do not sell. Yes, the property might be in a poor location or have other negative factors impacting the value, but the bottom line is that somewhere out there, at “some” price, there is a buyer willing to purchase that property. If the price is attractive enough, or priced below market value, there is always a buyer willing to purchase it. Making certain your real estate is priced at market value is important, if you’re serious about selling.
- Your Property Was Not Listed On The Multiple Listing Service (MLS®). If you opted to try selling your home on your own (FSBO), or to exclusively list your property with one REALTOR®, then your home may not have been exposed to enough buyers. It’s imperative that your property be in the correct position on the MLS® to gain the maximum exposure to REALTOR®s selling property in your area.
- Lack of Staging. Did your REALTOR® help stage the home or make suggestions as to enhance the marketability? If not, this could be one of the downfalls of not finding a buyer for your property. Remember that you can do all of the staging in the world, but if your property is priced too high, staging will not sell it. One of the ways that you can determine if staging is a factor is by judging the number of showings you had. A lot of showings and no offers could indicate that staging might help.
- Photos. Many times, as a real estate professional, I have noticed properties listed that have had few, if any, photos or virtual tours featured on the listing. Ask yourself if this may have played a role in the marketing exposure of your home.
- Lack of Facts. Sometimes a commonly overlooked aspect of marketing a home is a lack of relevant information. Facts about improvements made to the property can be a good marketing tool in building value in the minds of potential buyers. Are there any improvements being made to the community…new development, amenities, transportation improvements, etc?
- Lack of Open Houses. Many REALTOR®s do not like to hold open houses, as they assume that people not working with a real estate associate aren’t qualified or that it is just ‘nosy neighbors’ that check out open houses. I believe it is important to expose your property to as many people as possible (other REALTOR®s and the general public). Open houses are excellent ways to get people inside your dwelling and then get them interested in the property! And if it is a neighbor checking it out, if they live in and love your neighborhood, they most likely know people, such as friends or family members, who have expressed interest in moving to their neighborhood.
- Working with the Neighbors. Who has a vested interest in the sale of your home besides you… your neighbors! That’s not too say that your neighbors will be glad to see you leave, only that they will have a concerned interest as to who might move in. Usually if your neighbors know someone interested in your neighborhood and can help sell your property, they will! This is generally a winning scenario for everyone involved.
- No Internet Presence. Unfortunately, many REALTOR®s still haven’t invested in establishing an online presence. Many buyers are starting their home search online and relying upon it to find their next home. According to the National Association of REALTORS® (NAR®), 88% of home buyers in 2011 used the Internet in their home search. If your property is not properly positioned and presented on the Internet, today’s tech savvy buyers likely won’t even see it.
- Communication. One of the main functions of your REALTOR® in listing your property is to a make certain the listing is exposed to the other REALTOR®s in your community. Networking with other REALTOR®s and participating in REALTOR® caravans or REALTOR® open houses is a positive marketing tool.
- Dramatic Change in Market Conditions Unfortunately, you can use the services of any REALTOR® and have your home positioned well based on the market conditions when you first enter the marketplace, but a sudden shift in market conditions, or major world events, can cause your home not to sell. Examples of this include a sudden unexpected increase in interest rates, the recent worldwide economic crises, a terrorist attack that causes uncertainty in the financial markets, war, etc.
Don’t be discouraged if your home did not sell the first go around. Make sure your property is priced correctly; follow these suggestions, have a positive outlook and I’m certain your property will sell.
Sometimes a fresh new sign, a new marketing plan and a change of perspective can be a good thing for everyone involved. If you think you might be ready for a new plan and some fresh ideas, I would love to visit with you. Feel free to contact me. Thanks for your time and I hope to hear from you soon.