It truly is a nightmare when home won't sell. This is every agent's worst case scenario and for good reason. It can be exhausting and defeating when it seems like no matter what you do - a home isn't gaining attention. Agents really feel the pressure when they can't sell a home in the time frame expected by the sellers. This can cause a flurry of issues but with these tips below - hopefully agents can find themselves in this type of situation less and less.
Take a Good Look at the Situation
Be sure to sit down and really look at the situation. This is also important to do with your clients so that everyone is on the same page. The first place to start? The comps for the area. The comparables for the area are going to set a reference point for both the agent and sellers to base their expectations. Realistically, one cannot expect a home in a lower-traffic area, etc. to sell quickly. This is good to know beforehand!
The comps in the area can help agents make adjustments to/be aware of:
- listing price
- time frame
- what the area typically attracts in terms of buyers
Given a home's condition, the area, and the market - a solid listing price can be decided upon. After all, listing prices are the factor that matters most when it comes to selling a home.
Another good indicator to go over with clients is the average number of days other homes are on the market. If that number is high - chances are that their home will take some time to sell. Knowing this going into a situation helps expectations stay reasonable and also it allows an agent to go in with a plan. Marketing, price adjustments, and strategic open houses can all help a home sell quicker.
Keep the Morale, and Communication, Up
Giving up or otherwise showing hopelessness isn't going to help anybody. Keep in mind that keeping the morale up is key when it comes to maintaining positive communication with sellers.
Remain innovative and creative when it comes to finding new ways to list and promote the property.
Some tried and true adjustments to make in the first two to four weeks are:
- Write an engaging description of the home. Really entice buyers.
- If all else fails; adjust the listing price and see if the offers come flooding in.
- Up the curb appeal - after all, first impressions are everything
- Ensure photos are top notch.
- Open availability for tours and open houses
- Elevating the staging of a home can go a long way
Try, Try Again
If at first you don't succeed - try, try again.
A rule of thumb is to take a listing off the market for 90 days, revamp the listing, and go for round two. While this is demeaning for both clients and agents - sometimes this is the only option. However, hopefully with the above tips relisting after a hiatus won't be necessary.
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