Why Some Homes Don't Sell
There are only four things needed to sell your property. A mistake on any one or more of these could prevent you from selling altogether. In a hot market, some of these might not be as important as when you are selling in a slower market, but every market requires some combination of all four. For the fastest sale possible, optimize each one!
1) The Agent
The real estate agent you choose will control the marketing and exposure of the property. Choose the wrong agent and the best buyers won’t even know that your home is for sale! For something this important, always hire an expert!
Did you know that real estate agents are independent contractors, not regular employees? Unfortunately, that means there is no minimum standard for employment as a Realtor.
If you hire an expert marketer and a skilled negotiator, then your real estate agent could save you tons of money! However, another agent at the exact same company could cause you to lose money or even kill your sale altogether. Exact same real estate license; extremely different results!
Hiring an agent with anything less than expert skills is clearly NOT in your best interest!
How easy is it to show your property?
Some homes are just easier to show than others. There is a saying among Realtors, “If you can’t show it, then you can’t sell it.”
Think of it this way. The perfect buyer might be described as someone moving here to start a new job that has to find a house this weekend. A busy agent with your perfect buyer might decide to show all the homes that are vacant on lockbox first -simply because those are the easiest and most flexible to show.
Sometimes a listing agent will insist that they accompany all buyer showings. While a seller might be comfortable with this, it usually makes the home harder to sell.
Forcing the buyer and the buyer’s agent to work around the listing agent’s golf game, manicure, and family priorities means that your property just became harder to show-and therefore harder to sell!
Buying a home is a serious commitment. Having a listing agent present does not mean that he or she can talk a buyer into purchasing your home. Don’t expect her presence to change anyone’s mind about whether or not to buy the property.
Bottom line: Do your best to accommodate all showing requests. Make the property as easy to show as possible. Remember you are competing with homes that are vacant on lock box when it comes to getting showings from buyer agents.
3) The Condition of the Property
Once your property is listed for sale, it is now in a beauty contest! Most sellers give their homes some TLC before putting them up for sale.
Sellers often ask what they should do to the property before listing it for sale. The answer is that all depends on what your competition is offering. If they have new kitchens, baths, paint, flooring, and fresh landscaping and you don’t, then consider doing the same or reduce your price accordingly.
Here are some of the most common seller pre-listing activities:
2) Deep clean
4) Replace old carpets and/or flooring
4) The Price
Pricing correctly is the most common stumbling block for sellers. 60% of sellers must reduce their asking price before selling.
Overpricing costs you more than just time. It also costs you money. Buyers always ask the same two questions before making an offer. “What are properties in this area selling for?” and “How long has this one been on the market?”
Buyers ALWAYS believe there must be something wrong with a property that is taking a long time to sell. It is only natural for the buyer to “play it safe” and keep their price low when a property has been on the market longer than normal.
The buyers are looking at multiple properties to try and find the best deal for their money. Today’s buyers are more educated than ever. Not even the best agent, with the most creative marketing can be expected to sell an overpriced listing.
Bottom line: If the market says “No thank you” to your asking price, listen, and adjust the price quickly!
Let's talk about selling your home!
We can discuss staging, repairs, pricing, and any questions you have regarding the sale of your home. My goal is to help you get top dollar and close in the time frame that is right for you!