“WHY HAS MY HOUSE NOT SOLD”? In all honesty, this is a question that a Realtor never wants to hear. It is, quite possibly, the first sign that things are not going as smoothly as you would have hoped for. I can tell you, from personal experience, when I list a home for sale I do so with a clear marketing strategy in place. I know where and when I’m going to advertise, hold open houses and I know at what stage we may have to adjust things. Invariable things may not always go to plan, but by discussing and agreeing your entire strategy at the beginning of the process you are establishing an understanding with your clients.
Any home may take longer than “average” to sell or in many instances; any given home owner may change the entire plan with a moments notice. You have to be willing to adapt your strategy or expectations. Here is my list of what I consider, to be the six most common (in no particular order, yet all equally important) reasons that your home won’t sell.
Pricing a home can be tricky but it is one of the most common reasons that a home has not sold. Some indicators that your home is over priced include:
- You are the most expensive listing in the neighbourhood
- Very few showings, very little open house traffic
- Lots of showings with no offers
- You picked the Realtor who told you what you wanted to hear i.e the highest price…..
- Feedback from other Realtor’s mentions pricing
You need to try and rely on the professionals. Just because you think your home is worth a million dollars doesn’t make it true, sorry!
Agent, Exposure & Marketing:
This can be a sensitive topic. Almost everybody is related to, works with or is friends with the wife/husband of a Realtor. This makes it very easy to go with the comfortable option of hiring (yes you are hiring them, they work for you) the person you know. It is an understandable choice, but is it the best one?
I urge you to try and put sentiment aside and hire the best person for the job. That person should be able to present you with a clear and concise plan. They will show you where they will spend their advertising dollars, not make vague suggestions about where your home MAY be advertised. The Realtor that is going to sell your home will be honest, professional and efficient. If things aren’t working they will tell you why and provide you with the evidence.
Now that does not mean you shouldn’t hire someone who hasn’t been in the business for 20 years, it means hire the person you are comfortable with and who has (in your opinion) a feasible and realistic plan to sell your home.
Aside from establishing a price and discussing the supporting documentation to justify that dollar value here are:
Ten Other Questions You Should Consider Before Hiring A Realtor:
- Do you work as a Realtor full time or part time?
- How long have you been a Realtor?
- Can you supply references?
- Can you provide me with a marketing plan? How will my property stand out from the crowd?
- Do you use Internet marketing? Can I see samples?
- What are the current local market conditions including average list times, buying trends, local job market and other community specific factors that would affect the salability of my home?
- How will you help me preparing my home for showing in order to make the best first impression on buyers?
- If I’m not pleased with your services can I cancel the listing without any problems or cost?
- If I am also buying a home, will you charge me less to sell?
- What will you offer a co-operating Realtor as compensation and will you charge me less if no other Realtor is involved?
- Have you ever been sued or charged with an ethics violation?
We have all heard it said a hundred times “Location, Location, Location”. The reality of your situation may be that your home is in a less than desirable area (in some peoples’ opinion). This does not mean that your home won’t sell; it does however mean that you are going to have to have some patience. Try and highlight as many selling points as possible and make sure you are as competitive as possible with your pricing.
Do you really want to move? Do you find yourself turning down appointments to view the property? Are you not really interested in finding a new place? Maybe deep down you actually don’t want to move? Make sure your entire family is on the same page and make sure you are motivated to sell the property.
Condition of the Home:
In a previous post I wrote about the return you can receive from some DIY projects around the house. If you are getting ready to sell, try and get your home evaluated at least a month before you hit the open market. This will allow you to gather some feedback about some possible upkeep and maintenance issues. The condition of the home is critical. You can only make a first impression once. Make it a good one!
You are trying to do it yourself:
Hire a professional. You can negotiate commission; you get professional marketing, market analysis and advice. Perhaps the biggest advantage……. Realtor’s have the time.
Theses are just some of my thoughts, what do I base it on? I based it on my observations on common problems that I have run into during my time in the business. I also spoke to some of the other Realtor’s in my office just to get an idea of what they have experienced. I hope this helps if you are thinking of selling or you are in the process of selling your house and want it sold!
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