Let’s face it, watching your home or other property sit idle on the market with no one making a move on it can be frustrating. It’s even more discouraging when there are plenty of buyer previews yet no one dares to make an offer.
Does that mean your property is cursed? Certainly NO. Truth is, selling any property requires that you make good preparations. It’s estimated that 20-30% of listed properties hardly get a buyer and there are several reasons for this.
However, in many places around the world, property markets continue to be healthy, promising, and rewarding. What this means is that there’s a buyer or several who would never hesitate to buy your property.
So, if your property is not getting any interested buyers and you are on the verge of losing hope, we have a number of options that might just be your ticket out of this quagmire.
But before we expose them to you, it’s also important that you are aware of some of the reasons why a home or other property isn’t selling. They include:
- Poor state of a property
- Ineffective advertising Campaign
- Improper Selling Agent(s)
- Poor price strategy
- Not paying attention to the market
Well, there’s a way you can correct this so read on to find out.
Adjust the Condition of Your Property
First, analyze your competition. Look at the homes that are selling and those that aren’t. Use the information gathered to evaluate the state of your property.
If, say, only 15% of the existing properties are selling, then adjust your property to outmatch or compete with the 15%. The structural layout, interior design, and other aspects of your property should be considered. Also, find out about buyer preferences by analyzing the sold-out or pending sales properties.
Many people make the mistake of investing in a new bathroom or kitchen, but sometimes you may never get a return from it. That’s why it’s important to compare your property to the bestselling ones before making any adjustment.
If you can outshine the 85% plus a decent portion of the 15% left, your chances of selling the property will be higher.
Make Your Advertising Campaign Work
Advertising definitely involves a lot. For a long time, many people have been using photographs. It’s believed that first impressions matter a lot. So, quality photographs shot by a professional and competent photographer showcasing your property will definitely get a buyer interested.
Apart from photographs, emerging technology has made it possible to take anyone on a guided and interactive virtual tour of a property, giving them a close to real look at the property without them physically visiting it.
But here’s the uncomfortable truth when it comes to advertising. No matter how good your home or message is, if it’s not reaching or targeting the right person, your efforts are simply going to waste. Your promotion should, therefore, be loud enough to reach the right target market or people.
This means you should market in as many places as you can and more frequently. You are likely to find very few serious buyers per hundred or a thousand people so reaching out to as many people as possible helps to increase your chances of finding the perfect buyer.
If it’s an agent doing the advertising, find out if they are doing it properly.
Get a Reputable and Competent Agent
When looking to sell or manage your home or property through a real estate agent, there are several things to note.
Is the agent experienced, competent, and reliable? Do they have a decent experience handling your type of home or property? This is important for several reasons, common one being if they recently sold a similar property, chances are they still have a list of interested buyers who lost out and would be ready to give your property a thought.
Communicating with your agent regularly and receiving regular feedback on what’s happening in relation to your property is expected. Can they provide that? If another person referred you to them, seek to know their experience with the agent. Also, check out reviews from other former or existing clients and also get to hear it from the agents.
Usually, agents will have a broad range of skill set such as knowledge of the real estate market, negotiation skills, selling skills, and so on. So, pick those with the skill set that is involved in your sale.
You can find most of this information by vetting the agent, from local real estate agent rating sites, doing comparisons with other agents, and of course, getting reviews from previous customers
If they satisfy these qualities, then go ahead and get to know them better. It’s even better when they are from your area.
Get to know their marketing plan, price, commissions, past work, amongst other things before hiring them to sell your property. If possible, find out how many homes they have successfully sold and then compare the figure with what other agents have.
Canada’s Buttonwood Property Management, for instance, has nearly every important information published on their website which makes it easier to evaluate and vet them. You can find out if your local agent to has a rich online presence as this makes the process easier.
Also, decide how many agents you want to take care of your property. More about this can be found in the sole agency and multi-agency agreements. Each has its benefits and shortcomings so choose wisely.
Adjust Your Pricing Strategy
Price is among the sensitive things many potential house buyers will look at before buying a home. Understandably, no one wants to incur a loss meaning the price must be right not just for the buyer but the seller as well.
Inflated figures will keep away prospective buyers while ridiculously low prices will also have them getting second thoughts, especially if your property has stayed on the market for a while. So, before narrowing down on a final price, compare the value on the market, the location of your home, the state of your property, amongst other things.
Let the price reflect all these aspects and more importantly, let it be competitive. Keep in mind that the listed prices are merely the market prices. The actual selling prices may be roughly 5% lower.
If possible, also include a home warranty, where there are serious risks involved, e.g. an old house with an old roof.
Including financing options is also another way to get potential buyers more interested in buying your property.
Believe it or not, at the right price and where the value is clear to the buyer, it won’t be difficult to sell your property.
Even though you may come across many other options, these few tips we’ve mentioned present a great opportunity for you to successfully sell your home or other commercial property. Provided you go about each process thoroughly, expect a rewarding outcome.
Sabine Ghali is Director at Buttonwood Property Management, a property management company in Canada. She is an entrepreneur at heart who endeavors to help investors create real estate wealth over time in the Greater Toronto Area. Sabine is published in a number of media outlets, including Toronto Sun and Gulf News, among many others.