 Strategies for Tough-Sell Homes
When that "For Sale" sign goes up in your yard, it's both exciting and unsettling. Of course, you hope your home sells quickly. Some do. In fact, the majority of homes sell during the listing time agreed to by the seller and agent, usually a period of three months or more.
But a large number don't sell right away. In some tough markets, as many as a third to half the listings expire unsold. Is there anything you can do to better the odds of your home selling? And what should you do if the listing term comes to an end without a sale?
First, if your listing has expired, step back and review your decision to sell. Do you still want to move? If so, commit to doing what's needed to market your home.
Next, find out what went wrong. An expired listing usually reflects a problem in communication, price, condition or marketing.
Communication: What did prospects say about price and condition? What feedback did other agents offer? Teamwork between seller and agent is the key to a successful marketing plan.
 Boost your exposure. To make your home easier to show, consider a lockbox. A visible "For Sale" sign, where permitted, will help. Make showing times convenient for buyers. You'll need to keep the home in showplace shape, so de-personalize furnishings and keep large pets at bay.
We want to hear from you. Our sellers are a key source of information about showings, competition, changes in the neighborhood and property condition. And you'll hear from us regularly-the more we work together, the better.
Price: This is the usual culprit for slow or no sales. An incorrectly priced house attracts the wrong buyers or none at all.
Market conditions may be changing. We can prepare an up-to-date, competitive market analysis-a review of recently sold homes and comparable homes currently for sale. One secret is to price below other expired or overpriced listings that have languished on the market.
Activity without offers often indicates overpricing. Remember, any home, no matter what condition, will sell for the right price.
 Condition: Is your home someone else's dream home? When buyers enter, you want them to think, "I love this place!" A home in move-in condition invites a sale. Have you cleaned, painted, decluttered, brightened up and concentrated on curb appeal?
Marketing: As the old adage says, "Advertising doesn't sell homes, agents do." You need a marketing plan that exposes your property to the widest possible pool of prospects. Elements often include direct promotion to other agents and brokers, listing in databases, an advertising program that generates buyers for similar properties in your price range, and open houses if appropriate.
Finally, don't show off your home until your marketing team, price and condition are set. Buyers are out there looking for certain properties. Put your home in buyer-ready condition before it's listed and it won't expire unsold.
More often than not, your neighborhood specialist is the best agent for the job. |