3 Reasons Why Your Property Isn’t Selling
While every property is different and every situation unique, in our experience there are common factors which play a role in why a listing may not be generating interest among sellers. Understanding what drives buyer interest in your particular target market is crucial to a smooth sale process, while reducing the chances of any nasty surprises along the way. To help prospective sellers get their property on the market and sold as quickly as possible, we picked the brains of our top selling agents and created our top three reasons why a listed property might not be selling.
As a seller, you underestimate the importance of proper pricing at your peril! Understanding what the proper price is for your property, which takes all of the key factors into account, should be the number 1 priority when selling. We’ve found the the majority of buyers begin their journey to finding their dream property at a specific price point, so if your initial price point is set incorrectly – you could be missing out on potential buyers.
The outcome of the sale in most cases will be a direct result of how much attention was paid to the property. In many cases sellers will have a perceived value of their home based on emotion, or a preconceived notion of what the market reflects. But the actual price you go to market with should be decided on collaboratively, with an appraisal and advice from your agent, a thorough assessment of the current market and a realistic consideration of its value from a buyer’s perspective.
Marketing and Presentation
Marketing matters, it’s that simple. If potential buyers don’t know your home is on the market, then your chances of selling at the best possible price are slim. Cutting costs on marketing will impact your ability to attract the right buyer, but at the same time making sure your marketing dollars are spent in the right ways is extremely important. If an agent is taking care of your marketing, make sure you understand where your budget is going and where your property is listed. Social media platforms are a great way to spread awareness about your property, and are a relatively inexpensive option for the price conscious seller.
Marketing plans can only take your property so far, if it’s not presented in the best possible light. Professional photos are a must in today’s world. Having your home staged by a professional ensures your home is portrayed in a way that will appeal to buyers in the current market. A professional photographer can come in with lighting equipment and their great instincts for space and perspective and take clean and simple images that show the property at its best. In the age of likes and shares, first impressions are made in a second and only the best and the brightest will get liked! So, it’s crucial that your house is firstly presented well and then captured at its best with high quality professional photographs.
Time on Market
Understanding the concept of ‘average days on market’ (the average number of days an appropriately priced property remains on the market in your local market) is crucial to maximising your sale. If your property isn’t getting traction with potential buyers, then there is an issue which need rectifying.
There are solutions to most issues, but you have to pay attention to recognise the issues as soon as they arise. If buyers see your property over and over again, the question ‘why is that property still on the market?’ starts to arise. Even a perfectly good property can be established as faulty through no fault of its own – simply a lack of interest.
The following advice is of a general nature only and intended as a broad guide. The advice should not be regarded as legal, financial or real estate advice. You should make your own inquiries and obtain independent professional advice tailored to your specific circumstances before making any legal, financial or real estate decisions.