How To Sell A House
That Didn't Sell
You put your house up for sale and what happened? The
listing expired without a sale. And now you're wondering
what went wrong...
Like all homeowners, you hoped your house would sell
quickly. Some houses do. In fact, the majority of houses
sell during the initial listing time agreed to by the
seller and agent, usually a period of three months or
more.
But - as you've found out - some don't sell. In some
tough markets, as many as a third to half the listings
expire unsold.
What should you do now? If your listing has expired
and now you really want results, I can help. Don't get
spooked by the death of the first listing. The home sale
you want is still well within reach!
Are You Committed To Selling?
First, take a step back and review your decision to
sell. Do you still want to move? Although you may feel
discouraged, if you still want or need to sell, make a
renewed commitment to do what it takes to market the
house effectively.
Next, find out precisely what went wrong. An expired
listing usually reflects a problem in one or more of
four major areas: communication, price, condition or
marketing.
1. Communication
Why no sale? What did prospects say about price,
about condition? What feedback did other agents offer?
Teamwork between seller and agent is key to know how to
alter a marketing plan for success. Inattention to a
listing can be a factor, but rarely the whole story.
Every seller can boost a property's exposure. Make it
easy to show: consider a lockbox, "For Sale" sign where
permitted, and showing times convenient to buyers. Also,
keep the house in showplace shape, depersonalize
furnishings so prospects see themselves at home, keep
large pets at a distance. Remember, the next prospect
may be your buyer.
Most important, I want to hear from you. My sellers
are a key source about showing traffic,
new-on-the-market competition, changes in the
neighborhood and property condition that affect the
property's salability. Also, you have my word you will
hear from me regularly - the more we work together, the
faster a sale will be closed.
2. Price
This is the most common culprit for the lack of a
sale. An incorrectly priced house attracts the wrong
buyers or worse - none at all.
Market conditions probably have changed since you
initially listed your house. Houses may have sold,
additional houses may be listed now, loan rates may have
moved up or down. I can prepare an up-to-date,
competitive market analysis - a review of recently sold
houses and houses currently for sale that are
comparable. One little known secret is to set your price
below other expired listings and overpriced listings
languishing 60-90-120+ days on the market.
With my analysis, you'll know how your house competes
to others offered for sale today. Is your price right?
Are your terms and financial incentives competitive?
Activity without offers often indicates overpricing.
Remember, any house, no matter what condition, will sell
for the right price. What price is "right" depends on
market conditions, competition and condition.
3. Condition
Is your house someone else's dream home? When buyers
enter, do they think, "I love this house!" A house in
move-in condition invites a sale. have you fixed all the
little squeaks and drips, cleaned and painted,
decluttered, brightened up and concentrated on outside
curb appeal?
Or are you hesitant to take care of major items? For
instance, did you offer an allowance for new carpet
instead of installing it? While prospective buyers are
trying to imagine what new carpet will look and feel
like, they likely are discounting the price still
further for the worn carpet underfoot. A house in
like-new condition sells fastest and gets the best price
because it outshines the competition.
I would be happy to tour your house and help you see
it as prospective buyers do.
4. Marketing
As the old adage says, "Advertising doesn't sell
houses, agents do." Your secret to success is a
carefully crafted marketing plan that exposes your
property to the widest possible pool of prospective
buyers.
Elements often include: direct promotion to other
agents and brokers through special tours, flyers and
brochures; listing in an area-wide computer network; an
advertising program that generates buyers for similar
properties in your price range; broker opens and buyer
open houses if appropriate; and other unique activities
designed to catch attention.
Buyers Are Out There Now
Finally, a word of advice. Don't show off your house
until marketing team, price and condition are set.
Buyers are out there right now looking for certain
properties. Put your house in buyer-ready condition
before listing it again and it won't go unsold.
If you're ready to re-list an expired listing, or
simply want to talk about what to do next, I'll welcome
your call.
Bob Latigona... is
your South Jersey Real Estate Professional!
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