Are you struggling with your home sale and looking for solutions? If so, you’ve come to the right place. In the best of times, selling a property can often be quite a difficult and time-consuming venture. Also, even if you do everything right and check off all the boxes that are required with traditional home sales (selling your house with a real estate agent), there is still no guarantee that your property will sell quickly, if at all.
In this blog, we are going to talk about 4 reasons why your property isn’t selling and outline a few key elements that may be preventing you from attracting good buyers. Read on to learn a little more about what you can do to boost your listing, and get your property sold not only within the deadlines but also for the highest price possible.
1) Your Asking Price is Too High
Most real estate professionals will tell you that the asking price that you set is likely to have a huge effect on whether your property sells quickly, or whether it sits on the market for months on end. And we are here to tell you today that these people will be rarely exaggerating.
When pricing your property for the first time, you must base this value on real estate market data and trends, as well as factual statistics, rather than what your friend or neighbor said a few days ago at brunch. This is mainly because when you list your property, you are bound to face competition. And the price that you set for your property will be one of the main elements that buyers will consider when comparing similar listings.
So thus, if your price is too high and compares poorly with those of similar listings within your local area, your listing is likely to repel buyers and inhibit your property sale goals. However, if you set an asking price that’s too low, you’ll be leaving thousands of dollars on the table which isn’t an ideal scenario either. As such, balance is key!
The one true way to value your property and set a statistically backed balanced asking price is to conduct a CMA (comparative market analysis) within your local area. A CMA is a tool that most real estate professionals use to estimate the current market value of a property by evaluating recently sold comparables within a property’s local area. As such, it will allow you to set a price that fits the market’s current conditions, as well as one that will adequately compete with similar listings within your local area for buyer attention.
2) Not Hiring a Good Agent
Another reason why your property isn’t selling is that you may not have hired the right person to do the job. When it comes to selling a house (which is arguably the biggest transaction in most people’s lives), a rooky agent who’s unseasoned and new to the real estate market can be quite a large nail in the coffin of your overall sale.
Good agents speed up the home sale process because of their abilities to draft up interesting and unique listings that capture buyers’ attention, as well as their skills and charisma when it comes to schmoozing a potential buyer into spending hundreds of thousands of their hard-earned money. Some of them are also having a real estate CRM containing organized data which can speed up your process.
In addition, you’ll need an agent who thoroughly understands the rules and requirements of conducting a real estate transaction within your local area (be it city or state regulations), because they will be the ones who’ll be responsible for filling out all your paperwork, meeting deadlines and making sure that all the I’s are dotted and T’s are crossed in each required legal avenue. If you find that some of these jobs are not being carried out with enough skill, or in a timely fashion, this may be the reason why your property isn’t selling. And, as such, it will be time to re-think your choice of real estate agent.
3) Poor Quality Photographs
When most homeowners think about hiring a professional photographer as the time to create their marketing strategy and draft their listing draws closer, they usually immediately write this option off. Why spend hundreds of dollars on a professional photographer when your smartphone can do virtually the same thing? Well, if you made this conclusion and took low-quality photos that you then posted onto your listing when you first began the home sale process, this may be one of the main reasons why your property isn’t selling.
When it comes to advertising your property for sale, be it online or with printed marketing, the true state of your home often doesn’t matter. This is because your buyer won’t see what your interior actually looks like or how beautiful your bedrooms are when the sun beams through your windows early in the morning until a much later stage. All they will see is the photos you take, which will be directly affected by the quality, lighting, and editing of said images. If these elements are bad (no matter how beautiful your property may appear in real life), your home will look ugly and therefore repel buyers.
So, importance of professional photography cannot be neglected in home selling process. Also, getting a graphic designer to spruce up your listing may be the solution that you’re looking for.
4) Bad Staging
No matter how great the bones of a property may be, there is nothing worse than a house that’s improperly furnished. This is because, during a showing, your buyer won’t see the amazing plumbing system that you spend thousands of dollars upgrading before listing or that new and improved electrical system that you recently installed.
All they will see is your home’s interior, your choice of decorations, your floor and ceiling finishes, and the quality of furniture that you’ve got arranged. And if none of these things are appealing, you can bet your backside that this will directly affect their overall decision to purchase your home, if not lower their counteroffer when it’s time for price negotiations.
This is why it’s important to invest in good staging before hosting potential buyers for showings.
So, above are a few things that you can do to increase the chances of your listing, attracting good home buyers and your sale contract going through. And these are some of the things that, if you are not doing at all (or failing to do well), maybe the reasons why your property isn’t selling.
Many innovative real estate startups are shaping the future of this industry by adopting the technological advancements. Thus, it’s high time for you as well to leverage them and refine your home selling process.