It’s a cause for concern when you are listed on the market and your property hasn’t sold yet. If properly managed though, there is no need to panic. It’s important to realize that you will need to evaluate the situation and make some decisions if you want a result.
Research shows that the quicker a property sells, the more it sells for. That’s because of the initial market period – being the first 2-8 weeks – is where most of the buyer activity happens. Many sellers are tempted to price their property high initially, sometimes on the back of an overvaluation by estate agents keen to “buy” your mandate.
By the time you adjust your price to be in line with the market value you may well have lost the benefit of the initial marketing period where there are most buyer activity and competition. So don’t let that happen.
Your agent should be giving you regular feedback on the level of interest, enquiries, and buyer comments. If not, ask for the feedback or change to an agent that does communicate honestly with you.
If you have very few enquiries then that means one of two things: either your marketing is too weak, or your property is overpriced and buyers are not even bothering to contact the agent to view. Competing properties will appear to offer better value. Without a foot through the door you just won’t sell.
You will want to ensure your property is properly marketed online, in print, and on show. If not, change to an agent that will execute a powerful strategic marketing plan. If your marketing is in place and you still aren’t getting good enquiry, then you can safely conclude your price is too high.
What if you are getting viewings, but no offers? In most cases, this means your property marketing is strong, but when buyers view your home they don’t see the value in comparison with other competing properties. Again, this means you may need to reduce your price to present better value.
If your property is very unusual and will appeal to a small buyer pool, then you may need to allow additional time to find a suitable buyer. However, for the majority of residential listings, it’s vital to price correctly, marketing strongly, and attract the buyers during the initial marketing period.
Ask your agent for the buyer feedback. A skilled agent will know how to extract an honest opinion from a buyer. Listen to the buyers without taking it personally. There may well be some things you can do to overcome objections – such as maintenance or the way your property presents. If buyers indicate your property is overpriced then react quickly and make the adjustment.
As the market changes buyers will get more selective over the properties they wish to purchase. They will want the best value, and increasing stock levels mean they now also have more to choose from. Make sure you’re the best listing in your price range and you’re certain to sell.