How To Sell The Home That Didn’t Sell The First Time
With over 35 years of marketing properties in the Fraser Valley, I have met many sellers who are disgusted their home didn't sell. They are disappointed, upset or just downright angry. Your are in good company! Did you know that between 30 - 51% of homes didn't sell (depending on the year)
You may be one of those sellers and a great question to ask is:
“Why wasn't the Realtor you were working with - able to get the other 18,000+ Realtors in the area excited enough to want to show and sell your property instead of all the rest?”
Was the realtor you were working with an Expert or an Amateur? Check out this video :
If your home has just come off the market, you are probably being bombarded with 20-30 Realtors knocking on your door looking for their next listing. But before you give your current Listing Agent an extension - or one of these door-to-door salesman, you may want to stop, take a step back and review the six important points to get your home sold - the next time.
Selling your home is not “mission impossible” and you shouldn't give up because 30- 50% of the homes that were listed do not sell the first time. You need to do some homework, review the information you have from your past showings, and check out the previous marketing system your Listing Agent was using.
You will probably uncover weaknesses or problems in one or more of the following six areas.
1. Teamwork: Was the relationship with your Listing Agent like a trusted Consultant/Advisor/Coach or was it more like just a sales person? After discussing your ultimate scenario and selling goals, did the Listing Agent provide coaching and a game plan on how to make that happen and get it done? If the goals were not realistic, did the Listing Agent have enough integrity, up front, to let you know?
Choosing an agent for their experience and marketing systems is key. Many Realtors take a listing, and even before they leave your home, know it’s not going to sell. They know they can get calls off the sign and other marketing pieces, and they will sell those buyers another home (not yours)
The question to ask yourself is this - is the agent working for you or themselves?
2. Pricing: Does the price of your home work against you or for you? If the price is working for you, then the chosen price will be a part of the ammunition to find a buyer. If the price works against you (is overpriced), then it is like insect repellent and buyers and realtors want to stay away.
The right price has so many factors to weigh out:
- The market conditions – is it a buyer’s market vs. a seller’s market?
- The competition and the number of homes for sale in your price range
- The condition of your property
- Market timing – some months you just have a better chance selling than others
If it is for sale for more than 30 - 60 days it is probably a stale listing and buyers are wondering what’s wrong with it. There are ways to repair a stale listing.
3. The Condition of Your Home: Would you consider the condition of your home awesome, great, okay, not so good, or a fixer upper? If it looks like someone else’s idea of a dream home, then you are going to get the very most money for it.
When the buyers enter your home, are they inspired or are they calculating how much is it going to cost them to get this property up to expected quality? Are they saying, “I love this home It outshines all the competition!” or are they saying, “We will make do as long as we get it for a great price because it needs help – it's a fixer upper.”?
Remember the decision to buy is an emotional one – not logical.
As a Real Estate Consultant, I coach each clients on things to do and what not to do to get their homes ready for sale – days, weeks and even months prior to putting their home on the market. Did your last Listing Agent do that for you? Check out our Room By Room Review.
4. Marketing Your Home to Sell: First off, hire a trusted Real Estate Consultant, who is going to best represent you. When interviewing Listing Agents, test and compare their knowledge. Ask them to demonstrate how they are going to market your property. Please note that I said market your property, not market themselves. So the bus bench ads, car and truck wraps all do not matter with marketing your home. Buyers don't chose a home to buy because of some geeky guy's picture on a bus bench or truck wrap.
Find an active Listing Agent whom you are comfortable with and who has a good track record. Consider this: Over 90% of our business is from repeat clients or clients who have introduced us to people that they care about. As the industry average is under 50%, we must be doing something different compared to the average Listing Agent out there. Ask the agent you are considering to hire for client video testimonials. If they don't have any - choose another realtor.
5. Feedback: Detailed, dependable feedback on the marketing process. What are the Buyer’s Agents’ comments,? What are the buyers’ comments? This is critical information and you shouldn't have to ask your agent for it - this feedback should be coming to you atomatically. (We have this as one step of our 94 step marketing campaign to get it sold)
6. Commission Structure: If you were a Realtor, would you have wanted to show your home base on the commission being offered compared to the other homes for sale right now? As Marketing Consultants, we want to give you a breakdown of all the different commission structures available and compare that to what your competition is doing.
Before relisting your home remember:
- Effective communication is vital
- Price your home according to market conditions, competition and condition
- Be sure your home is showcased in “buyer ready” condition (if not the price will be adjusted accordingly)
- Choose a Realtor with an innovative marketing plan
- Work with a trusted Real Estate Consulting Team vs. a salesman
- All commissions are not equal
Say goodbye to old, outdated marketing methods. For more information, give us a call for a Free Seller’s Consultation and we will help you find out why your home didn't sell the first time. We will take a look at your home, provide input as to why it didn't sell, and do a Room-by-Room Review.