When Your Listing’s Not Selling
I hear it often. “I can’t figure out why my listing isn’t selling!” There are usually 3 reasons why a listing isn’t selling: price, exposure or appeal.
The next time you visit the listing take a look from a buyer’s perspective. Now that the rainy season is over, fresh flowers and mulch, tree trimming and a pressure wash are probably in order. Other ideas are staging, organizing closets and getting rid of clutter. Ok, yes, I know, most of you already have that in your Seller’s checklist and remind your seller’s to do this. But there are some sellers (and unfortunately, some agents) who don’t realize what the house they’re selling looks like to a buyer who is shopping the competition.
Exposure? Open houses, marketing to your office, reaching out to your buyer/seller database and other agents who have sold in the community or in the area of the listing. Promote the visual tour or photos through your social media in order to market the listing more aggressively.
But ultimately, if all of the above has been exhausted, you already know, the number one reason the listing is not selling is that the price is too high. It’s awkward when you have to discuss a reduction in price with your seller if you did not address it initially in the listing presentation. Especially when you were the one raving about how great their home was and how quickly you thought it would sell. So for future planning, include in your listing presentation the discussion of price and price reduction. Discuss the current market conditions and trends and advise your seller that you will continue to address pricing throughout the term of the listing and together you will adjust the price of the home accordingly. Review monthly what is active, what’s sold and expired in their community. Stubborn seller? Take them to see the competition in the neighborhood or look at them together on line. If others in the community are selling, why didn’t theirs? Was it price, view, condition? Adjust accordingly. Does the home have older appliances and a/c unit? Have the seller offer a home warranty at closing and state that in the MLS remarks. All bedrooms on the second floor and not selling because of it? Have seller offer to pay closing costs or another incentive that will have buyers taking a closer look at the home and not the stairs to the bedrooms.
Days on market have been longer than in the past, prices are relatively the same as last year and there is a lot more inventory. Be competitive and confident in your pricing and educate your seller at the listing presentation about the importance of adjusting the price of the home to the current market conditions.
Written By: Kathy Zorn